Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Lower trading gains weigh on SBI numbers — Q2 net rises 12 pc Our Bureau
Mumbai , Oct. 27 STATE Bank of India has reported 12.34 per cent rise in net profit at Rs 1,215.36 crore in the quarter ended September 30 against Rs 1,081.89 crore in the corresponding year-ago period. The net profit was hit due to a fall in income from trading profit and lower commission on Government business. SBI's performance was below the market expectations, said a research analyst with a stock broking firm. "The market was expecting a growth of 20 per cent from SBI, but that did not happen," the analyst said. The shares of SBI declined 6.09 per cent on the BSE, closing at Rs 830.65, against the earlier close of Rs 884.85. The total income increased to Rs 9,856.04 crore (Rs 9,737.43 crore). Net interest income was at Rs 3607.95 crore (Rs 3379.81 crore). Other income fell to Rs 1,294.63 crore (Rs 1,652.59 crore) due to fall in profit on sale of investment. Total expenditure was at Rs 7,873.12 crore (Rs 7,132.50 crore). Capital adequacy ratio fell to 11.3 per cent (13.07 per cent). The ratio of net non-performing assets to total assets was 2.27 per cent (2.96 per cent). In the six-month period ended September 30, SBI's net profit went up by 13.92 per cent to touch Rs 2,438.19 crore (Rs 2,140.29 crore). Net interest income was at Rs 7,861.18 crore (Rs 6,333.89 crore). Other income declined to Rs 377.41 crore (Rs 617.87 crore). SBI's advances jumped 31.16 per cent to Rs 2,38,351 crore (Rs 1,81,721 crore). Deposits, on the other hand, inched up by 12.55 per cent to Rs 3,80,052 crore Rs (3,37,684 crore). Housing loans, which constitute 54.28 per cent of retail advances, increased by Rs 3,361 crore in the first half of 2005-06. The cost of deposits (excluding India Millennium Deposits) in the first half declined to 4.77 per cent from 5.31 per cent last year.
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