India's largest lender, State Bank of India is targeting at Rs 1500 crore net profit from domestic treasury operations this financial year and is also aiming to post substantial improvement in gains during the first quarter, a top official said.
"Last fiscal, profit from domestic treasury operations was at Rs 810 crore. We want to double it. Last fiscal, profit from equities and mutual fund segments was Rs 597 crore, which we aim to take it to at least Rs 700 crore this fiscal," SBI deputy managing director and group executive for global markets, Mr. Pradeep Kumar said.
"Overall, we plan to contribute Rs 1,500 crore to the total profit this fiscal, which is a shade less than double compared to last fiscal," Mr. Pradeep Kumar added.
The SBI treasury has chipped in Rs 810 crore to the total profit last fiscal by the sale of investments in domestic segment, besides Rs 288 crore from overseas treasury operations, totaling Rs 1,098 crore.
Out Of the Rs 810 crore posted from domestic treasury operations, Rs 597 crore came in from equities and other segments like mutual fund investments, and Rs 213 crore from sale of bonds, comprising both government securities and corporate bonds among others, said Kumar, who is tipped to be managing director of the bank.