State Bank of India (SBI) today reported a 137 per cent jump in netprofit at Rs 3,752 crore for the first quarter ended June 30, 2012, thoughrising non-performing loans continue to be a cause of concern.
The bank had a net profit of Rs 1,583 crore in the April-June quarter of2011-12 fiscal.
The bank's net non-performing assets (NPAs) rose to 2.22 per cent of total loanbook at the end of June, against 1.61 per cent a year ago, reflecting theimpact of slowing economy.
The bank's total income increased 16.89 per cent in the quarter to Rs 32,415crore, from Rs 27,732 crore in the same period a year ago.
Shares of SBI, however, slipped 3.65 per cent after the results to Rs 1,900.05on the BSE in afternoon.
In value terms, SBI's net NPAs increased to Rs 20,324 crore (2.22 per cent ofloans) during the June quarter, from Rs 12,435 crore (1.61 per cent) in thecorresponding period a year ago.
Similarly the gross NPAs of the bank rose to Rs 47,156 crore (4.99 per cent) atthe end of the first quarter, as against Rs 27,768 crore (3.52 per cent) in theyear ago period.
The sharp jump in NPA can be attributed to inability of corporates and other borrowersto timely repay the loans, mainly on account of poor performance of theeconomy.
SBI's Net Interest Income (NII) increased to Rs 11,119 crore in Q1 FY'13, agrowth of 14.63 per cent over Rs 9,699 crore in the same quarter last fiscal.
On a consolidated basis, SBI reported a net profit of Rs 4,874.7 crore for thequarter ended June 30, an 94 per cent increase from Rs 2,512.47 crore in theyear ago period.
The consolidated total Income increased to Rs 46,839 crore, from Rs 39,126crore in the April-June quarter of 2011-12.