State Bank of Patiala business touches Rs 1,43,300 crore mark

The aggregate business of State Bank of Patiala has reached Rs 1,43,300 crore mark as business grew by over 19 per cent during 2011-12.

Written by Charanjit Ahuja | Chandigarh | Published:April 20, 2012 7:30 pm

The aggregate business of State Bank of Patiala has reached Rs 1,43,300 crore mark as business grew by over 19 per cent during 2011-12.

The bank plans to open 70 new branches during 2012-13 of which 20 would be in Punjab and 10 each in Haryana and Himachal Pradesh and rest across the country. Last year the bank opened 51 new branches and now has a network of 1055 branches spread over 20 States and Union Territories.

A.K.Basu,acting Managing Director,State Bank of Patiala releasing financial results told media persons here today that while total business had shown 19 per cent growth,the deposits recorded a growth of 17 per cent over last year. The personal segment accounted for a 24 per cent growth year on year basis. The gross credit posted a growth of over 23 per cent to cross the Rs 64000 crore mark.

Basu said that “these growth rates are likely to be among the highest in the banking industry”. The net profit had risen by ‘Rs 143 crore to touch a level of ‘Rs 796 crore. The higher volumes and better profits have resulted in a higher average business per employee of Rs 9.34 crore as against Rs 8.86 crore during the previous year and also higher net profit per employee of Rs 5.87 lakh as against Rs 5.20 lakh during the previous year.

The capital adequacy ratio stood at 12.30 per cent as against a regulatory minimum of 9 per cent. About bank’s roadmap for the current fiscal,Basu said that focus would be on a mix of corporate,retail and personal banking. He claimed that bank’s car loans are the most competitively priced among all commercial banks and in housing loans the pricing is among the best in the industry. Inclusive growth is a major priority for the Bank.

He said that recent initiative taken by the Bank towards fuller customer satisfaction include insurance linked Savings Bank accounts where free accidental death insurance of up to Rs 5.00 lakhs is available to the depositor.

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