SBI reports highest profit; broking houses lauding us: Chairman Dinesh Khara

Chairman Dinesh Khara said, “SBI is a ‘proxy to the Indian economy.’ This is because the bank gets the patronage of 47 crore customers and is practically a banker to every household”.

Chairman of the country's biggest lender State Bank of India (SBI) Dinesh Khara on November 26 asserted that analysts and broking houses are praising the financial performance of the bank which reported its highest profits recently.

“For the first time, SBI registered the highest-ever profits recorded by any corporate house,” Mr. Khara said.

"In the recent quarterly results, the bank's profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and analysts and broking houses are praising this," he said.

In the second quarter of the current financial year, the net profit of the lender stood at ₹13,265 crore, higher by 74% compared to the previous similar period. Naming broking houses, he said, "Motilal Oswal Securities had stated SBI is in a cruising mood. ICICI Securities said SBI is firing on all cylinders".

Mr. Khara said SBI is a "proxy to the Indian economy. This is because the bank gets the patronage of 47 crore customers and is practically a banker to every household".

With India already becoming the fifth largest economy, he said perhaps by 2027, the country would be the third largest in terms of the size of the economy. But, Mr. Khara also said there is a need for improvement in customer service as there are many options available today.