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SBI Third Quarter Net Profit up by 30 Percent

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State Bank of India - SBIIndia’s largest mortgage lender State Bank of India (SBI) Friday said it had closed the third quarter ended Dec 31, 2014 with 30 percent growth net profit at Rs.2,910 crore. In a statement, SBI said it closed the third quarter with a net profit of Rs.2,910 crore up from Rs.2,234 crore posted during the corresponding period of the previous year.

The bank had earned a total income of Rs.43,784 crore for the period under review up from Rs.39,067 crore earned for the quarter ended Dec 31, 2013. The total deposits stood at Rs.15,10,077 crore logging a year-on-year (YoY) growth of 11.86 percent. The bank’s gross advances stood at Rs.12,65,483 crore with a YoY growth of 6.91 percent.

The gross non-performing asset (NPA) as Dec 31, 2014 stood at Rs.61,991 crore down from Rs.67,799 crore as Dec 31, 2013. However, the provisions of bad loans and others went up to around Rs.5,235 crore for the period under review from around Rs.4,150 crore. The bank has recently decided to raise equity capital of Rs.15,000 crore to meet the increased capital needs for matching the anticipated growth in business.

The bank said the equity issue is also to maintain its capital adequacy ratio (CAR) at 12 percent from fiscal 2014-15 and 2015-16. The bank said it would raise the additional capital through follow-on-public offer (FPO)/rights issue/private placement including qualified institutions placement/global depository receipts/American Depository Receipts or a combination of all these. (IANS)

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