Letters: SBI clarifies

The report "The curious case of SBI" (December 31) is not based on facts. While the analysts and market had reacted positively to SBI's half yearly results as on September 30, 2013, due to conscious efforts made by the bank to contain the trend of rising non-performing assets and making adequate provisions for an expected rise in staff costs due to impact of the proposed wage settlement, the report has chosen to highlight a 35 per cent drop in profit, deliberately ignoring the weak economic conditions and the general trend of results of public sector banks. The reason for the fall in profits mentioned by in the report as an attempt to cleanse the balance sheet is absolutely wrong. None of the provisions made during the period indicate any such unexpected item(s). The rest of the contents of the report article paint a negative picture of an otherwise improved working results of the bank. It has never been the intention of the bank or any of its officials to either hide or overdo certain items of the balance sheet to show contrived results. As is the credo of the bank, we believe in a fair, transparent and just representation of our working.

Dy General Manager (PR), SBI Mumbai

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