A high operating profit and an expanding balance sheet on the back of strong growth in treasury and fee income saw India’s largest public sector bank, State Bank of India (SBI) posting a net profit of Rs 2,230 crore in the quarter ended June 30, 2009—a 42.03 per cent growth over Rs 1,641 crore posted in the same quarter last year.
SBI’s gross advances rose 22.8 per cent to Rs 5.5 lakh crore in the quarter ended June 30, and its current account saving account (CASA) showed a year-on-year growth of 23 per cent.
SAIL logs 28% dip in profit on price fall
The country's largest steelmaker, Steel Authority of India Ltd, reported a 28 per cent dip in profit for the April-June quarter at Rs 1,326.09 crore against Rs 1,835.19 crore a year ago. Sail’s margins were largely impacted by a steep decrease in steel prices this year. “In spite of downturn continuing in global steel markets, the overall demand scenario in India is encouraging,” said S K Roongta, Chairman, SAIL.