State Bank of India (SBI), the country’s largest public sector bank is reportedly planning to mop-up around Rs 9,576 crore through a share sale to institutional investors or a follow-on public offer. The bank is also planning to raise another Rs 2,000 crore through sale of shares to the government on a preferential basis.
The bank posted its steepest quarterly profit fall in more than two years in the three months to September as non-performing loans increased, putting pressure on the lender to raise funds quickly.
The company reported 35.07% fall in its net profit at Rs 2375.01 crore for the quarter as compared to Rs 3658.14 crore for the same quarter in the previous year. However, total income of the company increased by 12.88% at Rs 37199.92 crore for quarter under review as compared to Rs 32953.47 crore for the quarter ended September 30, 2012.
The bank posted its steepest quarterly profit fall in more than two years in the three months to September as non-performing loans increased, putting pressure on the lender to raise funds quickly.
The company reported 35.07% fall in its net profit at Rs 2375.01 crore for the quarter as compared to Rs 3658.14 crore for the same quarter in the previous year. However, total income of the company increased by 12.88% at Rs 37199.92 crore for quarter under review as compared to Rs 32953.47 crore for the quarter ended September 30, 2012.
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