The country’s largest lender, State Bank of India, on Wednesday said that it expects 40 per cent growth in its net profit in the second half of the current financial year despite fears of an economic slowdown.
“Net profit growth should be around 40 per cent (in the next two quarters),” SBI Chairman O P Bhatt said.
The bank recorded a profit growth rate of over 40 per cent to Rs 2,260 crore for the quarter ended September 30, 2008. Its net profit in the first half was up by over 28 per cent to Rs 3,900 crore.
When asked whether the bank would be able to replicate the good performance in the second half amid forecasts of a general economic slowdown, Bhatt said, “Performance could be ... should be (better)”.
On credit expansion, Bhatt said the bank is expecting a loan growth of 26 per cent in 2008-09 against the 23 per cent recorded last year.
