SBI profits up at Rs 913.5cr

State Bank of India has posted a 19.69 per cent rise in its net profit at Rs 913.50 crore for the first quarter ended June 30, 2003 as again...

State Bank of India has posted a 19.69 per cent rise in its net profit at Rs 913.50 crore for the first quarter ended June 30, 2003 as against Rs 763.20 crore in Q1 of 2002-03. The country’s largest commercial bank’s net interest income in the first quarter was up by 12.15 per cent at Rs 2,709.18 crore from Rs 2,415.67 crore in April-June 2002.

The gross level of advances grew by 10.49 per cent to Rs 1,42,602 crore as on last Friday of June 2003 from Rs 1,29,060 crore during the same period of June 2002, a SBI release said here on Thursday.

The deposit base, excluding the Resurgent India Bonds and India Millennium Deposits, grew by 11.47 per cent at Rs 2,56,500 crore as on the last Friday of June 2003 as against Rs 2,30,100 crore of June 2002, it said.

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On the business performance in the retail segment, SBI said the retail advances grew by Rs 1,185 crore with outstanding asset base of Rs 25,553 crore at the end of June 2003. The home loan portfolio grew by Rs 783 crore in the April-June 2003 and the total outstandings in this segment stood at Rs 12,934 crore, it added.

Bank has made provisions of Rs 1,668.74 crore in the first quarter, including Rs 850 crore for non-performing assets, and Rs 852.18 crore for taxes, it said. The capital adequacy ratio (CAR) at the end of June stood at 13.77 per cent up from 13.19 per cent at the end of the first quarter of 2002-03.

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