The country's premier lender - State Bank of India (SBI) is set to commence operations in Saudi Arabia in the next four to six weeks as the bank plans to launch its branch in Jeddah post the completion of few regulatory requirements. The bank has reportedly completed all other procedural requirements while its necessary infrastructure is also in place.
The bank’s Jeddah branch will provide a slew of services on both sides of the balance sheet and beyond balance sheet as well. On liability side, innovative deposit products, besides vanilla items like savings bank, current account and time deposits will be offered. On asset side, project finance, syndication, SME lending, trade finance, car loan, personal loan, etc., will be among the target products. Meanwhile, Electronic remittance, NRI services, etc., will be another focus area for the bank.
The bank ‘s net profit for the quarter ended March 31, 2011 has plunged by 98.88% at Rs 20.88 crore whereas the same was at Rs 1866.60 crore for the quarter ended March 31, 2010. Its total income for the quarter under review has increased by 18.07% at Rs 26536.84 crore whereas the same was at Rs 22474.12 crore for the March quarter of the previous Fiscal.
For the year ended March 31, 2011, the bank’s net profit has dropped by 9.84% at 8264.52 crore whereas the same was at Rs 9166.05 crore for the year ended March 31, 2010. Its total income rose by 13.09% at Rs 97218.96 crore for the year where as the same was at Rs 85962.07 crore in the previous year.
Company Name | CMP |
---|---|
SBI | 820.95 |
Bank Of Baroda | 246.25 |
Canara Bank | 101.10 |
PNB | 101.40 |
Union Bank Of India | 119.20 |
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