State Bank of India (SBI) has posted a net
profit of INR82.4bn ($1.81bn) for the nine month period to 31
December, up 12.9% from the corresponding period a year
ago.

Third quarter net income increased by
14.1% year-on-year to INR28.3bn, following a growth in demand for
credit and a rise in fee income.

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In the first three quarters of fiscal
2011, SBI highlights included:

  • An increase of 523 basis points to 48.17%
    in the low cost current account and savings account (CASA)
    ratio;
  • CASA deposits increased by
    27.7%;
  • A sharp fall in the cost-income ratio
    from 52.1% to 45.7%;
  • A rise in net interest income of 44.4%
    boosted by an increase in the net interest margin from 2.56% to
    3.40%; fees and commission income rose by 27.2%;

Less positive was a
near-doubling in SBI’s loan loss provisions in nine month period to
end December.

Release of SBI’s third
quarter results highlighted evidence that the bank’s multi-channel
investment was bearing fruit.

By the end of the
quarter, regular internet customer numbers at SBI increased from
39.3m a year ago to 57.4m.

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Registered mobile
banking customers increased more than four-fold from 1.19m in
December 2009 to 5.77m a year later.

Contact centre customer
numbers more than doubled in the same period, from 4m to
8.8m.

Overall, in the year to
end December, 27.2% of all SBI transactions were conducted via
alternate channels, up from 20.9%.