State Bank Of India

State Bank of India (SBI), the country’s largest public sector lender will be raising funds to the tune of up to $600 million through an external commercial borrowing (ECB) from corporates. The amount will get raised in the next three to four month.

Last week the country’s largest lender raised $1 billion through an international bond sale at a competitive coupon of 3.25% and the money will be deployed to fund clients’ overseas requirements. An ECB is an instrument used in India to facilitate access to foreign money by Indian corporations and public sector undertakings.

The bank reported 4.08% rise in its net profit at Rs 3396.06 crore for third quarter ended December 31, 2012 as compared to Rs 3263.04 crore for the same quarter in the previous year. Total income from operation of the bank increased by 14.11% at Rs 33992.11 crore for quarter under review as compared to Rs 29787.37 crore for the quarter ended December 31, 2011.