State Bank of India (SBI) has inaugurated a new branch located at Mindi in the outskirts of Visakhapatnam in the state of Andhra Pradesh. The bank is also planning to open up to 100 new branches in Andhra Pradesh this financial year. The bank will be opening branches in semi-urban, urban and metros, to compete with private banks.
The bank’s deposits in Andhra Pradesh state stood at Rs 59,800 crore and advances at Rs 61,500 crore. The bank is focusing on housing loans and its current market share stands at around 28%. The bank is eyeing to increase it to 40%.
The bank reported 4.08% rise in its net profit at Rs 3396.06 crore for third quarter ended December 31, 2012 as compared to Rs 3263.04 crore for the same quarter in the previous year. Total income from operation of the bank increased by 14.11% at Rs 33992.11 crore for quarter under review as compared to Rs 29787.37 crore for the quarter ended December 31, 2011.
