Saturday, 2 February 2013

SBBJ reports a net profits growth of 31 %


Q3 FY 13 Net profit up by 31%

Net Profit of State Bank of Bikaner and Jaipur for the quarter ended 31.12.2012 increased to Rs.215.11 crore from Rs.163.94 crore for the quarter ended 31.12.2011 registering a growth of 31.21%.
(Rs. in crore)
Score Card
Quarter ended
Dec-11
Dec-12
Change
Net Profit
163.94
215.11
31.21
Gross NPA
3.43%
3.13%
Improved by 30 bps
Net NPA
2.13%
1.88%
Improved by 25 bps
Return on Assets
1.02
1.15
13 bps
Earning Per Share
Rs.23.42
Rs.30.73
31.21%

A meeting of the Board of Directors of SBBJ was held in Mumbai on Friday the 1" February, 2013 which took on record the performance of the Bank during Q-3 FY 13 and nine months of the current fiscal.

Shri Shiva Kumar, Managing Director of SBBJ, mentioned that it was fourth consecutive quarter that the Bank had clocked a net profit growth in excess of 30% over the corresponding quarter of the previous financial year. For March 12 quarter, the growth was 32%, for June 2012 quarter it was 31%, for September 2012 quarter it was 50.85% and now for December 2012 quarter, it was 31.21%.

The Net Interest Income at Rs. 672.88 crores for the quarter ended 31.12.2012 shows an increase of Rs. 43.31 crore (6.88%) over the corresponding quarter of the last year. This has happened because the Base Rate of the Bank was reduced by 25 bps to 10.25% w.e.f. 1.10.2012, while deposit rates have remained unchanged. The Net Interest Income at Rs.2008.56 crores for the nine months ended 31.12.2012 shows an increase of Rs.408.68 crore (25.54%) over the corresponding nine months of the last year.
With the increase in yield on advances from 11.34% (Dec. 2011) to 12.00% (Dec. 2012)... the net interest margin has also improved considerably from 3.62% (Dec. 2011) to 3.85% (Dec. 2012).
The expense ratio of the Bank improved by 350 basis points to 44.96% as on 31.12.2012 from 48.46% as on 31.12.2011.
Shri Shiva Kumar, Managing Director of SBBJ informed that there is a growth in operating profit of 34.19% during the nine months ended Dec. 2012 (Operating profit increased from Rs.1008.20 crores for the nine months ended 31.12.2011 to Rs.1352.94 crores for the nine months ended 31.12.2012). This has helped the Bank to register a robust growth in profit despite a 28.06% increase in NPA provisions from Rs.351.29 crore in nine months ending December 2011 to Rs.449.85 crore in nine months ending December 2012. The Gross NPA ratio of the Bank has also improved to 3.13% as on 31.12.2012 as against 3.43% as on 31.12.2011. Similarly Net NPA ratio has also improved to 1.88% as on 31.12.2012 as against 2.13% as on 31.12.2011
The Bank has also shown significant improvement in ROA and EPS Year on Year.
The business of the Bank has reached Rs. 1.23 lac crores mark as at the end of December

INNOVATIONS
Living upto its popular tag line of 'Leading Innovations — Simplifying Banking', State Bank of Bikaner and Jaipur continues to be the pioneer in introducing many innovations in Indian banking like Online Government Business Branch, Car Loan in 10 minutes and Home Loan in 20 minutes.
During the nine months ended December 2012, SBBJ introduced its banking in royal ambience for ultra HNIs by launching Kohinoor Royale Banking Centre at Jaipur at the hands of ex-Indian Cricket Captain and Padmabhushan Rahul Dravid.
According to Shiva Kumar, MD, SBBJ, this 'by invitation only' and only Bank branch to work round the clock in India is a great success
SBBJ also bagged the following awards during the current financial year :-
·         Best Banker for Agriculture Credit (mid-size Banks) by FINWIZ 2012
·         2" Best Banker for Financial Inclusion (Mid-size Banks) by FIN WIZ 2012
·         3rd Best RSETI in India at Jaitaran by Ministry of Rural Development
·         Skoch Digital Inclusion Award for Centralised Salary and Other Payments of all Rajasthan Govt. Employees
Bank's Lead Management System started functioning during the quarter. It is a real time, on line web based application/URL on SBBJ-Intranet accessible to authenticated users. Other innovations on the drawing board of SBBJ include 'SBBJ.Com' Branch, SBBJ Virtual Banking Branch and SBBJ Back Office National Centre.
The Bank opened its 1000th branch at Sambhar (Rajasthan), which was inaugurated on-line from Jaipur by the Hon'ble Union Finance Minister Shri P. Chidambaram on 221111 December, 2012.
On completion of 50 years of the Bank, an opening bell ceremony was organised at National Stock Exchange (NSE) on 03.01.2012 at Mumbai. Shri Shiva Kumar, MD, SBBJ had inaugurated the ceremony by ringing the opening bell.
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