 Online edition of India's National Newspaper Wednesday, Oct 29, 2008 ePaper | Mobile/PDA Version |
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GOOD RETURNS: O. P. Bhatt, Chairman, State Bank of India, addressing a press conference in New Delhi on Monday. NEW DELHI: Beating projections, State Bank of India has posted a 40 per cent growth in net profit for the second quarter of this fiscal on high interest income. Crediting the good numbers to income from high interest rates and fee-based income, SBI Chairman O. P. Bhatt said the bank had been giving good returns consistently in the last 5-6 quarters and growth has beaten projections by analysts. The net profit was Rs. 2,259.72 crore against Rs. 1,611.42 crore in the year-ago period. The bank registered a deposit growth of 68 per cent at Rs. 57,861 crore. Its current and savings account (CASA) ratio was up by 26 basis points to 39.7 per cent. Advances of the bank grew by 162.4 per cent to Rs. 51,020 crore. Return on assets was flat at 0.99 per cent, while return on equity was at 14.64 per cent at the end of September 2008. Home loans grew by 23.5 per cent, auto loans by 30.5 per cent and education loan by 43.8 per cent. Meanwhile, SBI has doubled its business to Rs. 108,881 crore in the September quarter this year. During the year the bank expects loan growth of 26 per cent against 23 per cent recorded in the previous year. SBI has drawn expansion plan for the business growth that includes addition of 1,500 branches across the country. — PTI
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