3 Sbi Arms Post Rs 52.5 Crore Loss In & #39;00-01

Three out of seven subsidiaries of State Bank of India (SBI) have logged a combined net loss of Rs 52.51 crore. The remaining four have reported a net profit of Rs 91.11 crore.

SBI Commercial and International Bank Ltd has posted a net loss of Rs 42 crore in the financial year ended March 31, 2001, compared with a net profit of Rs 12.03 crore in the previous fiscal.

The bank's credit cards business, SBI Cards and Payment Services Private Ltd -- a 60:40 joint venture between SBI and GE Capital (Mauritius) Investment Company Ltd -- has posted a net loss of Rs 10.30 crore (net loss of Rs 8.97 crore).

SBI Factors and Commercial Services Ltd has reported a net loss of Rs 21.75 lakh (net profit of Rs 2.07 crore).

SBI holds 54 per cent stake in this subsidiary, while the balance is held by a clutch of other public sector banks.

SBI Capital Markets -- which commands numero uno position in raising funds for banks, non-banks and corporates -- has recorded a net profit of Rs 31.57 crore (Rs 31.47 crore). The parent holds 86 per cent stake in this subsidiary.

SBI Gilts Ltd, the 61 per cent subsidiary and a primary dealer, has posted a net profit of Rs 31.87 crore (Rs 31.54 crore).

SBI Funds Management Ltd, which manages 19 domestic mutual funds with an aggregate corpus of Rs 2,339.40 crore, has reported a net profit of Rs 27.49 crore (Rs 13.25 crore).

The life insurance subsidiary of the bank, SBI Life Insurance Company, has made a net profit of Rs 18.09 lakh solely on the back of income from investments.

SBI has a 74 per cent stake in the venture, while the balance is held by Cardif SA of France -- a 100 per cent subsidiary of BNP Paribas.