SBI Aims to Become First Indian Financial Firm to Hit Rs 1 Lakh Crore Net Profit

State Bank of India (SBI) aims to be the first Indian financial firm to achieve a net profit of Rs 1 lakh crore within the next 3-5 years. SBI Chairman C S Setty emphasizes the bank's focus on both profitability and customer-centricity. The bank has a strong Rs 4 lakh crore credit pipeline and anticipates increased corporate and public capital expenditure.

The State Bank of India (SBI) sets its sights on becoming the first Indian financial firm to achieve a net profit of Rs 1 lakh crore within the next 3-5 years, according to Chairman C S Setty.

SBI documented a standalone net profit of Rs 61,077 crore in FY24, showcasing a 21.59 per cent growth. Setty emphasized the bank's potential and commitment to reaching this milestone.

While market capitalization and profits are crucial, Setty highlights the bank's dedication to customer-centricity as a fundamental operational aspect. He noted a strong Rs 4 lakh crore credit pipeline from India Inc, with capital expenditure expected to climb in the latter half of the fiscal year.

(With inputs from agencies.)