SBS posts Rs 87.44-cr net profit for 2006-07

Ahmedabad, Apr 27 (UNI) State Bank of Saurashtra (SBS) has recorded a net profit of Rs 87.44-cr against Rs 60.12-cr recorded the previous year, posting a 45.44 per cent rise.

Speaking to reporters here today, SBS managing director S K Singh said the Bank has achieved a milestone by exceeding a turnover of Rs 27,000-cr. Total business of the Bank (deposits and advances) have increased from Rs 22,482.83-cr as on March 31, 2006 to Rs 27,033.40-cr as on March 31, 2007, posting a growth rate of 20.24 per cent.

Mr Singh said the aggregate deposits of the Bank have increased from Rs 13,695.50-cr to Rs 15,462.42-cr. The growth in retail deposit has been Rs 1,636.02-cr.

Total advances of the Bank has reach Rs 11,162.06-cr compared to Rs 8,518.10-cr in the previous year.

He said the share of agricultural credit to net bank credit was 18.09 per cent against the benchmark of 18 per cent in Gujarat.

During the year, the Bank effected disbursements of Rs 1,939.78-cr against the target of Rs 1,842-cr.

In reply to a question, Mr Singh said growth in SSI advances was 21.83 per cent and the share in net bank credit was 14.10 per cent, up from Rs 1,239.34-cr to Rs 1,509.95-cr.

The Bank, incidentally, is the recepient of a special award, conferred by the Ministry of Small Scale Industry, for excellence in SSI lending for the year 2005-06.

UNI