Despite the challenging market conditions and provisioning, State Bank of India, has clocked a 15.08 per cent jump in its net profits for the quarter ended June 30, at Rs 1,640.79 crore as against Rs 1,425.81 crore in the year-ago period.
The lender attributed the robust growth to a nearly 67.79 per cent year-on-year growth in its operating profits, which grew to Rs 3,962.34 crore in the quarter from Rs 2,361.46-crore in the corresponding period in the last year, SBI said.
Country's lagest bank clocked a 30.01 per cent year-on-year growth in advances in the quarter which rose to Rs 4,48,327-crore from Rs 3,44,834-crore in Q1 FY 08.
"We have seen a healthy credit demand in the quarter and expects to maintain the growth in the coming months," a top SBI official told PTI here.
Similarly, its deposit-base grew to Rs 5,61,857-crore, up 24.95 per cent, from Rs 4,49,660-crore in the year-ago period.
The bank made a total Mark-to-Market provisioning of Rs 1,656.61-crore on its investment portfolio during quarter as against a write back of Rs 377-crore in the corresponding quarter in the last year, the official said.
The bank saw a 30.79 per cent growth in its mid-corporate advances, a 23.16 per cent jump in its SME loans and a modest 9.3 per cent growth in its agriculture loans, the official said.
A similar growth was registered in its Auto and housing loans which went up by 41.31 per cent and 17.4 per cent in the quarter respectively while the educational loans jumped by an impressive 45.89 per cent, the official said.
Source: financialexpress.com
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