India's largest lender, State Bank of India expects net profit of Rs 14000-15000 crore in the current financial year backed by robust demand for loans.
"For SBI we got an allocation of 3,000 crore this year (capital infusion by the government) and we expect to make a net profit of another Rs 14,000-15,000 crore of net profit this year," said Mr. Pratip Chaudhuri, State Bank of India (SBI) Chairman.
SBI had recorded a marginal 4.08% increase in net profit at Rs 3,396 crore for the third quarter which ended on December 31, 2012, mainly on account of higher provisioning for bad loans.
The bank had announced earlier that it will receive Rs 3,004 crore as part of the government's capital infusion plan for the current financial year.
When asked about loan growth, Mr. Chaudhuri said, "It has been a huge, huge pleasant surprise. I was myself slightly diffident and pegging it at 16 per cent. But as of now the year-on-year growth we are finding it close to 18 per cent. And I would not be surprised if the year-on-year growth could be as high as 20 or even 21 per cent."