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State Bank of India inks a loan agreement with JBIC

02 Sep 2014 Evaluate

State Bank of India (SBI), the country’s largest public sector bank, has signed a loan agreement with the Japan Bank of International Cooperation (JBIC) to set up an export credit line in two currencies worth $152 million. The loan is co-financed with the Bank of Tokyo-Mitsubishi UFJ (BTMU) which brings the total co-financing amount to JPY 13.5 billion and $21 million approximately.

This credit line will be used by Meja Urja Nigam to finance the procurement of steam turbine generators from Japan's Toshiba Corp and its Indian subsidiary to construct a super critical pressure coal-fired power plant (660 mwx2 units) in Meja, Uttar Pradesh.

The bank’s net profit for the quarter ended June 30, 2014 rose by 3.33% at Rs 3349.08 crore as compared to Rs 3241.08 crore for the quarter ended June 30, 2013. Its total income has increased by 12.56% to Rs 40739.21 crore for the quarter under review from Rs 36192.62 crore for the corresponding quarter of the previous year.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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