State Bank of India starts operation in Saudi Arabia

16 Dec 2011 Evaluate

State Bank of India, the nation's largest lender in a bid to expand its footprint overseas has commenced operations in Saudi Arabia with the opening of a branch in Jeddah. Deputy Governor for Technical Affairs, Saudi Arabian Monetary Agency, Abdulrahaman Al kalaf formally inaugurated the branch on December 14, 2011 in presence of the SBI managing directors and group executives.

The branch will offer a bouquet of banking services to the around two million Indian residents of Saudi Arabia. It will also offers remittance facility for Indians residents in Saudi Arabia. 

The bank’s net profit for the quarter has registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010.  Bank’s total income has increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.

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