SBI Q2 net profit down by 22%

SBI Q2 showed a huge decline in consolidated profit although its total income increased.

The country’s largest lender State Bank of India on Monday reported a 22.2 per cent decline in consolidated net profit to Rs 2,437.1 crore for the second quarter ended September 30,over the same period last year.

The bank had a net profit of Rs 3,133.1 crore in the year-ago period,SBI said in a filing to the Bombay Stock Exchange.

SBI’s total income,however,increased by 14.6 per cent to Rs 37,925.4 crore in July-September quarter of 2010 from Rs 33,101.6 crore in the same quarter last fiscal.

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The lender posted a net profit after minority interest of Rs 2,363.9 crore during the quarter compared to Rs 3,050.9 crore in the same quarter a year ago.

On a standalone basis,SBI net profit grew merely by 0.4 per cent to Rs 2,501.3 crore in the second quarter against Rs 2,490 crore in the year-ago period.

The bank’s income increased to Rs 23,813.3 crore in the quarter under review from Rs 21,301 crore in the year-ago period,registering a growth of 11.7 per cent.

The results for the quarter and six months ended September 30,include the results of operations of the erstwhile State Bank of Indore for the period from August 26 to September 30,2010 and the results of the Bank are not comparable to that extent,SBI said in a statement.

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SBI acquired State Bank of Indore with effect from August 26,2010.