Business

SBI profit up at sluggish 4 percent in third quarter


Mumbai, Feb 14 (IANS): State Bank of India, the country's largest lender, Thursday said its net profit in the third quarter of the current financial year rose by a sluggish 4 percent to Rs.3,396.06 crore.

The bank's total income increased to Rs.33,992.11 crore for quarter ended Dec 31, 2012, as compared to Rs.29,787.37 crore recorded in the corresponding quarter of the previous year.

Addressing a press conference here, SBI chairman Pratip Chaudhuri said the overall profit numbers for the year were encouraging even though there was sluggish increase in the third quarter.

"Broadly the profit in the third quarter is flat. But for the nine month it is up by a healthy 40 percent," Chaudhuri said.

He pointed out that SBI was the third highest profit making company in India after Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL).

SBI's share price dropped 1.82 percent at Rs.2,214 at the Bombay Stock Exchange (BSE) after the quarterly result was announced.

SBI Group's net profit after minority interest increased to Rs.4,648.44 crore for the quarter ended Dec 31 as compared to Rs.4,318.08 crore in the corresponding period of previous year.

The group's total income increased to Rs.50,942.14 crore in the third quarter of the current financial year as compared to Rs.43,106.49 crore in the like period of last year.

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