The Hindu Business Line : State Bank of Indore’s Q1 operating profit rises 35%

State Bank of Indore’s operating profit in the first quarter of the current fiscal ended June 30, has marked an increase of 34.86 per cent on year-on-year basis to Rs 124.10 crore due to the increase in net interest income (34.91 per cent), the bank said in a release here.

The working results for the quarter were approved by the board of directors at Indore.

Net profit

The bank posted a net profit of Rs 42.61 crore, despite higher depreciation on investments, consequent to the rise in interest rates and the slide in the equity markets.

Buoyed by increased earnings from profit on forex turnover and other commission, the bank’s non-interest income, excluding treasury income, increased by 6.63 per cent on year-on-year basis.

The significant upturn in core activities’ share in operating profit from 78.75 per cent in June 2007 to 95.39 per cent in June 2008 bears testimony to the bank’s growth.

Total deposits

The bank’s total deposits have increased from Rs 20,846 crore to Rs 24,634 crore, an increase of 18.17 per cent.

As at the end of June 2008, advances had attained a level of Rs 18,678 crore, thereby recording a growth of 19.21 per cent on year-on-year basis.

Waiver scheme

During the quarter, the bank implemented the Union Government’s Agricultural Debt Waiver and Debt Relief Scheme 2008, benefiting more than 1,03,832 farmers to the tune of Rs 156.62 crore.

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State Bank of Indore’s Q1 operating profit rises 35%