Bank Jobs Alert! SBI Recruitment 2024: PSU Bank Is Hiring 12,000 Employees For Tech, Other Roles

Good news for those applicants who wish to land banking jobs. Because India's largest government bank is in the process of hiring about 12,000 employees. It is none other than the State Bank of India. SBI is offering information technology and other roles.

As per SBI's chairman Dinesh Khara, these new recruits will be given some exposure to the banking systems and then later on shifted towards roles like IT and other associate positions. Majority of the roles will be related to engineers in tech sector.

Khara said, "Around 11,000 to 12,000 employees are in the hiring process. These are general employees, but we actually are having a system where at our associate level and officers' level, around 85 per cent of them are engineers," adding, "some exposure to understand banking and thereafter, we start channelising them into various associate roles and some of them will be channelised in IT," as reported by IANS.

Notably, this comes after number of employees at SBI has been declining since FY20. By end of FY24, SBI's workforce stood at 2,32,296 employees, down from 2,35,858 employees in FY23.

SBI held 2,44,250 employees in FY22, 2,45,652 employees in FY21, and 2,49,448 employees in FY20.

As per its financial results presentation, SBI said it had onetime wage revision expense in FY24 is Rs 13,387 crore. While full mpact of wage revision as per 12th bipartite agreement taken in FY24. The attrition rate stood at 1.43% in FY24.

SBI said, "Excluding one-time wage revision expenses, staff expenses to increase by Rs 500 crore per month from FY25"

SBI's net profit for FY24 stood at Rs 61,077 crore witnessing a growth of 21.59% YoY after accounting for wage settlement and one-time exceptional item of Rs 7,100 crore. Net Profit for Q4FY24 grew by 23.98% to Rs 20,698 crore.

Further, its operating profit for FY24 grew by 12.05% YoY to Rs 93,797 crore; while Operating Profit for Q4FY24 grew by 16.76% YoY to Rs 28,748 crore. Bank's ROA and ROE for FY24 stand at 1.04% and 20.32% respectively. Also, ROA at 1.36% for Q4FY24 improved by 13 bps YoY.

While SBI's Net Interest Income (NII) for FY24 increased by 10.38% YoY. Whole Bank NIM for FY24 is marginally down by 9 bps YoY to 3.28%. Additionally, Credit growth is at 15.24% YoY with Domestic Advances growing by 16.26% YoY. Gross NPA ratio at 2.24% improved by 54 bps YoY. Whole Bank Deposits grew at 11.13% YoY, out of which CASA Deposit grew by 4.25% YoY. CASA ratio stands at 41.11% as on 31 st March 24.

Also, recently, Uday Kotak-backed private lender, Kotak Mahindra Bank is planning the recruitment of 400 such professionals in 2024. With this hiring, Kotak plans to update its technology systems after RBI banned the onboarding of new customers via online and mobile banking.