SBI Q2 Net rises 31% to Rs 3,100 crore

Country's largest bank SBI on Friday reported 30.5% growth in net profit at Rs 3,100.41 crore for the quarter ended September 30. The standalone net profit of State Bank of India (SBI) was Rs 2,375 crore in July-September quarter of 2013-14, it said in a filing to the BSE.

Country's largest bank SBI on Friday reported 30.5% growth in net profit at Rs 3,100.41 crore for the quarter ended September 30.

The standalone net profit of State Bank of India (SBI) was Rs 2,375 crore in July-September quarter of 2013-14, it said in a filing to the BSE.

Provisioning against bad loans during the quarter stood at Rs 4,274 crore, up 41% from Rs 3,029 crore in the September quarter of last fiscal.

Gross non-performing assets (NPA) as a percentage of total advances stood at 4.89% at the end of September, lower than 5.64% in the year-ago period.

Net NPA was 2.73%. Total income increased to Rs 41,833 crore during the quarter from Rs 37,199.92 crore in the corresponding period last year.

On a consolidated basis, SBI's net profit rose 31% to Rs 4,024 crore during the second quarter. The group's net profit after taxes, minority interest and share of profit/(loss) of associates was Rs 3,073 crore in the same quarter of previous fiscal.

SBI shares were trading 1.43% up at Rs 2,758.10 per scrip during afternoon session on the BSE.