Will strive to make SBI most valued financial institution: Chairman Setty

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, C S Setty said on Wednesday as he asserted that this is India's decade.

Soon after taking charge of the nation's largest bank, Setty assured employees that all efforts would be made to grow SBI into the 'Best Bank' in the country.

As of today, he said in his message, SBI proudly serves over 50 crore customers, with market leadership positions across products and has achieved 1 per cent Return on Assets on arguably the country's largest balance sheet.

 

"Since the start of this decade, our global rank among banks has moved up 35 positions from 52 to 17 in terms of market capitalization," he said thanking his predecessors.

"It is now our turn to build on this foundation, to grow SBI into the 'Best Bank' in the country.

"We have to strive to become the most valued financial institution, increase our net profit to reach new milestones, reinforce our image as the banker to every Indian, touching lives all-round, achieve service excellence, strategic leadership and be an employer of choice," he said.

SBI earned a profit of Rs 61,077 crore in FY24, 22 per cent higher than the previous financial year (Rs 50,232 crore).

To the total profit of Rs 1,41,203 crore of 12 public sector banks in FY24, State Bank of India (SBI) alone contributed over 40 per cent.

Seeking support of all employees, he said, "we are fortunate to be living at a time when our motherland is evolving from being a 'developing' to a fully developed country - with deep structural changes in the nature of our economy, financial markets maturing fast and resultantly, India achieving a pole position in the comity of nations. This is India's decade and I want it to be SBI's decade too."

It is the greatest of honours to be chosen to lead such a dynamic and resilient organization, he said, adding, "I am committed to navigating our path forward with the same care and consideration as those of my early steps. Together, we will continue to evolve, innovate, and achieve new heights."

Setty assumed charge as the chairman of SBI on Wednesday. He succeeds Dinesh Khara, who superannuated from services on August 27.

Prior to becoming the chairman, Setty was the senior-most managing director of the bank.

As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Usually, the senior-most managing director becomes the chairman of the bank.