State Bank of India (SBI), the nation’s largest public sector bank, is gearing up to share exciting news with its customers.
The bank is set to expand its reach by opening 300 new branches across different parts of the country in the coming financial year.
Currently, SBI boasts 22,405 branches within India and 235 branches internationally.
The addition of these new branches will propel SBI’s domestic branch count beyond 23,000.
Digital Focus and Customer-Centric Approach
In a recent interaction with analysts, SBI Chairman Dinesh Khara revealed the bank’s intention to bolster its digital business operations.
As part of this strategy, SBI is eyeing the launch of over 300 branches this year to enhance its branch network.
The bank’s approach to branch expansion prioritizes the needs of various regions and aims to cater to the areas requiring banking services the most.
Chairman Khara emphasized SBI’s commitment to understanding customer needs and delivering services tailored to them.
Optimistic Outlook and Impressive Performance
SBI’s Managing Director of Retail Business and Operations, Alok Kumar Chaudhary, shared insights into the bank’s strategy, highlighting efforts to strengthen relationships with existing customers.
Chairman Khara commented on the net interest margin, projecting it to be around 3.5% for the current financial year.
The bank holds positive expectations of maintaining it at 3.47%.
Remarkable Financial Results
SBI recently reported exceptional performance in its quarterly results.
The bank achieved a remarkable profit of Rs 16,884 crore in the June quarter of the ongoing financial year, marking a significant increase compared to the Rs 6,068 crore profit recorded during the same period last year.
Notably, the bank also witnessed a substantial reduction in its non-performing assets (NPA) during this period.
Stay tuned for more updates as SBI continues to make strides in expanding its presence and serving customers across the nation.
