State Bank of India (SBI), India's largest public sector lender expects demand for loans to rise 18-19% in the current fiscal year to March, in spite of a series of interest rate hikes by the Reserve bank of India.
The bank has presented a few options to the Indian government for raising funds as it needs to raise $80 billion before March to maintain Tier-I capital adequacy ratio of 8% and is looking for the government assistance to raise the funds.
The bank’s net profit for the quarter has registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010. Bank’s total income has increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.
