State Bank of India
LSE:SBID
State Bank of India
Founded in 1806 as the Bank of Calcutta, the State Bank of India (SBI) traces its roots in the rich tapestry of India's financial history, evolving into a cornerstone of the Indian banking sector. This iconic institution, known for its legacy, merged with other banks to eventually transform into SBI in 1955. Commanding a formidable presence across the vast Indian subcontinent, SBI has consistently aligned its operations with the country's economic milieu, serving millions from metropolises to remote villages. The bank’s extensive network of branches, coupled with a robust suite of digital offerings, underscores its dual commitment to tradition and innovation. Through a comprehensive array of financial services, including retail banking, corporate banking, and wealth management, SBI caters to a wide-ranging customer base, facilitating personal loans, agricultural funding, and complex corporate financing.
At the heart of SBI's profitability lies its ability to deftly navigate the financial ecosystem by leveraging a vast pool of deposits, primarily sourced from its extensive customer base. By deploying these funds into various lending opportunities, from mortgages and personal loans to expansive corporate projects, SBI garners interest income — the lifeblood of its revenue structure. Additionally, the bank capitalizes on fee-based services, offering everything from credit card facilities to insurance products and investment advisory services. With a keen eye on risk management and asset quality, SBI maintains financial health and resilience, enabling it to weather economic fluctuations and maintain a stable footing. In essence, SBI operates as a financial juggernaut, orchestrating a delicate balance of resource mobilization, strategic lending, and service expansion to fuel both its own growth and that of the Indian economy.
Founded in 1806 as the Bank of Calcutta, the State Bank of India (SBI) traces its roots in the rich tapestry of India's financial history, evolving into a cornerstone of the Indian banking sector. This iconic institution, known for its legacy, merged with other banks to eventually transform into SBI in 1955. Commanding a formidable presence across the vast Indian subcontinent, SBI has consistently aligned its operations with the country's economic milieu, serving millions from metropolises to remote villages. The bank’s extensive network of branches, coupled with a robust suite of digital offerings, underscores its dual commitment to tradition and innovation. Through a comprehensive array of financial services, including retail banking, corporate banking, and wealth management, SBI caters to a wide-ranging customer base, facilitating personal loans, agricultural funding, and complex corporate financing.
At the heart of SBI's profitability lies its ability to deftly navigate the financial ecosystem by leveraging a vast pool of deposits, primarily sourced from its extensive customer base. By deploying these funds into various lending opportunities, from mortgages and personal loans to expansive corporate projects, SBI garners interest income — the lifeblood of its revenue structure. Additionally, the bank capitalizes on fee-based services, offering everything from credit card facilities to insurance products and investment advisory services. With a keen eye on risk management and asset quality, SBI maintains financial health and resilience, enabling it to weather economic fluctuations and maintain a stable footing. In essence, SBI operates as a financial juggernaut, orchestrating a delicate balance of resource mobilization, strategic lending, and service expansion to fuel both its own growth and that of the Indian economy.
Record Profit: SBI reported its highest ever quarterly net profit of INR 21,028 crores, up 24.49% year-on-year, driven by higher operating profitability and lower credit costs.
Credit Growth: The bank revised its credit growth guidance for the current quarter upwards from 12–14% to 13–15%, citing broad-based growth across all major segments.
Asset Quality: Asset quality remains strong, with gross NPA at 1.57% (down 50 bps YoY) and net NPA at 0.39% (down 14 bps YoY); provision coverage ratio improved to 75.54%.
Margins & NIM: Domestic net interest margin (NIM) for the quarter was 3.12%, with management maintaining a 3% NIM target through cycles.
Digital Expansion: Robust growth in digital channels, with new YONO registrations crossing 3 crore in a month and total digital customers at 9.65 crore.
Cost Control: Operating expenses were moderated, and the cost-to-income ratio is expected to remain below 50%.
Subsidiaries Growth: SBI’s subsidiaries, particularly mutual fund and life insurance, contributed meaningfully to profits and fee income.
Guidance Reaffirmed: Management reiterated targets for NIM (~3%), ROA (1%+ through cycles), and ROE (20.68%), and expects continued robust credit and digital-led growth.
Management
Ashwini Kumar Tewari has been a prominent figure in the Indian banking sector, primarily through his association with the State Bank of India (SBI). He has served in various significant roles within the SBI group, utilizing his extensive experience in both domestic and international banking. Tewari's career in the financial sector began with SBI, where he rose through the ranks due to his expertise and leadership skills. He has served as the Managing Director at SBI, responsible for International Banking, Global Markets, and subsidiaries, among other areas. His leadership has been instrumental in driving strategic initiatives and overseeing crucial business functions. Prior to his stint at SBI, Ashwini Kumar Tewari took on the role of Managing Director and CEO of SBI Card, which is the credit card division of the State Bank of India. His leadership at SBI Card was marked by efforts to transform the entity into a more efficient and customer-centric organization, contributing significantly to its growth in the competitive Indian credit card market. Tewari holds a degree in Electrical Engineering from IIT Kanpur and an MBA in Finance from the Faculty of Management Studies, University of Delhi. His educational background has complemented his practical experience, enabling him to bring analytical and strategic insights into his roles. Throughout his career, Ashwini Kumar Tewari has been recognized for his ability to handle complex banking operations and drive business growth while maintaining a focus on innovation and customer satisfaction. His contributions to SBI and the broader banking sector have made him a respected leader in the industry.
Tewari's career in the financial sector began with SBI, where he rose through the ranks due to his expertise and leadership skills. He has served as the Managing Director at SBI, responsible for International Banking, Global Markets, and subsidiaries, among other areas. His leadership has been instrumental in driving strategic initiatives and overseeing crucial business functions.
Prior to his stint at SBI, Ashwini Kumar Tewari took on the role of Managing Director and CEO of SBI Card, which is the credit card division of the State Bank of India. His leadership at SBI Card was marked by efforts to transform the entity into a more efficient and customer-centric organization, contributing significantly to its growth in the competitive Indian credit card market.
Tewari holds a degree in Electrical Engineering from IIT Kanpur and an MBA in Finance from the Faculty of Management Studies, University of Delhi. His educational background has complemented his practical experience, enabling him to bring analytical and strategic insights into his roles.
Throughout his career, Ashwini Kumar Tewari has been recognized for his ability to handle complex banking operations and drive business growth while maintaining a focus on innovation and customer satisfaction. His contributions to SBI and the broader banking sector have made him a respected leader in the industry.
Vinay M. Tonse is a seasoned banker with a distinguished career at the State Bank of India (SBI), one of the country’s largest banking institutions. Having joined SBI in 1988 as a Probationary Officer, he has accumulated extensive experience across various domains of banking over several decades. Throughout his career at SBI, Tonse has held several key leadership positions, gaining expertise in areas such as corporate banking, credit, treasury, and retail operations. One of his notable roles was serving as the Chief General Manager of the Bengaluru Circle, where he oversaw the bank's operations and business development across the state of Karnataka. Tonse's leadership and strategic vision have been instrumental in driving growth and enhancing the bank's customer service and operational efficiency. His dedication and contributions have made significant impacts on the bank’s success as well as its ability to adapt to changing market conditions. In addition to his role within SBI, Vinay M. Tonse has also represented the bank in various forums, contributing to discussions on banking trends and economic policies. His vast experience and deep understanding of the banking sector have made him a respected figure in Indian banking circles.
Throughout his career at SBI, Tonse has held several key leadership positions, gaining expertise in areas such as corporate banking, credit, treasury, and retail operations. One of his notable roles was serving as the Chief General Manager of the Bengaluru Circle, where he oversaw the bank's operations and business development across the state of Karnataka.
Tonse's leadership and strategic vision have been instrumental in driving growth and enhancing the bank's customer service and operational efficiency. His dedication and contributions have made significant impacts on the bank’s success as well as its ability to adapt to changing market conditions.
In addition to his role within SBI, Vinay M. Tonse has also represented the bank in various forums, contributing to discussions on banking trends and economic policies. His vast experience and deep understanding of the banking sector have made him a respected figure in Indian banking circles.
Pravin Raghavendra is a senior executive at the State Bank of India (SBI), one of the largest public sector banks in India. He is known for his extensive experience in the banking sector and has held several key positions within the organization. As an officer at SBI, he has played a significant role in driving the bank's strategic initiatives, focusing on enhancing customer experience, digital banking, and operational efficiency. His leadership style emphasizes innovation and adaptability in the ever-evolving banking landscape. Under his stewardship, SBI has undertaken various projects to strengthen its market presence and improve its service offerings. Pravin Raghavendra is revered for his commitment to excellence and his contributions to the banking industry.
Rana Ashutosh Kumar Singh is a notable executive at the State Bank of India (SBI). He serves as the Chief General Manager of Wealth Management, a division focused on providing comprehensive financial and investment services to high-net-worth individuals and clients. Known for his strategic vision and leadership capabilities, Singh has played an instrumental role in expanding and enhancing the wealth management services at SBI, aligning with international standards and customer expectations. With a prolific career at SBI spanning various roles across the banking spectrum, Singh has accumulated extensive experience in retail banking, strategic planning, and operations. His innovative approach and deep understanding of the financial landscape have helped him drive several successful initiatives aimed at enhancing customer engagement and service delivery. Singh is highly regarded for his ability to lead teams and manage complex projects, which has been critical in modernizing the wealth management offerings at SBI and ensuring that they remain competitive in an ever-evolving market. His contributions have significantly strengthened SBI's position in the financial services sector.
With a prolific career at SBI spanning various roles across the banking spectrum, Singh has accumulated extensive experience in retail banking, strategic planning, and operations. His innovative approach and deep understanding of the financial landscape have helped him drive several successful initiatives aimed at enhancing customer engagement and service delivery.
Singh is highly regarded for his ability to lead teams and manage complex projects, which has been critical in modernizing the wealth management offerings at SBI and ensuring that they remain competitive in an ever-evolving market. His contributions have significantly strengthened SBI's position in the financial services sector.
Binod Kumar Mishra is an executive at the State Bank of India (SBI), one of the largest and oldest public sector banks in India. With a career spanning several decades at SBI, Mishra has held various roles, contributing significantly to the bank's operations and growth. Known for his expertise in banking and financial management, he has been involved in strategic planning and implementation within the bank. Over the years, Mishra has been recognized for his leadership skills and ability to drive innovation and efficiency in banking processes. His work has played a role in modernizing SBI's operations and enhancing customer service.
Saloni Narayan is a distinguished banking professional who has held a significant position in the State Bank of India (SBI), one of India's largest and most prestigious banks. She served as the Deputy Managing Director (DMD) of the bank. In her role, she was responsible for overseeing key functions related to corporate banking and business operations, contributing to the growth and strategic development of the bank. With a career spanning over three decades at SBI, Saloni Narayan has extensive experience in various aspects of banking, including corporate credit, risk management, and international banking. She has been instrumental in steering initiatives that aligned with SBI's objectives of enhancing customer experience, strengthening operational frameworks, and driving digital transformation within the bank. Her leadership and vision have been pivotal in navigating the complex financial landscape, and she has played a critical role in maintaining SBI's position as a leading bank in India. Saloni Narayan's contributions have been widely recognized for their impact on both the bank's operations and the broader financial sector.
With a career spanning over three decades at SBI, Saloni Narayan has extensive experience in various aspects of banking, including corporate credit, risk management, and international banking. She has been instrumental in steering initiatives that aligned with SBI's objectives of enhancing customer experience, strengthening operational frameworks, and driving digital transformation within the bank.
Her leadership and vision have been pivotal in navigating the complex financial landscape, and she has played a critical role in maintaining SBI's position as a leading bank in India. Saloni Narayan's contributions have been widely recognized for their impact on both the bank's operations and the broader financial sector.
Nitin Chugh is a prominent banking professional who has made significant contributions to the Indian banking sector. He is the Deputy Managing Director (DMD) and Head of Digital Banking at the State Bank of India (SBI). With a strong background in digital transformation, Nitin Chugh plays a pivotal role in steering the digital initiatives of SBI, focusing on innovation, customer experience, and technology-driven solutions. Before his role at SBI, Nitin Chugh was the Managing Director and Chief Executive Officer of Ujjivan Small Finance Bank. He has also served in various leadership positions at HDFC Bank, where he was instrumental in driving the digital banking division. Nitin Chugh's career is marked by his expertise in retail banking, digital banking solutions, and his forward-thinking approach to integrating technology with traditional banking services. His vision and leadership continue to shape the digital landscape of India's banking industry.
Before his role at SBI, Nitin Chugh was the Managing Director and Chief Executive Officer of Ujjivan Small Finance Bank. He has also served in various leadership positions at HDFC Bank, where he was instrumental in driving the digital banking division. Nitin Chugh's career is marked by his expertise in retail banking, digital banking solutions, and his forward-thinking approach to integrating technology with traditional banking services. His vision and leadership continue to shape the digital landscape of India's banking industry.
Ms. Vidya Krishnan is a prominent executive in the State Bank of India (SBI), holding the position of Chief General Manager. She has been instrumental in leading various strategic initiatives within the bank, contributing to its growth and innovation in banking services. Under her leadership, SBI has focused on enhancing customer experience and implementing technological advancements to streamline banking operations. Ms. Krishnan's extensive experience in the banking industry spans several years, and she is recognized for her expertise in risk management, retail banking, and strategic planning. Her contributions have significantly impacted SBI's reputation as a leading financial institution in India.
