SBI-Canada clocks 18 percent growth amid crisis
By Vaibhav Aggarwal
Jan 19, 2009
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Even though the financial turmoil have had a severe impact all over the world, India's largest lender - State Bank of India - still manage to record a growth of 18 percent in Canada last year.

President and CEO of SBI-Cnanda, Arun Nagarajan said, "Despite the economic crisis, SBI-Canada registered very good growth in business and posted an overall growth of 18 percent last year. We will surpass this rate in the New Year."

"Overall, SBI-Canada's business increased from $993 million to $1,175 million - a robust growth of 18 percent," added the CEO.

"Our asset portfolio grew from $520 million to $596 million by 15 percent in 2008. We hope to post even higher portfolio growth this year," he informed.

The bank deposits also recorded a growth of 22% to $579 million from $473 million during the period. Altogether the bank posted a profit of $3.3 million in the 2008.

"Though it is slightly less than $3.4 million in 2007, it is still a very good figure considering the turmoil in markets. We not only grew but also reaped a good profit when many faced problems," said Nagarajan.

Currently SBI-Canada has 25,000 retail account holders. "In 2009, we will double this number by offering new services and products. For an example, we are offering the newly introduced tax-free saving accounts. Even if 40 percent of our customers opt for this account, we will mop up another $ 50 million from them alone," said Nararajan.

Moreover the bank is expected to launch online facilities for making payments and opening accounts which would enable customers to safe their time of walking to the bank's branch.

Further he reassured that, "We issued a new debit card last year, and ATMs will also become operational in all our branches this year, offering cash dispensing services."

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