SBI posts 78.55 pc growth in first quarter

Mumbai, July 28: India's largest lender State Bank of India (SBI) gained 78.55 per cent jump in quarter profits, which grew to Rs 1425.81 crore from Rs 798.57 crore in the curresponding quarter last year.

Net interest income rose by 15 per cent to Rs 4,497.40 crore from Rs 3,910.61 crore in past year.

During the quarter, bank also reported a 19.04 per cent growth in deposits, which rose to Rs 4,49,660 crore as against Rs 3,77,742 crore in past fiscal.

However, the cost of deposits grew from 4.63 per cent during the quarter from to 5.35 per cent due to higher rate of interest for term deposits, said the bank in a statement today.

Housing and agricultural advances also marked a curresponding increase in the period, which shot up by 18.22 per cent and 30.21 per cent respectively in the period.

Retail advances constituted 25.81 per cent of the gross domestic advances, wherein housing loans constituted nearly 52.22 per cent.

Gross advances stood at Rs 3,44,087 crore registering a growth of 29 per cent, while the bank succeeded to reduce its gross NPA to 3.13 per cent and net NPA reduced to 1.62 per cent from 1.84 per cent.

The bank had raised Rs 2,523.50 during the quarter by way of upper tier-2 subordinated debt for the capial requirements.

The bank's Capital Adequacy Ratio (CAR) is at 13.13 per cent, while the tier -1 CAR is at 8.32 per cent.

UNI