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State Bank of Indore net profit Rs 139.11 cr

Written by: Staff

Indore, May 1 (UNI) The State Bank of Indore (SBI) reported a net profit of Rs 139.11 crore for 2005-06 compared to the previous fiscal's Rs 133.18 crore.

The bank has been focussing on income growth from core operations. During the year, total interest income increased by 19 per cent from Rs 1,109.83 crore to Rs 1,322.69 crore and interest on advances registered 36 per cent growth -- an increase of Rs 224.52 crore, a release said today.

The SBI made a profit of Rs 78.32 crore from domestic treasury operations.

Overall business level grew by 24 per cent and total business level crossed Rs 28,000 crore. Deposits increased from Rs 13,807.07 crore to Rs 16,660.71 crore and gross advances rose from Rs 9,253.45 crore to Rs 12,022.10 crore.

Advances to the priority sector increased by Rs 1,106.78 crore reaching Rs 5,189.82 crore and forming 43.60 per cent of net bank credit that is well above a benchmark of 40 per cent. Advances to agriculture rose from Rs 1,666.43 crore to Rs 2,156.58 crore forming 18.12 per cent of net bank credit against a benchmark of 18 per cent.

The SBI completed the ambitious core-banking solutions project in the first week of November 2005, well before schedule. For 2006-07, the bank has targeted a deposit growth of Rs 3,900 crore and credit expansion of Rs 3,250 crore. The SBI plans to install 86 more networked ATMs taking the total number to 300 by March 2007.


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