Will strive to make SBI the most valued financial institution: Chairman Setty
Challa Sreenivasulu Setty | Illustration: Binay Sinha
State Bank of India (SBI) aims to become the most valued financial institution while increasing net profit, the lender’s new chairman CS Setty said on Wednesday, stressing that this is India’s decade.
Shortly after Setty took charge of the country’s largest bank, he assured employees that everything would be done to make SBI the ‘best bank’ in the country.
He said in his message that SBI today proudly serves over 50 crore customers, is a market leader in products and has delivered a return on assets of 1 per cent on what is probably the country’s largest balance sheet.
“Since the beginning of this decade, our global position among banks by market capitalization has risen 35 places, from 52 to 17,” he said, thanking his predecessors.
“Now it is our turn to build on this foundation and grow SBI into the ‘Best Bank’ in the country.
“We must strive to become the most valued financial institution, increase our net profit to achieve new milestones, strengthen our image as a banker for all Indians who touch lives at large, achieve service excellence and strategic leadership and become 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 state-owned banks in FY24, the State Bank of India (SBI) alone contributed over 40 per cent.
Seeking support from all the workers, he said, “We are fortunate to live at a time when our motherland is evolving from a ‘developing’ country to a fully developed country – with deep structural changes in the nature of our economy, financial markets maturing rapidly and as a result India achieving a pole position in the community of nations. This is India’s decade and I want it to be SBI’s decade too.”
It is the greatest honor 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 that accompanied my first steps. Together, we will continue to evolve, innovate and reach new heights.”
Setty took over as chairman of SBI on Wednesday, succeeding Dinesh Khara, who retired on August 27.
Before becoming chairman, Setty was the bank’s top managing director.
By convention, the chairman is appointed from a group of serving managing directors of SBI. Usually, the most senior managing director becomes the chairman of the bank.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: Aug 29, 2024 | 01:29 AM IST