State Bank of India (SBI), the country’s largest public sector lender is planning to expand its presence in Karnataka as it has a good number of entrepreneurs. The bank aims to meet their requirement in terms of specialized services such as medium enterprises, housing sector, etc.
The bank is likely to restructure its network in Karnataka to pay due attention to all areas in the state. The bank has a business of nearly Rs 1.40 lakh crore in the state, while it gets nearly 50% of its business from Bangalore.
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.
