State Bank of India ups Q3 net profit by 4 %

State Bank of India posted a net profit of Rs.3,396.06 crore in the third quarter ended December, 2012.

The figure represents a growth of 4.08 percent from the Rs.3,263.04 crore in the third quarter of 2011-12.

“Retail growth showed maximum growth on the back of home and auto loan growth. We will be selective in our lending in the mid-corporate segment,” said Pratip Chaudhuri, Chairman, while addressing a press conference here on Thursday.

“We expect loan growth to stay above 18 per cent, while deposit growth to be above 14 per cent for the fiscal,” Mr. Chaudhuri added.

Deposits of the bank increased from Rs.10,00,965 crore to Rs.11,56,691 crore, a growth of 15.56 per cent. Savings bank deposits increased from Rs.3,67,896 crore to Rs.4,10,906 crore, up by 11.69 per cent. Gross advances increased from Rs.8,69,393 crore to Rs.10,09,110 crore, a growth of 16.07 per cent. Large corporate advances increased from Rs.1,24,567 crore to Rs.1,56,684 crore and mid-corporate advances from Rs.1,66,903 crore to Rs.1,78,509 crore.

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