[sbinews] SBI Working results for period ended 31st Dec 2004

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STATE BANK OF INDIA
WORKING RESULTS FOR THE QUARTER/ 9 MONTHS  ENDED 31st  DECEMBER  2004

HIGHLIGHTS (Q-3)

The Bank posted a Net Profit of Rs. 1099.35 cr for the quarter ended 31st
December 2004 compared to Rs.919.44 cr. in quarter  ended 31st  December
2003 ,  registering a   growth of   19.57%

The Operating Profit  for  Q-3 of 2004-05, at  Rs. 3389.97 cr,  recorded an
impressive growth of 88.30% over  Q-3 of  2003-04.   Net Interest Income
recorded a growth of     31.99% during this quarter over the corresponding
quarter last year due to higher level of  Advances and lower cost of
deposits.  Profit from Sale of investment during the quarter stood at  Rs
947.64 cr .

HIGHLIGHTS (9 months)

Net Profit for the 9- month period ended 31st December 2004 stood at Rs.
3239.64 cr as  compared to Rs. 2808.54 cr. in the  9-month period ended 31st
December 2003 ,  registering a   growth of  15.35%..

The Operating Profit  for  the 9-month period ended 31st December 2004 at
Rs. 8066.28 cr  recorded a growth of    12.22%  over Rs.7188.14  cr in the
9-month period ended 31st December 2003.  The growth in Operating Profit was
achieved due to increase in  both   Net Interest Income and  Other  Income
(excluding profit on Sale of Investments).

The growth in Net Profit was achieved due to the increase in Operating
Profit, despite larger provisions being  made during the 9 month period  on
considerations of prudence.

ANALYSIS   OF   PERFORMANCE
Net Interest Income of the Bank went up by  26.94%  to  Rs 9993.97   cr in
the             9-month period ended 31st December 2004 as against  Rs.
7872.72  cr  in the 9-month period ended 31st December 2003.
Ø      Advances grew to Rs 195565 cr  as at the end of December, 2004,from
Rs.151629 crs as at the end of December 2003 (last Friday) i.e. a growth of
Rs 43936 crs (28.98%) on year- to- year basis. Average yield on advances
declined  to  7.75%  from 8.32 %  due to declining interest rates.
Ø      Average resources deployed in treasury operations in India went up by
Rs. 7892  cr recording a growth of  3.77%  as compared to 9 month period
ended 31st December 2003. The average yield in resource operations was lower
at  7.94%  as compared to 8.62%  in the corresponding  period last year due
to declining interest rates.
Ø      Deposits  grew to Rs. 350630 cr as at the end of December, 2004 from
Rs.302344 crs as at the end of December, 2003 (last Friday) ,i.e a growth of
Rs. 48286 cr (15.97%) on year- to- year basis. Domestic Deposits (excluding
IMDs) recorded a growth of 16.84% as compared to a growth of 14.37 % up to
Q-3 of 2003-04.
Ø      The cost of deposits (excluding India Millennium Deposit) declined
from   5.65% in 9 month period ended 31st December 2003 1  to 4.74% in 9
month period ended 31st December 2004, a reduction of 91 basis points.
Other Income other than profit on sale of Investment  grew by 25.28% as
compared to 9 month period ended 31st December 2003.
The  Other Operating Expenses of the Bank registered an  increase of  21.65%
mainly on account of technology drive initiated by the Bank . Staff Cost
registered an   increase  of  16.96%

Total provisions made for the 9 month period ended 31st December 2004
amounted to Rs.  4826.64 cr as compared to Rs.4379.60 cr made in 9 month
period ended 31st December , 2003 on account of the following:

Ø      Provision for NPAs at Rs  1300.00 cr  for the 9 month period ended
31st December 2004 ( Rs  2660.32  cr in 9M 2003-04)
Ø      Higher Provision  for  investment  depreciation at Rs. 907.75 cr  (Rs
222.57 cr    in 9M 2003-04)
Ø      Higher provision for Tax ( including deferred tax) at Rs. 2030.05 cr
( Rs. 1368.44 cr in 9M 2003-04)
Ø      Provision for Wage Revision Rs. 500.00 cr (Nil in 9M 2003-04)
Other Highlights:
During April-December 2004, the retail advances in personal segment have
grown by Rs. 10431 crores. The outstanding personal segment advances
aggregate Rs. 43,581 crores at the end of December 2004. The Bank continues
to perform well in housing finance. During   9 months of 2004-05, housing
advances have grown by Rs.6235 crores  and the total outstanding as at the
end of December 2004 was Rs. 23317 crores. Retail advances grew by 31.46%
over March 2004 and it constituted 25.17% of Bank's Gross Domestic Advances
as on last Friday of December 2004 as against 22.07% as on last Friday of
December 2003. Housing Loans constitute 53.50% of our Retail Advances as on
December 2004.

Agricultural Advances grew to Rs 17830 cr as at the end of December 2004
from        Rs13665 cr as at the end of December 2003(last Friday) i.e. a
growth of Rs 4165 cr (30.48%) on year-to year basis.













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