SBI plans to hire 12,000 employees for IT and other roles

State Bank of India (SBI), the country’s largest lender, is embarking on a hiring spree, aiming to recruit approximately 12,000 employees for various roles, including information technology (IT). SBI Chairman, Dinesh Khara, announced this initiative on May 9, highlighting the bank’s focus on bolstering its workforce with skilled professionals. The new recruits will undergo training to gain insights into banking operations before being deployed into associate roles, with a portion directed towards IT positions.

Khara emphasized that a significant portion of the new hires would possess engineering backgrounds, aligning with the bank’s strategy to integrate technology into its operations effectively. Moreover, SBI is actively seeking candidates with specialized technology skills to meet evolving demands in the digital landscape.

The bank’s decision to ramp up its workforce comes on the heels of its robust financial performance, as evidenced by a 24 per cent increase in net profit for the quarter ended March 31, 2024. SBI reported a net profit of Rs 20,698 crore, surpassing analysts’ estimates and reflecting strong loan demand. This growth trajectory is further supported by a 19 per cent increase in interest earned, reaching Rs 1.11 lakh crore.

Despite the challenging economic climate, SBI’s asset quality exhibited improvement, with both gross and net non-performing asset (NPA) ratios declining compared to the previous year. The GNPA, in particular, reached a 10-year low at 2.24 per cent, underscoring the bank’s proactive measures in managing credit risk.

In light of its robust financial performance and strategic workforce expansion, SBI remains poised to navigate dynamic market conditions effectively. The bank’s prudent approach to talent acquisition reflects its commitment to sustaining growth and enhancing operational efficiency in an increasingly competitive banking landscape.