SBI-Vizag net up 79% in '09

State Bank of India, Visakhapatnam, registered a 79 per cent growth in net profit during the financial year 2008-09 to Rs 277 crore, compared with Rs 155 crore in the preceding year.

The Vizag zone comprises 225 branches in Visakhapatnam, Vizianagaram, Srikakulam and East Godavari districts

Deposits stood at Rs 9,248 crore as on March 31. Of this, Rs 2,769 crore were mobilised during the last fiscal, NS Narayan Rao, deputy general manager, SBI Vizag , told mediapersons here on Wednesday.

The bank sanctioned Rs 1,085 crore advances last fiscal, of which personal loan accounted for Rs 384 crore, agricultural loans Rs 340 crore, while loans to the SME sector stood at Rs 212 crore, he said.

This year, it would give about Rs 40 crore loans to Nano buyers in the zone, he added.

The bank is also planning to add 18 new branches during the current fiscal across the zone to its existing 225 branches. "Of this, about 15 branches would come up in semi-urban and rural areas,” he said. It would also set up 150 ATMs in the zone during the fiscal.