SBI Q3 Net Zooms 70%

State Bank of India, the country’s biggest lender, has recorded a 69.81 percent growth in third quarter profit on the back of trading profits, interest on loans and commissions.

The bank’s quarter profit stood at Rs 1,808.64 crore, as compared to Rs 1,065.06 crore in same period of the previous year (2007).

For the Oct-Dec 2007 quarter, total income climbed up to Rs 15,364 crore, whereas the net interest income rose marginally by 7.73 per cent to Rs 4,256.36 crore.

Other income of the bank including trading profits from bond and equities arose 48.93 percent to Rs 2,697.19 crore, as against Rs 1,811.03 crore in the previous corresponding quarter.

SBI Chairman O P Bhatt stated, “The interest on advances, sale of securities, brokerages and commissions contributed significantly to profits. The bank has made the treasury operations more active.”

At the end of December 2007, SBI’s deposits sprang up by 26.16 percent to Rs. 5,10,132 crore from Rs 4,04,352 crore a year ago. The depository costs grew 5.55 percent from 4.71 percent as a result of higher term deposits mobilisation and advanced interest rates.

The gross advances grew by over 25 percent to Rs 3,95,343 crore during the third quarter, and the yield on advances augmented to 9.93 percent from 8.61 percent.

The advancements in the personal sector sprang up 18.06 percent. Outstanding personal section advances aggregated Rs 82,132 crore at the end of December 2007.

The housing advances also developed 16.02 percent, while the total outstanding of home loans stood at Rs 42,522 crore.

Retail advances made up 24.04 percent of the gross domestic advances, and the housing loans formed 51.77 percent of retail advances.

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