State Bank of Saurashtra turnover increases to Rs 13,472.49 crore

Mumbai: State Bank of Saurashtra, in its 101^st year, has come up with a stellar performance. Its turnover for 2002-03 increased to Rs 13,472.49 crore from Rs 11,632.68 crore in March 2002.

The deposits have grown by 18.7 per cent as compared to last year. The aggregate deposits in 2002-03 grew by Rs 1,359.29 crore to reach Rs 8,629.77 crore. The gross profit has grown by 26.7 per cent, increasing from Rs 267.16 crore last year to Rs 338.14 crore this year.

Three new branches were opened during the year, taking the total branch network of State Bank of Saurashtra to 414 branches across India. The branches of State Bank of Saurashtra located in Gujarat registered a growth of 10.2 per cent amounting to Rs 171.07 crore while the branches outside Gujarat registered the maximum growth of 52.4 per cent amounting to Rs 732.59 crore. Of these, the branches at the metro centres contributed the maximum growth (37.92 per cent of the overall growth), which is Rs 515.54 crore.

The capital adequacy ratio has gone up from 13.20 per cent to 13.68 per cent while the net non-performing assets to net advances have declined considerably from 4.95 per cent to 3.53 per cent. The total income registered a growth of Rs 104.39 crore (10.27 per cent) over the last year. The priority sector advances constituted 44.27 per cent of the net credit against the benchmark of 40 per cent. This is mainly due to an increase in the share of direct agricultural advances by 15.5 per cent.

In its efforts to increase the service efficiency level and using technology in improving the service time to its customers, State bank of Saurashtra has carried on with its endeavour of computerisation of its branches. It has achieved 85 per cent computerisation as compared to 75 per cent last year. Moreover, the bank aims to achieve 100 per cent computerisation in the coming financial year.