Sate Bank of India (SBI), the country’s largest lender by assets, today reported a 30.54 per cent 
increase in net profit to Rs 3100 crore in the second quarter (Q2) of the the current financial year (FY15) from Rs 2,375 crore in the same quarter of the previous year.
The bank said operating profit increased by 33.43% from Rs.6,312 crores in Q2FY14 to Rs. 8,422 crores in Q2FY15, while net interest income had gone up by 8.36% from Rs. 12,251 crores in Q2FY14 to Rs.13,275 crores in Q2FY15.
Fee income increased by 18.98% from Rs.2,615 crores in Q2FY14 to Rs. 3,111 crores in Q2FY15, while operating Income increased by 14.91% from Rs. 15,529 crores in Q2FY14 to Rs. 17,845 crores in Q2FY15.
A press release from the bank said its gross non-performing assets (NPA) ratio was down by 75 basis points (bps) to 4.89% in Q2FY15 as against 5.64% in Q2FY14. The ratio of net NPAs to net advances stood at 2.73% as compared to 2.91% a year ago.
Gross NPAs declined from Rs.64,206 crores in September 2013 to Rs.60,712 crores in September 14.(5.44% YOY decline). The provisioning coverage ratio as on 30 September 2014 stood at 63.18%.
Deposits of the bank increased from Rs.12,92,456 crores in September 2013 to Rs.14,73,785 crores in Sepember 2014.( 14.03%.YOY growth), while savings bank deposits went up from Rs.4,45,443 crores to Rs. 5,00,861 crores in the period.
Among its associates and subsidiaries, SBI Capital Markets Ltd registered a net profit of Rs 165.82 crores in the first half of FY15 up from Rs.126.15 crores in H1FY14 (31.45%YOY growth).
SBI Funds Management Pvt Ltd registered a net profit of Rs.82.60 crores in H1FY15 against Rs.75.26 crores in H1FY14 (9.75% YOY growth), while SBI Cards & Payments Services Pvt Ltd registered a net profit of Rs.194.20 crores in H1FY15 against Rs.143.38 crs in H1 FY 14 (35.44% YOY growth).
SBI Life Insurance Company Ltd posted a net profit of Rs.458.58 crores, in H1FY15 from Rs.431.70 crores in H1FY14(6.23% YOY growth).
The SBI Group’s net profit increased from Rs 7371 crores in H1FY14 to Rs 8472 crores in H1FY15 (14.93% YOY growth), the release added.
Source : Sachin Murdeshwar