State Bank Of India

State Bank of India (SBI), the country’s largest public sector bank is planning to invest Rs 150 crore to set up a commercial tower in the Gujarat International Finance Tec-City (GIFT) at Gandhinagar. The bank will develop commercial tower of around 0.2 million square feet of BUA (Built-up Area). The bank’s move to establish their tower at GIFT City is the testimony of GIFT emerging as the favoured destination for various financial institutions.

State Bank of India has reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank has increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.