SBI

SBI net profit to cross Rs 10,000 crore in current fiscal

O P BhattState Bank of India is all set to register a significant financial result in the fiscal year of 2010-11. According to the statement released by the company, it may surpass the figure of Rs 10,000 crore as its net profit for the ongoing financial year.

SBI Chairman O P Bhatt has said that, in this year the net profit of the firm is expected to reach these magic figures. This is going to be another landmark to be achieved by the firm in the banking industry of the country.

It had also posted an excellent net profit in the first quarter of the current fiscal as well.

SBI raises prime lending rates by 50 points

SBIIndia's largest lender, State Bank of India, on Monday raised its benchmark lending rate by 50 basis points. This makes the rate at 12.25 per cent.

It will in line increase the prices of home loans, vehicles and other corporate-linked prices for the existing borrowers. For the new borrowers, the rate will stand at 7.5 per cent. This is applicable to those who borrow money on or after July 1.

Meanwhile, SBI has fixed the deposit rate at 150 basis points and will be applicable across different maturities.

Macquaire SBI buys stake in Viom Networks

MSIFViom Networks has seen 11 per cent of its stake being bought over by Macquarie SBI Infrastructure Fund (MSIF). The total amount that is being for this is Rs 1,400 crore.

Chairman of one of the main promoting companies of Viom gave this information on Wednesday. Talking to media, Sunil Kanoria, SREI Infrastructure vice-chairman said that 11 per cent sale and the subsequent money generated by it will be used for repaying loan that has been created by Viom.

Hold SBI With Stop Loss Of Rs 2420

Hold SBI With Stop Loss Of Rs 2420Stock market analyst MB Singh is of the view that investors can buy State Bank of India (SBI) stock with target of Rs 2900.

According to analyst, the interested investors can buy the stock with stop loss of Rs 2420.

Today, the stock of the bank opened at Rs 2595 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 2616.40 and a low of Rs 1705 on BSE.

Current EPS & P/E ratio stood at 144.37 and 18.31 respectively.

SBI joins hands with Oxigen

SBI-OxigenOxigen Services Pvt. Ltd and supported company "Sahyog Microfinance Foundation" has recently entered into a unique agreement with the largest banking giant in the country, State Bank of India. Under the announced deal, the home-grown VAS Company offer banking services by connecting directly to SBI Core Banking System by Oxigen Web Retailers.

Buy SBI With Target Of Rs 2510

Buy SBI With Target Of Rs 2510Stock market analyst Rahul Mohinder is of the view that investors can buy State Bank of India Ltd stock with target of Rs 2510.

According to analyst, the interested investors can buy the stock stop loss below Rs 2440.

Today, the shares of the bank opened at Rs 2465 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 2504 and a low of Rs 1654.80 on BSE.

Current EPS & P/E ratio stood at 144.37 and 17.37 respectively.

State Bank of India (SBI) will lift up its depository rates by August 2010.

Cabinet approves merger of State Bank of Indore with SBI

SBIThe SBI had proposed a merger with State Bank of Indore last year, which had been approved by the SBI central board. After the approval, the Centre even gave an in-principal approval. And now recently, the Cabinet has given its approval over the merger too.

With this merge happening between the two banks, SBI being State Bank of Indore's parent bank, SBI will share a swap ratio of 34:100, agreeing to give away 34 of its shares for every 100 shares from the State Bank of Indore, which is held by a few shareholders.

SBI with Oman's SGRF to set up a $100 million fund

SBIIndia's largest bank in terms of network and lending, State Bank of India (SBI) said that it is going to setup a new fund. It shall do so in collaboration with State General Reserve Fund (SGRF) of Oman and the total worth of it would be close to $100 million.

The fund, said the bank, will be used for making equity investments in India.

It also said that as per the deal signed by the two parties, the total corpus of it will be increased to $1.5 billion in due course.

Deals also says that no particular sector will be targeted rather opportunities in all of them will be looked at.

SBI heading towards credit growth for Q2

State-Bank-of-IndiaThe nation's biggest loan provider State Bank of India expressed that it anticipates credit stipulation to gear up in the second quarter on the good downpour and the enhanced economic activities.

However, the bank expressed credit take off in the first quarter of this financial was approximately smooth except it is probable to gear up in the months moving ahead predominantly coerced by the retail fragment.

According to the SBI chairman OP Bhatt told newsmen on the tangential of an occasion that during the first quarter the credit demand was smooth.

Decision On Merging State Bank of Indore With SBI Expected This Month

Decision On Merging State Bank of Indore With SBI Expected This MonthAccording to SBI chairman Om Prakash Bhatt, the administration's decision on merging State Bank of Indore with State Bank of India (SBI) is projected this month.

SBI chairman Om Prakash Bhatt stated, "We expect to hear from the government on merging State Bank of Indore this month. After that, it would take a month to complete the merger process."

Mr. Bhatt was in Chennai to kick off the Green Channel counter, which facilitates paperless banking.

SBI Fixes Base Rate At 7.5%

SBI Fixes Base Rate At 7.5%India's biggest lender, State Bank of India (SBI) has announced that it has fixed its base rate for lending at 7.5% annually, which would kick in from July 1.

The base rate is the minimum interest a bank has to charge on its loans.

In February 2010, the central bank had dismantled a former system of determining interest rates -- benchmark prime lending rate -- which was discriminatory to smaller borrowers. According to the BPLR system of finding out lending rates, banking institutions could charge varying interest on different categories of borrowers.

Hindustan Motors inks deal with SBI for vehicle financing

Hindustan Motors inks deal with SBI for vehicle financingThe C K Birla Group flagship company Hindustan Motors Limited (HML) recently announced the deal signing among the company and the public sector banking unit State Bank of India.

Notably, according to the terms of the deal, the bank will be providing vehicle finance for the products of the company. According to the statements issued by the company, apart from providing finance for SBI, the bank will also be providing finances to a host of its individual buyers of HML's new 2.3-tonne mini truck, HM-Shifeng Winner.

SBI gets RBI nod for merger

SBI gets RBI nod for mergerIndia's largest bank, the State Bank of India (SBI) has got the necessary regulatory approval after the Reserve Bank of India (RBI) allowed the merger it was asking for.

SBI was seeking approval for the merger of State Bank of Indore with itself. This was told by sources close to the development.

However, no official has been given by any of the parties in question.

The approval for the amalgamation is already present with SBI since last year. The Central government has also given its green signal.

SBI MF launches funds for PSUs

SBI-mutual-fundState Bank of India's mutual fund, SBI MF has decided to come up with an open-ended equity scheme.

The name of the fund will be SBI PSU Fund and it will be investing money in the public sector units of the country. The money will be invested through the stocks of these PSUs rather than going through any other means. But the bonds and other debt instruments that are issued by the PSUs will also considered as an investment tool.

The fund opened on Monday and will close on June 14.

SBI Q4 Net Down 31.93%; Stock Declines

SBIState Bank of India has announced the results for the quarter ended March 31, 2010.

The public sector lender has recorded a net profit of Rs 1867 crore during the three month period ended March 2010 as against Rs 2742 crore during the same period of last year.

The bank's quarterly income dropped 31.93% over the prior year period.

The total income of the country's largest banking institution surged 1.87% to Rs 224,741.20 million over the prior year period.

During the fourth quarter, the net interest income of the bank increased by 38.82%.

SBI forms Joint Venture for its POS terminals

Country’s largest Bank, State Bank of India has decided to form joint venture for its POS terminals. It has selected a consortium of Visa International and Elavon as its partners for this joint venture. In this joint venture SBI will set up around six lakh point of sales (POS) terminals in the country.

The POS terminal will help the SBI customers to pay through their credit and debit cards instantly. There will be swipe machines for registering such card payments. However, the Bank has not disclosed the financial aspects of the deal.

SBI is the largest lender in the country

State-Bank-IndiaState Bank of India has announced that it has become the largest lender of the country with total business crossing over Rs 13, 78,000 crore for the financial year 2009. It was the clear winner among the Indian Banks in terms of total business as no other bank has even nearer to the figure that SBI has produced during this period of time.

Punjab National Bank has become the second largest bank of the country replacing private sector giant ICICI Bank. PNB has touched Rs 4, 35,000 crore for the fiscal in terms of total business with total deposits and loans.

SBI extends its concessional home loan rates

State-Bank-of-IndiaState Bank of India, India's biggest bank has extended its teaser rates by two months. Now they will continue till June 30.

Teaser rates are special concessional home loan rate schemes and were brought in by the bank in order to increase the reach of home loans.

As per the last plans, the deadline for these teaser rates should have ended on April 30. This time was given after it was shifted from March 31.

Buy SBI For Long Term

Buy SBI For Long TermTechnical analyst Kalyan C Reddy of Karvy Stock Broking is bullish on State Bank of India (SBI) and maintained 'buy' rating on the stock to achieve a long term target of Rs 2350.

According to Mr. Reddy, the investors will buy the stock with a strict stop loss of Rs 2235.

Today, the shares of the company opened at Rs 2269 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2500 and a low of Rs 1240 on BSE.

Current EPS & P/E ratio stood at 158.17 and 14.27 respectively.

Interest Rates Will Not Rise In Near Future, Says SBI

Interest Rates Will Not Rise In Near Future, Says SBIIn a declaration, the State Bank of India announced that the bank's interest rates would not be going up in the coming future, as there is sufficient liquidity in the banking system and credit off take is generally small in the April-June quarter.

SBI chairman O. P. Bhatt said, "At the moment there is fair amount of liquidity in the system. Secondly, the quarter in the financial year, which traditionally in India is supposed to be lean quarter for building up credit."




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