SBI shares decline 3%, emerge as biggest loser on SENSEX

Shares of State Bank of India (SBI) slipped as much as 2.9% to ₹794.70 apiece on the BSE in the morning trade on Friday, September 6.

Last month, the government appointed CS Setty as chairman of the country's biggest lender, SBI, for a period of three years. Setty, currently senior most MD of the bank, replaced incumbent chairman Dinesh Kumar Khara on August 28.

The Appointments Committee of the Cabinet (ACC) had approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge, a government order said.

Khara superannuated on August 28, when he turned 63, the upper age limit for the position of SBI chairman.

Besides, the government also appointed Rana Ashutosh Kumar Singh to take over as managing director (MD) at SBI. SBI, the country's largest lender, has a chairman assisted by four MDs.

Singh, currently DMD, will serve as MD till June 30, 2027, the age of superannuation, another order said.

Setty, who also headed various task forces and committees formed by the Government of India, had earlier looked after the retail and digital banking portfolio of the bank.

SBI Q1 FY25 Results

The bank's total income increased to ₹1,22,688 crore in the first quarter against ₹1,08,039 crore a year ago, SBI said in a regulatory filing.

During the quarter, the bank earned an interest income of ₹1,11,526 crore compared to ₹95,975 crore in the year-ago period. The bank's gross non-performing assets (NPA) of the total advances declined to 2.21% in the first quarter from 2.76% at June-end last year.

At 10:32 AM, shares of SBI were trading 2.87% lower at ₹795.10 apiece on the BSE. The stock has rallied 40% in the past 12 months and 190% over the past five years.