SBI sees 16% growth in savings bank deposits

Savings Bank deposits of SBI grew by 15.94 per cent to Rs 48,459 crore on year-on-year (YOY) basis, while year to date they are up by Rs 29,014 crore.

SBI Chairman Pratip Chaudhury, said “the bank will not only be able to maintain the 16 per cent growth in second half of current fiscal, it can even surpass them.”

He pointed out that SBI has got “1.2 crore new savings bank accounts this year and we have decided that all SB a/c holders will be issued multi-city cheque books as part of enhancing facilities to them.”  Each account holder will have an access to entire network of over 13,000 branches in the country to issue cheques anywhere in the country on real-time basis.

He indicated that the bank as of now has not found any need to revise the SB a/c interest rate upwards. “We have kept our ears open, but we have not received any signal as yet,” he added. 

Further, SBI posted a 48.60 per cent jump in its consolidated net profit to Rs 3,470.50 crore for quarter ended September 30, 2011 against Rs 2,364 crore in the same last fiscal. Total income of the group increased to Rs 41,249 crore from Rs 37,925.50 crore in the same period last fiscal.

On a standalone basis, SBI recorded a 12.35 per cent rise in net profit to Rs 2,810.50 crore for quarter ended September 30, 2011 as compared with Rs 2,501 crore in the corresponding period of the 2010-11 fiscal. During the period, total income on a standalone basis rose by 23.5 per cent to Rs 29,394 crore from Rs 23,813 crore in the quarter ended September 30, 2010.

Gross non-performing assets grew to Rs 33,946 crore or 4.19 per cent during the quarter ended September 30, 2011 fromRs 23,204 crore or 3.36 per cent for prior year period. Net non-performing assets also went up to Rs 16,120 crore or 2.04 per cent for the quarter ended September 30, 2011 as against Rs 11,601 crore or 1.7 per cent for the same period last year. The bank has registered an all time high NIM of 3.79 per cent during Q2FY12 (3.43 per cent in Q2FY11), while domestic NIM has crossed 4 per cent during Q2FY12 to reach 4.07 per cent.

Deposits went up from Rs 8,55,345 crore in September 2010 to Rs 9,73,171 crore in September 2011 recording a YOY growth of 13.78 per cent, driven by CASA growth of 13.57 per cent, while term deposits are up by 13.54 per cent. CASA ratio remained stable at 48 per cent. Gross advances up by Rs 1,17,388 crore, a YOY growth of 16.93 per cent from Rs 6,93,224 crore in September 2010 to Rs 8,10,612 crore in September 2011.

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)