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State Bank Of India Gains After Board Authorizes Raising Rs 14,000 Crore

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SBI will be raising fresh Additional Tier 1 (AT1) capital up to an amount of Rs 14,000 crore.Shares of the country's largest lender by assets - State Bank of India - rose as much as 1.6 per cent to hit an intraday high of Rs 426.30 after its central board approved raising Rs 14,000 crore via debt instruments in dollar and rupee terms during the current financial year.

The bank will be raising capital by issuing Basel lll compliant debt instruments, State Bank of India said in an exchange filing.The bank will be raising fresh Additional Tier 1 (AT 1) capital up to an amount of Rs 14,000 crore subject to government of India's concurrence, the Mumbai-based lender said post market hours on Monday.State Bank of India shares were witnessing lower than usual trading volumes as 3.54 lakh shares changed hands on the BSE compared with an average of 13.66 lakh shares traded daily in the past two weeks till 10:50 am, data from BSE showed.State Bank of India shares have massively outperformed the Sensex as it has advanced 55 per cent so far this year compared with a gain of 11 per cent in the Sensex.In the quarter ended March 2021, the country's largest lender said that its net profit in quarter ended March 2021 rose 80 per cent to Rs 6,451 crore compared with Rs 3,581 crore during the same period last year.

Profit was aided by decline in provisions for bad loans an annual basis.

Its provisions for bad loans fell to Rs 9,914 crore versus Rs 11,840 crore in the same period last year.SBI's asset quality saw an improvement during the quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 4.98 per cent as against 6.15 per cent during the March quarter of last year.

Gross NPAs stood at Rs 1,26,389 crore.As of 10:47 am, State Bank of India shares traded 1.26 per cent higher at Rs 425, outperforming the Sensex which was up 0.8 per cent.




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