State Bank of India’s Chairman, Dinesh Khara, said on August 4 that SBI is the leading bank in providing home loans. He mentioned that their mortgage book is worth over ₹6.52 lakh crore as of June, growing close to 14 percent compared to the previous year.
HDFC Bank, which merged with HDFC on July 1, has not been very active in the home loan market. Analysts estimate that their combined mortgage book is ₹7.3 lakh crore as of March 31, 2023, but the bank didn’t disclose the numbers in the June quarter earnings report.
SBI became the top player in home loan assets in February 2021, with a 23.5 percent market share, surpassing HDFC with 17 percent market share.
Khara expressed confidence in SBI’s continued growth, and they reported their highest-ever profits of ₹16,884 crore for the quarter. In Q1FY24, SBI’s home loan book grew to ₹6,52,548 crore, and he expects further growth with the upcoming festival season. The bank has set internal targets to reach ₹10 lakh crore by the next five years and ₹7 lakh crore by FY24.