SBI Q3 net profit up marginally | india | Hindustan Times
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SBI Q3 net profit up marginally

The state controlled bank's net profit rose 1.5% to Rs 11.15 bn in the fiscal third-quarter ended Dec.

india Updated: Jan 28, 2006 16:25 IST

India's largest lender, the State Bank of India, said on Saturday its quarterly net profit rose marginally, below analysts estimates, as the bank paid more to attract deposits.

The state controlled bank said net profit rose 1.5 per cent to Rs 11.15 billion ($253 million) in the fiscal third-quarter ended December, up from Rs 10.99 billion a year earlier. A Reuters poll had forecast a median profit of Rs 12.19 billion.

The bank had earned Rs 12.15 billion net profit in the fiscal second quarter to the end of September.

Full-year net profit is expected to rise 6 per cent to Rs 45.62 billion, from Rs 43.05 billion , according to Reuters estimates.

The bank has been riding expansion wave of India's corporates and the housing demand, driven by rising disposable incomes in an economy growing at more than 7 per cent.

Shares in SBI, which has a market value of $10.6 billion, rose 8.3 per cent during the December quarter, underperforming a 8.8 per cent gain on the main index, but beating the bank sub-index's 0.9 per cent rise.