SBI consolidated profit rises 16.3%

SBI consolidated profit rises 16.3%

County's largest bank SBI on Monday reported 16.3 per cent increase in consolidated net profit at Rs 4,318.08 crore for the third quarter ended December 31, 2011.

State Bank of India (SBI) had reported a profit of Rs 3,710.48 crore in the corresponding quarter of the last fiscal. The total income of SBI (consolidated) stood at Rs 43,155.95 crore during the quarter under review, up 16.7 per cent Rs 36,966.87 crore in the year-ago period. SBI's stand-alone net profit went up by 15.3 per cent to Rs 3,263.04 crore in the third quarter, from Rs 2,828.06 crore in the same quarter of 2010-11.

Stand-alone total income rose by 20.4 per cent to Rs 29,787.37 crore from Rs 24,726.73 crore in the same quarter of the last fiscal.

Commenting on the third quarter number SBI Chairman Pratip Chaudhuri said, "The net profit which had plummeted in Q4 last fiscal has again started its upward journey. The first quarter was a weak quarter because we had backlog of previous provisioning so that came to Rs 1,584 crore."

This quarter, he said, "we have broken the threshold of Rs 3,000 crore without any extra-ordinary or windfall gain." Net interest Margin (NIM) story has been very strong, he said, adding, the it is up at 3.82 per cent from 3.40 per cent.

The bank reported a total income of Rs 86,913.36 crore in the first three quarters, compared to Rs 70,682.12 crore in the same period last financial year.