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State Bank of Bikaner and Jaipur (SBBJ) has reported a 12 per cent rise in net profit at Rs 188 crore for the first quarter ended June 30, 2014 on lower provisioning and contingencies.
The profit slowed after a slight increase in bad loans and lower interest income.
The State Bank of India-associate had posted a net profit of Rs 168 crore during the same quarter (April-June) of the previous fiscal year.
Net interest income (difference between interest earned and expended) increased marginally to Rs 662 crore from Rs 656 crore in Q1FY'13. Other income increased 48 per cent to Rs 228 crore from Rs 154 crore.
During the quarter, provisioning declined 28 per cent to Rs 162 crore from Rs 225 crore in Q1FY'13.
Gross non-performing assets (NPAs) or bad loans were higher at 3.88 per cent against 3.71 per cent. On the other hand, net NPAs fell slightly to 2.27 per cent from 2.31 per cent.
Post results, the SBBJ scrip ended the session at Rs 381.10 per share, up 0.46 per cent from the previous close on the BSE.
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