'SBI firing on all cylinders': SBI chairman says bank proxy to Indian economy

During the peak of the pandemic, SBI had rendered continuous service to the customers, he said, adding that there had also been a shift in their behaviour in going to the digital mode.

State Bank of India has been on an upward trajectory and it has not only reduced its NPAs but also registered the highest-ever profit in the recent quarter. Praising the bank's performance, its Chairman Dinesh Khara said that while brokerages are bullish on the country's largest public sector bank, the lender is a proxy to the Indian economy as it has over 47 crore customers and thus it is practically a banker to every household.

Khara said that SBI registered the highest-ever profits recorded by any corporate house for the first time. He said that analysts and broking houses are praising the financial performance of the bank. Naming broking houses, he said, "Motilal Oswal Securities had stated SBI is in a cruising mood. ICICI Securities said that SBI is firing on all cylinders".

In the second quarter of the current financial year, the net profit of the lender stood at Rs 13,265 crore, higher by 74 per cent compared to the previous similar period.

"In the recent quarterly results, the bank's profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and analysts and broking houses are praising this," he said.

Khara said that while India is already the fifth largest economy of the world, the country would be the third largest in terms of the size of the economy perhaps by 2027. Khara said that there is a need for improvement in customer service as there are many options available today and customer expectations are changing. He said that the bank needs to walk up to the doorsteps of the customers.

"We have improved customer service, but have miles to go. Banking has now become a knowledge sector. We need to package offers what the customers are looking for," he stated.

During the peak of the pandemic, SBI had rendered continuous service to the customers, he said, adding that there had also been a shift in their behaviour in going to the digital mode.

"SBI has invested in technology, and the bank's app YONO had helped in generating business and offering services in a frictionless manner," he added.
Khara said that there is a need for punctuality in opening up the branches of the bank as well.

(With PTI inputs)