SBI registers Rs.67.29 bn net profit (Lead)

May 3rd, 2008 - 12:44 am ICT by admin  


Kolkata, May 2 (IANS) India’s largest public sector bank, the State Bank of India (SBI) posted a net profit of Rs.67.29 billion ($1.65 billion) in the year ended March 31, 2008, as compared to Rs.45.41 billion of the previous fiscal, a 48.18 percent growth. “The net profit of the bank in Q4, 2008, also grew to Rs.18.83 billion from Rs.14.93 billion in the same quarter last year. The Q4 profit of SBI in the current financial year climbed 26.12 percent compared to the last fiscal,” SBI chairman O.P. Bhatt told reporters while announcing the annual result of the bank here Friday.

The SBI posted a total business growth of over Rs.1.8 trillion in 2007-08. The deposits were up by 23.4 percent from Rs.4.4 trillion to Rs.5.4 trillion.

“The market share in deposits has increase from 14.8 percent to 15.4 percent driven by low cost deposits where it (market share) has increased from 13.9 percent to 17.4 percent,” Bhatt said.

The bank’s advances also grew by Rs.799.49 billion registering a growth of 23.4 percent from Rs.3.42 trillion in fiscal 2007 to Rs.4.22 trillion in fiscal 2008.

Bhatt said the SBI’s mid-corporate and agricultural advances grew by 24.4 percent and 24.6 percent respectively, while the Small and medium enterprises (SME) advances posted 26.5 percent growth in 2007-08.

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