SBI’s highest profit has led broking houses to laud us: Chairman

MUMBAI: Chairman of the country’s biggest lender State Bank of India (SBI) Dinesh Khara has asserted that analysts and broking houses are praising the financial performance of the bank which reported its highest profits recently.

For the first time, SBI registered the highest-ever profits recorded by any corporate house, Khara said. “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.

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. Naming broking houses, he said, Motilal Oswal Securities had stated SBI is in a cruising mood.

ICICI Securities said SBI is firing on all cylinders, Khara said adding “SBI is a proxy to the Indian economy. This is so as the bank gets the patronage of 47 crore customers and is practically a banker to every household”.

With India already becoming the fifth largest economy, he said perhaps by 2027, the country would be the third largest in terms of the size of the economy. But, Khara also said there is a need for improvement in customer service as there are many options available today.

The SBI chairman said customer expectations are changing and the bank needs to solicit and walk up to their doorsteps. “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 noted.