The State Bank of India (SBI) recorded a rebound in domestic advance growth to 5.67 percent in 2020-2021, while business credit declined by more than 3 percent, the bank said in its report on Friday. annual for fiscal year 21.
SBI said that despite the ongoing pandemic, its business growth remained robust in the fiscal year ended March 2021.
Deposits increased by double digits, while advances rebounded from a year ago, he said. Credit underwriting of all scheduled commercial banks (BSCs) continued its downward trend and hit a low of 5.6% in 59 years, the SBI said.
However, the growth of the SBI’s domestic advances rebounded and rose 5.67 percent to more than 21.82 trillion rupees, from growth of 3.75 percent for fiscal 2020, the SBI said in its annual report. Growth in advances from overseas offices contracted 0.14% to 3.57 trillion rupees. Thus, gross advances increased 4.81 percent to 25.39 trillion rupees in fiscal year 2020-21 from the previous year’s level of 24.23 lakh crore, he said. he declares. The bank’s strong domestic lending growth was driven by growth in retail personal loans, which rose 16.47% to Rs 8.71 crore in the year under review, driven by home loans , Xpress credit and gold loans, the lender said.
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The growth was in line with the bank’s strategy towards this segment, driven by robust digital channels, he said. Within retail and home loans, Xpress credit and gold loans increased dramatically by 10.51 percent to Rs 5,03779 crore, 36.49 percent to Rs 1,92780 crore and 465.08 % to Rs 20,987 crore, respectively.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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