State Bank of India (SBI), the country’s largest public sector bank has signed a framework agreement with The Export-Import Bank of China (China Exim Bank) for a Line of Credit (LOC) of $1.8 billion.
This LOC will be used for projects involving import of Chinese raw materials, energy, equipment, mechanical and electronic products, complete sets of equipment, high and new tech products, energy projects, infrastructure and construction projects and any other projects mutually agreed upon by the two banks.
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.
