SBI declares its disappointing June quarter results

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SBI Q1FY12 results disappointing
State Bank of India (SBI), India"s largest lender, has reported a fall of 45.7% (YoY) in profits for the first quarter of FY12. Net profit declined from Rs 2,914.2 crore in Q1FY11 to Rs 1,583 crore in Q1FY12.

Net interest income increased nearly 33% to Rs 9,699 crore versus Rs 7303.7 crore year-on-year, which was good according to analysts'.

Net non-performing assets (NPA) of the bank declined from 1.7% Q1Fy11 to 1.61% in the April-June quarter of 2011. However, gross NPAs increased to 3.52% Q1FY12 versus 3.14% year-on-year.

The bank has made provisions of Rs 4,157 crore in the quarter ended June 2011, an increase of 168% as compared to Rs 1,551 crore in the corresponding quarter last fiscal.

Capital adequacy ratio for the April-June period of 2011 stood at 11.6%. Meanwhile, other income fell from Rs 3,690 crore in Q1FY11 to Rs 3,534 crore in during Q1FY12.

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