SBI Q3 net profit jumps 30 per cent to Rs 2,910 crore

The country's largest public sector lender State Bank of India (SBI) today reported over 30 per cent jump in net profit at Rs 2,910 crore for the third quarter ended December 2014 on the back of stronger other income despite higher provisioning for bad loans.
The bank had reported a net profit of Rs 2,234.34 crore in the year-ago period, SBI said in a BSE filing.
The total income of the bank rose to Rs 43,784 crore in the October-December quarter as against Rs 39,068 crore during the corresponding quarter of the previous fiscal.
Besides, its net interest income rose nine per cent to Rs 13,777 crore from Rs 12,640 crore during corresponding period.

Provisions for bad loans during the third quarter of current fiscal increased 26 per cent to Rs 5,235 crore from Rs 4,150 crore in the year-ago period.
However, the bank's net NPAs in the quarter under review fell to 2.8 per cent from 3.24 per cent during corresponding quarter.
Gross NPAs declined to 4.9 per cent in the third quarter from 5.73 per cent in similar period of last fiscal.
SBI shares were trading 6.36 per cent up at Rs 302.50 apiece during afternoon session on the BSE.