SBI Takes a Good Lead

The Economic Times - - The Edit Page -

The coun­try's largest bank, the State Bank of In­dia pleas­antly sur­prised the street on Fri­day by reporting an im­prove­ment in as­set qual­ity as well as net in­ter­est in­come. The op­er­at­ing profit, which rose 37% to 10,628 crore from 7,761 crore also beat ex­pec­ta­tions. Af­ter a dis­ap­point­ing set of num­bers last year the bank­ing be­he­moth has done well to pull up its socks and live up to the ex­pec­ta­tions of its cus­tomers and share­hold­ers un­der its new chair­per­son. Be­sides, the bank has won sev­eral pres­ti­gious awards in the bank­ing cat­e­gory, even giv­ing pri­vate and for­eign banks a run for their money.

The big­gest test for the bank will come in the com­ing quar­ters as it strives to raise eq­uity to meet Basel norms. But given the bank's long his­tory and its en­vi­able reach it should have no trou­ble in mop­ping up funds. Way to go, SBI!

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