SBP profits up

CHANDIGARH, June 15: The State Bank of Patiala has netted a net profit of Rs 143.01 crore as against Rs 59.03 crore recorded last year, showing an increase of 142.27 per cent. This was stated by the bank Managing Director-cum-Chief Executive Officer Ram K Gupta.

Addressing media persons here today, he announced that the bank would soon have four fully computerised branches in the City. These would be in Sectors 35, 7, 22 and 17. At present there are two computerised branches in the City and a couple of partially computerised ones. He said that he was also hoping to start Electronics Fund Transfer (EFT) scheme by the year-end. Gupta added the bank might go public "although we’re yet to take any decision on this."

He said the bank had recorded an increase of 30.92 per cent in capital and reserves while capital adequacy ratio stood at 13.24 per cent against stipulated eight per cent and up from 11.25 per cent in the previous year.The bank has raised the dividends to 30 per cent from last year’s 25 per cent, he said.

Though the bank is operating in 16 states and one union territory, the core area of operation were Punjab, Haryana, Himachal Pradesh and Chandigarh which account for 570 out of a total of 707 branches.