‘SBI firing on all cylinders’: SBI chief says bank’s proxy for Indian economy | News Companies | Rare Techy

State Bank of India has been on an upward trajectory and it has not only reduced its NPAs but also recorded the highest profit in the last quarter. Praising the bank’s performance, its chairman Dinesh Khara said that while brokers are bullish on the country’s largest public sector bank, the lender is a proxy for the Indian economy as it has more than 47 billion customers and thus it is practically every family has a banker.

Khara said that SBI for the first time recorded the highest profit ever recorded by any corporate house. He said analysts and brokerage houses praised the bank’s financial performance. Naming the broken assets, he said, “Motilal Oswal Securities had stated that SBI is in a sailing condition. ICICI Securities said that SBI is firing on all cylinders”.

In the second quarter of the current financial year, the lender’s net profit stood at Rs 13,265 crore, up 74 percent over the previous period.

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“In the latest quarterly results, the bank’s profits are the highest ever. SBI has crossed the highest profit recorded by any company and analysts and brokerage houses are praising it,” he said.

Khara said that although India is already the fifth largest economy in the world, the country will become the third largest in terms of economic size probably by 2027. Today’s options are available and customer expectations are changing. He said that the bank should walk to the doorstep of the customers.

“We have improved customer service, but we have miles to go. Banking has now become a knowledge sector. We need to package the offerings that customers are looking for,” he said.

During the peak of the pandemic, SBI had provided seamless service to customers, he said, adding that there had also been a change in their behavior as they went digital.

“SBI has invested in technology, and the YONO bank app has been invaluable in generating business and providing services,” he added.
Khara informed that there is a need for commitment in opening bank branches.

(via PTI)