Page 15 - Sbi

Stocks to Watch today, Feb 5: Paytm, SBI, TaMo, IndiGo, ZEE, Airtel, VBL

Stocks to Watch on Monday, February 5, 2024: Stock exchanges have revised the circuit limits for Paytm to 10 per cent from 20 per cent

BoM records highest growth in deposit mobilisation among PSU banks in Q3

Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023. The Pune-based lender BoM reported a 17.89 per cent growth in deposits followed by SBI at 12.84 per cent during the quarter, according to published quarterly numbers of the public sector banks (PSBs). However, SBI's total deposits were about 18.5 times higher at Rs 45,67,927 crore, as compared to Rs 2,45,734 crore of BoM in absolute terms. Central Bank of India was the third by clocking a 9.53 per cent growth in deposits while Punjab National Bank recorded a 9.10 per cent increase. In terms of low-cost CASA deposits, BoM continued to top the chart with 50.19 per cent followed by Central Bank of India with 48.98 per cent. H

Wage hike provisions to reach Rs 26,000 cr by March: State Bank of India

State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country's largest lender on Saturday reported a steep decline of 35 per cent in its net income at Rs 9,164 crore during October-December 2023 compared to Rs 14,205 crore profit recorded in the corresponding period a year ago and Rs 14,330 crore earned in the preceding quarter. The public sector lender attributed the fall in profit to the additional provision of Rs 7,100 crore made in the reporting quarter towards salaries and pensions arising out of the 17 per cent wage hike settlement reached with employee unions in November last year. The revises wages are effective from November 2022. Explaining the impact of the wage hike settlement, chairman Dinesh Kumar Khara said, "Of the Rs 7,100 crore total provisions made in the December quarter, Rs 5,400

SBI Mutual Fund garners over Rs 900 crore from Nifty50 index fund NFO

The largest fund house SBI Mutual Fund has collected over Rs 900 crore through its new fund offer, the AMC said in a statement on Saturday. The fund house said it has received more than 40,000 applications for the Nifty50 equal weight index fund, which closed on January 29. The fund house recorded huge collections on the back of significant contributions from all distribution channels and a strong interest from the direct channel, it added. The new fund is an open-ended scheme replicating or tracking the Nifty50 equal weight index, effectively with relatively lower cost as it is a passive offering. The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors. The fund manager is Viral Chhadva.

State Bank of India Q3 result: Net profit declines 35% on pension provision

One-time pension revision, dearness allowance relief hits profits; open to help Paytm merchants to avoid disruptions

State Bank of India Q3 result: Net profit declines 35%, misses forecast

Net profit fell to 9,164 crore rupees ($1.1 billion) in its fiscal third quarter from Rs 14,205 crore in the same period a year earlier, SBI reported in a stock exchange filing

Q3 preview: 3 reasons why SBI may report weak results in December quarter

SBI share price: State Bank of India is scheduled to post its Q3FY24 results on Saturday, February 3.

A promising Budget on India growth story

The continued focus on increased capital investments will result in generation of employment opportunities and thereby growth of the economy

SBI Life Insurance posts weaker new business margin for April-Dec

Value for new business (VNB) - the expected profit from new policies - rose 11% to 40.40 billion rupees ($486 million), the company said, although margins contracted to 28.1% from 29.6% a year earlier

SBI Card raises Rs 525 crore via issuance of non-convertible debentures

SBI Card on Wednesday said it has raised up to Rs 525 crore by issuing non-convertible debentures to fund its business growth. It will allot 525 fixed rate, unsecured, rated, taxable, redeemable, subordinate tier II, listed, non-convertible debentures aggregating to Rs 525 crore on a private placement basis, according to a regulatory filing. They will have a face value of Rs 1 crore each and carry a coupon rate of 8.33 per cent, it said.

Jet Airways case: Supreme Court directs JKC to deposit Rs 150 crore

"The question of adjustment of Rs 150 crore (through bank guarantee), we will keep it with the NCLAT. You (JKC) have to (pay)," the apex court said

State Bank of India raises Rs 5,000 crore in capital via AT1 bonds

Fixes coupon at 8.34%, 24 bps higher than previous offering

State Bank of India raises Rs 5,000 crore funding through AT1 bonds

The nation's largest lender State Bank of India has raised Rs 5,000 crore through its second Basel III compliant additional tier 1 (AT1) bond sale this fiscal. The bank, in a statement on Thursday, said the perpetual bond with a call option after 10 years and every anniversary thereafter, is priced at a coupon of 8.34 per cent. The issue got an overwhelming response with an oversubscription of 2.65 times from a range of investors with 108 bids of Rs 5,294 crores against the base issue size of Rs 2,000 crore. The main investors include mutual funds, provident and pension funds, banks, and insurance companies, among others, the statement said. Its Chairman Dinesh Khara said the tight pricing and the diverse investor base for an instrument, which has its own challenges, shows the trust investors place in the bank. The chairman said that going by the high response, the bank has decided to accept bids of Rs 5,000 crore at a coupon rate of 8.34 per cent payable annually. The bonds were

Jio continues to remain country's strongest brand for 2024: Report

Jio, the telecom and digital arm of billionaire Mukesh Ambani's Reliance, continues to be the strongest Indian brand, ahead of likes of Life Insurance Corporation and State Bank of India, according to the latest report 'Global-500 2024' published by Brand Finance. Jio had topped India's strong brands in Brand Finance's 2023 rankings as well. In the 2024 ranking, Jio is placed at the 17th position among the world's strongest brands with a Brand Strength Index of 88.9 in the list led by WeChat, YouTube, Google, Deloitte, Coca Cola and Netflix. LIC is placed at the 23rd place on the list, followed by SBI at 24th rank. It is ahead of brands like EY, and Instagram. "Jio, a relatively new entrant in the telecommunications sector, emerges as the strongest brand with a notable 14 per cent increase in brand value to USD 6.1 billion, alongside a high brand strength index score of 89.0 and associated AAA brand rating," the report said. "Jio's meteoric rise in the telecom industry is benefiti

SBI Chairman Dinesh Khara backs move to curb 'unhealthy' loan growth

Meanwhile, SBI is evaluating if it needs more capital, Khara said. It's exploring raising capital through additional Tier-1 bonds after recently issuing Tier II bonds, he said

Bank of Baroda to raise up to Rs 5,000 cr via infra bonds in Jan: Bankers

The state-run bank is likely to invite bids from bankers and investors for the proposed issue this month, they said

SBI Mutual Fund launches new equal-weight index fund, aims Rs 500 cr

The largest fund house SBI Mutual Fund on Monday launched a new equal-weight index fund that will track the Nifty 50 index, and expects to garner at least Rs 500 crore during the primary subscription period. For investors, the open-ended fund comes with a relatively lower cost as it is a passive fund which will remain open from January 16 to 29, the fund house said. "We are targeting to collect at least Rs 500 crore during the primary subscription period," DP Singh, the deputy managing director & joint chief executive at SBI Funds Management, told PTI. The investment objective of the scheme is to provide returns that correspond to the total returns of the securities represented in the underlying Nifty index, he said. Shamsher Singh, the managing director & chief executive, said, the new index fund is a smart-beta strategy that allocates equal weight to all stocks, instead of considering market cap as the sole criteria. Investors who seek balanced diversification and a ...

State Bank of India floats scheme to raise funds for green projects

SBI will look at tapping family offices, entities that manage money for high net worth individuals, for garnering green money

SBI launches green rupee term-deposit scheme for climate-friendly projects

Country's largest lender State Bank of India (SBI) on Friday launched a green rupee term-deposit scheme with an aim to finance environment-friendly projects. The bank said the scheme is open to all individuals including non-resident Indians and offers investors the flexibility to choose from three distinct tenors: 1,111 days, 1,777 days, and 2,222 days. Currently, the scheme is available through the branch network and it will soon be made available through digital channels such as Yono and online banking, chairman Dinesh Khara said in a statement.

7.3% GDP growth very positive, economic climate encouraging: SBI chairman

State Bank of India chairman Dinesh Kumar Khara on Wednesday termed the 7.3 per cent growth estimate for the country for FY24 as a "very positive" development. Speaking to PTI on the sidelines of the biennial Vibrant Gujarat Global Summit here, Khara said the overall economic climate is "very encouraging" at present. Last week, the National Statistical Office (NSO) estimated the real GDP growth in FY24 to come at 7.3 per cent in its advanced estimates. The GDP growth rate is far higher than all the prevailing estimates which said the economy will expand at less than 6.5 per cent. Last month, the RBI had upwardly revised its estimate to 7 per cent from 6.5 per cent earlier, and termed the new assumption as "conservative". Citing the silent period that the bank is in right now, Khara declined to comment on the business outlook of the country's largest lender. When asked about his expectations from the upcoming Union Budget, Khara said that it will be a vote on account, hinting that