SBI chief O P Bhatt who assumed the office of chairman earlier this month, has set a net profit target of Rs 9,000 crore by March 2010.Bhatt said in a message the aim of the bank would be to stop the declining marketshare and achieve a marketshare of at least 25% by March 2010. His message was read before the members of the federation, which is meeting in Bangalore for the second time. Expressing concern over SBI's declining market share in all areas of business, Bhat said, "Our incomes are under pressure and the prospect of making profits at the same rate like the earlier years are proving to be difficult." He also urged each of the branches to generate a profit of Rs 1 crore on an average to achieve this target. "By a simple calculation, with a staff strength of 2 lakh employees and over 9,000 branches, if the average profit of each branch reaches Rs 1 crore, the target is attainable," the statement added. The AISBOF, which is headquartered in Bangalore, is meeting in the city for the second time. The meeting assumes significance since this is the first session of the general council after the seven-day strike by the union held from April 3 this year.
