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State Bank of India (SBI.BO)

SBI.BO on Bombay Stock Exchange

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Latest Key Developments (Source: Significant Developments)

State Bank of India not looking at a lending rate cut at this point-exec
Friday, 11 Aug 2017 06:28am EDT 

Aug 11 (Reuters) - State Bank Of India :Exec says considering taking a number of smaller cases to NCLT.Exec says don't think we are looking at cutting lending rates at this point.  Full Article

State Bank of India says has exposure of 502.47 bln rupees in 12 bankruptcy accounts
Friday, 11 Aug 2017 04:38am EDT 

Aug 11 (Reuters) - State Bank Of India :Says has outstanding exposure of 502.47 billion rupees in 12 insolvency bankruptcy accounts.Says total provision held for the 12 accounts at 199.43 billion rupees, need 85.71 billion rupees more provisioning in 2017/18.  Full Article

State Bank of India sees credit growth of 6 pct - 8 pct for FY18
Friday, 11 Aug 2017 04:21am EDT 

Aug 11 (Reuters) - State Bank of India :Says agri, sme and retail advances growth expected to stabilise from q2fy18, led by retail segment.State bank of India - recoveries to pick up in remaining quarters as slippages in retail segment are pulled back.Expect credit growth of 6.0% - 8.0% for fy18.Credit cost to trend lower from 2.90% in fy17 and 2.48% in q1fy18; and likely to end below 2.25% for fy18.State bank of India - corporate slippages to remain largely confined to the watch-list.State bank of India - slippage ratio to decline from 5.78% in fy17 and 5.38% in q1fy18 to below 3.3% for fy18e.  Full Article

State Bank of India says Q1 profit increases over five-fold for merged entity‍​
Friday, 11 Aug 2017 04:11am EDT 

Aug 11 (Reuters) - State Bank of India :Says Q1 net profit up 436 percent to 20.06 billion rupees for merged entity ‍​.Says Q1 net interest income for merged entity down 3.51 percent to 176.06 billion rupees‍​.Says gross NPAs for merged entity increased from 1.38 trln rupees as on June 2016 to 1.88 trln rupees as on June 2017.Says net interest margin (domestic) for merged entity declined by 54 bps yoy to 2.50 percent as on June 2017.  Full Article

State Bank of India June-qtr profit down 20 pct
Friday, 11 Aug 2017 03:41am EDT 

Aug 11 (Reuters) - State Bank of India :June quarter net profit 20.06 billion rupees.Consensus forecast for June quarter standalone profit was 30.29 billion rupees.June quarter standalone interest earned 549.05 billion rupees versus 417.19 billion rupees year ago.June quarter standalone provisions 89.29 billion rupees versus 74.13 billion rupees year ago.June quarter standalone provisions for NPAs 121.25 billion rupees versus 63.40 billion rupees year ago.June quarter standalone gross NPA 9.97 percent versus 6.90 percent previous quarter.June quarter standalone net NPA 5.97 percent versus 3.71 percent previous quarter.The profit alert was first sourced from TV and later confirmed from a company press release at the National Stock Exchange.  Full Article

SBI exec says there won't be much impact of rate cut as far as savings account balances are concerned
Monday, 31 Jul 2017 03:24am EDT 

July 31 (Reuters) - State Bank of India managing director Rajnish Kumar and CFO Anshula Kant on a conference call::About 40 percent of the demonetisation inflows are left with the bank.Choice before SBI was to either raise MCLR or reduce deposit rates.90 percent of savings accounts below 10 million rupees deposits.Don't expect savings bank rate cut will lead to faster outflow of deposits.There will not be much impact of rate cut as far as savings account balances are concerned.Heavy liquidity and muted credit growth another reason for cut in savings bank deposit rates.Total savings deposits as on date are 9.4 trln rupees.During demonetisation 1.5 trln rupees had flown into savings accounts during Nov-Dec 2016.Don't expect CASA ratio to go down significantly."We would like to see further interest rate cuts to boost growth"."Corporate credit growth is very very weak".  Full Article

State Bank of India says ECCB gives approval for entering agreement with CA Rover Holdings
Friday, 21 Jul 2017 08:27am EDT 

July 21 (Reuters) - State Bank Of India :State Bank of India - ECCB has given approval for entering into shareholder agreement with CA Rover Holdings, who will be new partner in bank's credit card JV.State Bank of India - CA Rovers Holdings shall hold 26 percent stake in SBI Cards and Payments Services and GE Capital Business Process Management Services.  Full Article

SBI Life Insurance files for IPO
Monday, 17 Jul 2017 05:02am EDT 

July 17 (Reuters) - SBI Life Insurance::SBI Life Insurance Company Limited files for IPO.Initial public offer of up to 120 million equity shares.Shares offered through red herring prospectus are proposed to be listed on BSE and NSE.IPO to comprise an offer for sale by State Bank of India and BNP Paribas Cardif S.A. of up to 80 million shares and up to 40 million shares respectively.Among book running lead managers for IPO are JM Financial, Axis Capital, BNP Paribas, Citi Group, Deutsche Equities India.  Full Article

State Bank of India reduces NEFT, RTGS charges up to 75 pct
Thursday, 13 Jul 2017 01:42am EDT 

July 13 (Reuters) - State Bank Of India :Says SBI reduces NEFT & RTGS charges upto 75%.Reduced charges will be applicable on transactions done through internet banking (INB), mobile banking (MB) services offered by bank.Waives IMPS charges for transfer upto 1000 rupees.Says NEFT and RTGS transaction charges table effective from 15th July, 2017 ‍​.  Full Article

State Bank of India approves divestment of stake in SBI Life via IPO
Monday, 10 Jul 2017 06:36am EDT 

July 10 (Reuters) - State Bank Of India ::Says bank's executive committee of central board accorded final approval for divestment of SBI's stake in SBI Life through IPO.Says to sell up to 80 million shares of SBI Life via IPO‍​.  Full Article

BRIEF-State Bank Of India Announces Tie-Up With Transfast Remittance LLC

* ‍CO TIES UP WITH TRANSFAST REMITTANCE LLC FOR INWARD REMITTANCE FROM USA TO INDIA​ Source text: State Bank of India (SBI) – the largest commercial bank in India – announced tie-up with Transfast Remittance LLC - the USA based payment network since 25 years with a network that covers over 6 billion people across 120+ countries – for inward remittance from the USA to India. Transfast enjoys a leadership position in the cross border payments industry and offers competitive pricing, fast transfer