Challa Sreenivasulu Setty | Illustration: Binay Sinha
State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender’s new chairman CS Setty said on Wednesday, asserting that this is India’s decade.
Soon after taking charge of the country’s largest bank, Setty assured employees that every effort would be made to make SBI the “best bank” in the country.
As of today, he said in his message, SBI proudly serves over 50 million customers, with market-leading positions across products and has achieved a return on assets of 1 per cent on arguably the largest balance sheet in the country.
“Since the beginning of this decade, our global ranking among banks has risen 35 places, from 52nd to 17th, in terms of market capitalisation,” he said, thanking his predecessors.
“Now it is our turn to build on this foundation to make SBI the ‘Best Bank’ in the country.
“We need to strive to become the most valued financial institution, grow our net profits to reach new milestones, reinforce our image as a banker to all Indians, touching lives in every way, achieve excellence in service, strategic leadership and be an employer of choice,” he said.
SBI posted a profit of Rs 61,077 crore in FY24, up 22 per cent from the previous financial year (Rs 50,232 crore).
Of the total profit of Rs 1,41,203 crore of 12 public sector banks in FY24, State Bank of India (SBI) alone contributed more than 40 per cent.
Seeking support from all employees, he said, “We are fortunate to live in a time when our motherland is transitioning from a ‘developing’ to a fully developed country, with profound structural changes in the nature of our economy, financial markets maturing rapidly and, as a result, India achieving a privileged position in the comity of nations. This is India’s decade and I want it to be SBI’s decade as well.”
“It is the greatest honor to have been chosen to lead such a dynamic and resilient organization,” he said, adding, “I am committed to navigating our path into the future with the same care and consideration as I did in my first steps. Together, we will continue to evolve, innovate and reach new heights.”
Setty took charge as SBI chairman on Wednesday. He will replace Dinesh Khara, who retired on August 27.
Before becoming chairman, Setty was the bank’s most senior CEO.
As per convention, the Chairman is appointed from among a group of acting CEOs of SBI. Typically, the senior-most CEO becomes the Chairman of the bank.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 29, 2024 | 1:29 a.m. IS
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