/ State Bank Of India Sees Profit Boost In 3 Years After Bank Units Merged ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 13 April 2017

The head of State Bank of IndiaBSE 0.31 % , the country's largest lender, said she expects a boost to annual profit of as much as 30 billion rupees ($465 million) in three years on cost and efficiency gains from the absorption of associate banks. 

Chair Arundhati Bhattacharya also said in an interview that signs of more factory activity pointed to a turnaround in India's weak credit cycle this financial year - welcome news for a government keen to revive private investment. 

State-run SBI this month merged five subsidiary lenders and absorbed them into the parent company. It had fully owned two and had majority stakes in the others, but all had previously operated separately. 

Workforce integration will start in June, said Bhattacharya who joined SBI 40 years ago and rose through the ranks to become its first female chief in 2013. SBI has said it will shut or move some branches and close overlapping units.

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