SBI Net Up 31% On Interest Income
State Bank of India (SBI), the country’s largest lender, posted 30.5 per cent rise in net profit at Rs 3,100 crore for the second quarter ended September 2014 as compared to Rs 2,375 crore in the same period of the previous year, due to robust growth in income from interest, fees and control over costs. “The net profit growth is due to both interest and non-interest income. We have also controlled our expenses,” said Arundhati Bhattacharya, chairman, SBI. A fall of 4.4 per cent in staff expenses helped the bank to contain overall operating expenses growth at 2.2 per cent to Rs 9,423 crore, while operating profit went up by 33.4 per cent to Rs 8,422 crore.