The SBI board approves bonds for infrastructure worth 10,000 crores

Gross non-performing assets (NPA) for SBI decreased to 3.52 percent in the September quarter from 3.91 percent in Q1FY23 and 4.9 percent in Q2FY22.

Highlights

  • A drop in loan loss provisions drives a 74% YoY increase in State Bank of India's Q2
  • Net NPAs decreased from 1.52 percent in September 2021
  • The bank anticipates demand from all industries and has a term loan pipeline of 2.5 lakh crore.

SBI

The State Bank of India (SBI) board announced on Tuesday that it had authorized the issuance of infrastructure bonds to raise 10,000 crore during the fiscal year 2023. "Raising Infrastructure Bonds up to a value of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) by a public issuance or private placement, during FY23," the lender stated in its regulatory filing.

The bank expects to maintain its current rate of credit growth while aiming to keep its net non-performing asset ratio under 1%, SBI Chairman Dinesh Kumar Khara recently told reporters.

A drop in loan loss provisions drives a 74% YoY increase in State Bank of India's Q2 profit to $13,265 crore. Its operating profit for the second quarter of fiscal year 23 was 21 120 crore, up 16.82% year over year, and its net interest income was 35 183 crore, up 12.83% year over year, as its loan book expanded by 20% and its deposits by 10%.

Gross non-performing assets (NPA) for SBI decreased to 3.52 percent in the September quarter from 3.91 percent in Q1FY23 and 4.9 percent in Q2FY22. In a similar vein, net NPAs decreased from 1.52 percent in September 2021 quarter to 0.8 percent in September 2022 quarter.

As it intensifies efforts to attract deposits, SBI stated after announcing the results for the third quarter of 2018 that it anticipates credit growth of 14% to 16%.

The bank anticipates demand from all industries and has a term loan pipeline of 2.5 lakh crore.

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