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SBI & it's associate banks double their net profits in the third quarter

SBI & it's associate banks- State Bank of Patiala, State Bank of Travancore, State Bank of Mysore have reported more than double net profits in December quarter ended 2008 (third quarter).

State Bank of India’s (SBI) net profit for the October-December quarter jumped by 52 per cent to Rs 3,713.66 crore. The bank had a consolidated net profit of Rs 2,442.32 crore in the December quarter last year.

Total income rose to Rs 30,313.14 crore in the third quarter, from Rs 24,380.99 crore a year ago, a jump of 24 per cent. On a standalone basis, the bank recorded a net profit of Rs 2,478.42 crore during the quarter under review, whereas it had a net profit of Rs 1,808.64 crore in the same quarter a year ago.

During the quarter, standalone total income stood at Rs 21,256 crore, while it was Rs 15,364 crore last fiscal. The interest income of the bank went up by 42 per cent at Rs 18,030 crore as against Rs 12,667 crore in the same quarter a year ago. SBI opened 500 new branches in the third quarter, taking its total branch strength to above 11,111 while its ATM network strength increased to 10,008.

Net non-performing assets (NPAs) shrunk to 1.36% during the quarter from 1.44% a year ago. Gross NPAs also contracted to 2.61% from 2.82% a year ago. The capital adequacy ratio of the bank stood at 13.72 per cent at the end of December 31, 2008. The company reported earnings of Rs 39.04 a share during the quarter, registering 13.59% growth over prior year period. SBI's combined deposits in current accounts and savings accounts jumped to Rs 2,37,307 crore, up 21 per cent, during the quarter from Rs 1,95,796 crore in the corresponding period of the last financial year, the bank said.

The bank's net interest margin, the difference between interest earned and interest expended, increased to 3.15 per cent in the period under review from 3.01 per cent in the same period in 2007-08.

For the first nine months of the fiscal, net profit witnessed a 19 per cent growth rate at Rs 7,853 crore, against Rs 6,571 crore in the year-ago period while at the same time, on a standalone basis profit rose to Rs 6,379 crore from Rs 4,846 crore last financial year.

Indian public sector banks perform better than private banks in terms of both deposits & credit ... Read more

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