SBI quarter 1 results of FY 2008-09 has brought a good news to all its investors by clocking a 15.08 per cent jump in its net profit despite of challenging market conditions and provisioning. SBI has reported a net profit of 1640.79 crore against Rs . 1,425.81 crore in the year ago period. The bank attributed the robust growth to a nearly 67.8 percent year-on-year growth in its operating profit, which grew to Rs. 3,962.34 crore in the quarter from Rs. 2,361.46 crore in the corresponding period last year.
The bank clocked a 30 percent year-on-year growth in advances which rose to Rs 4,48,327 crore from Rs 3,44,834 crore in the first quarter of 2007-08. “We have seen a healthy credit demand in the quarter and expect to maintain the growth in the coming months,” a top bank official told the reportes in Mumbai. Similarly, its deposit base grew to Rs. 5,61,857 crore,up 24.9 percent, from Rs. 4,49,660 crore in the year ago period. The bank made a total mark-to-market provisioning of Rs.1,656.61 crore on its investment portfolio during the quarter against a write-back of Rs. 377 crore in the corresponding quarter last year, the official said. The bank saw a 30.8 percent growth in midcorporate advances, a 23.2 percent jump in SME loans and a modest 9.3 percent growth in agriculture loans, the official said.
A similar growth was registered in its auto and housing loans which went up by 41.31 percent and 17.4 percent respectively while educational loans jumped by an impressive 46 percent, the official said, gross non-performing assets (NPAs) during the quarter declined to 2.54 percent from 3.3 percent , resulting in a write back of Rs. 247.40 crorein loan loss provision, the bank said.
Total income rose to Rs. 16,203.07 crore from Rs. 12,229.09 crore. Also, the contribution of current and saving account (CASA) deposits to total posted a marginal growth during the period to 41.9 percent from 41.06 percent. The capital adequacy ratio, as on June 30, 2008, stood at 12.99 percent.The combined net profits of SBI’s associate banks, during the quarter, declined to Rs. 285.95 crore from Rs. 520.70 crore in the year-ago period, it said.
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