18 per cent growth post by SBI Canada

State Bank of India posted the growth rate last year in Canada as 18 per cent.

Arun Nagarajan, bank president and CEO, stated the bank was planning on surpassing the rate in the upcoming year. "Our asset portfolio grew from $520 million to $596 million by 15 per cent in 2008. We hope to post even higher portfolio growth this year," he added. 
    
He also revealed information about bank's deposits rising from $473 million to $579 million last year, the growth rate made 22 per cent. The bank’s net profit in 2008 made $3.3 million. 

SBI-Canada has 25,000 retail account holders currently, and the amount is planned to double next year. Moreover, the bank is going to introduce online facilities for payment of bills and opening accounts. 

The CEO also disclosed such data as the bank’s aiming at reducing remittance charges from $8 to $5 per transaction. 

He said the mortgage sub-prime crisis had no impact on his bank as it pursues a well diversified business model in North America.