State Bank of India (SBI) has planned to take a loan of $1.25 billion i.e. Rs 10,553 crore. This will be the largest loan taken by any bank in dollars this year.
According to media reports, people associated with the matter gave this information. CTBC Bank, HSBC Holdings and Taipei Fubon Bank are helping SBI in getting this five-year loan. SBI will have to pay 92.5 basis points more interest on this loan than the secured overnight financing rate. SBI is the largest bank in the country.
No response has been received from the State Bank of India regarding this news so far
SBI is taking this loan through its branch located in Gujarat International Finance Tech City. The loan money will be used for general business needs. However, no answer has come from SBI in this regard so far.
State Bank of India is raising this foreign currency loan in collaboration with local financial institutions
SBI is raising this foreign currency loan in collaboration with some local financial institutions. Due to strict regulations in India, NBFC is raising loans in dollars. NBFC needs money to expand its business.
Cholamandalam Investment and Finance Company is raising a loan of $300 million
Cholamandalam Investment and Finance Company is raising a loan of $300 million. Bank of Baroda is raising a loan of $750 million. Despite these efforts to raise loans in dollars from abroad, the value of loans raised in dollars this year has fallen by 27% to $14.2 billion.
In July, the State Bank of India raised a loan of $750 million
This information is based on Bloomberg data. The reason for taking less loans in dollars this year is that no big company has raised a loan so far. In July, SBI had raised a loan of $750 million. This was a three-year loan.
State Bank of India’s profit increased by 28% in the second quarter
The country’s largest public sector bank, State Bank of India (SBI), has made a net profit (standalone net profit) of Rs 18,331 crore in the second quarter of the financial year 2024-25. It has increased by 28% on an annual basis. A year ago, i.e. in the second quarter of the financial year 2023-24, the company had a profit of Rs 14,330 crore.
The total income of the bank increased by 15.13%
In the July-September quarter, the bank’s total income grew 15.13% year-on-year to Rs 1,29,141 crore, which was Rs 1,12,169 crore in the same quarter last year. It has increased by 5.26% compared to the previous quarter. In April-June, the bank’s income was Rs 1,22,687 crore.
Net interest income decreased by 5%
SBI’s net interest income (NII) in the July-September quarter fell 5% on a year-on-year (YoY) basis to Rs 39,500 crore. It was Rs 41,620 crore in the same quarter last year. It has also declined by 4% compared to the April-June quarter. It was Rs 41,125 crore in Q1.
