On Friday, the State Bank of India announced that during the current fiscal year, it plans to raise up to Rs 50,000 crore through loan instruments from both domestic and international markets. The bank’s central board made this decision, according to a filing with the stock exchange by the biggest lender in the nation.
The SBI board has given the go-ahead for raising funds in INR or any other convertible currency through the issuance of debt instruments, such as “but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crores through private placement mode to Indian and/or Overseas investors during FY24.”
A strong performance in core income and an improvement in asset quality to the decadal best enabled SBI’s March quarter net profit to soar by over 90% to Rs 18,094 crore on a consolidated level. On an individual basis, it recorded an increase in net profit of 83% to Rs 16,695 crore, while the same figure for FY23 increased by 58% to Rs 50,232 crore. The profits for the fiscal year and the quarter were both the biggest ever.
