State Bank of India (SBI) is embarking on a mission to become the most valued financial institution in the country under the leadership of its new Chairman, Challa Sreenivasulu Setty. Setty, who recently assumed charge as the chairman of India’s largest bank, expressed his vision for SBI to achieve new milestones and increase its net profit, emphasizing that this is India’s decade of growth and transformation.
In his message to employees, Setty acknowledged SBI’s current position as a market leader with over 50 crore customers and a 1 per cent Return on Assets on one of the country’s largest balance sheets. He credited the bank’s progress over the past decade, noting that SBI’s global rank among banks has risen significantly from 52 to 17 in terms of market capitalization. Setty expressed gratitude to his predecessors for laying a strong foundation for the bank’s growth and success.
Looking ahead, Setty outlined his strategic priorities for SBI, stating, “We have to strive to become the most valued financial institution, increase our net profit to reach new milestones, reinforce our image as the banker to every Indian, touching lives all-round, achieve service excellence, strategic leadership, and be an employer of choice.” He emphasized the importance of building on the bank’s past achievements to position SBI as the ‘Best Bank’ in the country.
One of SBI’s key accomplishments highlighted by Setty was the bank’s profit of Rs 61,077 crore in FY24, a 22 per cent increase from the previous financial year. In FY24, State Bank of India alone contributed over 40 per cent to the total profit of Rs 1,41,203 crore generated by 12 public sector banks. Setty recognized the efforts of SBI employees in driving the bank’s financial performance and called for their continued support in achieving the institution’s goals.
As India undergoes significant economic and structural changes, Setty sees an opportunity for SBI to play a leading role in the country’s development. He emphasized the importance of adapting to the evolving financial landscape and maintaining SBI’s position as a trusted financial partner for all Indians. Setty urged employees to embrace innovation, excellence, and strategic thinking to propel SBI to new heights of success in the coming years.
Setty’s appointment as Chairman of SBI follows the superannuation of Dinesh Khara, who led the bank with distinction until August 27. Prior to becoming Chairman, Setty served as the senior-most managing director of SBI, bringing a wealth of experience and expertise to his new role. As per the bank’s tradition, the chairman is chosen from a pool of serving managing directors, with the senior-most managing director typically assuming the position.
In his new role, Setty is committed to leading SBI with care, consideration, and a focus on innovation and growth. He expressed confidence in the bank’s ability to navigate the challenges and opportunities ahead, emphasizing the importance of collaboration, creativity, and continuous improvement. Setty’s leadership style reflects his belief in the potential of SBI to excel in a rapidly changing financial landscape and contribute to India’s economic development.
As SBI embarks on a new chapter under Setty’s leadership, the bank is poised to strengthen its position as a market leader, drive growth and innovation, and enhance its value proposition for customers and stakeholders. With a clear vision and strategic direction, SBI aims to make this decade not only India’s but also its own, solidifying its reputation as a trusted and respected financial institution in the country.