SBI net profit up 36 per cent in Q2
State Bank of India announces a 36.04 per cent rise in net profit at Rs 161.14 crore during the second quarter this fiscal.business Updated: Oct 27, 2007 20:41 IST
State Bank of India, the country's biggest lender, on Saturday announced a 36.04 per cent rise in net profit at Rs 161.14 crore during the second quarter this fiscal led by various factors including growth in fee income.
The net profit in the corresponding quarter last fiscal was Rs 118.44 crore.
"For the third successive quarter, we have posted results beyond the expectations of analysts... It is due to a combination of several factors including growth in our fee income," SBI Chairman and Managing Director O P Bhatt told reporters here.
The non-interest income of the bank was up 42.03 per cent at Rs 2,041.94 crore while the interest income was high by 31.01 per cent at Rs 11,616.28 crore.
Total income went up by 33.42 per cent at Rs 1,365.82 crore during the quarter ended September 30, 2007 from Rs 1,023.73 crore in the second quarter of the last fiscal. The bank's market value crossed Rs 100,000 crore in this quarter.
The capital adequacy of the bank was a tad higher to 12.85 per cent in the second quarter ended September 30, 2007.
"We are still awaiting the approval of the government on our capital raising plan we are hopeful for a positive reply soon... May be within a week or a month," Bhatt said.
He said the bank will be "happy" to raise any amount between Rs 10,000 and 20,000 crore.
Asked whether the bank proposed a rights issue, Bhatt said the proposal only outlines the broad requirements and it was for the government to decide on the route.