SBI Q3 net up 4% at Rs 1,524cr

 The Operating Profit for 9M FY07 at Rs 8163.97 crore is up from Rs 5574.11 crore (excluding the effect of one-time items in 9M FY06) thereby registering a growth of 46.46%.

 Bank has registered Operating Profit of Rs 2854.96 crore in Q3 FY07, which is up from Rs 864 crore (excluding one-time items) in Q3FY06 thereby registering a growth of 230.58%.

 Bank has posted a Net Profit of Rs 3048.11 crore for 9M FY07 registering a decline of 14.22% when compared with the Net Profit of Rs 3553.38 crore for 9M FY06. Excluding the effect of one-time items till 9M FY06, Net Profit this year is higher.

 Net Interest Income (NII) in 9M FY07 is up by 19.11% over 9M FY06 (excluding one-time items). However total NII in 9M FY07 is Rs 11734.08 crore as against Rs 12081.07 crore in 9M FY06, i.e., a decline of 2.87%. 

 Net Interest Margin (NIM) of the Bank for the 9 month ended 31.12.06 was at 3.29%. Dec 2005 NIM excluding one-time item was 2.85% and thus NIM has improved by 44 bps.

 Non-interest income (Excluding Treasury Income and one time item) grew very well by 22.17% from Rs 3358 crore in 9M FY06 to Rs 4103 crore in 9M FY07. Total non-interest income increased from Rs 4712 crore in 9M FY06 to Rs 5007 crore in 9M FY07 thereby registering a growth of 6.28%.

 Operating Expenses have registered a decline of 2.20% due to reduction in staff cost by 4.68% in 9M FY07 over 9M FY06. Excluding one-time payment of salary arrears of Rs 313 crore paid in Q3 FY06; the staff expenses including Contribution for Employees have registered a decline of 19.59% in Q3 FY07 over Q3 FY06. This is despite the on-going payments to staff opting for early exit under the Bank