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India’s largest bank, State Bank of India posted a 30 per cent rise in net profit at Rs 3,100 crore for September 2014 quarter as against Rs 2,375 crore in the same quarter a yea ago. Sequentially, however, the profit declined from Rs 3,349 crore in the June quarter.
Net interest income (difference between interest earned and expended) was up 8 per cent at Rs 13,274 crore from Rs 12,251 crore, in the corresponding quarter last fiscal.
During the quarter, provisioning for bad loans jumped to Rs 4,275 crore signalling pressure on asset quality. In September 2013, the bank provided for Rs 3,029 crore.
Gross NPAs for the quarter improved to 4.89 per cent as on September end 2014 from 5.64 per cent as on September end 2013. Further, net NPAs in September 2014 improved to 2.73 per cent from 2.91 per cent in September 2013.
Bank’s recovery efforts helped the bank gets more upgrades and recoveries at Rs 2,635 crore during the quarter as against Rs 1,362 crore in the previous quarter.
The bank’s NIM (net interest margin) declined to 3.49 per cent as compared to 3.54 a year ago. However, international NIM improved from 1.08 per cent to 1.20 per cent.
At day's close, SBI shares ended at Rs 2,788.45 per share, higher by 2.55 per cent over its previous close on BSE.
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