SBI Vizag zone eyes 42% growth in net profits

State Bank of India (SBI)'s Visakhapatnam zone is expecting a 42 per cent growth in net profits, which is likely to touch the Rs 100-crore mark, this fiscal.

The zone, which comprises 193 branches in the four coastal districts "� Visakhapatnam, Vizainagaram, Srikakulam and East Godavari "� registered a 48 per cent growth in net profits in the first half of the current fiscal as compared to the last fiscal's corresponding period.

Addressing a press conference here today, Supriyo Kumar Chaudhuri, deputy general manager of SBI Vizag zone, said: "The zone's net profit stood at Rs 63 crore last fiscal. This fiscal, the zone is expecting to achieve net profits between Rs 90 crore and 100 crore. Our net profits touched the Rs 40-core mark by the end of this September as against Rs 27 crore in the first half of the last fiscal. Interestingly, all the 193 branches under the zone's purview are making profits."

Chaudhuri said that the zone is targeting to clock an 11 per cent growth in deposits this fiscal.

"The zone collected new deposits to the tune of Rs 315 crore last fiscal. This fiscal, we are targeting to collect new deposits worth Rs 350 crore. By the end of this September, we have collected Rs 180 crore new deposits," he said.

Chaudhuri said that the Vizag zone's gross NPA, which was 3.45 per cent last fiscal, is currently at 2.75 per cent and is likely to come down further to 2 per cent by the end of this fiscal.

"At present, the zone has 60 ATMs across the four coastal districts. We plan to add 25 more ATMs by the end of this fiscal," he said.

Chaudhuri said that the bank would organise 'Maha Utsav-2004' in Vizag from October 10. "Under this four-day loan mela, the bank will offer personal loans at concessional interest rates. We plan to sanction Rs 50-100 crore worth of personal loans during the utsav," he said.