MUMBAI, JAN 28: State Bank of India has posted a 25 per cent rise in its net profit in April-December 1998 at Rs 1,143 crore, up from Rs 912.60 crore in the corresponding period of the previous fiscal, despite a meagre 1.31 per cent growth in credit offtake in the current fiscal and 25 basis points fall in the net spread.Addressing a news conference, chairman of SBI, M P Radhakrishnan, said the operating profit (before provision & contingencies) is also higher at Rs 2,312.21 crore compared to Rs 1,880.57 crore same period last year, showing an increase of 22.95 per cent. During the third quarter of fiscal 1999, the bank's net profit was upto Rs 285.30 crore, up from Rs 207.90 crore recorded in the same period of last fiscal.He said the net interest income for the nine month period is up by 13.92 per cent compared same period last year. Interest income from resources operations in India is higher at Rs 6051.50 crore as against Rs 4919.56 crore in the corresponding period of 1997-98, an increase of 23.01per cent.The average deposits in India during the nine month (excluding RBIs) was Rs 1,32,831 crore against Rs 1,12,927 crore in the corresponding period of 1997-98, an increase of 17.63 per cent. Other income is up by 21.92 per cent to Rs 2154.46 crore (Rs 1767.17 crore). The average advances in India during this period registered an increase of 16.49 per cent.Domestic deposits of the bank at Rs 1,36,149 crore as on the last Friday of December 1998 recorded 10.2 per cent growth over March 31,1998. The growth rate of the bank's domestic deposits was higher than the growth rate of ASCB domestic deposits during the nine month period (10.1 per cent)."Even though the average yield on advanced in India declined to 11.55 per cent during the period compared to 12.08 per cent same period last year, the volume growth of 16.49 per cent in the average advanced level ensured that the interest income on advances in India registered in increase of 11.37 per cent," he said.Average resources deployed (inclusiveof the average for RIB funds) in treasury operations in India went up to Rs 81,248 crore compared to Rs 68,986 crore during the corresponding period. This factor, coupled with a higher average yield at 9.93 per cent has contributed to a growth of 23.01 per cent in the interest income on resource operations in India.
