SBI net up 34.22% at Rs 835.20 crore

The SBI scrip, however, closed lower at Rs 230.60 on the BSE as compared to Tuesday’s close of Rs 233.80 in a steady stock market. For the six months ended September, the net profit showed a rise of 32.97 per cent at Rs 1,598.40 crore (Rs 1,202.04 crore) while net interest income increased to Rs 4,825.66 crore (Rs 4442.84 crore), it added.

The average domestic advances in H1 ended September 2002, was higher by 11.56 per cent at Rs. 1,16,890 crore (Rs. 1,04,773 crore). SBI’s deposit level has gone up by Rs. 16,187 crore since last reporting Friday of March 2002, an increase of 8.39 per cent during this period.

The personal loans recorded a growth of 2,567 crore in first half of 2002-03 compared to a rise of Rs. 695 crore in same period of previous fiscal. Housing loans—the bank’s priority number one—registered an increase of Rs 1,923 crore (Rs 1,108 crore).

The gross non-performing assets ratio has come down to 11.86 per cent from 11.95 per cent in March while the net NPA has reduced to 5.19 per cent from 5.63 per cent. SBI issued notices in 112 cases involving Rs 1,352.62 crore under the new ordinance, it added. SBI said the capital adequacy ratio improved from 13.35 per cent in March to 14 per cent as on September 2002. On cross selling within the SBI group, it has been decided by the bank to create a new position at the corporate centre in the rank of general manager for focusing on cross selling of products like credit cards, insurance and mutual funds.