State Bank of India
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BSE Code:
500112
NSE Code:
SBIN
Business Profile
Business Profile
State Bank of India (SBI) is the largest commercial bank in India in terms of profits, assets, deposits, branches and employees. State Bank of India was constituted through an act of Parliament in 1955. In October 1996, the bank successfully floated the first GDR issue of any commercial bank in the country and raised USD 369 million, including the greenshoe option.
SBI is the only bank in India to be ranked among the top 100 banks in the world and among the top 20 banks in Asia in the annual survey by The Banker. SBI has eight business units, namely corporate banking; international banking and domestic banking for concentrating on core areas; associate banks division for looking after the working of these banks; credit division to monitor the overall credit; and three other business units, namely finance, corporate development, and inspection for in-house work.
The bank has a network of 66 offices/branches in 29 countries spanning all timezones. The SBI`s international presence is supplemented by a group of overseas and NRI branches in India and correspondent links with over 522 leading banks of the world. SBI`s offshore joint ventures and subsidiaries enhance its global stature. Keeping in view the exponential growth achieved in self help group (SHG) financing in the recent past and good repayments (over 90%) under the scheme, the bank has decided to credit link 1,000,000 SHGs by the end of March 2008.
Financials
The bank reported a substantial rise in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company rose 45.62% to Rs 27,423.10 million from Rs 18,832.50 million in the same quarter previous year.Interest earned for the quarter rose 27.74% to Rs 173,423.90 million, while total income for the quarter rose 34.57% to Rs 220,606.10 million, when compared with the prior year period. It posted earnings of Rs 43.23 a share during the quarter, registering 24.76% growth over prior year period.
Recent Developments
13-MAY-09
The bank has revised the deposit Rates downwards by up to 50 bps in various maturities with effect from May 18, 2009.
14-MAR-09
Life Insurance Corporation of India has raised its stake in the bank by 2.12% point to 9.16% through market purchases.
24-JAN-09
The central board of the bank, board of SBI Factors & Commercial Services (SBI Factors) and Global Trade Finance (GTFL) have decided to merge SBI Factors with GTFL, subject to necessary regulatory approvals.
05-JAN-09
The bank has acquired 19.7% stake in Mayfair Hotels and Resorts (MHRL) via private equity deal, as per media reports.
16-DEC-08
In order to consolidate its operations in the African island nation, the bank has merged its Mauritius-based subsidiary, Indian Ocean International Bank (IOIB), with SBI International (Mauritius).
24-NOV-08
The bank announced that the bank had inked a 74:26 joint venture (JV) agreement with Insurance Australia Group to form a new company which would cater to the general insurance business in India.