SBI Raises Rs 830 Crore Via Bonds

The State Bank of India announced the completion of a Rs 830 crore bond issuance to support its business expansion, on Friday. The funds were raised through senior unsecured floating rate notes, having maturity of three years and coupon of secured overnight financing rate +95 bps per annum, payable quarterly in arrears under Regulation-S, according to an exchange filing by SBI.

The bonds are set to be issued through their London branch effective June 20.

The country's largest lender reported a 24% rise in its net profit to Rs 20,698 crore for the quarter-ended March, aided by strong loan demand.

SBI's net interest margin stood at 3.47% in the March quarter, up from 3.34% in the previous quarter. The bank's domestic advances grew 16% year-on-year to Rs 32.3 lakh crore. Growth in corporate advances outpaced the rise in retail advances, with corporate loans rising 16% year-on-year to Rs 4.33 lakh crore during the quarter under review.

(With inputs from PTI)