SBI: Customer Centric Approach
State Bank of India (SBI) has maintained its position in the top-10 of the Most Respected Companies list, despite slipping one spot from last year's rankings. The bank's reputation is bolstered by its strong financial returns, innovative products and services, and trustworthy leadership. With over 200 years of legacy, SBI provides a broad range of products and services through its extensive network of branches and outlets, serving a customer base of almost 46.77 crore.
SBI is also a market leader in government business, with a turnover of Rs 55.18 lakh crore in FY22, and a leader in SME financing, with total SME advances amounting to Rs 3.06 lakh crore in the same period. The bank is also the second-largest credit card issuer in India. Despite the challenges posed by the pandemic, SBI continued to show double-digit growth in FY2022, attributed to the gradual improvement in economic activity.
During FY2022, SBI's total deposits grew 10 per cent, exceeding Rs 40 lakh crore, with domestic deposits growing 9.8 per cent to Rs 39.20 lakh crore. The CASA deposits grew 7.78 per cent to Rs 17.75 lakh crore, mainly due to a sustained growth of 10.45 per cent in saving bank deposits. Despite the low interest rate environment, SBI maintained a CASA ratio of 45.28 per cent as of March FY2022. The bank opened 98.75 lakh new savings bank accounts during the year, 63 per cent of these through the YONO portal/app. Advances for SBI also grew 11 per cent to Rs 28.18 lakh crore, with domestic loan growth led by a healthy 15.11 per cent growth in retail personal loans, which now account for 41.6 per cent of domestic advances.
SBI's performance in FY2022 reflects its continued commitment to providing innovative products and services to meet the needs of its customers while maintaining its position as a market leader. The bank's focus on expanding its customer base, growing deposits, and advancing loans has helped it maintain its position among India's Most Respected Companies.
Big CSR Push
SBI scored well on the parameters of CSR. During FY22, the total CSR spend by the bank stood at Rs 204.10 crore (1 per cent of the net profit of Rs 20,410 crore for FY2021), with Rs 102.56 crore allocated to the SBI Foundation. The bank’s CSR activities for FY22 were focused on rural and slum area development, health care and sanitation, education, environment sustainability, tribal welfare, empowerment of women and senior citizens and supporting sports and athletes. In early FY22, SBI spent a total of Rs 71 crore, i.e. 35 per cent of the total CSR spends towards the fight against Covid-19. It distributed food and ration kits, healthcare equipment like PPEs, masks, and oximeters. It also created Covid-care centres. SBI is also supporting women empowerment activities by setting up Bharosa Centre at Karimnagar, Telangana, to provide integrated support and assistance to women and children affected by violence, both in private and public spaces, under one roof.
The public sector bank also supported the Swachch Bharat mission through procurement and installation of High Mast Solar Lights in the 27 gram panchayats of Khurda District, Orissa.
In line with the country’s vision for scaling up renewable energy (RE) power generation, SBI is also facilitating RE financing in a big way. FY22 saw the dual listing of SBI’s Green Bonds worth USD 650 million on the India International Exchange and the Luxembourg Stock Exchange.
