SBI annual net profit surges nearly 42 percent (Lead)

May 18th, 2012 - 9:44 pm ICT by IANS  

State Bank of India Kolkata/Mumbai, May 18 (IANS) India’s biggest lender, the State Bank of India (SBI), Friday reported a 41.66 percent rise in net profit year-on-year to Rs.11,707 crore in 2011-12 fiscal from Rs.8,265 crore in 2010-11.

“Even put modestly our results are a block bluster. We are only behind Reliance Industries and Oil and Natural Gas Corp Ltd (ONGC) and only the third corporation in the country to register a profit in excess of Rs.10,000 crore,” SBI chairman Pratip Chaudhuri said while announcing the results.

The bank posted a massive hike in quarterly profit at Rs.4,050 crore on account of decline in provisions of bad loans and strong credit demand.

It had a net profit of Rs.20.88 crore during the like period the previous financial year.

Following the results, the shares of the bank closed 5.08 percent up at Rs.1,942 at the Bombay Stock Exchange.

The operating profit of the bank increased from Rs.25,336 crore in FY 11 to Rs.31,574 crore in FY 12 - a 24.62 percent YOY growth.

The total income during the year under review stood at Rs.1,20,873 crore, up 24 percent against Rs.97,219 crore during previous year.

The bank’s gross non-performing asset (NPA) ratio declined to 4.44 percent in the quarter ended March 31 from 4.61 percent in the previous quarter. Net NPA ratio also declined to 1.82 percent against 2.22 percent in the previous quarter.

The bank also proposed a dividend of Rs.35 per share for the accounting year ended March 31, 2012.

The deposits of the bank increased from Rs.9,33,933 crore in FY 11 to Rs.10,43,647 crore in FY12 - a growth of 11.75 percent. The savings bank deposits increased from Rs.3,23,394 crore in March 11 to Rs.3,59,847 crore in March 12 registering a 11.27 percent YOY growth.

The deposits in foreign branches increased from Rs.46,781 crore in March 11 to Rs.61,433 crore in March 12, a growth of 31.32 percent.

“There have been talks that our foreign branches have not been performing up to the mark but the figures clearly dispel all those thoughts of underperformance. The increase in foreign deposits by Rs.14652 crore indicate their healthy performance,” added Chaudhuri.

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