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SBI ups deposits by 14% in 2nd quarter

State Bank of India (SBI) registered an impressive growth in Q2 FY14, with net interest income increasing by 11.64 per cent to Rs 12,251 crore from Rs 10,974 crore in the same period last year. Its bank deposits grew by 14.01 per cent and advances by 19.18 per cent. Total interest income increased by 14.58 per cent y-o-y for Q2 FY14 to Rs 33,992 crore from Rs 29,607 crore and interest income on advances grew by 12.60 per cent to Rs 25,379 crore from Rs 22,538 crore.

CASA ratio remained strong at 43.58 per cent with savings bank deposits touching all-time high at Rs 4,45,443 crore, while fresh NPA sSlippages declined by 39.23 per cent sequentially in Q2FY14 and net accretion to NPA came down by 65.83 per cent to Rs 3315 crore. Net interest income increased by 11.64 per cent for Q2FY14 to Rs 12,251 crore from Rs 10,974 crore (y-o-y), while interest income on advances grew by 10.19 per cent in H1FY14 to Rs 49,225 crore from Rs 44,673 crores in the corresponding period of last year, and interest income on resources operations increased 17.62 per cent to Rs 15,717 crore from Rs 13,363 crore in the same period last year.

The performance of SBI’s associates and subsidiaries show remarkable growth in Profit. SBI Capital Markets Ltd registered a 49 per cent growth in net profit of Rs 126.15 crores in H1FY14 from Rs 84.53 crore in the same period last year. SBI Funds Management Pvt Ltd showed 83 per cent y-o-y growth in net profit of Rs 75.26 croe in H1FY14 against Rs 41.02 crore in corresponding period last year.

SBI Cards & Payments Services PVT Ltd registered a robust 275 per cent growth in net profit of Rs 143.38 crore in H1 FY14 against Rs 38.25 crores in H1 FY13. Net profit however declined from Rs 3,658 crores in Q2FY13 to Rs 2,375 crores in Q2FY14, and operating profit was down from Rs 7,353 crores in Q2 FY13 to Rs 6,312 crores in Q2 FY14.

SBI chairman Arundhati Bhattacharya said that given the challenging economic scenario, the bank had shown that its earnings remained unimpaired in its diverse exposure across the Indian economy. Around 1.4 crores new savings accounts were opened in the bank during Q2FY14, besides good growth being witnessed in sectors like Infrastructure, petroleum and petrochemicals, and commercial real estate
among others.
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