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State Bank of India (SBI), the country’s largest lender, on Saturday reported a net profit of Rs 17,035 crore for the June 2024 quarter, which is 0.9 per cent higher as compared with Rs 16,884.29 crore a year ago. Its board has also approved a fundraising of Rs 25,000 crore. The state-owned bank’s net interest income (NII) during April-June 2024 stood at Rs 41,125 crore.
“The central board has accorded approval for raising funds in rupee and /or USD by issue of Basel-III compliant Additional Tier-1 Bonds and Tier 2 Bonds, up to Rs 25,000 crore to lndian and/or overseas investors during FY25, subject to approval of Government of lndia, wherever required,” SBI said in a regulatory filing.
(The story will be updated)
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