State Bank Of India

State Bank of India (SBI), the country’s largest public sector bank is likely to sell up to 5 percent stake in SBI Life Insurance, a joint venture between SBI and BNP Paribas Cardiff. The bank owns 74 percent in the life insurer. The stake sale could fetch the bank as much as Rs 1950 crore. SBI Life’s total assets under management (AUMs) grew by 12% to Rs79828 crore as on March 31, 2016 from Rs71339 crore in the previous year. The plan to sell a stake comes at a time when the life insurer has been firming up plans to go public.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. The bank has reported 31.73% fall in its net profit at Rs 2520.96 crore for the quarter ended June 30, 2016 as compared to Rs 3692.43 crore for the same quarter in the previous year. However, total income of the bank increased by 9.38% to Rs 48928.60 crore for the quarter under review from Rs 44730.87 crore for the corresponding quarter of the previous year.