Page 4 - State Bank of India News

SBI Q1FY25 results: Net profit rises 0.9% to Rs 17,035 cr, NII up 5.7%

NIM fell 12 bps, both sequentially and Y-o-Y basis, to 3.35 per cent

SBI Q1 results: Net profit almost flat at Rs 17,035 crore; NPA at 2.21%

State Bank of India (SBI) on Saturday reported an almost flat standalone net profit at Rs 17,035 crore for the first quarter of the current financial year. The country's biggest lender had posted a net profit of Rs 16,884 crore in the April-June quarter of 2023-24. The bank's total income increased to Rs 1,22,688 crore in the first quarter against Rs 1,08,039 crore a year ago, SBI said in a regulatory filing. During the quarter, the bank earned an interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period. The bank's gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year. Similarly, its net NPAs also eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago. On a consolidated basis, SBI's net profit rose marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal. At the same time, its total income increased to Rs 1,52

SBI Q1 results: This PSB may report flat earnings on August 3. Details here

SBI Q1 results 2024: As per six brokerage estimates, SBI Q1 profit may move in the range of -4 per cent to +2 per cent year-on-year

SBI raises $750 mn via offshore term loan facility for deployment of funds

SBI's board has approved a plan to raise long-term funds up to $3 billion in single or multiple tranches in FY25

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

CRR reduction will help banks facing low deposit growth: SBI MD Tewari

Lowering the cash deposit ratio or the proportion of deposits which banks are mandatorily required to park with the RBI will help the lenders facing low deposit growth, SBI Managing Director Ashwini Kumar Tewari said on Monday. Conversations for such a cut are on, he told reporters here, clarifying that the country's largest lender does not need such a reduction as it is well placed on the liquidity front. There has not been any formal request for a CRR cut made either, he added. Speaking at an event organised by domestic rating agency Careedge, Tewari said, "We have to look at various avenues for helping tide over the challenge posed by lower deposit growth", and specifically mentioned a request to get bank deposits at par with capital market investments while referring to CRR and SLR. To a question on whether the bank has sought a CRR cut, he said, "We have not sought any formal dispensation, but it is a conversation we continue to have. I don't think there is any move to do this

RVNL, Angel One, Dixon, ITC, SBI: Strategies for Budget 2024 stocks

Stocks in focus ahead of Union Budget 2024: These 11 stocks across sectors are likely to be in focus in anticipation of measures to be announced by the finance minister Nirmala Sitharaman on Tuesday,

State Bank of India launches spl scheme 'Amrit Vrishti' to garner deposits

SBI's Amrit Vrishti offers 7.25% on deposits for 444 days

SBI raises Rs 10,000 crore at a coupon of 7.36% in 15-year infra bonds

Several other state-owned lenders such as Canara Bank and Bank of India are also planning to raise funds through infrastructure bonds

State Bank of India invites EoIs for stressed exposure in Amul Industries

Entities submitting EoIs will be allowed to conduct due diligence on the asset by August 5, following which binding bids will be invited during the e-auction on a 100 per cent cash basis

CS Setty: Soft spoken village boy set to occupy SBI's corner office

CS Setty is currently looking after international banking, global markets & technology portfolios

Geopolitics remains by far the biggest risk to markets, says Chris Wood

Back home, the midcap segment, Wood said, remains vulnerable to a correction. He believes there will also be a temptation for investors to tilt the portfolio more towards consumption plays

FSIB to conduct interviews for chairman's position of SBI on Saturday

FSIB will recommend the name and the final decision would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi