Net profits of the country?s largest commercial bank, State Bank of India (SBI), pole-vaulted 78.55% to Rs 1,425.81 crore for the first quarter of 2007-08, against the previous year?s comparable period figure of Rs 798.57 crore.
The total income of the bank rose 27.83% at Rs 12,229.09 crore for the June quarter, compared with the previous Q1 level of Rs 9,566.79 crore. Net interest margin of the bank for the reporting period was 3.31%, including CRR (cash reserve ratio) balances and 3.50% excluding CRR balances.
Gross non-performing assets (NPAs) ratio of the bank declined from 3.64% to 3.13% during the period, said a bank statement. Correspondingly, the bank?s net NPA ratio declined from 1.84% to 1.62%.
However, Rs 506.32 crore has been provided towards loan loss provisions in the first quarter as against Rs 173.82 crore during the same period last year.
Capital adequacy ratio (CAR) of the bank, as on June 30, was 13.13% and tier-I CAR was 8.32%.
Yield on advances increased to 9.80%, from 8.48%, showing a growth of 132 basis points. Due to higher deposit rates the bank?s deposit costs too increased to 5.35% in the period from 4.63% a year ago. Deposits grew by Rs 7,1918 crore to Rs 4,49,660 crore during the reporting period. CASA (current and savings account) deposits increased to Rs 17,44,66 crore from Rs 1,51,055 crore during the same period last year. Gross advances grew to Rs 34,4087 crore, up 28.89% during the period.