Board approval was given to State Bank of India (SBI) on Friday to raise up to Rs 50,000 crore through debt instruments from domestic and international markets during the current fiscal year. Long-term bonds, extra tier-1 Basel-III compliant bonds, or tier-2 Basel-III compliance bonds might be the instruments.
The nation’s largest lender stated in a stock market filing that the central board of the bank made this choice.
The SBI board has given the go-ahead for the issuance of debt instruments, in order to raise funds in Indian rupees or any other convertible currency.
The debt instruments include but are not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, and Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crores via private placement mode to Indian and/or investors from overseas during FY24…”
SBI’s March quarter net profit increased by over 90% to Rs 18,094 crore on a consolidated basis thanks to excellent core income performance and an improvement in asset quality to the decadal best. Its individual net profit climbed by 83% to Rs 16,695 crore, and for FY23 as a whole, it increased by 58% to Rs 50,232 crore. Both the fiscal year’s and the quarter’s profits were the highest ever.
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