SBI for 30% growth this fiscal

State Bank of India has targeted 25-30 per cent growth in net profit at over Rs 3,000 crore this fiscal, its chairman Janki Ballabh said on ...

State Bank of India has targeted 25-30 per cent growth in net profit at over Rs 3,000 crore this fiscal, its chairman Janki Ballabh said on Sunday.

‘‘We are looking at 25-30 per cent higher profit this fiscal as against Rs 2,432 crore in the last fiscal,’’ ballabh said on the sidelines of a function for granting kisan credit card in Bagpat. The SBI chief justified the net profit target saying ‘‘our net profit in the first quarter was up by 32 per cent.’’ The Bank has put greater emphasis on the retail segment especially housing sector now growing at about 35 per cent, to attain a higher profit, he said.

SBI’s net profit stood at Rs 763.20 crore during first quarter of this fiscal compared to Rs 579.78 crore in April-June 2001. The operating profit of the bank grew by 17.29 per cent to Rs 1,715.96 crore in the first three months of this fiscal as against Rs 1,463 crore in the year-ago period.

Story continues below this ad

‘‘Last fiscal, our net profit grew mainly from operations,’’ Ballabh said.

The higher profit in April-June was despite provisions of Rs 400 crore for non-performing assets, Rs 474.95 crore for taxes and another Rs 65.85 crore for investment depreciation. SBI’s deposits grew by 12 per cent to Rs 2,29,912 crore till June 2002 compared to Rs 2,05,626 crore in June 2001, while advances were up by 10 per cent to Rs 1,20,278 crore during the same period. SBI’s capital adequacy ratio was at 13.19 per cent in June 2002 compared to 13.34 per cent in the year-ago period.

India vs Pakistan Asia Cup trophy Mohsin Naqvi

India refuse to take Asia Cup winners’ trophy from PCB chief Mohsin Naqvi

Sports40 min ago

India refused to accept the Asia Cup trophy from Pakistan's Mohsin Naqvi, causing a delay in the presentation ceremony. Only three players collected their individual awards, while the team did not go up to the podium or pose with the trophy. The Pakistani players emerged an hour late, causing embarrassment.

View all shorts

Live Blog

PHOTOS