India News Get -BusinessSBI seeks $1.25 billion loan in one of country’s largest bank loans in 2024
The State Bank of India (SBI) has planned to take a loan of $1.25 billion or Rs 10,553 crore. It will be the largest dollar loan taken out by a bank this year.
According to media reports, it was people associated with the case who provided this information. CTBC Bank, HSBC Holdings and Taipei Fubon Bank are helping SBI obtain this five-year loan. On this loan, SBI will have to pay interest 92.5 basis points more than the secured overnight financing rate. SBI is the largest bank in the country.
No response has been received from the SBI regarding this news so far.
SBI takes this loan through its branch located at Gujarat International Finance Tech-City. The loan money will be used for general business purposes. However, no response has come so far from the SBI in this regard.
SBI raises foreign currency loans in collaboration with local financial institutions.
SBI raises this foreign currency loan in collaboration with some local financial institutions. Due to strict rules in India, NBFCs provide loans in dollars. NBFC needs money to expand its business.
Cholamandalam Investment and Finance Company raises $300 million loan
Cholamandalam Investment and Finance Company raises $300 million loan. Bank of Baroda raises $75 crore loan. Despite these efforts to obtain dollar loans from abroad, the value of dollar loans taken out this year fell by 27%, to $14.2 billion.
In July, SBI had raised a loan of $75 crore.
This information is based on Bloomberg data. The reason we have taken out fewer dollar loans this year is that so far no large companies have taken out loans. In July, SBI had raised a loan of $75 crore. It was a three-year loan.
SBI’s second quarter profit rose 28%
State Bank of India (SBI), the country’s largest state-owned bank, reported a net profit (standalone net profit) of Rs 18,331 crore in the second quarter of the financial year 2024-25. There was an increase of 28% on an annual basis. A year ago, i.e. in the second quarter of the financial year 2023-24, the company had made a profit of Rs 14,330 crore.
The bank’s total income increased by 15.13%
The bank’s total income grew 15.13 per cent on a year-on-year basis during the July-September quarter to Rs 1,29,141 crore, compared to Rs 1,12,169 crore in the same quarter last year. It is up 5.26% compared to the previous quarter. The bank’s income in April-June was Rs 1,22,687 crore.
Net interest income decreased by 5%
During the July-September quarter, SBI’s net interest income (NII) declined 5 per cent on an annual basis (y-o-y) to Rs 39,500 crore. It was Rs 41,620 crore in the same quarter last year. It is also down 4% compared to the April-June quarter. In the first quarter, it was Rs 41,125 crore.
SBI is the largest government bank in the country.
SBI State Bank of India is the largest state-owned bank in the country. The government holds 57.59% stake in SBI. It was established on July 1, 1955. The bank’s headquarters is in Mumbai. The bank has more than 22,500 branches and more than 50 million customers. The bank operates in 29 countries around the world. It has 241 branches outside India.