State Bank of India 4th quarter net rises 26%

SBI posted a net profit of Rs 1,883 crore in the fourth quarter as against Rs 1,493 crore in the corresponding period last year, showing a growth of 26.1%. Its operating profit grew to Rs 4,373 crore as against Rs 3,969 crore, posting a growth of 10.2%. Total interest income was at Rs 13,577 crore as against Rs 10,518 crore showing a growth of 29.1% and non-interest income at Rs 2,817 crore as against Rs 2,668 crore showing a growth of 5.6%. The net interest income was at Rs 4,801 crore as against Rs 4,547 crore showing a growth of 5.6 per cent. The bank had booked no loss on account of exposure of derivatives in the Indian market. But for overseas exposure, the bank had taken a hit of $20 million. SBI had made a provision of $10 million in this regard.

For the whole year ended 2007-08, State Bank of India posted 48.2% growth in net profit at Rs 6,729 crore in 2007-08 as against Rs 4,541 crore in 2006-07 and 31.1% in operating profit at Rs 13,107 crore as against Rs 10,000 crore. Total interest income was at Rs 48,950 crore as against Rs 37,242 crore showing a growth of 31.4%, non-interest income at Rs 8,695 crore as against Rs 6,765 crore, a growth of 28.5% while net interest income stood at Rs 17,021 crore, a growth of 13.1%. The provisions during the year amounted to Rs 2,668 crore (Rs 2,410 crore), a growth of 10.7%.

Total business growth during the year under review amounted to Rs 181,000 crore. The deposit growth was Rs 101,885 crore, a 23.4% growth to touch Rs 537,406 crore and advances were up by Rs 79,949 crore or a growth of 23.4% to touch to Rs 422,181 crore. The market share in deposits increased from 14.8% to 15.4%, driven by low-cost deposits where market share increased from 13.9% to 17.4%. Mid-corporate advances grew by 24.4%, SME advances by 26.3%, agriculture advances by 24.6%, home loans by 18.7% and international advances on year-to-year basis by 50.4%. The total NPAs amounted to Rs 12,837 crore. The gross NPA ratio was 3.04% (2.92%) and net NPA ratio 1.78% (1.56%).