State Bank of India on Friday reported a 137 per cent jump in net profit at Rs 3,752 crore (Rs 37.52 billion) for the first quarter ended June 30, 2012, though rising non-performing loans continue to be a cause of concern.
The bank had a net profit of Rs 1,583 crore (Rs 15.83 billion) in the April-June quarter of 2011-12 fiscal.
The bank's net non-performing assets rose to 2.22 per cent of total loan book at the end of June, against 1.61 per cent a year ago, reflecting the impact of slowing economy.
The bank's total income increased 16.89 per cent in the quarter to Rs 32,415 crore (Rs 324.15 billion), from Rs 27,732 crore (Rs 277.32 billion) in the same period a year ago.
Shares of SBI, however, slipped 3.65 per cent after the results to Rs 1,900.05 on the BSE in afternoon.
In value terms, SBI's net NPAs increased to Rs 20,324 crore or Rs 203.24 billion (2.22 per cent of loans) during the June quarter, from Rs 12,435 crore or Rs 124.35 billion (1.61 per cent) in the corresponding period a year ago.
Similarly the gross NPAs of the bank rose to Rs 47,156 crore or Rs 471.56 billion (4.99 per cent) at the end of the first quarter, as against Rs 27,768 crore or Rs 277.68 billion (3.52 per cent) in the year ago period.
The sharp jump in NPA can be attributed to inability of corporates and other borrowers to timely repay the loans,
mainly on account of poor performance of the economy.
SBI's Net Interest Income increased to Rs 11,119 crore or Rs 111.19 billion in Q1 FY'13, a growth of 14.63 per cent over Rs 9,699 crore or Rs 96.99 billion in the same quarter last fiscal.
On a consolidated basis, SBI reported a net profit of Rs 4,874.7 crore (Rs 48.74 billion) for the quarter ended June 30, an 94 per cent increase from Rs 2,512.47 crore (Rs 25.12 billion) in the year ago period.
The consolidated total Income increased to Rs 46,839 crore (Rs 468.39 billion), from Rs 39,126 crore (Rs 391.26 billion) in the April-June quarter of 2011-12.
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