India’s largest lender, State Bank of India (SBI), has beaten
analyst forecasts with a 25% rise in first quarter net profits to
INR29.1bn ($621.3m).
The highlight of SBI’s first quarter was a 45.3% increase in net
interest income to INR73bn while the bank’s net interest margin
increased to 3.18% from 2.3% in the year-ago quarter.
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Total deposits increased by 6.7% with low cost
CASA deposits up by 28.9%.
SBI’s CASA ratio improved from 38.45% in June
2009 to 47.51% at the end of the quarter.
SBI’s market share of CASA deposits increased
by 89 basis points to 16.24%, at the end of the April – June
quarter.
SBI’s lending market share was up 12 basis
points from a year ago at 16.55%.
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