State Bank of India’s net profit rose by 30.2% to Rs 2,910 crore for third quarter ended December 2014, driven by a rise in net interest income, fees, and control on employee costs.
The country’s largest lender had posted net profit of Rs 2,234 crore in October-December 2013.
The improvement in performance drove its 6.6% to Rs 303 per share on Bombay Stock Exchange in early afternoon trading.
Despite slow pick up in credit, it’s the non-interest income, comprising fees, commission, rose by 24.3% to Rs 5,237 crore, SBI said.
Consolidating on stable asset quality performance, the bank’s non-performing asset (NPA) ratio declined to 4.90 per cent in December 2014 from 5.73 per cent in December 2013. In absolute terms, too, gross NPAs were down to Rs 61,991 crore from Rs 67,799 crore a year ago.
Its loan book expanded by 7.28% to Rs 12, 32,544 crore. While deposits grew by 11.8% to Rs 15, 10,076 crore.
Its staff expenses were down 0.43% from Rs 5,867 crore from Rs 5,842 crore.
The capital adequacy ratio (CAR) under Basel III norms stood at 12.03%.