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PSU banks gain; SBI, Canara Bank, Bank of Baroda and PNB rise 3%
Posted on 30th October 2019
Shares of public sector undertaking (PSU) banks were in focus, rising up to 12 per cent in the intra-day deals on Wednesday. The counters extended their past three days' upmove on the National Stock Exchange (NSE), after the State Bank of India (SBI) reported a good set of numbers for September quarter (Q2FY20).

SBI was trading 3 per cent higher at Rs 290, up 9 per cent in four days on the NSE. The September quarter was mostly full of positives for SBI as the quarter saw improvement in the bank’s asset quality as slippages halved and net interest margin (NIM) and provision coverage ratio (PCR) expanded further.

Good show: Modest rise in spends, higher yields help boost SBI numbers
Posted on 26th October 2019
Though loan growth slowed to just 8.4% year-on-year, State Bank of India (SBI) on Friday reported a good set of profits for Q2FY20, thanks to higher yields and a modest rise in expenses of just 7% year-on-year. At a time when interest rates are expected to trend down, SBI’s loan yields in Q2FY20 were 8.69%, higher than the 8.56% in the June quarter and 8.43% in September 2018.

SBI employees to get Diwali gifts worth ₹25 crore
Posted on 25th October 2019
CHENNAI : Public sector banks (PSBs) here like the State Bank of India (SBI) and the Oriental Bank of Commerce (OBC) are planning to give festival gifts to their employees.

The two banks have announced a Diwali gift of sweets/dry fruits/chocolates for their staff worth ₹1,000.

SBI Life Insurance joins Rs 1-trillion m- cap club, stock hits record high
Posted on 23rd October 2019
SBI Life Insurance Company today entered the coveted Rs 1 trillion market capitalisation (market-cap) club after its share price hit a fresh all-time high on the National Stock Exchange (NSE). The stock of the life insurance company hit a new high of Rs 1,012 on Wednesday in the intra-day deal.

Following the uptick in the counter, SBI Life’s market cap crossed Rs 1-trillion mark or Rs 1,01,200 crore in intra-day trade today.

SBI branches likely to remain open today despite bank strike
Posted on 22nd October 2019
NEW DELHI : India's largest bank, the State Bank of India (SBI), which has over 22,000 branches spread all over the country, is among the least likely to be affected by today's bank strike.

Thousands of bank employees, under the umbrella of All India Bank Employees' Association (AIBEA) and the Bank Employees Federation of India (BEFI), are sitting on a 24-hour strike today to protest against a host of issues including merger of PSU banks.

SBI to conduct e-auction of 11 accounts to recover dues of Rs 467 crore
Posted on 21st October 2019
New Delhi: The State Bank of India (SBI) will conduct an e-auction of 11 bad loan accounts on November 7 to recover dues of Rs 466.49 crore.

In terms of the bank's revised policy on sale of financial assets, in line with the regulatory guidelines, the bank will place 11 accounts for sale to ARCs/banks/NBFCs and FIs, SBI said in an auction notice.

Bank strike: SBI branches will not be much affected next week
Posted on 18th October 2019
NEW DELHI : As two bank unions threaten to sit on a day-long bank strike against the merger of public sector banks, the State Bank of India (SBI) expects the impact to be minimal while the Bank of Baroda has warned customers that its operations could be paralysed.

Warburg Pincus, Premji Invest to buy IAG’s stake in SBI General for $432 million
Posted on 17th October 2019
Mumbai: Insurance Australia Group (IAG), which holds 26% stake in SBI General Insurance, on Thursday, said it has signed a definitive agreement to sell its entire stake to private equity firms Warburg Pincus and Premji Invest.

While Premji Invest will acquire 16% stake in the general insurer, Warburg Pincus plans to buy the remaining 10%, giving an exit to IAG.

SBI Life Q2 net profit falls 48% to Rs 130 crore
Posted on 16th October 2019
SBI Life Insurance Company reported a net profit of `129.84 crore for the three month ended September, a fall of 48.17% compared to `250.53 crore in September quarter last year. Even for the first six months of the current financial year, SBI Life Insurance reported a net profit of `501.75 crore, down 17% compared to `604.84 crore in the first six months of FY19.

SBI re-enters list of India's top-10 most valued firms
Posted on 15th October 2019
New Delhi: State Bank of India on Monday re-entered the elite club of top-10 most valued domestic firms by market valuation after a gap of two weeks.

The bank had on October 1 lost its spot to Bajaj Finance in the coveted club of top-10 most valued domestic companies.

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