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Good news from top banks

business Updated: Jan 25, 2009 01:53 IST
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Riding on the back of a robust growth in its savings bank and fixed deposit portfolio, State Bank of India (SBI), the country’s leading commercial bank, on Saturday reported a 37 per cent rise in its third quarter net profit (quarter ended December 31, 2008) to Rs 2,478 crore. Total income rose 38.34 per cent to Rs 21,256 crore. These figures do not include those of its associate banks.

SBI’s deposits increased 36 per cent in the third quarter, as depositors at banks considered ‘risky’ in the wake of the global credit squeeze switched their deposits to ‘safe’ banks. The bulk of SBI’s funds come from savings bank deposits that pay customers 3.5 per cent as interest, while the bank charges 12.5 per cent on its cheapest loans (to its best customers).

ICICI: Net profit up 3.4%

ICICI Bank, India’s largest private-sector bank, and its second largest overall, continues to suffer because of the slowdown in the home, auto and personal loan markets that account for about two-thirds of its business.

On Saturday, it reported a sluggish 3.4 rise in quarterly net profits, primarily due to lower operating expenses and increased earnings from fees and bond trading.

The bank’s net profit for the quarter ended December 31, 2008, rose to Rs 1,272 crore compared with Rs 1,230 crore in the previous corresponding quarter.

Its advances shrunk to Rs 2,12,521 crore from Rs 2,15,516 crore a year earlier and deposits to Rs 2,09,065 crore from 2,29,779 crore a year earlier.