India’s largest public sector bank State Bank of India has posted 45.62 per cent growth in net profit at Rs 2,742.31 crore for the March quarter of past fiscal year. The main reason of this growth is higher earnings from interest and other incomes. SBI’s January-March net profit was 27.42 billion rupees ($556 million), up from 18.83 billion rupees a year ago. However shares in SBI, having market value of $17.1 billion, have risen by 2.9 % this year compared with a 23.1 percent rise in the main share index and a 10 percent increase in the bank index. Despite the economic slowdown, SBI has shown tremendous growth which is really exemplary for other Indian companies.

Let’s talk more about SBI. As you already know, it is the largest and oldest bank of India. It was founded in 1806, at that time its name was Bank of Calcutta. Later it was renamed to Imperial Bank of India. After independence, Indian Government nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and also renamed it to State Bank of India. In 2008, the Government took over the stake held by the Reserve Bank of India. Also there are six associate banks of SBI. They are State Bank of Indore, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

The State Bank Group, with over 16000 branches, has the largest branch network in India. It has a market share among Indian commercial banks of about 20% in deposits and advances, and SBI accounts for almost one-fifth of the nation’s loans. Recently, SBI has electronically networked all of its branches under Core Banking System(CBS). It has more than 8500 ATMs across India. It is also in the list of top 100 banks of world.