State Bank of India announced to open 300 new branches this year, Check Total Branches of SBI
State Bank of India (SBI), India’s largest financial institution, has announced plans to establish 300 new branches across the country within the current financial year. Presently, SBI operates a network of 22,405 domestic branches and has an additional 235 foreign branches and offices.
Dinesh Khara, Chairman of SBI, shared during a recent engagement with analysts that the bank’s focus is on expanding its digital operations while simultaneously bolstering its physical presence. He mentioned, “We are looking to expand our digital operations. And when it comes to physical (banking), we intend to add about 300 branches in the current (financial) year, depending on where these are required.” Khara also highlighted the bank’s interest in enhancing its business correspondent services.
Alok Kumar Choudhary, SBI’s Managing Director responsible for retail business and operations, emphasized the institution’s strategic approach. He stated, “With this kind of footprint, what we’re more interested in is deepening relationships with existing franchises, and sweating the assets we already have. Somebody is building an asset, we already have an asset and we’re trying to sweat it out.” Choudhary noted that SBI’s well-established systems, governance, and extensive experience in the industry shape their distinctive priorities.
Dinesh Khara projected that SBI’s Net Interest Margin (NIM) would reach approximately 3.5 percent during the ongoing fiscal year. He expressed his expectation of a 3.47 percent NIM and emphasized the bank’s commitment to maintaining this level.
In the first quarter of the current fiscal year, SBI achieved its highest-ever quarterly profit, totaling Rs 16,884 crore. This impressive performance was driven by a decline in non-performing assets, increased loan growth, and higher interest rates. Comparatively, the bank’s net profit during the same period in the previous year was Rs 6,068 crore.
