State Bank of India has been on an upward trend and has not only reduced its NPAs but also registered highest ever profit in the recent quarter. Praising the bank’s performance, its chairman Dinesh Khara said brokerages are bullish on the country’s largest public sector bank, the lender being a proxy for the Indian economy as it has over 47 crore customers and thus practically There is a banker for every household.
Khara said that SBI has for the first time registered the highest profit ever recorded by a corporate house. He said that analysts and broking houses are praising the financial performance of the bank. Taking the name of the broking house, he said, “Motilal Oswal Securities said SBI is in a bearish mood. ICICI Securities said 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 per cent over the same period last year.
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“The bank’s profit is the highest ever in the recent quarterly results. SBI has crossed the highest ever profit recorded by any corporate and is being praised by analysts and broking houses,” he added. ”
Khara said that while India is already the fifth largest economy in the world, the country will probably be the third largest in terms of size of the economy by 2027. Khara said there is a need to improve customer service as there are many options available today and customer expectations are changing. He said that the bank needs to go to the doorstep of the customers.
“We have improved customer service, but there are miles to go. Banking has now become a knowledge field. We need to package the offerings that customers are looking for,” he added.
During the peak of the pandemic, SBI had provided continuous service to the customers, he said, adding that there has also been a change in their behavior to go digital mode.
“SBI has invested in technology, and the bank’s app YONO has helped generate business and offer services in a frictionless manner,” he added.
Khara said that punctuality is also needed in opening bank branches.
(With PTI inputs)