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Economic Times
19-05-2025
- Business
- Economic Times
SBI's record USD 9.2 bn profit fuelled by relatively small digital cohort
New Delhi: State Bank of India posted record profits of about USD 9.2 billion in fiscal ending March 2025, becoming only the third Indian company, after Reliance Industries and ONGC, to feature in the Global Top 100 companies ranked by net profit. However, bulk of SBI's profits are driven by a relatively small digital cohort, Rajendra Srivastava, who is considered India's Philip Kotler, said in a post on The impressive growth in profitability of India's largest lender lies within a bold digital pivot that began several years ago. "The story of SBI's profitability is, in many ways, the story of YONO," he wrote. The You Only Need One (YONO) app was launched in November 2017. What began as a response to growing fintech disruption has transformed into a pillar of SBI's growth strategy. YONO today has over 74 million registered users, a digital user base that rivals any private player or fintech startup in the country. The platform has enabled over Rs 3.2 lakh crore in loan disbursements since inception and contributes significantly to the bank's retail loan book. Daily logins on the platform exceed 10 million, and 65 per cent of SBI's savings account transactions are now routed through YONO. YONO is much more than a banking app, it's a full-fledged ecosystem or digital marketplace. Users can open accounts, invest in mutual funds, buy insurance, shop online, book travel, apply for loans, and even access government services. This all-in-one strategy is delivering tangible returns by deepening customer lock-in, protecting cash flows, and building long-term resilience. "SBI services over 500 million accounts, making it the largest bank in the world by customer base. However, only around 74 million (approx. 14 per cent) of these accounts are YONO users. This presents a paradox: the bulk of SBI's profits are driven by a relatively small digital cohort, while the remaining 370 million accounts represent low-margin, high-cost liabilities service segment," he wrote. Dormant and low-balance accounts, many of them legacy accounts opened for financial inclusion purposes, continue to weigh on operating costs. Stating that financial inclusion is important, he said the question is whether a sprawling network of 20,000 branches with 220,000 employees is the most efficient way to deliver financial inclusion in 2025. India's Digital Public Infrastructure (DPI) consisting of Aadhaar, UPI, internet connectivity, and smartphone access have revolutionised access to financial services. The very rationale for SBI's physical branches needs re-evaluation when even rural citizens are today transacting seamlessly through mobile phones. "Despite record-breaking profits, SBI continues to trade at a lower Price-to-Book (P/B) ratio of 1.4 compared to its private sector peers. HDFC Bank (2.8) and ICICI Bank (3.3) enjoy higher market valuations because they are perceived as leaner, more agile, and more digitally native by investors," he said, adding the private sector banks operate with lower capex on branches and infrastructure, leaner employee bases with higher productivity, lower NPAs and stronger risk perception in the market. SBI's discounted P/B, compared to its peers in the domestic market, reflects investor concerns about structural inefficiencies in asset utilization, not financial performance per se, he said. Srivastava, who is the former Dean of the Indian School of Business (ISB) and the Novartis Professor of Marketing strategy and Innovation, said SBI must prioritize YONO. "With a relatively small incremental investment, SBI can convert more of its legacy customers into digital users, reducing cost-to-serve," he said. It can also phase out low-ROI physical infrastructure such as underutilised branches and ATMs, trim administrative overheads linked to dormant or low-balance accounts, improve customer lifetime value through cross-selling within the YONO ecosystem and expand its footprint beyond traditional geographies without incremental capex. "This is likely to bring in strategic relevance in an age where fin-techs are redefining customer experience. SBI cannot afford to treat YONO as an ancillary channel, it must become the core engine of customer engagement and revenue generation," he said. Globally, the BFSI sector is undergoing a transformation, driven by digital-first banking models. Operating efficiency, capital-light growth, and personalised digital experiences are no longer luxuries - they are imperatives. "Digital banks have consistently outperformed legacy institutions in metrics like cost-to-income ratio, customer acquisition cost, and return on assets. In India, this trend is visible in the meteoric rise of fintechs like Paytm, PhonePe, and Zerodha. But unlike them, SBI has scale, trust, and regulatory comfort which can be leveraged not only for competitive advantage, but to meet its larger purpose of financial inclusion," he said. SBI, he said, has already proved that it can deliver profits at par with the best in the world. "Now it must prove that it can earn the valuation premium that comes with being future-ready." SBI could potentially double its market capitalisation without doubling its branch network or employee headcount if it were to double YONO user penetration to serve most rural and urban accounts through a mobile app, he said. "In future, SBI can become a beacon for all public sector companies, demonstrating that profitability, efficiency, and inclusion are not mutually exclusive. Higher levels of equity capital add to resources available to compete globally. India needs more financial firepower to fuel its growth ambitions. Doing well will also enable SBI to do good for the nation," he added.
Time of India
19-05-2025
- Business
- Time of India
SBI's record USD 9.2 bn profit fuelled by relatively small digital cohort
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: State Bank of India posted record profits of about USD 9.2 billion in fiscal ending March 2025, becoming only the third Indian company, after Reliance Industries and ONGC , to feature in the Global Top 100 companies ranked by net profit. However, bulk of SBI 's profits are driven by a relatively small digital cohort, Rajendra Srivastava, who is considered India's Philip Kotler, said in a post on impressive growth in profitability of India's largest lender lies within a bold digital pivot that began several years ago. "The story of SBI's profitability is, in many ways, the story of YONO," he You Only Need One (YONO) app was launched in November 2017. What began as a response to growing fintech disruption has transformed into a pillar of SBI's growth strategy. YONO today has over 74 million registered users, a digital user base that rivals any private player or fintech startup in the platform has enabled over Rs 3.2 lakh crore in loan disbursements since inception and contributes significantly to the bank's retail loan book. Daily logins on the platform exceed 10 million, and 65 per cent of SBI's savings account transactions are now routed through is much more than a banking app, it's a full-fledged ecosystem or digital marketplace. Users can open accounts, invest in mutual funds, buy insurance, shop online, book travel, apply for loans, and even access government services. This all-in-one strategy is delivering tangible returns by deepening customer lock-in, protecting cash flows, and building long-term resilience."SBI services over 500 million accounts, making it the largest bank in the world by customer base. However, only around 74 million (approx. 14 per cent) of these accounts are YONO users. This presents a paradox: the bulk of SBI's profits are driven by a relatively small digital cohort, while the remaining 370 million accounts represent low-margin, high-cost liabilities service segment," he and low-balance accounts, many of them legacy accounts opened for financial inclusion purposes, continue to weigh on operating that financial inclusion is important, he said the question is whether a sprawling network of 20,000 branches with 220,000 employees is the most efficient way to deliver financial inclusion in Digital Public Infrastructure (DPI) consisting of Aadhaar, UPI, internet connectivity, and smartphone access have revolutionised access to financial services. The very rationale for SBI's physical branches needs re-evaluation when even rural citizens are today transacting seamlessly through mobile phones."Despite record-breaking profits, SBI continues to trade at a lower Price-to-Book (P/B) ratio of 1.4 compared to its private sector peers. HDFC Bank (2.8) and ICICI Bank (3.3) enjoy higher market valuations because they are perceived as leaner, more agile, and more digitally native by investors," he said, adding the private sector banks operate with lower capex on branches and infrastructure, leaner employee bases with higher productivity, lower NPAs and stronger risk perception in the discounted P/B, compared to its peers in the domestic market, reflects investor concerns about structural inefficiencies in asset utilization, not financial performance per se, he who is the former Dean of the Indian School of Business (ISB) and the Novartis Professor of Marketing strategy and Innovation, said SBI must prioritize YONO."With a relatively small incremental investment, SBI can convert more of its legacy customers into digital users, reducing cost-to-serve," he can also phase out low-ROI physical infrastructure such as underutilised branches and ATMs, trim administrative overheads linked to dormant or low-balance accounts, improve customer lifetime value through cross-selling within the YONO ecosystem and expand its footprint beyond traditional geographies without incremental capex."This is likely to bring in strategic relevance in an age where fin-techs are redefining customer experience. SBI cannot afford to treat YONO as an ancillary channel, it must become the core engine of customer engagement and revenue generation," he the BFSI sector is undergoing a transformation, driven by digital-first banking models. Operating efficiency, capital-light growth, and personalised digital experiences are no longer luxuries - they are imperatives."Digital banks have consistently outperformed legacy institutions in metrics like cost-to-income ratio, customer acquisition cost, and return on assets. In India, this trend is visible in the meteoric rise of fintechs like Paytm, PhonePe, and Zerodha. But unlike them, SBI has scale, trust, and regulatory comfort which can be leveraged not only for competitive advantage, but to meet its larger purpose of financial inclusion," he he said, has already proved that it can deliver profits at par with the best in the world. "Now it must prove that it can earn the valuation premium that comes with being future-ready."SBI could potentially double its market capitalisation without doubling its branch network or employee headcount if it were to double YONO user penetration to serve most rural and urban accounts through a mobile app, he said."In future, SBI can become a beacon for all public sector companies, demonstrating that profitability, efficiency, and inclusion are not mutually exclusive. Higher levels of equity capital add to resources available to compete globally. India needs more financial firepower to fuel its growth ambitions. Doing well will also enable SBI to do good for the nation," he added.
Mint
24-04-2025
- Mint
SBI YONO app registration: Complete process for new and existing users
In the ever evolving digital age, India's leading multinational public sector bank, the State Bank of India (SBI) has eased and streamlined its operations through the YONO (You Only Need One) application. This particular application has raised the bar for users to experience seamless banking and make the most of the digital services provided by the bank. Through this article let us look at the detailed guide for Indian users to download and register for the SBI YONO application. This will help users in managing their accounts in a transparent and easy to use manner. To start the process, the SBI YONO application can be downloaded from the Apple App Store for all Apple device users and through the Google Play Store for all android users. To make this process seamless it is crucial to ensure that your mobile number is registered with SBI. As after downloading the application you will not be able to proceed with your login if your mobile number is not registered with the bank. Now if you are a user who already has the SBI internet banking login credentials: Download the YONO application and select the option 'Existing Customer.' Then select 'Login using Internet banking ID' Enter your internet banking username and password details. An OTP will be delivered to your registered mobile number. Enter it and verify. Set a new six digit MPIN for future logins. This way you can ensure a swift and secure setup, through your existing bank details. For users without internet banking details and credentials: Download and open the YONO application then select 'New User' Click on the tab 'Register with account details' Enter your account number details, CIF number and ATM card details. Set your username and password as per your choice. An OTP will be delivered to your registered mobile number. Enter it to verify. Set a six-digit MPIN for future logins. Now in case you do not have an active ATM card, then visit your nearest SBI branch after generating a reference number through the application. The customer support team at your nearest SBI bank branch will help you with the entire process and help you with a reasonable customer banking experience. The updated YONO application incorporates SIM binding as well. This helps in linking your device, user credentials and SIM card to boost the overall security of your account. This also ensures that the application functions only on the device with the registered SIM card, thus preventing unauthorised activity and frauds with your SBI bank account. Hence, by following the above discussed steps judiciously, users can smoothly integrate SBI's digital banking services into their day to day lives, making the most of the security features available with the SBI YONO application. Disclaimer: This guide is for informational purposes only. Please refer to the official SBI website for the most accurate and updated instructions. First Published: 24 Apr 2025, 10:59 AM IST
Daily Tribune
15-04-2025
- Business
- Daily Tribune
India's banking giant eyes Bahrain fintech expansion to boost bilateral economic ties
TDT | Manama State Bank of India (SBI) is set to significantly expand its digital and fintech footprint in Bahrain, as the banking giant seeks to leverage the Kingdom's position as a key fintech hub in the Middle East and foster deeper financial collaboration between India and Bahrain. Announcing the strategic move, SBI Chairman Challa Sreenivasulu Setty highlighted fintech and digital payments as prime areas for strengthening Indo-Bahraini business collaboration, aligning perfectly with India's booming digital ecosystem. The SBI Chairman was addressing a business networking event hosted by Bahrain India Society in Manama. H.E. Vinod K Jacob, Ambassador of India to Bahrain, also spoke at the event. 'The rise of digital banking, fintech innovations, and evolving customer expectations are reshaping the financial industry,' the SBI Chairman noted, emphasising SBI's readiness to lead this digital revolution through significant technological investments and innovative initiatives such as YONO (You Only Need One) - SBI's comprehensive digital banking platform offering seamless banking, investments, shopping, and insurance services. Transactional security and transparency Additionally, the SBI Chairman said SBI is intensifying its deployment of artificial intelligence and machine learning to improve customer experience, fraud detection, and service automation, alongside exploring blockchain technology to enhance transactional security and transparency. 'Banking should be accessible to all, regardless of geography, economic background, or technological barriers,' stated the SBI Chairman, underlining the bank's commitment to financial inclusion both in India and Bahrain. With bilateral trade between India and Bahrain currently exceeding $1.4 billion, SBI's reinforced digital banking initiatives are expected to significantly bolster this economic partnership.
