SBBJ beats performance benchmarks

One of Rajasthan's premier banks, the State Bank of Bikaner and Jaipur (SBBJ), has drawn up plans to achieve a total business of Rs 50,000 crore by the year ending March 2007.

"The bank's total business had touched Rs 45,000 crore on December 31 last year and now it is targeting Rs 50,000 crore by the end of March 2007," SK Bhattacharyya, managing director, SBBJ, said.

Bhattacharyya said the first nine months of the current financial year for the bank had been very good.

The bank has recorded a growth rate of 84.50 per cent in net profit for the period ended December last year. The net profit during April-December 2006 stood at Rs 203.24 crore as against Rs 110.16 crore during the corresponding period of the previous year.

The operating profit increased by 23.71 per cent to Rs 545.21 crore against Rs 440.70 crore during the corresponding period of the previous year.

He said the deposits of the Bank recorded an all-time high growth of Rs 3,612 crore during April-December 2006, to reach Rs 25,306 crore, while total advances recorded growth of Rs 3,463 crore to reach Rs 19,559 crore at the end of December 2006.

The capital adequacy ratio of the Bank stood at 12.39 per cent, which was much above the RBI benchmark of 9 per cent.