State Bank of India (SBI) reported a 30.5 per cent rise in its net profit at Rs.3,100 crore for the second quarter ended September 30, 2014 compared to Rs.2,375 crore in the corresponding period of the previous year.
The operating profit increased by 33.4 per cent to Rs.8,422 crore from Rs.6,312 crore.
Net interest income (NII) increased by 8.36 per cent to Rs.13,275 crore from Rs.12,251 crore. Fee Income increased by 18.98 per cent to Rs.3,111 crore from Rs.2,615 crore.
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“We have taken a number of initiatives in the second quarter including dynamic rating of corporates,” which would help bank’s performance, said Arundhati Bhattacharya, Chairperson, SBI, while addressing a press conference here. She said systems have become much more robust and as part of NPA (non-performing assets) control, “we are going after written off accounts…. Numbers will look better and it will become even better in days to come.”
She also said that SBI launched, ‘Swayam’, the barcode based passbook printing kiosk, where customers can carry-out passbook printing in self service mode. Further she said that subsidiaries of SBI would roll out many new products in the current financial year.”
Deposits of the bank increased to Rs.14,73,785 crore in September 2014 from Rs.12,92,456 crore in September 2013, a growth of 14.03 per cent.
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Gross advances increased to Rs.12,42,638 crore in September 2014 from Rs. 11,39,326 crore, a growth of 9.07 per cent. The gross NPA ratio was down by 75 bps to 4.89 per cent in the second quarter against 5.64 per cent in the corresponding period.
Gross NPAs declined to Rs.60,712 crore in September 2014, from Rs.64,206 crore in September 2013.