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Fitch affirms investment grade to SBI

17 Dec 2011 Evaluate

Global rating agency Fitch has affirmed ‘BBB-’ or investment grade with stable outlook to the country's largest lender State Bank of India (SBI). The agency has also affirmed the bank’s Viability Rating (VR) at ‘BBB-’.

The ratings of SBI are driven by a high probability of support from the government, given its systemic importance as the largest bank in India, as the sole banker in many economically backward regions and as a banker to various government entities.

The bank’s net profit for the quarter registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010.  Bank’s total income increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.

Peers
Company Name CMP
State Bank Of India 945.10
PNB 121.00
Bank Of Baroda 233.00
Canara Bank 118.20
Union Bank Of India 184.00
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