SBI net profit up 15 percent in Q1 FY09 on higher credit growth, fee income
India's largest bank, the state-run State Bank of India (SBI) has reported a 15 percent rise in net profit for the fiscal quarter ended June 30, 2008, despite higher interest rates, attributing the rise to higher credit growth, fee income.
SBI, which is India's largest commercial bank in terms of profits, assets, deposits, branches and employees, said its net profit (standalone) in June quarter of FY09 stood at Rs.1640.79 crore, up from 1425.81 crore reported in the corresponding period a year earlier (Year-on-year or YoY rise of 15.08 percent).
However, its consolidated net profit (after minority interest) declined from Rs.1861.66 crore to Rs.1640.92 crore (YoY decline of 11.86 percent) due to drop in net profit of associate banks from Rs.520.70 crore to Rs.285.95 crore.
The bank said its non-interest income more than doubled in the quarter under review - from Rs.1138.59 crore to Rs.2403.88 crore (YoY rise of 111.13 percent). Of this, core fee income rose by Rs.399.15 crore to Rs.1285 crore from Rs.885.85 crore (YoY rise of 45.06 percent).
SBI's total income during the period under review was Rs.16,203.07 crore as against Rs.12,229.09 crore (YoY rise of 32.49 percent).
The bank's operating profit rose 67.79 percent (YoY) from Rs.2361.46 crore to Rs.3962.34 crore.
The bank's savings account deposits swelled by 24.95 percent or Rs.1,12,197 crore, from Rs.4,49,660 crore reported in Q1 of FY08 to Rs.5,61,857 crore in Q1 of FY09.
Current and savings account (CASA) deposits constituted 41.87 percent of total deposits at June 30, 2008 compared to 41.06 percent at June 30, 2007, the bank said.
The bank's market share in deposits as on June 30, 2008, stood at 15.14 percent as against 15.17 percent as on June 30, 2007.
SBI's gross advances grew from Rs.3,44,834 crore to Rs.4,48,327 crore during the quarter under review (YoY rise of 30.01 percent). Market share in advances as on
June 30, 2008 stood at 15.61 percent as against 15.60 percent as on June 30, 2007. Segment-wise, on a YoY basis, mid corporate advances grew by 30.79 percent, SME (small and medium enterprise) advances grew by 23.16 percent, agriculture advances grew by 9.39 percent, home loans grew by 17.40 percent, auto loans grew by 41.31 percent, education loans by 45.89 percent and international advances by 46.17 percent.
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