SBI can handle any Covid crisis: Dinesh Kumar Khara

Mumbai: The country's largest lender State Bank of India (SBI) has adjusted to the challenges presented by the Covid-19 pandemic and is well poised to deal with any further pandemic-induced disruptions, its Chairman Dinesh Kumar Khara said.

He said the bank is comfortably placed in terms of growth capital and it will explore opportunities for lending in promising sectors to diversify the portfolio and to contain the risks.

"The bank has adjusted to the challenges posed by the Covid-19 pandemic and is better positioned to tackle any subsequent wave," Khara said while addressing the bank's shareholders at the 66th annual general meeting held virtually.

"I am cautiously optimistic that the performance trajectory for the FY2021 will continue in FY2022 as well," he said. During the financial year ended March 31, 2021, the bank reported the highest-ever standalone net profit of Rs 20,410 crore against a net profit of Rs 14,488 crore in the previous year.

The gross NPAs ratio declined to 4.98 per cent in FY21 from 6.15 per cent in the last year. The PCR (provisioning coverage ratio) also improved to 87.75 per cent. Khara said the business continuity plans that were chalked out have worked well for the bank, and it was reflected in various parameters of the consolidated financial statements as of March 2021.