New Delhi, Dec 15 (IANS) The Finance Ministry’s Department of Financial Services (DFS) has notified the appointment of Ravi Ranjan as Managing Director of State Bank of India (SBI), with effect from December 15, according to a regulatory filing by the country’s largest public sector lender on Monday.

Ravi Ranjan had previously been SBI’s Deputy Managing Director.

According to the announcement made in accordance with the State Bank of India Act, 1955, he will continue to serve until his superannuation on September 30, 2028, or until future directives, whichever comes first.

Ravi Ranjan led SBI’s Global Markets as Deputy Managing Director for more than a year before taking up the position of Managing Director. Prior to this, he oversaw a number of important strategic portfolios while leading the bank’s Corporate Accounts Group.

He has held a number of high leadership roles at SBI over his lengthy career, including Chief General Manager of the Chennai Circle, where he oversaw operations in Puducherry and Tamil Nadu.

Earlier, India’s largest public sector lender reported a 6.4 per cent year-on-year (YoY) increase in its consolidated net profit to Rs 21,504.49 crore for the second quarter (Q2) of FY26.

The bank had reported a profit of Rs 20,219.62 crore in the same period last financial year (Q2 FY25), according to its stock exchange filing.

On a standalone basis, the SBI’s net profit rose 10 per cent YoY to Rs 20,159.67 crore, compared to Rs 18,331.44 crore in Q2 FY25, driven by steady loan growth and improved asset quality.

The bank’s net interest income (NII) — the difference between interest earned and interest paid — grew 3.28 per cent YoY to Rs 42,984 crore from Rs 41,620 crore in the same quarter last year.

However, its domestic net interest margin (NIM) declined to 3.09 per cent, down 18 basis points from 3.27 per cent a year ago, as per its regulatory filing.

–IANS

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