India's major public sector lender State Bank of India (SBI) has reported a 37% surge in its standalone net profit for the three month period ended December 31, 2008.

The bank has posted a net profit of Rs 2,478.42 crore as compared to Rs 1,808.64 crore for the same quarter year-ago (Dec 2007).

In a filing to the Bombay Stock Exchange, SBI informed that its total income for the quarter ended December 31, 2008 zoomed to Rs 21,255.90 crore as compared to Rs
15,364 crore during the corresponding quarter of the last year.

Accordingly, the figures of the previous period are not comparable, the filing stated.

According to reports, SBI subsidiaries named SBI Factors & Commercial Services Pvt Ltd (SBI Factors) and Global Trade Finance Ltd (GTFL), both have agreed to merge SBI Factors with GTFL.

The reports further added that in March 2008, SBI had acquired a majority shareholding in GTFL and currently owns 92.60% shares in GTFL.

In SBI Factors, SBI and SBI group hold 64% & 70% shareholding respectively.