SBI business level crosses Rs 30,000 cr

Indore, July 26 (UNI) The State Bank of Indore's overall business level crossed the Rs 30,000 crore milestone to attain Rs 30,378.13 crore in this fiscal's first quarter.

However, its net profit dipped by over 46 per cent to Rs 10.34 crore in comparison to the corresponding period last year, a release said.

Deposits increased from Rs 16,660.71 crore as on March 31, 2006 to Rs 18,255.78 crore. At the end of Q1, the bank achieved 36.28 per cent of the annual growth budget of Rs 3,900 crore.

Advances attained a level of Rs 12,122.35 crore. June was observed as farmers' month and agricultural advances increased by Rs 191.69 crore during the quarter. SBI continued to aggressively market Kisan Credit Cards and issued 14,199 during the quarter.

Advances to the priority sector, agriculture and women constituted 42.39 per cent, 19.77 per cent and 5.51 per cent of net bank credit as against respective benchmarks of 40 per cent, 18 per cent and 5 per cent.

A branch was opened at Nagpur and two extension counters upgraded into full-fledged branches. The number of branches has gone up to 443. SBI set up five more ATMs, taking the total to 219.

The bank continued to focus on reducing Non Performing Assets (NPAs) and conducted 49 'bank adalats' wherein 314 compromise cases for Rs 1.26 crore were settled, the release added.

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