SBI domestic advances development at a rate of 5.7 percent
The country’s largest lender, State Bank of India NSE -1.38 per cent, reported a resurgence in domestic advances growth to 5.67% in 2020-21, while corporate credit de-grew by more than 3%, according to the bank’s annual report for FY21, which was issued on Friday.
Despite the ongoing pandemic, the State Bank of India (SBI) said that its business growth remained healthy in the fiscal year ending March 2021.
According to the report, deposits increased by double digits, while advances recovered from the previous fiscal year.
Credit offtake at all scheduled commercial banks (SCBs) continued to fall and reached a 59-year low of 5.6%, according to State Bank of India.
However, according to the bank’s annual report, SBI’s domestic advances growth has returned and increased by 5.67% to over Rs 21.82 lakh crore, compared to 3.75 per cent growth in FY2020.
Foreign office advances increased by 0.14 per cent to Rs 3.57 lakh crore. Thus, total advances increased 4.81 per cent to Rs 25.39 lakh crore in FY 2020-21 from Rs 24.23 lakh crore the previous year, according to the report.