State Bank of Patiala net grows 19%

The aggregate business of State Bank of Patiala has reached R1,43,300 crore mark with business growing over 19% in 2011-12.

Written by FE Bureau

April 24, 2012 03:59 IST

The aggregate business of State Bank of Patiala has reached R1,43,300 crore mark with business growing over 19% in 2011-12. The Bank also plans to open 70 new branches during 2012-13 of which 20 would be in Punjab and 10 each in Haryana and Himachal Pradesh and rest across the country. Last year the bank opened 51 new branches and now has a network of 1,055 branches spread over 20 States and Union Territories.

AK Basu, the acting managing director of the State Bank of Patiala, releasing the financial results, said deposits recorded a growth of 17 % year on year. Gross credit has posted a growth of over 23% to cross the R64,000 crore mark. The higher volumes and better profits have resulted in a higher average business per employee of R9.34 crore as against R8.86 crores during the previous year and also higher net profit per employee of R5.87 lakh as against R5.20 lakh during the previous year.

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