SBI's net profit for the quarter rose 30.3% to Rs 2,910 crore ($468.4 million), from Rs 2,234 crore a year earlier on the back of rise in net interest income, fees, and control on employee costs.
State-run lenders will take a lead in creation of the bad bank, but the sick asset resolution platform needs the support of private banks and other lenders to be successful, State Bank of India managing director Swaminathan J said on Thursday. If all lenders come on board, the National Asset Reconstruction Company (NARC) announced in the budget will be able to aggregate 100 per cent of a sick company's outstanding loans, which shall ultimately lead to better resolution of the asset quality stress for all. The government is yet to announce the specific contours of the NARC or the bad bank and has also only said that it is willing to provide some sovereign guarantee to help the platform.
Global investment firm Blackstone on Wednesday sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore, according to sources. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by Blackstone and Bengaluru-based realty firm Embassy group. Blackstone sold its stake in the entity at around Rs 316 per share through open market transactions and at this price, the deal is valued at about Rs 7,100 crore, the sources said.
The government is set to earn an equity dividend of nearly Rs 13,800 crore from the listed public-sector banks (PSBs), all 12 of them, for FY23, up 50 per cent from Rs 9,210 crore in FY22. This will be the highest ever dividend for the government from PSBs. The 12 PSBs in our sample are paying an equity dividend of nearly Rs 21,000 crore for FY23, up 53 per cent from Rs 13,710 crore for FY22.
National Hydroelectric Power Corporation, the central power utility, has shortlisted five merchant banks for its initial public offering likely to hit the market in first quarter of FY08.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
India's largest public sector lender State Bank of India has put on hold the financing of new tractors and other capital equipment, a move that can have an impact on agriculture sector, a priority area for the government.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
The broader NSE Nifty jumped 57.25 points or 0.49 per cent to close at 11,844.10.
Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
The bank has fixed an issue price of Rs 1,782.74 per share for a preferential stock allotment to the government as part of the capital infusion plan for this fiscal. The SBI board had approved the preferential allotment in October.
SBI's gross NPA figures have shown a decline for three consecutive quarters.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
Harvard-educated Piramal is also in the boards of several companies, including Piramal Life Sciences, SBI Capital Markets Ltd and Prudential ICICI Management.
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
SBI raised Rs 8,032 crore (Rs 80.32 billion selling 5.13 crore shares through a QIP in January.
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Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
Two associations representing pilots and engineers have written to SBI chairman Rajnish Kumar proposing that they would take over the airline and can bring in up to Rs 7,000 crore.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of GDP budgeted for FY23, they said, pegging the Budget figure for the next fiscal in the range of 5.8 - 6 per cent. Given the fact that this will be the last full Budget of the present government, there may be a temptation to make it into an expansionist one.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
SBI Life Insurance on Wednesday hiked its paid-up capital to Rs 250 crore (Rs 2.5 billion) from Rs 175 crore (Rs 1.75 billion) and foreign equity in the company may go up to 49 per cent if the government hikes the foreign direct investment limit in
"Lending to India is the highest in the region with $3.3 billion via 11 loans, accounting for 22.1 per cent of total volume in 2009," the report said
In what could be the country's biggest rights issue, State Bank of India has approached the government for permission to raise Rs 20,000 crore during the current financial year to finance its expansion.
SBI Cards, like most other credit card issuers in the country, suffered losses during the financial crisis of 2008-09 due to sharp increase in delinquencies. The company, a joint venture between State Bank of India and GE Capital, turned profitable in 2010-11. Kadambi Narahari, chief executive officer, shares the strategy to grow the company's cards business in coming years.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
SBI said the crisis in Grece would have little impact on the bank.
Jio Financial Services, the demerged financial services unit of Reliance Industries, will be listed on bourses on August 21, according to an exchange notification. Jio Financial Services Ltd (JFSL) demerged from Reliance last month and is currently listed under a dummy ticker after its price discovery at Rs 261.85 but there is no trading happening in the scrip. The listing on BSE and NSE has been scheduled a day before FTSE Russell plans to drop JFSL from its indices.
NPAs, cost, fee income, productivity, HR reorientation are focus areas; schedules drawn for addressing all from weeks to a year.
Indiabulls is also into mutual fund and insurance advisory businesses. Though this field is extremely competitive and requires significant research skills, these are highly profitable business segments.
According to sources, the airline has requested the consortium for a working capital support of Rs 200-300 crore (Rs 2-3 billion) and individual banks are expected to take a call on this in the next few days.
SBI set to buy residential properties of Air India in south Mumbai
The government's holding in the bank will not decline below 58 per cent pursuant to the QIP.
The government on Thursday appointed PSU mutual funds UTI MF and SBI MF as managers of the corpus lying with postal and rural life insurance entities, a move that could lead to investment of the sum into the booming capital market.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
According to analysts, this is the highest premium paid by a foreign insurer to a domestic partner.
SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.
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