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Tuesday, October 28, 2008

SBI 2nd quarter net profit up 40pct YoY

27 Oct 2008

State Bank of India, on impartial basis, has posted a net profit of Rs 2259.72 crore for the quarter ended Sep 30, 2008 against Rs 1611.42 crore in the same quarter of 2007. Interest earned stood at Rs 15566.50 crore alongside Rs 11616.28 crore earlier years. Interest expended was Rs 10111.15 crore beside Rs 7853.36 crore same quarters last year.

Consolidated Results

SBI reported, “The net profit of Rs 2378.19 crore for the quarter ended Sep 30, 2008 against Rs 2204.56 crore in the year ago quarter. Interest earned was Rs 22568.05 crore against Rs 17058.28 crore in 2007. Interest expended was Rs 15049.33 crore for the quarter ended Sep 30, 2008 beside Rs 11783.16 crore in 2007.”

State Bank, which has more than 10,000 branches across India and overseas, has the lowest cost of funds among the nation's lenders. The bulk of its funds come from savings bank deposits that cost about 3.5 pct in annual interest payments.

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