SBBJ Q2 net jumps 52% to Rs 181 crore

SBI associate State Bank of Bikaner & Jaipur (SBBJ) today reported an increase of 52.25 per cent in net profit at Rs 180.63 crore for the second quarter ended September 30.
The bank clocked a net profit of Rs 118.64 crore in the July-September quarter of the previous fiscal.
The total income of the bank increased to Rs 2,620.34 crore for the second quarter of this fiscal, up 8.69 per cent from Rs 2,410.69 crore in the year-ago period, the bank said in a filing to BSE.
The provisions and contingencies shares were trimmed for the quarter compared with the year-ago period as bad loans as a share of advances reduced.

The bank made provision of Rs 236.71 crore under the reported quarter, down from Rs 304.87 crore reserved a year ago.
On asset front, bank's gross non-performing assets (NPAs) or bad loans improved a little at 4.2 per cent of gross advances as of September 30, 2015 as against 4.24 per cent a year ago.

Net NPAs too decreased a tad at 2.15 per cent of net advances in the said quarter from 2.49 per cent a year ago.
SBBJ's shares jumped 6.57 per cent to close at Rs 563.60 apiece on BSE today.
In a separate filing, the bank said its board of directors in a meeting today approved to raise capital of Rs 900 crore in the current fiscal.

"The Board of Directors at its meeting on October 20, 2015, has approved raising of capital by additional Tier I Capital of Rs 150 crore and Tier II Capital of Rs 750 crore through suitable instrument(s) at an opportune time during financial year 2015-16," it said in the filing.