SBI Q2 profit rises 30.5 per cent to Rs 3,100 crore, lags estimates

Country's largest bank SBI on Friday reported a 30.5 per cent rise in net profit at Rs 3,100.41 crore for the quarter ended September 30.

The standalone net profit of State Bank of India (SBI) was Rs 2,375 crore in July-September quarter of 2013-14, it said in a filing to the BSE.

Provisioning against bad loans during the quarter stood at Rs 4,274 crore, up 41 per cent from Rs 3,029 crore in the September quarter of last fiscal.

Gross non-performing assets (NPAs) as a percentage of total advances stood at 4.89 per cent at the end of September, lower than 5.64 per cent in the year-ago period. Net NPAs was 2.73 per cent.

Total income increased to Rs 41,833 crore during the quarter from Rs 37,199.92 crore in the corresponding period last year.

On a consolidated basis, SBI's net profit rose 31 per cent to Rs 4,024 crore during the second quarter. The group's net profit after taxes, minority interest and share of profit/(loss) of associates was Rs 3,073 crore in the same quarter of previous fiscal. SBI shares were trading 1.43 per cent up at Rs 2,758.10 per scrip during afternoon session on the BSE.