This is another alternative.
select convert(varchar(3),SUM(s)/60) + ':' + convert(varchar(3),SUM(s)%60)
from(
select convert(int,substring('01:25',1,2))*60 + convert(int,substring('01:25',4,2)) s
union all
select convert(int,substring('01:25',1,2))*60 + convert(int,substring('01:25',4,2)) s
) p