SBI chief eyes Rs 9,000 crore profit by 2010

SBI chief O P Bhatt, who took over as chairman earlier this month, has set a net profit target of Rs 9,000 crore by March 2010.Bhatt, who was scheduled to attend the 23rd session of the general council of the All-India State Bank Officers' Federation (AISBOF) here on Saturday, but could not attend citing unavoidable circumstances, said in a message that the aim of the bank would be to stop the declining market share and achieve a market share of at least 25 per cent 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.