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SBI net profit up 15 percent in Q1 FY09 on higher credit growth, fee income |
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The greatest bank of India operated the state the State Bank of India (SBI) has informed on 15 percent increase of net profit for the financial quarter finished on June, 30th 2008, despite higher interest rates, attributing increase to higher growth of the credit, the payment income.
SBI, which is India's largest commercial bank in terms of profits, assets, deposits, branches and employees, said its net profit (standalone) in June quarter of FY09 stood at Rs.1640.79 crore, up from 1425.81 crore reported in the corresponding period a year earlier (Year-on-year or YoY rise of 15.08 percent). However, its consolidated net profit (after minority interest) declined from Rs.1861.66 crore to Rs.1640.92 crore (YoY decline of 11.86 percent) due to drop in net profit of associate banks from Rs.520.70 crore to Rs.285.95 crore.The bank said its non-interest income more than doubled in the quarter under review - from Rs.1138.59 crore to Rs.2403.88 crore (YoY rise of 111.13 percent). Of this, core fee income rose by Rs.399.15 crore to Rs.1285 crore from Rs.885.85 crore (YoY rise of 45.06 percent).
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Reliance Infrastructure's Q1 FY09 net profit jumps 14 percent |
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The greatest enterprise of a private sector of India in utility of the power, the Confidence Infrastructure has informed on 14 percent jump in its net profit for the financial quarter finished on June, 30th 2008.
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The Way to Stay Out of Debt |
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IN THESE changing times, managing family resources can be a challenge. How can you meet the challenge successfully?
The answer is not necessarily more income. Financial experts say that the answer has to do with having a sense of where the money is coming from and where it is going as well as with being willing to make informed decisions. To do this, you need a budget.
Overcoming Resistance to a Budget
Budgets, however, “conjure up all sorts of images of dreariness,” says financial adviser, Grace Weinstein. So, many people simply will not make one. Some also associate the need for a budget with a low income or a lack of education. But even professionals with high incomes have money problems. A financial counselor says: “One of my first clients made $187,000 a year . . . Their credit card debt alone was just under $95,000.”
Michael, mentioned previously, was reluctant to seek financial advice for another reason. He admits: “I was afraid that others would view me as naive and foolish.” But such fear is unfounded. Managing money and making money call for different skills, and most people are not trained to manage money. A social worker points out: “We graduate from high school knowing more about an isosceles triangle than how to save money.”
Budgeting, though, is relatively easy to learn. It involves making a list of income and a list of expenses—and then keeping the expenses within the income. Actually, making up a budget can be enjoyable, and living by it can be satisfying.
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