|Bid||185.90 x 0|
|Ask||185.95 x 0|
|Day's range||184.05 - 187.75|
|52-week range||149.45 - 373.80|
|Beta (5Y monthly)||0.91|
|PE ratio (TTM)||8.40|
|Earnings date||31-Jul-2020 - 04-Aug-2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||348.98|
State Bank of India said on Friday its quarterly net profit had risen by 327% to 35.81 billion rupees ($474 million) after a one-off gain from the sale of its stake in SBI Cards and Payment Services, lifting its shares by as much as 9%. Mumbai-based SBI, which has more than 22,000 branches, said in a regulatory filing that while asset quality improved on the previous quarter, provisions for bad debt jumped by 45%. SBI expects muted loan growth of around 7.5% in the financial year ended 2021, down from an earlier 12% forecast, its chairman Rajnish Kumar said.
India's largest lender, State Bank of India, on Friday slashed its lending and deposit rates, a rare move that followed on the heels of an Indian central bank rate cut to tackle the economic fallout from the coronavirus pandemic. SBI reduced its lending rates by 75 basis points, passing on the entire repo rate cut made by the Reserve Bank of India (RBI)earlier on Friday, the lender said in a statement. The central bank on Friday also allowed banks to provide a three-month moratorium on all term loans, a relief to businesses affected by India's three week country-wide lockdown.
MUMBAI/NEW DELHI (Reuters) - The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe. Banks have been asked to make available an additional 10% in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said. India's largest lender, State Bank of India (SBI) <SBI.NS>, has already rolled out this emergency credit line and the other state-owned lenders are also expected to follow suit shortly, industry officials said.
The State Bank of India (SBI) said on Thursday it would invest 72.50 billion rupees ($977 million) for an initial stake in Yes Bank as part of a rescue deal for the troubled lender. The approval comes days after India placed its fifth-largest private sector lender under a moratorium following a serious deterioration in the lender's financial position. The rescue plan for Yes Bank involves SBI, the country's largest lender, buying a stake in the troubled lender, with the Reserve Bank of India last week increasing the bank's authorised share capital to make way for a cash injection.
State Bank of India said on Saturday it would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank Ltd as part of the initial phase of a rescue deal for the troubled lender. "We are the largest bank in the country and we have a role to play," SBI Chairman Rajnish Kumar said, adding that India's largest state-run lender had been asked by the government to stand behind Yes Bank. "Any restructuring plan will now become more credible both with the depositors as well as the potential investors," he told media, saying the survival of India's fifth-largest private bank as "a must".
NEW DELHI/MUMBAI (Reuters) - India laid out a rescue plan for Yes Bank <YESB.NS> on Friday under which the State Bank of India (SBI) <SBI.NS> will take a 49% stake in the troubled lender, which is struggling with bad loans. Indian Finance Minister Nirmala Sitharaman said the restructuring plan would be implemented within 30 days, adding the depth of the problems at the bank were still being assessed. The Reserve Bank of India (RBI) said it had increased Yes Bank's authorised share capital, paving the way for a cash injection after it failed in its months-long attempt to raise enough money to meet regulatory requirements.
NEW DELHI/MUMBAI (Reuters) - India on Thursday placed its fifth-largest private sector lender Yes Bank under a moratorium, with the central bank taking over from its board for 30 days, and imposed limits on withdrawals to protect depositors. The central bank said the move was necessary because of a serious deterioration in the lender's financial position and that it would swiftly work on a revival plan. The drastic measure, after financial markets had closed, came amid discussion at the board of India' top lender, State Bank of India, which agreed on Thursday to conduct a viability assessment into buying a stake in Yes Bank, a source said.
India's SBI Cards aims to keep the proportion of non-performing assets at 2.4%-2.5% of its total assets, Chief Executive Officer Hardayal Prasad said on Tuesday while addressing the media ahead of the company's initial public offering. SBI Cards and Payments Services Ltd, the credit card subsidiary of the country's largest lender State Bank of India (SBI) <SBI.NS>, aims to raise nearly $1.25 billion via an initial public offering.
MUMBAI/BENGALURU (Reuters) - The State Bank of India (SBI), the country's largest lender, expects to curb growth in bad loans in the current quarter, its chairman said on Friday, after the bank reported its biggest quarterly profit. "Going forward, there is no big-ticket loan in sight that is likely to slip and corporate slippages are very much under control," Chairman Rajnish Kumar said on a post-earnings conference call. Analysts had expected a profit of 63.34 billion rupees, according to Refinitiv data.
SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), aims to raise roughly 90 billion rupees ($1.25 billion) in an initial public offering, according to a source familiar with the matter, in a deal set to make a bumper profit for U.S private equity firm Carlyle Group. SBI Cards is 74% owned by SBI, India's largest lender, while Carlyle Group owns the remaining 26%, a stake which it bought in 2017 from the lending arm of General Electric for about 20 billion rupees. SBI will divest 4%, while Carlyle is set to sell a 10% stake as part of the IPO process, which will also include a sale of fresh equity worth 5 billion rupees, according to a draft prospectus published by the book runners of the deal.
MUMBAI/NEW DELHI (Reuters) - India's government has no plans to participate in the rescue of Dewan Housing Finance Corporation Ltd (DHFL), according to two sources involved in talks on how to restructure the shadow bank's near 1-trillion-rupee ($14 billion) debt. A consortium - led by Union Bank <UNBK.NS> and State Bank of India <SBI.NS> - was set up to restructure DHFL's <DWNH.NS> debt a month after it first defaulted in June. "There is no question of the government issuing directions to the banks (to support DHFL)," one senior government official with direct knowledge of the issue told Reuters.
India's cabinet has approved 100 billion rupees ($1.4 billion) for a fund to help clear stalled housing projects, Finance Minister Nirmala Sitharaman said late on Wednesday. Sitharaman said the State Bank of India (SBI) <SBI.NS> and state-run insurance company Life Corporation of India will contribute an additional 150 billion rupees, taking the total size of the fund to 250 billion. The real estate sector in India has been hit by a severe liquidity crunch this year after a series of debt defaults by non-banking finance companies, also known as shadow lenders.
State Bank of India <SBI.NS> (SBI) reported a three-fold jump in quarterly profit and beat market expectations on Friday as asset quality at the country's largest lender improved, sending shares up more than 7%. The Mumbai-based lender's performance is a bright spot in India's banking industry where weak loan growth due to a sluggish economy has compounded the near $150-billion bad loan problem. Earlier this week, Kotak said it was cutting its expectation for full-year loan growth.
India announced a series of mergers involving 10 state-owned banks on Friday, as it moves to strengthen a sector struggling under a mountain of debt and ensure stronger balance sheets to boost lending and revive economic growth. The mergers, which cut to 12 the total number of state-owned banks from 27 in 2017, are the first since Indian Prime Minister Narendra Modi's government won re-election in late May. Modi's government has vowed to clean up the banking sector and reduce the number of state-run banks.
SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74% owned by SBI and 26% by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.
The Reserve Bank of India (RBI) is looking to get banks to link some new loans to its key policy rate or other external benchmarks, Governor Shaktikanta Das said on Monday, as he pushes them to cut rates faster to stimulate a flagging economy. Since February, the RBI has cut the repo rate by 110 basis points (bps), but most Indian banks - which rely on an opaque rate-setting mechanism, have not come close to following suit. The State Bank of India (SBI), the largest lender by assets, has cut its benchmark lending rate by 30 bps.
State Bank of India (SBI), the country's largest lender by assets, on Wednesday cut its benchmark lending rates by 15 basis points across all tenors, shortly after the central bank slashed interest rates by a larger-than-expected 35 bps to boost the economy. SBI's one-year marginal cost of fund-based lending rate, or the MCLR, will come down to 8.25% per annum from 8.40% earlier with effect from Aug. 10, SBI said in a statement. The Reserve Bank of India (RBI) cut interest rates for a fourth straight meeting in 2019, taking advantage of mild inflation to expand its effort to boost an economy growing at its slowest pace in nearly five years, but there have been concerns over speedy transmission of these cuts to the economy.
The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm. Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with outstanding loans worth around 600 billion rupees ($8.53 billion) from its financial and operational creditors. In October, SBI Caps, the investment banking arm of State Bank of India, was appointed to start the process of valuation and monetisation of the firm's oil and gas assets overseas.
MUMBAI/BENGALURU (Reuters) - State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit. Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point. Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress.
DHFL, the fourth-biggest housing finance company in India, has roughly 1 trillion rupees ($14.5 billion) of debt and is in the process of seeking lender approval on a restructuring designed to help it ride out a liquidy crunch and restart its lending business. Several Indian non-banking finance companies (NBFCs), including DHFL, have been stung by an acute credit crunch sparked by the collapse of Infrastructure Leasing & Financial Services late last year.
The State Bank of India (SBI) has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn. The shadow banking crisis that began to unfold in India during mid-2018 has deepened this year. In one internal memo for financing dealers selling vehicles made by Hyundai Motor Co's India unit, SBI said it is revising the lending terms because of "growing stress" in the carmaker's portfolio.
State Bank of India (SBI) has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn. The shadow banking crisis that began to unfold in India during mid-2018 has deepened this year. In one internal memo for financing dealers selling vehicles made by Hyundai Motor Co's India unit, SBI said it is revising the lending terms because of "growing stress" in the carmaker's portfolio.
The State Bank of India (SBI) cut interest rates on deposits across all maturities on Monday but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates. The Reserve Bank of India (RBI) has cut its key repo rate by 75 bps this year but commercial banks have mostly responded with just around 15-20 bps cuts in their key lending rates. Banks often cite the high interest rates they say they need to offer on deposits as a hindrance to being able to cut lending rates.
SBI PO exam was conducted today - July 20 - to recruit at the post of probation officer (PO). Check section-wise exam analysis and questions asked in the test.
Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer. In a regulatory filing, bankruptcy resolution firm Grant Thornton said Jet's lenders had also approved the eligibility criteria for potential buyers. The filing did not say how much interim funding had been approved, but a source familiar with the matter told Reuters the lenders had agreed to provide $10 million.