Prior to this, SBI had raised long term bonds of ₹10,000 crores on August 1, 2023, at a spread of 13 basis points (bps) over corresponding FBIL G-Sec par curve. The Bank has AAA credit rating with stable outlook from all domestic credit rating agencies for these instruments. With the current issuance, the total outstanding long-term bonds issued by the bank is at ₹39,718 crores.

“This issuance is also very significant as the bank has been successful in raising long duration bonds successively at a finer spread. We believe that this issuance may help in developing a long term bond curve and encourage other banks to issue bonds of longer tenor,” SBI said in the filing.

In the April-June quarter of FY24, SBI reported a 178.25% jump in its net profit to ₹16,884 crore as compared to ₹6,068 crore during the same period last year. The net interest income (NII) rose 24.71% to ₹38,905 crore as compared to ₹31,196 crore in the same period last year.

On the asset quality front, SBI's gross NPA (net performing asset) ratio stood at 2.76% as of June 30, 2023, down by 115 bps YoY, while the net NPA ratio was recorded at 0.71%, down 29 bps on a year-on-year basis.

During the quarter under review, provisions stood at ₹2,501 crore as against ₹4,392 crore last year. Fresh slippages for the quarter stood at ₹7,659 crore, which was more than double from ₹3,185 crore in Q4 FY23, but lower by 21.37% from ₹9,740 crore last year.

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SBI infra bonds

SBI raises ₹10,000 crore via infra bonds; stock falls