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SBI net profit crosses Rs 6700 cr in 07-08

Written by: Staff

Kolkata, May 2: State Bank of India's net profit has jumped by 48.2 per cent at Rs 6,729 crore for 2007-08 fiscal from Rs 4,541 crore in 2006-07.

Announcing annual results for FY 08, SBI Chairman O P Bhatt today told newsmen that the Bank's net profit for Q4 08 stood at Rs 1,883 crore, also upped by 26.1 per cent from Rs 1,493 crore in Q4 07. SBI's total business growth was over Rs 1,81,000 crore, he said adding deposits were up by Rs 1,01,885 crore, a 23.4 per cent growth from Rs 4,35,521 crore in FY 07 to Rs 5,37,406 crore in FY 08.

Mr Bhatt attributed the increase of profit margin to efficient working condition, better customer servcies and cost cutting of the managment.

Mr Bhatt also informed that the SBI's group net profit was at Rs 8,960 crore.

SBI's market share in deposits had increased to 15.4 per cent from 14.8 per cent driven by low cost depostis where market share had increased from 13.9 per cent to 17.4 per cent, Mr Bhatt said adding advances were upped by Rs 79,949 crore, a 23.4 per cent growth from Rs 3,42,232 crore in FY 07 to Rs 4,22,181 crroe in FY 08. Bank's agricultural advances grew at 24.6 per cent, he said and added that the Bank had acieved 18 per cent benchmark.

While home loan grew by 18.7 per cent, auto loan rose by 29.9 per cent and education loan by 33.6 per cent, he informed and said international advances were up by 50.4 per cent y-o-y.

The SBI was the largest non-rupee provider of corproate syddicate credit to ndian corporates, Mr Bhatt stated.

With new addition of 1000 branches in 07-08, SBI now boasted of having 10,000 branches, he said adding the Bank's increased operating profit was by 31.1 per cent to Rs 13,107 crore in FY 08.

SBI had proposed to open 2000 new branches by this fiscal, half of those at rural and semi-urban areas, and another 8000 by 2010, he said.

The Banks's profit share from rural areas stood atwas 35 per cent, Mr Bhatt added.


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