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SBI's Q1 net up at Rs. 914 cr.

By Our Special Correspondent

MUMBAI JULY 24. State Bank of India (SBI) reported a net profit of Rs. 913.50 crores for the first quarter of 2003-04, recording a growth of 19.69 per cent, compared to Rs. 763.20 crores in the first quarter of 2002-03.

The operating profit at Rs. 2,582.24 crores against Rs. 1,715.96 crores registered a growth of 50.48 per cent.

Net interest income grew by 12.15 per cent and other income by 69 per cent.

The operating expenses was contained at 8.14 per cent. Net interest income went up by 12.15 per cent to Rs. 2,709.18 crores from Rs. 2,415.67 crores. This was mainly due to substantial growth in interest income on resources deployed in treasury operations.

Average level of advances in India during first quarter of 2003-04 was higher by 11.42 per cent at Rs. 13,136 crores. Average yield on advances have declined to 8.60 per cent from 9.38 per cent on account of declining interest rates. Average deposits, excluding Resurgent India Bonds and India Millennium Deposit rose by Rs. 24,873 crores (up by 11.18 per cent). The cost of deposits witnessed a reduction from 6.60 per cent in first quarter of 2002-03 to 5.79 per cent in the first quarter of 2003-04. Other income grew by 69 per cent, mainly due to increase in profit on sale of investments to Rs. 815.36 crores from Rs 114.34 crores

Provisions were higher at Rs. 1,668.74 crores against Rs. 952.76 crores. The provision for NPA is Rs. 850 crores against Rs. 400 crores, provision for taxes Rs. 852.18 crores (including deferred tax credit of Rs. 47.53 crores) against Rs. 474.95 crores.

In respect of investments, there is a write back of provision to the extent of Rs. 86.74 crores against the investment depreciation of Rs. 67.49 crores. Retail advances in personal segment have grown by Rs. 1,185 crores, SBI stated.

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