State bank of India's third quarter net profit jumps 30% to Rs 2,910 crore

The country's largest public sector lender State Bank of India (SBI) today reported over 30% 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% 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% from 3.24% during corresponding quarter.

Gross NPAs declined to 4.9% in the third quarter from 5.73% in similar period of last fiscal.

SBI shares were trading 6.36% up at Rs 302.50 apiece during afternoon session on the BSE.