State Bank of India Share Price – NSE /  BSE

Banks, Mid Cap

State Bank of India has allotted 10,00,000 Non-convertible, Taxable, Redeemable, Unsecured, Fully Paid-up Long-Term Bonds in the nature of debentures of face value Rs.1 lakh each at a coupon of 7.23% aggregating Rs 10,000 crore on 19 November 2024.

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State Bank of India (SBI) raised Rs 10,000 crore today at a coupon rate of 7.23% through its seventh infrastructure bond issuance. The issue attracted overwhelming response from investors with bids in excess of Rs 11,500 crore and was oversubscribed in excess of 2 times against the base issue size of Rs 5,000 crore. The total number of bids received was 85 indicating wider participation with heterogeneity of bids. The investors were across provident funds, pension funds, insurance companies, mutual funds etc. The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment.

Based on the response, the Bank has decided to accept Rs 10,000 crore at a coupon rate of 7.23% payable annually for a tenor of 15 years. The instrument is rated AAA with stable outlook.

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Net profit of State Bank of India rose 22.88% to Rs 19782.76 crore in the quarter ended September 2024 as against Rs 16099.58 crore during the previous quarter ended September 2023. Total Operating Income rose 12.71% to Rs 121044.68 crore in the quarter ended September 2024 as against Rs 107390.78 crore during the previous quarter ended September 2023.

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Profit before tax in second quarter of FY25 stood at Rs 24,788.01 crore, registering a growth of 28.43% on YoY basis.

Net interest income rose 5.37% YoY to Rs 41,620 crore in September 2024 quarter. Net interest margin (domestic) reduced by 16 bps to 3.27% in Q2 FY25 as against 3.43% in Q2 FY24.

Operating profit climbed 50.87% to Rs 29,294 crore in Q2 of FY25 as compared with Rs 19,417 crore posted in corresponding quarter last year.

Total deposits grew 9.13% to Rs 51,17,285 crore as on 30 September 2024 as against Rs 46,89,218 crore as on 30 September 2023, out of which CASA Deposit grew by 4.24% YoY. CASA ratio slipped 185 bps to 40.03% as on September 2024.

The bank's return on assets (ROA) for the quarter stood at 1.17% as against 1.01% in Q2 FY24.

Provision coverage ratio (PCR) improved by 21 bps YoY to 75.66%. PCR (including AUCA) stood at 92.21%, up 28 bps YoY.

The bank's gross non-performing assets (NPAs) slipped to Rs 83,369.23 crore as on 30 September 2024 as against Rs 86,974.08 crore as on 30 September 2023.

The ratio of gross NPAs to gross advances stood at 2.13% as on September 2024 as against 2.55% as on September 2023.

The ratio of net NPAs to net advances stood at 0.53% as on 30 September 2024 as against 0.64% as on 30 September 2023.

The bank's credit growth stood at 14.93% YoY with domestic advances growing at 15.55% YoY and foreign offices' advances rose by 11.56% YoY.

Capital Adequacy Ratio (CAR) as at the end of Q2 FY25 reduced by 52 bps YoY and stands at 13.76%, slippage ratio was at 0.51%, up by 5 bps YoY while credit cost rose 16 bps to 0.38%.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2024, the Government of India held 57.51% stake in the bank.

The scrip declined 2.24% to currently trade at Rs 840 on the BSE.

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