SBI to earn profits this year: Chairman
State Bank of Bank (SBI) Chairman Rajnish Kumar on Friday expressed hope that this year, the bank will get profits as the major chunk of provisioning for bad loans was done in the first quarter.
Hyderabad: State Bank of Bank (SBI) Chairman Rajnish Kumar on Friday expressed hope that this year, the bank will get profits as the major chunk of provisioning for bad loans was done in the first quarter.
Addressing at a press conference here, Mr Rajnish said a lot of provisionining was done in March quarter as well as in June quarter.
Expressed hope that in this year , the bank will get profits. It means whatever loss, we shown first quarter this year, we will not only recover it, but also show profit in this year.
He said the bank made a provisioning of Rs 70,000 crore in FY 18 against Rs 55,000 crore in FY17.
Currently, there is no cash crunch and we are handling 42 cror e saving accounts across the country, he infromed.
He is also seeing signs of investment demand recovery. "I don't have (a) pipeline of investments in (the) private sector. But there is huge investment happening in the roads sector," he said.
SBI is projecting a 10 per cent credit growth for FY19 and is looking for a mix of 60 per cent retail assets and 40 per cent corporate assets.
As part of modernisation of ATMs across the country , we will replace the old ATMs by adopting a new software, he said.
To a question, SBI Chief said the interests are stablising and would not foresee any major changes.
The bank is taking more initiatives to reduce the restree on the employees, he said the bank would recruit 8,000 clerical staff in the fiscal besides 2,000 probationary officers (Pos) and with this, the bank's headcount would be touched about Rs 2.60 lakh.