SBI Gets its Homegrown CFO

The past few years have been generous to the State Bank of India. In the April - June quarter of the current financial year, the SBI has achieved 13.9 percent growth in gross advances, and it expects a growth north of 12 percent. India’s largest public-sector lender is all set to use the momentum. The appointment of Kameshwar Rao Kodavanti as its Chief Financial Officer (CFO) can be seen as a predominant step toward this. Kodavanti, who has been with the bank since 1991, replaces Charanjit Surinder Singh Attra, who has resigned from the post.

SBI had recorded a remarkable 83 percent year-on-year (YoY) increase in net profit for the fourth quarter ended March 31, 2023, surpassing market estimates. The bank’s net profit increased from Rs. 9,113 crore in the corresponding quarter of the previous financial year to Rs. 16,694 crore. Indeed, for the entire financial year 2022-23, SBI achieved a profit of Rs. 50,232 crore, a significant increase from Rs. 31,675 crore in 2021-22. This marks SBI’s highest-ever quarterly and yearly profit.

Furthermore, according to what the bank informed the exchanges, the executive committee of SBI central board has approved raising $2 billion of long-term funds through a public offer or private placement of senior unsecured notes or bonds in the US dollar or any other convertible currency during FY24. It is beyond any reasonable doubt that the new CFO will also have huge pressure on his shoulders to continue the growth and grow the numbers. His unparalleled experience with the bank will be his greatest asset. Kodavanti has been working with the State Bank of India since August 1991 and has experience in the fields of banking, forex, finance, and accounting. We present our yearly Chief Financial Officers special issue. Do let us know your thoughts.