|
Chairman of the country's largest lender State Bank of India (SBI) O P Bhatt said the worst is over for the Indian economy and credit has again started flowing into key sectors.
'The worst is over for the economy. Auto and housing loans have started picking up already,' Bhatt told reporters after releasing the bank's financial results.
SBI, which accounts for about 25 percent of all loans and deposits in the country, has posted a net profit of Rs 9,121 crore for 2008-09 in comparison to Rs 6,729 crore in the last fiscal, recording a rise of 35.5 per cent.
Bhatt said, 'net profit for the fourth quarter (January-March) of 2008-09 increased 45.62 per cent to Rs 2,742 crore from Rs 1,883 crore in the corresponding quarter of 2007-08'.
He also added that as far as the bank's overseas operations are concerned, SBI would concentrate on 'consolidating the existing business network'. The bank is present in 33 countries.
It has plans to increase its Singapore operations from the present five branches to 12 this year and to 20 next fiscal.
As regards its plans to enter into a new venture of general insurance business, Bhatt said, 'we hope to start it anytime within this calendar year or latest by this fiscal end. We are yet to receive some final approvals.'
The net non-performing assets (NPAs) ratio of SBI for the financial year 2008-09 stood at 1.76 per cent, as against 1.78 per cent in 2007-08. The total amount restructured during the year was Rs.8,310 crore.
The capital adequacy ratio of the bank is more than14 per cent.
SBI's total income for the fiscal increased by 33 percent and stood at Rs 76,479.2 crore as against Rs 57,645.2 crore last year.
Consolidated net profit was at Rs.10,955.2 crore, a 22 percent increase from Rs.8,960.6 crore in 2007-08.
The bank declared a 290 percent dividend at Rs.29 per share for fiscal 2008-09 that ended March 31. The Economic Times
May 9, 2009
|
