State Bank of Bikaner and Jaipur has reported a 24 per cent increase in net profit at Rs 128 crore in the April-June 2011 quarter, against Rs 103 crore in the corresponding quarter last year.
Interest income of the Jaipur-headquartered Associate Bank of State Bank of India increased by 29 per cent to Rs 1,402 crore (Rs 1,088 crore in April-June 2010). However, ‘other income' was down 35 per cent to Rs 94 crore (Rs 145 crore).
On the expenditure front, both interest expenditure and operating expenses increased by 28 per cent to Rs 909 crore (Rs 711 crore) and Rs 296 crore (Rs 231 crore), respectively.
Gross non-performing assets increased by 37 per cent to Rs 1,062 crore (Rs 774 crore). Net non-performing jumped 56 per cent to Rs 499 crore (Rs 319 crore).
Deposit rates revised
Meanwhile, the bank has revised term deposit rates — increasing them by up to 125 basis points at the short-end, and cutting them by 45 basis points at the ultra long-end.
With effect from July 20, the highest interest rate that the bank will pay is on the 3-5-year deposit: 9.50 per cent (9.25 per cent earlier).
Last week, the bank increased its lending rate benchmarks by 50 basis points. The base rate and benchmark prime lending rates stand at 9.75 per cent (9.25 per cent) and 14.75 per cent (14.25 per cent) respectively.