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SBI net profit increases 20 per cent

SBI chairman Arundhati Bhattacharya during a programme organised to announce SBI financial results for the period 2014-15 in Kolkata

State Bank of India (SBI) said its net profit during the 2014-15 fiscal increased by over 20 percent at Rs.13,102 crore against Rs.10,891 crore during 2013-14 along with an improvement in asset quality.

India’s largest commercial bank’s net interest income during the review period rose by over 12 percent at Rs.55,015 crore compared to the earnings of Rs.49,282 crore in the 2013-14 fiscal.

Operating profit surged by over 21 percent at Rs.38,914 crore during 2014-15 against Rs.32,109 crore in the corresponding period of the previous fiscal.

The provision coverage ratio in its asset quality for the 2014-15 fiscal stood at nearly 63 percent. The gross non-performing assets till March 2015 declined by nearly 8 percent at Rs.56,725 crore compared to Rs.61,605 crore in March 2014.

The bank said the net profit of all of its associate banks increased by over 15 percent from Rs.2,777 crore in 2013-14 to Rs.3,200 crore in 2014-15.

The net profit of all non-banking subsidiaries increased by nearly 13 percent from Rs.1,361 crore during 2013-14 to Rs.1,534 crore during the 2014-15 fiscal.

Its investment banking subsidiary, SBI Capital Markets Ltd., registered an increase of over 27 percent in its net consolidated profit at Rs.334 crore in the review period compared to Rs.262 crore during 2013-14.

During the first three months of the current year, the bank’s net profit soared by over 23 percent at Rs.3,742 crore compared to Rs.3,041 crore in the like period of the previous year.

Net interest income in the same period also rose by over 14 percent at Rs.14,711 crore against Rs.12,903 crore in January-March 2014.

The operating profit of the bank during January-March 2015 increased by nearly 17 percent at Rs.12,409 crore in comparison to Rs.10,628 crore in the corresponding period a year ago.