State Bank Of India

BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1029.40
-18.85 (-1.80%)
< Home < Back

ICRA assigns ‘AAA (hyb)’ rating to SBI’s Basel III compliant Tier II Bonds

Date: 14-01-2014

Credit rating agency, ICRA has assigned a ‘AAA (hyb)’ rating with stable outlook to State Bank of India’s (SBI) Basel III compliant Tier II Bonds aggregating Rs 2,000 crore. This is the first Tier II capital instrument, compliant with the Basel III Capital Regulations, to be issued by SBI, the largest bank in India.

The Basel III Tier II bonds issued by banks are expected to provide their depositors and senior creditors an additional layer of protection.

SBI reported 35.07% fall in its net profit at Rs 2375.01 crore for the second quarter ended September 30, 2013 as compared to Rs 3658.14 crore for the same quarter in the previous year. However, total income of the bank increased by 12.88% at Rs 37199.92 crore for quarter under review as compared to Rs 32953.47 crore for the quarter ended September 30, 2012.