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SBI beats Street estimate; net profit up 14% at Rs2,828 cr

SBI beats Street estimate; net profit up 14% at Rs2,828 cr
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First Published: Sat, Jan 22 2011. 02 52 PM IST
Updated: Sat, Jan 22 2011. 02 52 PM IST
Mumbai: The country’s largest lender, State Bank of India (SBI), on Saturday said its net profit for the quarter ended 31 December rose by 14.08% to Rs2,828 crore, up from Rs2,479 crore in the year-ago period, despite a rise in its loan loss provisions.
A Reuters poll of 16 brokerages had forecast profit to grow 10% to Rs2,715 crore. During the quarter, the lender witnessed a healthy increase in its income from treasury, retail and wholesale banking but showed a slight rise in its gross non performing assets or NPAs, which rose to 3.17% from 3.11% in the year-ago period.
SBI’s fee income, during the period, went up by 13.12% on a year on year basis. In the third quarter, while total income, during the quarter, grew to Rs24,726.73 crore from Rs21,145.40 crore, the bank said.
SBI made a provision of Rs1,632 crore in the third quarter as compared with Rs515 crores in the same quarter last year, the bank said in a release.
Shares of State Bank rose nearly 24% in 2010, compared with a 17% rise in the main market and 33% gain in the banking sector index.
anup.r@livemint.com
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First Published: Sat, Jan 22 2011. 02 52 PM IST
More Topics: Company results | SBI | Banking | Q3 | Profit |