Page 18 - Sbi

SBI Funds Management purchases Rs 103 crore office space in Mumbai

The deal comes at a time when India's office market is witnessing significant demand

State Bank of India brought down Kingfisher, Air India: JKC to SC

The first tranche payment of Rs 350 crore was required to be made by March 21, 2022

SBI aims to become first financial firm to cross Rs 1 trn profit: Chairman

State Bank of India (SBI) is aiming to become the first Indian financial firm to cross a milestone of Rs 1 lakh crore net profit in the next 3-5 years, chairman of the country's largest lender C S Setty has said. SBI recorded a standalone net profit of Rs 61,077 crore in FY24, registering a growth of 21.59 per cent. "We have potential. Definitely, we would like to be the first company in India to reach that milestone," Setty said when asked if it is possible to cross Rs 1 lakh crore in the next 3-5 years. However, he said, "while profits, market capitalization etc are extremely important elements for our organization, we give equal thrust on customer-centricity and it acts as a fundamental aspect of our operations." With regard to corporate loan demand, Setty said, the bank has already got a Rs 4 lakh crore strong credit pipeline from India Inc and capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of inter

SBI has Rs 4 trn credit pipeline, pvt capex to pick up: Chairman C S Setty

SBI Chairman C S Setty has said the bank has already got Rs 4 lakh crore strong credit pipeline from India Inc and expressed hope that capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of interest in private capital expenditure. The infrastructure financing, of course, is mainly coming from the roads, renewable energy, and some of the refineries," he told PTI in an interview. As far as public spending is concerned, Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25. This is 3.4 per cent of the country's GDP. Setty said some of the corporates had undertaken brownfield expansion for which the capital expenditure was funded by their own cash accruals and cash balances that they had. However, he said, "We now see some of the corporates drawing the term loans for brownfield expansion too." "We have a pipel

Rs 63 lakh stolen from elderly couple's acct: Why SBI was fined Rs 97 lakh

Senior citizens discover joint account almost drained out, Telangana and national consumer disputes tribunal rule in favour of them

RBI must step in: Congress on SBI 'buying' equity in defaulter SIIL

The Congress on Tuesday slammed the SBI's reported decision to convert its outstanding debt into equity in Supreme Infrastructure India Limited (SIIL), urging the Reserve Bank of India to step in and examine SBI's decision-making process in this matter. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that the State Bank of India (SBI) will take a dual role in the debt restructuring of defaulter SIIL with the country's largest public sector bank transitioning from being SIIL's primary creditor to becoming an equity stakeholder. "In an extraordinary move, the SBI has decided to convert its outstanding debt into equity in Supreme Infrastructure India Limited (SIIL), a firm that declared bankruptcy. The lendors, including SBI, took a 93.45% haircut on the debt," Ramesh said on X. "This arrangement creates a dangerous precedent in India's corporate debt landscape - it encourages other defaulting companies to seek similar deals, .

Punjab Sind Bank to raise upto Rs 3K cr via Infra bonds, appoint bankers

Set to appoint merchant bankers for proposed QIP

Combined value of top 75 brands up 19% to $450.5 bn, TCS tops chart: Report

The combined valuation of India's top 75 valuable brands has gone up at an "impressive growth" rate of 19 per cent to USD 450.5 billion, according to the Kantar BrandZ report. India's leading IT firm TCS remained the most valuable brand for the third straight year, folllowed by HDFC Bank, Airtel, Infosys and SBI, the report said. "With a brand value of USD 49.7 billion, TCS has seen a 16 per cent rise versus last year, driven by investments in innovation, particularly in AI and digital transformation," it said. Brands across business sectors have fuelled the growth, with 54 brands boosting their brand value over the past year, according to the Kantar BrandZ MostValuable Indian Brands Report. "This impressive growth outpaces most other BrandZ rankings globally and closely mirrors the 20 per cent increase seen in the Global Top 100," it said. Financial services brands dominate the list as 17 brands contributed 28 per cent of the ranking overall brand value. HFDC Bank is second with

Casa ratio of banks may fall to pre-Covid level: SBI chief CS Setty

But Setty says SBI will hold on to current share by tapping small businesses

State Bank of India raises Rs 7,500 cr at 7.33% via Tier-2 bond issuance

This issuance follows a similar Rs 7,500 crore bond offering on August 28 at a slightly higher coupon rate of 7.42 per cent, a 9-basis point difference

SBI raises Rs 7,500 crore through issuance Basel III-compliant bonds

State Bank of India (SBI) on Wednesday said it has raised Rs 7,500 crore through issuance of Basel III-compliant Tier 2 bonds to qualified institutional bidders. In a regulatory filing, SBI said the issue attracted overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore. "The investors were across provident funds, pension funds, mutual funds, banks etc," SBI said. SBI Chairman C S Setty said the wider participation and heterogeneity of bids demonstrated the trust investors place in the country's largest bank. The bonds are issued for a tenor of 15 years and have a coupon rate of 7.33 per cent. This is the second Basel III-compliant Tier 2 bond issuance for the current fiscal. "The bank has decided to accept Rs 7,500 crore at a coupon rate of 7.33 per cent payable annually for a tenor of 15 years with call option after 10 years and each anniversary dates thereafter," SBI said. Basel III is a set of international banking ..

Higher credit costs may impact growth of SBI Cards and Payment Services

SBI Cards and Payment Services, the only listed pure-play card issuer, saw weak growth at 3.5 per cent Y-o-Y in July

SBI may raise up to Rs 7,500 crore via 2nd tranche of Tier-II bonds

In the current financial year, the lender has raised Rs 20,000 crore through two tranches of infrastructure bonds

SBI's cost to income ratio to dip to 54-55% in two years, says S&P

Agency affirms bank's 'BBB-/positive' issuer rating

Madras High Court judge disputes home loan repayment; SBI seeks transfer

The dispute stems from a home loan taken by the Madras High Court judge for a partially constructed property that was later demolished

Goldman Sachs downgrades SBI to 'Sell', slashes target price; share slips

The fall in SBI share price came the New York-based brokerage Goldman Sachs downgraded SBI to 'Sell' from 'Neutral'.

Banks facing challenge in getting cyber security talent: SBI chairman

He said SBI has been able to create resilience in the system. While ensuring this, the country's largest lender had to ensure an improved customer experience against the backdrop of legacy systems

SBI focuses on JanDhan, trusts, societies to mobilise incremental deposits

SBI is using wealth banking to focus on a segment which is below affluent class but above the normal account holders

SBI aims for cashflow-based lending to SMEs, says chairman C S Setty

Its SME portfolio rose by 19.87 per cent year-on-year (Y-o-Y) to Rs 4.43 trillion at the end of June 2024

FSIB recommends Ram Mohan Rao Amara as managing director of SBI

FSIB interacted with nine candidates for selection. It said the recommendation was made "keeping in view their performance in the interface, overall experience, and extant parameters"