State Bank of India's domestic advances growth rebounds to 5.67% in FY21

State Bank of India (SBI) witnessed a rebound in domestic advances growth to 5.67 per cent in 2020-21, while corporate credit de-grew over 3 per cent, the bank said in its annual report for FY21 on Friday.

SBI said that despite the ongoing pandemic, its business growth remained robust in the financial year ended March 2021.

Deposits grew in double digits, while advances rebounded compared to the preceding fiscal year, it said. Credit off-take of all the scheduled commercial banks (SCBs) continued its downward momentum and grew at a 59-year low of 5.6 per cent, SBI said.

However, SBI's domestic advances growth has rebounded and grew 5.67 per cent to over Rs 21.82 trillion as against 3.75 per cent growth in FY2020, SBI said in its annual report. The foreign offices' advances growth contracted 0.14 per cent to Rs 3.57 trillion. Thus, the gross advances grew 4.81 per cent to Rs 25.39 trillion in FY2020-21 from the previous year level of Rs 24.23 lakh crore, it said. The bank's strong domestic loan growth was led by growth in retail personal loans, which grew 16.47 per cent to Rs 8.71 crore during the reported year, driven by home loans, Xpress credit and gold loans, said the lender.

The growth was in line with the bank's strategy towards this segment led by robust digital channels, it said. Within retail & home loans, Xpress credit, and gold loans grew substantially by 10.51 per cent to Rs 5,03,779 crore, 36.49 per cent to Rs 1,92,780 crore and 465.08 per cent to Rs 20,987 crore, respectively.