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SBI board may extend Rs 20k-cr mop-up to FY20
Posted on 19th March 2019
State Bank of India (SBI) on Monday said its board will consider an extension of the approval accorded by the central board of the bank for raising equity capital of up to Rs 20,000 crore till March 31, 2020.

The bank’s board will meet on March 22, SBI said in a regulatory filing.

Initially, SBI had planned to access the capital markets to raise `20,000 crore for supporting adequate capital requirements to match the anticipated growth in assets and comply with stipulated level of capital adequacy, the lender said in a release on November 2, 2018.

The state-owned lender had proposed to use the proceeds of the issue to meet long-term funding requirements, capital requirements, capital expenditure, making investments, providing loan and advances, enhance long-term resources and thereby strengthening its financial structure.

The overall capital adequacy ratio (CAR) of the bank stood at 12.77%, as against the regulatory requirement of 11.325% as on December 31, 2018. The CET-1 capital was at 9.57%, as against a regulatory requirement of 7.825%.

“Considering the business growth during the current year as well as that for the years to come, there is a need for higher capital, particularly, Tier-I capital targeting the end state capital ratios, at the initial stage, which will ensure smooth transition to FY19 capital requirements,” said the lender in November 2018.

As of December 2018, the overall advances of the bank grew by 11.99% year-on-year (y-o-y) to `21.5 lakh crore. The corporate advances growth was at 20.67% y-o-y, while personal loans saw a growth of 17.57% y-o-y. SME loans grew by 9.48% y-o-y.

Deposits of the SBI grew by 6.76% y-o-y, as on December 31, 2018, and the growth in the domestic CASA ratio stood at 7.79% y-o-y.

Related Companies: State Bank of India   

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Pulwama car blast: 2 wounded soldiers die
Posted on 18th June 2019
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Maruti-Toyota tie-up: Analysts seek clarity from Suzuki arm
Posted on 18th June 2019
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BPCL’s investment plan for Mozambique gas field gets approval
Posted on 18th June 2019
A ministerial group headed by home minister Amit Shah has given its nod to Bharat Petroleum Corporation’s (BPCL) plan to invest $2.2-2.4 billion in the Rovuma Offshore Area-1 gas field in Mozambique. The group — including finance minister Nirmala Sitharaman, commerce and railway minister Piyush Goyal, external affairs minister S Jaishankar and petroleum and steel minister Dharmendra Pradhan — had met on June 4 to scrutinise the investment plan, as it is still to be approved by the Cabinet Committee on Economic Affairs (CCEA).

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