India’s biggest bank, State Bank of India has been awarded the prestigious Asian Banker Achievement Award this year as the most robust bank in Asia Pacific region. Qatar Financial Centre Authority and the Asian Banker magazine give the award.
The award represents the financial performance of SBI besides main business enhancements. These factors have made SBI as the strongest bank in Asia Pacific. The bank has posted a constant increase in income by 29%, 14% and 28% for 3 successive years.
The award considers the prospective performance of banks as a crucial factor and tests banks for duration of 3 years and decides a level of excellence in the banking sector in Asia and the Gulf area.
The bank has also received the award of the Asian Banker transaction banking. Today the bank is the biggest bank in India in terms of market capitalization.
Talking about the award, Chairman of SBI Om Prakash Bhatt said, “We are happy to have received these awards which are a testimony to our untiring efforts over the past few years. The contribution of the international business to our balancesheet is substantial and we have set ourselves the target of increasing this to 25 per cent in three years. I can say that we aspire to be amongst the top five banks in Asia quite soon”.