CALCUTTA, JANUARY 31: The State Bank of India's net profit for the year to March 31, 2000 is estimated to grow by over 35 per cent to Rs 1400 crore on a conservative basis while the balancesheet size should grow by 15 per cent, bank chairman GG Vaidya told reporters here on Monday.In the quarter to December 1999 the bank's net profit grew by 40 per cent. The bank's net worth was expected to grow to Rs 11,500 crore by March 31, 2000 and it was about 1.7 times the net NPA level of the bank. The net NPA had come down from 7.18 per cent on March 31, 1999 to 6.7 per cent on December 31, 1999 and was likely to be below 6.5 per cent on March 31, 2000.
Earlier, inaugurating the new local head office building of the bank called `Samriddhi Bhavan', Vaidya said the technology upgradation plan under implementation would transform SBI into a world class bank in the next two years. He said SBI had emerged as a "supermarket" for financial products and services.
He said in future "the customer would be the focal point of all our activities. We are endeavouring to develop capabilities for multi-channel distribution system for the benefit of our customers".
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.