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SBI net profit up by 20 percent during 2014-15

India's largest commercial bank's net interest income during the review period rose by over 12 percent at Rs.55,015 crore compared to the earnings of Rs.49,282 crore in the 2013-14 fiscal

 

State Bank of India (SBI) on Friday said its net profit during the 2014-15 fiscal increased by over 20 percent at Rs.13,102 crore against Rs.10,891 crore during 2013-14 along with an improvement in asset quality.
 
India's largest commercial bank's net interest income during the review period rose by over 12 percent at Rs.55,015 crore compared to the earnings of Rs.49,282 crore in the 2013-14 fiscal.
 
Operating profit surged by over 21 percent at Rs.38,914 crore during 2014-15 against Rs.32,109 crore in the corresponding period of the previous fiscal.
 
The provision coverage ratio in its asset quality for the 2014-15 fiscal stood at nearly 63 percent. The gross non-performing assets till March 2015 declined by nearly 8 percent at Rs.56,725 crore compared to Rs.61,605 crore in March 2014.
 
The bank said the net profit of all of its associate banks increased by over 15 percent from Rs.2,777 crore in 2013-14 to Rs.3,200 crore in 2014-15. 
 
The net profit of all non-banking subsidiaries increased by nearly 13 percent from Rs.1,361 crore during 2013-14 to Rs.1,534 crore during the 2014-15 fiscal.
 
Its investment banking subsidiary, SBI Capital Markets Ltd., registered an increase of over 27 percent in its net consolidated profit at Rs.334 crore in the review period compared to Rs.262 crore during 2013-14.
 
During the first three months of the current year, the bank's net profit soared by over 23 percent at Rs.3,742 crore compared to Rs.3,041 crore in the like period of the previous year. 
 
Net interest income in the same period also rose by over 14 percent at Rs.14,711 crore against Rs.12,903 crore in January-March 2014.
 
The operating profit of the bank during January-March 2015 increased by nearly 17 percent at Rs.12,409 crore in comparison to Rs.10,628 crore in the corresponding period a year ago.
 

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Hotels next on the block for strategic sale: Jaitley

The main holding arm for the government's interests in the hospitality and tourism trade are through the state-run India Tourism Development Corp

 

Hotels managed by state-run India Tourism Development Corp may soon be sold. A clear indication on this came on Friday from Finance Minister Arun Jaitley, who also said his government's divestment strategy will be balanced.
 
"Already the target of disinvestment this year is very high. It stands at around Rs.69,000 crore of disinvestment and strategic asset sale. This even more than the complete disinvestment made by NDA-1 (National Democratic Alliance government's first tenure," he said at a press conference here.
 
"Apart from this, many ministries have approached me for disinvestment in their non-core sectors and we are looking at it. Our decision will be balanced and the process will be to divest or make a strategic sale as the case demands," he said.
 
"The major assets which are left now are the hotels. We have been approached by th ministries that own them to look at a possible disinvestment. The concerned secretaries and disnvestment secretary are reviewing the proposal."
 
The main holding arm for the government's interests in the hospitality and tourism trade are through the state-run India Tourism Development Corp. In the past, some major properties have been divested, including the Akbar and Lodhi hotels in the national capital.
 

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Status quo on foreign equity in multi-brand retailing: Jaitley

The question to Jaitley was posed against the backdrop of the commerce minister's deliberations last week with key stakeholders on the issue of whether or not India should allow foreign direct investment its e-commerce space

 

Finance Minister Arun Jaitley on Friday said the decision taken by the previous United Progressive Alliance (UPA) government to allow 51 percent foreign equity in the country's multi-brand retail trade industry continues even as his party's views were well known.
 
"The views of my party on the policy and the views of my government on the same has been known to everyone for a long time. However, the official position right now is: The earlier policy, which was legislated and implemented by the previous government, still stands," Jaitley said.
 
"This is the current official position. I've not read exctly what she (Commerce Minister Nirmala Sitharaman) has said. But the views are concurrent with that of the party and our government," the finance minister told a press conference here to mark one year of his government.
 
The question to Jaitley was posed against the backdrop of the commerce minister's deliberations last week with key stakeholders on the issue of whether or not India should allow foreign direct investment its e-commerce space.
 
"We are not taking any position this way or that way from the ministry. We have heard everybody. In fact, this is not going to be sufficient," Sitharaman had said after the meeting, adding: "I will need to hold more meetings with everyone -- individual operators and associations."
 
This made it clear that the government had not taken any position on the matter.
 
In January 2012, the UPA government approved 100 percent foreign equity in single-brand retail stores but with a caveat that they source 30 percent of their goods from India. Following that, in December the same year, it allowed up to 51 percent foreign equity in multi-brand retailing.
 
Yet, despite these norms in placee, actual permissions to the global retail chains have not been given thus far, as Jaitley and Sitharaman's Bharatiya Janata Party (BJP) has been opposed to any form of foreign equity in the multi-brand commerce, fearing displacement of mom-and-pop shops.

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