The Hindu Business Line : State Bank of Indore’s biz tops Rs 40,000 cr

The business level of State Bank of Indore, a subsidiary of SBI, during the quarter ended December 31, 2007, has crossed the Rs 40, 000 crore-mark and this growth from Rs 30,000 crore has come in a period of just 18 months, the bank said in a release here.

As of December 2007, the net profit surged to Rs 175.11 crore, a growth of 52.01 per cent on year-on-year basis. This can be attributed to increase in other income (39.61 per cent) and net interest income (12.18 per cent).

The total interest income has also increased by 40.01 per cent on Y-o-Y basis, the bank said in a release, after the working results for the nine-month period ending December 2007, were approved by the board of directors in Indore.

Details

The net profit per employee at Rs 3.69 lakh in December 2007 registered a growth of 58.37 per cent on Y-o-Y basis. The average business per employee at Rs 5.84 crore has also recorded an increase of 28.61 per cent.

Total deposits increased from Rs 19, 976 crore as on March 31, 2007, to Rs 22,539 crore on December 31, 2007, while the period under review also witnessed an increase in the share of CASA in total deposits from 29.18 per cent in March 07 to 30.37 per cent. This was due to mobilisation of Rs 192.52 crore spread over 2.13 lakh accounts under the ‘Josh’ campaign.

During the three quarters, advances increased to Rs 17,489 crore, a growth of Rs 2,002 crore up to December 2007. By the end of the third quarter, its priority sector, agricultural advances, advances to weaker section and women beneficiaries constituted 47.71 per cent, 18.96 per cent, 11.46 per cent and 5.72 per cent. The gross NPA ratio and net NPA ratio stood at 1.91 per cent and 1.02 per cent, respectively.

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