SBI projects a net profit of Rs 11K cr this fiscal | Latest News India - Hindustan Times
close_game
close_game

SBI projects a net profit of Rs 11K cr this fiscal

PTI | By, Mumbai
Jul 26, 2009 02:23 PM IST

The country's largest lender, State Bank of India, has told the government that it would earn a minimum profit of Rs 11,000 crore in the current fiscal, 21 per cent more that what it achieved in the previous fiscal.

The country's largest lender, State Bank of India, has told the government that it would earn a minimum profit of Rs 11,000 crore in the current fiscal, 21 per cent more that what it achieved in the previous fiscal.

HT Image
HT Image

In its statement of intent submitted to the government recently, SBI indicated that the bank would post a minimum net profit of Rs 11,000 crore in the current fiscal, sources said.

Hindustan Times - your fastest source for breaking news! Read now.

The bank has given the estimate of its likely earnings, sources said, adding that depending on the pace of economic recovery the bottom line could improve significantly.

SBI's net profit increased 36 per cent to Rs 9,121 crore during 2008-09 against Rs 6,729.1 crore in the previous fiscal despite the global financial meltdown hitting the Indian economy. The economic growth during 2008-09 slipped to 6.7 per cent from over nine per cent in the previous three years.

However, the expected profit numbers for the current fiscal could not be officially confirmed from SBI.

According to a filing with stock exchanges, the bank will announce its earnings for the its first quarter (April-June ) of the current fiscal on July 30, 2009.

After announcing 2008-09 numbers in May, SBI Chairman OP Bhatt had said advances and deposits were likely to grow by 25 per cent each during the current fiscal.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On