India's largest bank - State Bank of India(SBI) has announced its results for the quarter ended June 2010. It has reported net profit of Rs 2,914 crore as against Rs 2,330.4 crore, a growth of 25.04% on year-on-year basis.
Net interest income jumped 45.31% to Rs 7,303.6 crore from Rs 5,024.88 crore in same quarter of financial year 2009-10.
Numbers were better-than-expected; CNBC-TV18 was expecting net profit at Rs 2,450 crore and net interest income at Rs 6,646.3 crore.
Net non-performing assets (NPAs) improved to 1.7% versus 1.55% and the bank made provisions for NPAs at Rs 1,733 crore in Q1 as against Rs 1,344 crore.
Q1FY11 (QoQ)- NII jumped to Rs 7303.6 crore from Rs 6721.44 crore- Net profit jumped to Rs 2914 crore from Rs 1867 crore
Highlights
* Deposit grew by 6.78%; Advances growth of 20.74%
* CASA grew by 28.93%; CASA stood at 47.51% versus 46.67% in Q4
* Core fee income increased by 29.41%.
Loan growth
* Large corporate advances grew 34.72%
* Mid corporate advances grew by 14.3%
* Home loans grew by 29.83%
* Agri loans to grow by 15.98%
* Auto Loans up by 48.06%
* SME loans up by 14.72%
Source : moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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