SBI raises Rs.3,000 crore through bond issue

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Chennai, Feb 19 (IANS) India’s largest mortgage lender State Bank of India (SBI) on Friday said it has raised Rs.3,000 crore through issue of bonds on a private placement basis.

In a regulatory filing in BSE, the bank said it had raised a sum of Rs.3,000 crore through issue of Basel III compliant tier-II bonds in the nature of debentures with an interest rate of 8.45 percent per annum on February 18.

The face value of each bond is Rs.10,00,000 and the tenure is 10 years.

However, SBI has the call option after five years.

Last month, SBI decided to raise equity capital up to Rs.15,000 crore through various routes-fresh public offer, rights issue, qualified institutional placement and others.

SBI declared a net profit of Rs.1,115.34 crore for the quarter ended December 31, 2015 as compared to Rs.2,910.06 crore for the quarter ended December 31, 2014.

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The bank had provided Rs.8,483 crore (loan loss alone Rs.7,645 crore) during the period under review as against Rs.6,477 crore (loan loss Rs.4,810 crore) provided during the corresponding period of previous year.

The bank’s total income has increased from Rs.43,783.97 crore for the quarter ended December 31, 2014 to Rs.46,731.01 crore for the quarter ended December 31, 2015.

According to SBI, its gross NPA stood at 5.10 percent at the end of third quarter as against 4.90 percent for the period ended December 31, 2014.

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