The State Bank of India (SBI) board on Tuesday said that it has approved raising ₹10,000 crore through infrastructure bonds during the financial year 2023. The lender in its regulator filing said it is (including a green shoe option of Rs. 5,000 crores,
"Raising Infrastructure Bonds up to an amount of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23," SBI said in its regulatory filing.
Recently, SBI Chairman Dinesh Kumar Khara told reporters that the bank expects to sustain its current pace of credit growth while aiming to keep its net non-performing asset ratio below 1 per cent.
State Bank of India Q2 profit jumps 74% YoY to ₹13,265 crore on decline in loan loss provisions. Its operating profit for Q2FY23 at ₹21,120 crore increased 16.82% YoY and net interest income rose by 12.83% YoY to ₹35,183 crore with loan book growing 20% and deposits rising 10% in the same period.
In the September quarter, SBI's gross non-performing assets (NPA) eased to 3.52 percent from 3.91 percent in Q1FY23 and 4.9 per cent in Q2FY22. Similarly, net NPAs dropped to 0.8 percent in September 2022 quarter from 1 percent in June 2022 quarter and 1.52 percent in September 2021 quarter.
After announcing the September quarter results, SBI said it expects credit growth of 14%-16% for the current financial year as it steps up efforts to attract deposits.
The bank has a term loan pipeline of ₹2.5 lakh crore and expects demand from all sectors.
On Tuesday, the scrip was down by 0.16per cent at ₹607.75 at BSE.
