SBI cautiously optimistic about FY22 results

State Bank of India is cautiously optimistic about delivering the same performance in FY22 as it did last year, chairman Dinesh Khara said

Gopika Gopakumar
Updated26 Jun 2021
State Bank of India Chairman Dinesh Khara said the bank will focus on expanding the scope and reach of YONO further.
State Bank of India Chairman Dinesh Khara said the bank will focus on expanding the scope and reach of YONO further.

Mumbai: State Bank of India Chairman Dinesh Khara on Friday said that the bank is cautiously optimistic that the bank will be able to deliver the same performance in the current fiscal year 2022 as it did last year.

“In conclusion, the Bank adjusted to the challenges posed by the COVID-19 pandemic and is better positioned to tackle any subsequent wave. I am cautiously optimistic that the performance trajectory of FY2021 will continue in FY2022 as well,” said Khara at the bank’s annual general meeting on Friday.

The current financial year has begun with unexpected second wave of COVID-19 infections. Although the containment strategy this time included avoiding complete lockdown and managing the situation through micro-containment zones, the impact on the economy will nevertheless be felt, he said.

Khara also said that SBI will continue to accelerate its digital agenda. The bank will focus on expanding the scope and reach of YONO further.

Another main area of focus for SBI this year will be recovery. Khara said that the rollout of pre-package insolvency for resolution, resumption of courts and formation of National Asset Reconstruction Company, efforts will be in full force to keep the momentum in stressed asset recovery in the current financial year.

The state-run bank had seen an improvement in overall asset quality in the fourth quarter of FY21 as gross NPAs as a percentage of total advances stood at 4.98%, down 117 bps from a year ago.

Khara also made it clear that the bank is comfortably placed in terms of growth capital. Opportunities for lending in promising sectors will be explored to diversify the portfolio and contain risk, he said.

SBI had reported an 80% jump in net profit to 6,451 crore in the three months ended 31 March, topping the 6,166.2 crore average estimate in a survey of 10 analysts by Bloomberg.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeIndustryBankingSBI cautiously optimistic about FY22 results

Most Active Stocks

Bharat Electronics

309.55
10:29 AM | 14 JUN 2024
8.6 (2.86%)

Indian Oil Corporation

170.30
10:25 AM | 14 JUN 2024
1.2 (0.71%)

HDFC Bank

1,597.45
10:28 AM | 14 JUN 2024
16.55 (1.05%)

State Bank Of India

840.20
10:29 AM | 14 JUN 2024
-3.7 (-0.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

JK Paper

490.70
10:25 AM | 14 JUN 2024
44.35 (9.94%)

KRBL

310.05
10:22 AM | 14 JUN 2024
23.05 (8.03%)

Poly Medicure

2,003.00
09:59 AM | 14 JUN 2024
142.9 (7.68%)

KEC International

935.20
10:25 AM | 14 JUN 2024
66.25 (7.62%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,950.000.00
    Chennai
    73,160.000.00
    Delhi
    73,663.000.00
    Kolkata
    73,016.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumGet App