Rs9,000-cr profit target by '10: SBI
Bangalore: O P Bhatt, chairman State Bank of India, says the bank has set a net profit target of Rs9,000 crore by March 2010.

Bhatt said in a message the bank is targeting to stop its declining marketshare and achieve a marketshare of at least 25 per cent by March 2010. Expressing concern over SBI's declining market share in all areas of business, Bhat said, "Our incomes are under pressure and the prospect of making profits at the same rate like the earlier years are proving to be difficult."

He also urged each of the branches to generate a profit of Rs1 crore on an average to achieve this target. "By a simple calculation, with a staff strength of 2 lakh employees and over 9,000 branches, if the average profit of each branch reaches Rs1 crore, the target is attainable," the statement added.
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Reliance General among top 5 insurers in premium income
Mumbai: Reliance General Insurance, a Reliance Anil Dhirubhai Ambani group company, grown at a blistering pace in the first quarter of 2006-07, to become the fifth largest private sector general insurer in the new business premium segment, up from the eighth position it held at the end of March 2006.

Reliance General Insurance collected a premium income of Rs164.07 crore during April-June 2006, surpassing the premium income of Rs162 crore it collected in the whole of 2005-06.

It collected premium income of Rs48 crore in the first quarter of 2005-06. The premium income in the first quarter of 2006-07 grew by a whopping 241 per cent over a year earlier.

Reliance General added over 500 new corporates to its list of customers as it got engaged in aggressive sales efforts. The company sold over 1.6 lakh policies in the first quarter of 2006-07, 18 per cent more than 1.35 lakh policies issued by it in the whole of 2005-06.

The strength of Reliance General's agent force grew more than 200 per cent in 2005-06. At present, it has an agency force of 6,000 and plans to increase it to 15,000 in the next three years.

The company sells motor, health, travel and home insurance policies to individuals and fire, engineering, liability, property and group mediclaim policies to corporates.
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