SBI to raise up to $2 billion through overseas bond

State Bank of India (SBI), country’s largest public sector lender is likely to raise up to $2 billion through an overseas bond sale in the next three months. It aims to utilize these funds to enhance its tier-II capital adequacy.

State Bank of India, on the standalone basis, reported a 194 fold jump in its net profit to Rs 4050.27 crore for the fourth quarter ended March 31, 2012, against net profit of Rs 20.88 crore for the corresponding period last fiscal. Total income has increased by 27.97% at Rs 33,959.54 crore during the quarter under review from Rs 26,536.84 crore in the year-ago period.