SBBJ third quarter profit growth at 84.5 pc

Jaipur, Jan 20: State Bank of Bikaneer and Jaipur(SBBJ) has recorded a robust growth of 84.5 per cent growth in net profit during the first three quarters.

The net profit of the bank has increased to Rs 203.24 crore as against the last year figure of Rs 110.16 crore during the corresponding period.

Managing Director of the bank S K Bhattacharya announced the third quarter performance of the bank here at a press conference today.

Mr Bhattacharya said the operating profit jumped to 23.71 per cent at Rs 545.21 crore while banks earning per share (face value Rs 100) has increased to Rs 406.48 as against Rs 229.31 during the corresponding period last year.

Mr Bhattacharya said ''the bank has recorded an all time high growth in business during the first three quarters of the current fiscal at Rs 7,200 as against Rs 4,400 during the same period last year to take the total bank's business to Rs 45,000 crore''.

He added with this encouraging results the bank is all set to enter in to a 'middle bank segment' by crossing Rs 50,000 crore business by the end of the current fiscal.

Mr Bhattacharya said the banks total income increased by 25.8 per cent during the nine months period with interest income on advances shot up by 39.7 per cent while over all interest income increased by 22.4 per cent. Non-interest income registered a sharp increase of 45.5 per cent during the same period.

He said the bank scaled new heights with the bank bagging the first prize for the second consecutive year for 'credit linking' largest number of self help groups in state last year.

He said ''our banks 107 branches had identified 533 villages in Rajasthan for achieving cent percent financial inclusion and in the second phase we intend to cover additional 600 villages''.

He said the 'business process re-engineering initiatives' continuing in the bank has enabled to bring about an all round improvement in operation.

UNI