SBI reports net profit of Rs 838 crore in Mar 2019 quarter; trims bad loan ratio
NEW DELHI: Country’s largest lender SBI on Friday said it has reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down. The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18. Income (standalone) […]
Ask SBI to release one month’s salary to Jet Airways staff: NAG to Narendra Modi
NEW DELHI: The National Aviator’s Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to “direct” the airline’s lender State Bank of India to release one month’s salary of all the employees. In a late evening e-mail to the prime minister, the guild also sought government’s directive […]
SBI seeks bids for cash-strapped Jet Airways
NEW DELHI/MUMBAI: State Bank of India (SBI)on Monday invited bids for stake sale in ailing Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice. SBI Capital Markets […]
SBI to waive loans of CRPF personnel killed in Pulwama terror attack
NEW DELHI: State Bank of India (SBI) on Monday said it would waive all outstanding loans taken by 23 CRPF personnel who were killed in the Pulwama terror attack. The state-owned lender would also expedite payment of insurance amount of Rs 30 lakh each to the families of CRPF personnel killed. In a release, the […]
Now SBI chases Mehul Choksi for Rs 405 crore loan default
MUMBAI: In a new development, the State Bank of India (SBI) on Wednesday moved to recover loan outstandings of Rs 405 crore from absconding diamantaire Mehul Choksi, his family and companies. This is the first time the country’s biggest bank’s exposure has been revealed in the case involving Choksi, who is among the prime accused […]
SBI raises $1.25 billion from overseas market
NEW DELHI: The India’s largest lender, State Bank of India (SBI), on Saturday said it has raised $1.25 billion through bonds from overseas market. The bank is glad to announce that the issue received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of $3.2 billion […]
IBC Section 29A needs more clarity: SBI
MUMBAI: State Bank of India (SBI) chairman Rajnish Kumar said Section 29A of Insolvency and Bankruptcy Code (IBC), which disallows defaulting promoters and related persons from bidding for assets, is being “stretched too far”. Speaking at an event in Mumbai, he said most of the litigation at present are due to Section 29A. “But this […]
SBI orders forensic audit of Jet Airways’ books
NEW DELHI: India’s largest lender, State Bank of India (SBI), has ordered a forensic audit of Jet Airways’ books for the period between April 2014 and March 2018, according to sources. SBI, the lead banker to the airline’s over Rs 8,000 crore loans, has mandated EY to conduct the forensic audit of its books, which […]
SBI to sell 3 bad loan accounts to recover Rs 2,111 crore dues
NEW DELHI: India’s largest lender State Bank Of India (SBI) has put up for sale three of its non-performing loan accounts to recover dues of Rs 2,110.71 crore. An e-auction will take place on December 13 for the sale of these three accounts — Sona Alloys Pvt Ltd, MCL Global Steel Pvt Ltd and Jayaswal […]
SBI net profit slips 69% to Rs 576 crore in Q2
NEW DELHI: India’s largest lender State Bank of India (SBI) reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30. The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,875.85 […]
SBI puts up 11 NPA accounts for sale to recover Rs 1,019 crore dues
NEW DELHI: SBI has put up 11 non-performing assets (NPAs) for sale to ARCs and financial companies to recover dues of nearly Rs 1,019 crore. The country’s largest lender said the e-auction of these NPA accounts will take place on 22 November. “In terms of the bank’s policy on sale of financial assets in line […]
Eight of top-10 firms gain Rs 1.69 trillion in m-cap; TCS, SBI shine
MUMBAI: Eight of the 10 most valued Indian firms together added Rs1.69 trillion in market capitalisation last week, led by Tata Consultancy Services (TCS) and SBI. A strong broader market drove the market capitalisation (m-cap) of the eight blue-chip firms, including ICICI Bank, HDFC and RIL, higher by Rs1,69,865.11 crore for the week ended Friday. […]
SBI to raise Rs 4,116 crore by issuing Basel III compliant bonds
NEW DELHI: India’s largest lender SBI will raise Rs 4,116 crore by issuing Basel III compliant bonds to add up to its tier 2 capital, the bank said on Friday. The committee of the directors for capital raising has accorded approval to allot Basel III compliant debt instruments qualifying as tier 2 capital of the […]
LIC, SBI, and Orix to subscribe to Rs 4500 crore IL&FS rights issue
NEW DELHI: In a major breather to debt-laden Infrastructure Leasing & Finance Services (IL&FS), its largest shareholders Life Insurance Corp (LIC) and Orix Corp, and State Bank of India (SBI), on Saturday announced they would subscribe to the proposed Rs 4,500 crore rights issue of the company. The announcement came during the company’s annual general […]