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State Bank net jumps 28%

Jan. 29: State Bank of India has posted a 28.20 per cent rise in net profit at Rs 787.05 crore for the third quarter ended December 31, 2002, compared with Rs 613.89 crore in the same period of the previous fiscal.

Total income in the period under review also increased to Rs 9,066.92 crore as against Rs 8,366.46 crore in the third quarter of the previous fiscal, the country’s largest bank said in a release today.

Interest earned in the reporting quarter stood higher at Rs 7,705.48 crore (Rs 7,501.18 crore), it added.

For the nine months ended December 31, net profit increased by 30.37 per cent to Rs 2,367.45 crore (Rs 1,815.93 crore) while total income rose to Rs 26,600.21 crore (Rs 24,943.43 crore).

The operating profit for nine months grew by 23.74 per cent at Rs 5,267.4 crore while total provisions amounted to Rs 2,899.95 crore.

Net interest income went up by 6.82 per cent to Rs 7,210.2 crore (Rs 6,749.6 crore).

The growth in net profit was achieved due to increased operating profit despite larger provisions made during the nine months on considerations of prudence.

SBI said as a proactive step, provisions to the extent of Rs 40 crore were made for moving towards the 90-days delinquency norm in fiscal 2003-04 as stipulated by RBI.

Average level of advances in India during the nine-month period were higher by 12.35 per cent at Rs 1,18,984 crore.

The bank said average deposits (excluding Resurgent India Bonds/India Millennium Deposit) rose by 26,622 crore.

SBI said the cost of deposits witnessed a reduction from 7.16 per cent in December 2001 to 6.56 per cent in December last year.

Average resources deployed in treasury operations in India went up by 14.47 per cent compared with the corresponding previous period.

BoB Q3 net up 61%

Bank of Baroda (BoB) today reported a 60.87 per cent rise in net profit at Rs 254.38 crore for the third quarter ended December 31, 2002 as against Rs 158.13 crore in the same period last fiscal.

The bank saw a rise of 11.78 per cent in total income, which rose to Rs 1,905 crore as against Rs 1,704.26 crore in the third quarter of last year.

Net profit during the nine-month period ended December rose 30.80 per cent to Rs 574.44 crore as against Rs 439.18 crore in the previous corresponding period, a Bank of Baroda release said.

The bank’s total income for the nine-month period witnessed a rise of 7.80 per cent at Rs 5,507.1 crore as against Rs 5,108.66 crore in the corresponding period last fiscal.

However, the bank’s total non-performing assets at Rs 4,538 crore as on December 2002 was marginally up from Rs 4,489 crore on March 31, 2002.

BoB’s advances aggregated Rs 34,449 crore as on December 31, 2002 showing a rise of 16.2 per cent from Rs 29,692 crore as on December 31, 2001, it added.

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