SBI hikes stake in Indonesian subsidiary to 99%

State Bank of India (SBI), the country’s largest bank, has acquired 23% shares of Bank State Bank of India, Indonesia (BSBII) in a recent deal with P. T. Ravindo Jaya. Pursuant to the acquisition, SBI holds 99% stake in BSBII while P. T. Ravindo Jaya holds 1% stake.

On the consolidated basis, the group registered 11.82% fall in its net profit after taxes and minority interest at Rs 4298.56 crore for first quarter ended June 30, 2013 as compared to Rs 4874.70 crore for the same quarter in the previous year. However, total income of the bank, on consolidated basis, has increased by 12.23% at Rs 52502.29 crore for quarter under review as compared to Rs 46782.70 crore for the quarter ended June 30, 2012.