State Bank of India (SBI), which forayed into wealth management services earlier this year, aims to bring assets over Rs 1,000 crore under management by March, 2011.Financial Planning and Advisory Services, the wealth management division of the bank launched this year, is now available in 924 branches through Relationship Managers, a senior SBI official told PTI.
Asset Under Management (AUM) was at Rs 104 crore at the end of June 2010, and is expected to cross Rs 1,000 crore by the end of the current fiscal, the official said.
The wealth management division guides customers on meeting their financial goals through a suite of products, including mutual funds, fixed deposits and insurance, the official added.
Country's largest lender SBI is aiming at 20 per cent growth this fiscal in net profit, which was at Rs 9,166.05 crore last financial year.
"Quarter one was 25 per cent. We can do 20 per cent (this fiscal). That is what we would try to achieve...We will try to maintain this growth as far as possible," SBI Chairman O P Bhatt had said.
The bank had reported an over 25 per cent growth in net profit to Rs 2,914.20 crore for the first quarter ended June 2010, despite an increase in bad debts.
The rise in net profit was mainly due to a three-year high net interest income and a decline in the cost of deposits and savings.
Net interest income rose by 45.35 per cent during Q1, compared to the same quarter a year ago. Growth in net income was 4.30 per cent in June, 2009.
In addition, SBI's operating profit zoomed by 66.97 per cent in the first quarter. It had declined 7.28 per cent in the corresponding quarter of the previous year.
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