SBI Q1FY08-09 Profits up by 15.08%

SBI declared a net profit of Rs 1640.79 crores for the first quarter of FY 2008-09.  The profit is on account of a YOY growth of 67.79 % in operating profit which was Rs 3,962.34 crores as against Rs 2,361.46 crores declared in the 1^st quarter of 2007/08.

The Net Profit of Rs.1640.79 crores and the growth 15.08 % viewed against a backdrop of a mark to market provision of Rs. 1656.61 crores made by the bank on its investment portfolio, further points to the silent qualitative changes taking place within the Bank. The Bank has significantly decelerated the growth in interest expenses to 30.37% during the quarter as against 43.92 % recorded in FY 2007-08. Further other income has recorded a quantum jump of 111.13% over last year.

While total income recorded a growth of 35.50%, non-interest expenses recorded a marginal rise of 9.42% indicating continued control over cost.

On the NPA front the quarter has witnessed a reduction of Rs.1429 Crores in Gross NPA, resulting in a write back of Rs. 247.40 crores in loan loss provisions. This was in line with the commitment made by the Chairman of the bank at the AGM for the year 2007/08 held on 11^th June 2008. 

Sourced From: Adfactors Public Relations Pvt Ltd