SBI net profit up 31% on year as non-core income zooms

State Bank of India, the country’s largest bank, today registered a net profit of Rs 3,100 crore for July-September, which was in line with expectations. The number was up 31 percent from a year ago but down 7.4 percent from the previous quarter.

In the year-ago period, the bank’s net profit stood at Rs 2,375 crore.

The bank’s net interest income, the difference between the interest earned and interest expended, stood at Rs 13,275 crore, up 8.2 percent on year. The NII stood at Rs 12,251 crore a year ago. In the quarter ago, the figure stood at Rs 3,252 crore.

A CNBC-TV18 poll had estimated the net profit at Rs 3096 crore and NII at Rs 13,588 crore.

The bank’s gross NPA stood at 4.89 percent, steady over the previous quarter and much lower than the 5.64 percent registered a year back.

The bank’s provisions during the quarter stood at Rs 4,275 crore, 22.3 percent higher than Rs 3,497 crore in the previous quarter and 41 percent higher than Rs 3,029 in the year-ago quarter.

The higher net profit during the July-September was due to a 39.4 percent on year increase in other income to Rs 4,571 crore.

The operating profit also rose an impressive 33.4 percent on year to Rs 8,422 crore.

The bank’s loan write-offs stood at Rs 4,787 crore as against Rs 6,756 crore last year.