The past few years have been generous to the State Bank of India. India’s largest public sector lender is all set to use the momentum. One of the predominant steps toward this is the appointment of Kameshwar Rao Kodavanti as its Chief Financial Officer (CFO). Kodavanti, who has been with the bank since 1991, replaces Charanjit Surinder Singh Attra, who has resigned from the post.

SBI 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 State Bank of India’s (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.