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SBBJ on a new high

By Our Special Correspondent

JAIPUR OCT. 31. The State Bank of Bikaner and Jaipur (SBBJ) has recorded a net profit of Rs. 140.55 crores for the half year period ending on September 30, 2003. With this it has posted an all-time high net profit which is 55.22 per cent over the net profit of Rs.90.55 crores for the bank during the corresponding period of the last fiscal.

The operating profit of the bank has also increased by 55 per cent to Rs.279.47 crores at the end of September 2003 from Rs.179.81 crores in September 2002. Despite continued softening of interest rates, SBBJ's net interest income increased to Rs. 317.67 crores during the period from Rs.255.49 crores in September 2002 indicating a growth of 24.34 per cent.

Announcing the half-yearly results, K.R. Srikantan, the Managing Director of SBBJ, said the non interest income of the bank had risen to Rs.202.80 crores during the period against Rs.125.21 crores upto September 2002.

The bank had achieved improved profitability ratios such as return on assets(ROA), return on equity(ROE) at 1.58 per cent and 26.93 per cent respectively during the period under review against 1.13 per cent and 22.50 per cent as on March 2003, Mr. Srikantan said. Profit per employee increased to Rs.2.14 lakhs from Rs.1.54 lakhs in March 2003.

The total deposits and advances of the bank registered a growth of 11.20 per cent and 15.52 per cent respectively. At the end of September 2003 deposits stood at Rs.14,149 crores and advances at Rs.7,374 crores. During the corresponding period in 2002, the bank's deposits were at Rs.12,797 crores and advances, at Rs.6,383 crores.

Mr. Srikantan said the bank's NPA had come down drastically to 2.99 per cent currently from 4.13 per cent in March 2003 and 5.42 per cent in September 2002.

The SBBJ would continue to focus on retail banking. The bank also proposes to increase its deployment towards agriculture and enhance agricultural loan outstanding by Rs.350 crores for the current year. Mr. Srikantan said the bank had budgeted a growth in loans outstanding to small industries and business by Rs.200 crores.

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