|
The 46th Annual General Meeting (AGM) of State Bank of Bikaner & Jaipur was held today on the 18th May, 2007 at Birla Auditorium, Jaipur. The AGM was presided over by Shri O P Bhatt, Chairman, State Bank Group. In the meeting the Balance Sheet and the Profit & Loss Account for the period 1st April 2006 to 31st March 2007, along with the Directors' Report and the Auditors' Report were discussed.
Addressing the Shareholders, Shri Bhatt said that State Bank of Bikaner & Jaipur (SBBJ) had recorded the all time high growth in business during 2006-07, to take the level of Bank’s business to Rs.49,246 crore. The total deposits increased by 31.3% during 2006-07 to reach a level of Rs.28,480 crore while advances increased to Rs.20,766 crore, recording a growth of 29.0%. The operating profit of the Bank registered a growth of 41.2% to reach a level of Rs.679.20 crore while net profit increased by 110.9% from Rs.145.03 crore in 2005-06 to Rs.305.80 crore in 2006-07. Encouraged with the strong performance, the Board of Directors announced a dividend of 100% (Rs. 100 per share) for its shareholders, which included the interim dividend of 50% announced in March 2007. This was higher than the dividend of 65% paid for financial year 2005-06.
Highlighting the financial strength, Shri Bhatt indicated that the Earning Per Share (face value Rs.100) of the Bank had increased from Rs.290.07 in 2005-06 to Rs.611.61 in 2006-07. Book Value per Share increased to Rs.3,307 as against Rs.2,811 in the previous year. The capital adequacy ratio of the Bank at 12.89% as at end-March 2007 was well above RBI benchmark of 9%. Gross NPA ratio improved from 2.42% as at end-March 2006 to 2.23% as at end-March 2007 while Net NPA ratio improved from 1.18% to 1.09%. The average business per employee also increased to Rs.368 lakh during 2006-07 as against Rs.277 lakh in the previous year while net profit per employee increased to Rs.2.57 lakh, as against Rs.1.20 lakh in the previous year.
Shri Bhatt added that the Bank’s “Priority Sector Advances” increased to Rs.8,474 crore in March 2007, which was 41.0% of the Net Bank Credit i.e. above the RBI benchmark of 40 per cent. Agricultural advances too, recorded a growth of 30.4% to reach a level of Rs.3,714 crore. Agricultural advances to Net Bank Credit ratio improved to 18.2% against the benchmark of 18.0%. In the State of Rajasthan, the ratio of priority sector and agricultural advances stood even higher at 57.4% and 29.3% respectively, of the Net Bank Credit.
Chairman informed that in recognition of the best overall performance in all categories, corporate governance practices and disclosures in the Annual Report, SBBJ has been awarded with “RCCI Excellence Award, 2007” for the Best Annual Report in the State of Rajasthan. The Award, instituted by Rajasthan Chamber of Commerce and Industry (RCCI), was given to the Bank by Hon’ble Minister of Industries, Government of Rajasthan on January 31, 2007.
Shri Bhatt highlighted that SBBJ had entered into a new growth phase. In 40 years of existence i.e. between 1963 and 2003, the Bank’s business increased to Rs.20,391 crore. However, in subsequent 4 years the Bank added another Rs.28,855 crore, taking it to Rs.49,246 crore (i.e. 2.42 times in the past 4 years), which was a major achievement. Continuing with this momentum of high growth, all out efforts would be made by the Bank to double the business levels to Rs.100,000 crore by 2009-10. For the purpose, the Bank would continue to lay emphasis on retail deposits and advances particularly agriculture, housing, education and small & medium enterprises.
While assuring shareholders of high commitment of providing courteous, transparent and prompt services to the customers, the Bank has declared the year 2007-08 as the “Year of Customer Delight”, Shri Bhatt added.
To commemorate the Best Annual Report award given to the Bank, a ‘Special Cover’ of Department of Posts, Rajasthan Circle was released by the Chairman, Shri O P Bhatt, after the Bank’s AGM. Shri Ambesh Upmanyu, Director, Postal Services Department, Rajasthan Circle was also present at the occasion.
|
