FY2020 will be remembered as successful year of delivering quality secular growth across all our businesses, while crossing the inflection point of delivering a strong transformation story that has defined your Bank.
It will also be remembered for our progress on enhancing the Bank’s lending performance, profitability, asset quality and the pace of capital generation. Despite tough market conditions, the Bank has gained market share across its entire product line, a testimony to its strong standing within the industry. At the same time, we are constantly recalibrating our lending strategy to bolster the quality of our loan book. Consequently, we are building a strong reputation for running a high calibre business and taking leadership positions in many of our businesses.
This outcome has been the culmination of many years’ efforts on improving our credit processes and establishing strong filters for accumulating quality loan mandates and building a robust and growing retail business. Your Bank has made remarkable strides in its capabilities and growth in adoption of digitisation across its operations. While we continued to roll out of several IT initiatives and pathbreaking B2C platforms to become an endemic part of digital India, we also enhanced our branch reach and experience to serve India’s urban and rural population. Today, these transformative initiatives have made SBI highly competitive and relevant to its diverse base of customers. With this backdrop, we are now ideally positioned for delivering superior value creation through sustainable growth. Going forward, we are placing great importance to our financial inclusion initiatives, that will drive future growth and value creation opportunities for the Bank.
Meanwhile, we continue to take several accounts towards positive resolutions of our stressed assets, with many cases approaching the end of their resolution funnel. On the liabilities management side, we strengthened our strong deposits franchise as a reliable liabilities foundation to fund credit growth, while maintaining a prudent treasury operation. During the latter part FY2020, we successfully unlocked value through our IPO listing of our subsidiary SBI Card, which received an overwhelming response from the capital market, with a subscription of over 26 times. The successful IPO of this entity is a testimony to your Bank’s ability to spawn and nurture businesses that become leaders in their domain areas. The Company is the second largest credit card issuer in India, with a customer base of over 10 million.
During the latter part FY2020, we successfully unlocked value through our IPO listing of our subsidiary SBI Card, which received an overwhelming response from the capital market, with a subscription of over 26 times.
FY2020 was another year of the significant strengthening of our sizeable balance sheet and creating value for our shareowners. Today, we remain well structured, on the back of a strong capital and leadership position, towards a journey of steadily improving ROE and ROA. Going into FY2021 and beyond, your Bank remains a resilient institution with more than adequate reserves and surplus. Despite the Covid-19 disruption to the global economy, we are confident of showing our durability and coming out stronger at the other end of this momentous economic and lifestyle re-set, brought upon us by COVID-19.
The Bank is deeply committed to contributing to society at large. We will continue to serve as a trusted partner to all our stakeholders by responsibly providing financial services that enables growth and economic progress for people of all income groups.
Return on Equity as on 31st March, 2020
FY2020 was another year of the significant strengthening of our sizeable balance sheet and creating value for our shareowners. Today, we remain well structured, on the back of a strong capital and leadership position, towards a journey of steadily improving ROE and ROA.