Mumbai: State Bank of India (SBI) on Friday received board approval to raise up to Rs 50,000 crore through debt instruments from Indian as well as overseas markets in the current fiscal. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds.
The decision in this regard was taken by the central board of the bank, the country’s largest lender said in a stock exchange filing. SBI board has accorded approval for raising funds in INR or any other convertible currency by issue of debt instruments including, “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…”.
SBI’s March quarter net profit zoomed nearly 90 per cent to Rs 18,094 crore on a consolidated level, helped by a robust performance on the core income front and an improvement in asset quality to the decadal best. On a standalone basis, it reported an 83 per cent jump in its net profit at Rs 16,695 crore, while the same for FY23 came 58 per cent up at Rs 50,232 crore. Both the quarterly and fiscal year profits were the highest ever.
(With PTI inputs)
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