The State Bank of India (SBI) is currently in the process of hiring nearly 12,000 employees for various roles, including IT. This announcement was made by the Chairman of SBI, Dinesh Khara, on Thursday. The bank aims to train these new employees and equip them with the necessary skills for their respective positions. Read: SBI reports Rs.20,698 crore profit for March Quarter 2024.
Employee Strength and Profile
As of FY24, SBI had a total employee strength of 2,32,296, which was slightly lower than the previous fiscal year’s count of 2,35,858. Around 11,000 to 12,000 employees are currently in the hiring process, indicating the bank’s efforts to strengthen its workforce.
Chairman Khara mentioned that while these new hires are generally employees, there is a significant emphasis on engineering backgrounds. He stated that approximately 85% of associates and officers at SBI have an engineering background. This highlights the bank’s focus on incorporating technical expertise into its operations. Read: SBI reports Rs.20,698 crore profit for March Quarter 2024.
Training and Role Allocation
The Chairman explained that the new hires will receive initial exposure to the banking industry to enhance their understanding. Following this, they will be allocated to various associate roles within the bank. Additionally, some of the new employees will be directed towards IT-related positions, reflecting the bank’s recognition of the importance of technology in modern banking.
Financial Performance and Dividend Announcement
SBI reported a 24% increase in net profit at Rs 20,698 crore in the fourth quarter of FY24. This positive financial performance allowed the bank to declare a dividend of Rs 13.70 per share for FY24. Moreover, SBI was able to reduce its net non-performing assets (NPA) to 0.57% as compared to 0.67% in the previous year. This improvement in asset quality demonstrates the bank’s commitment to managing risks effectively.