State Bank of India (SBI) has declared a profit of Rs 14,488 crore in FY20. This is so far the highest profit in the lender’s history. A Rs 6215 crore profit boost to the Public Sector Bank’s bottom line was gained by stake sales in SBI Life Insurance Company and SBI Cards & Payment Services, during the year.
For Q4FY20, the lender declared a profit of Rs 3581 crore, a decline of 35 percent as compared to the previous quarter.
Rajnish Kumar, Chairman of SBI said that the bank, as per latest count, had 49 crore customers, and on March 31 alone it had serviced around 25 crore transactions digitally. Commenting on the lender’s growth, which was expected to be 12 percent for FY21, and achieving the figure was doubtful, said Kumar.
On the RBI’s moratorium relief, Kumar said that 21.8 percent customers had agreed to for the moratorium relief, of which 23 percent were term loans. Besides, Kumar said 82 percent of customers had already cleared 2 or more installments during the period from March, percentwhilst 92 percent customers had pa