Saurashtra Bank posts 46 pc net profit

Ahmedabad, May 10 (UNI) The Bhavnagar-based State Bank of Saurashtra (SBS) has posted a net profit to Rs 60.12 crore in last financial year, up by 46 per cent from Rs 41 crore last fiscal.

Disclosing the annual results approved by the board of directors, SBS Manging Director S K Singh told newspersons here this evening that the bank's total business increased by 17.22 per cent to Rs 22,214 crore from Rs 18,950 crore and advances by 25 per cent to Rs 8,518 crore from Rs 6,806 crore over the same period.

Encouraged by corresponding growth of 12.03 per cent in capital adequacy ratio from 11.45 per cent previous year, as against RBI prescribed benchmark of nine per cent, he said, the bank has set a target of 30 per cent growth in advances as it expected 20 per cent growth in deposits in the current year.

Talking about other parameters which determine the good banking practices, he said, Gross Non-Performing Asset (NPA) of SBS has come down to 1.97 per cent in March 2006 from 2.70 per cent in March 2005.

He claimed that Net NPA of SBS which came down to 1.16 per cent last March from 1.40 per cent in previous year is one of the lowest among all banks, private and public sector combined.

Mr Singh the bank is poised for major expansion projects during the current financial year.

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