SBI Q2 net up 30% at Rs 3,100 cr on robust fee, commissions, interest income

SCountry's largest lender State Bank of India's net profits for the second quarter ended September 2014 expanded by 30.5% at Rs 3,100 crore on robust growth in robust income comprising fees, commissions, and good interest income.

It had posted a net profit of Rs 2,375 crore in July-September 2013.

The total income for the reporting quarter rose to Rs 41,833 crore from Rs 37,199 crore in Q2 of 2013-14.

The net interest income, interest earnings minus interest expenses, rose by 8.35% to Rs 13,274 crore up from Rs 12,251 crore.

The other income comprising revenues from fees, commissions and investments grew by 32.41% to Rs 4,570 crore in Q2 from Rs 3,287 crore a year ago.

The asset quality has remained stable with Gross Non-performing Assets declining to Rs 60,712 crore (4.89%) at end of September 2013 from Rs 64,206 crore (5.64%) at end of September 2013. The provision coverage ratio was 63.18%.

Its Capital Adequacy Ratio (CAR) of 12.33%, up from 11.96% a year ago.

SBI shares were up 2% at Rs 2,774 on the BSE at 13:30 hours.

State Bank of India

Bombay Stock Exchange - BSE