State Bank of Saurashtra aims to double profit

State Bank of Saurashtra (SBS), the only nationalised bank headquartered in Gujarat, is targeting a 100 per cent rise in net profit in the current fiscal year.

The bank has reported a net profit of Rs 85.21 crore in the first-half of the current fiscal. It posted a net profit of Rs 92.55 crore at the end of the last financial year.

"With the impressive net profit reported at the end of the first-half of the current fiscal year, we are targeting a 100 per cent rise in net profit for the year to March 2004. The second half of a year always brings in more business and profit for us. With the increased income from trading interest and savings from interest payments on deposits, we hope to record a net profit of at least Rs 175 crore," chief SBS general manager S K Singh said on Tuesday.

SBS has saved Rs 12 crore on interest payments on deposits so far in the current fiscal year. The bank earned an increased revenue from trading at Rs 52 crore.

Headquartered in Bhavnagar, SBS plans to have 124 automated teller machines (ATMs) in the country by March 2004 against 44 ATMs at present. SBS also became the first fully computerised public sector bank in Gujarat on December 26.