State Bank of India (SBI) more than doubled its net profit to Rs 2,815 crore in the March 2017 quarter, on the back of lower provisions. Provisions were lower by 11% year-on-year (y-o-y) at Rs 11,740 crore, of which those for bad loans fell 10% y-o-y to Rs 10,992 crore. The profits came off a small base — in the March 2016 quarter provisions for non-performing loans had soared following the asset quality review (AQR). SBI’s asset quality improved in the March quarter, with gross NPAs as a percentage of gross advances falling 33 bps sequentially to 6.9%.

State Bank of India on Friday reported 123% increase in its net profit to ₹2,815 crore for the quarter ended March driven by healthy growth in net interest income and a lower base.

The net Interest Income increased by 17.33% from ₹5,401 Cr to ₹18,071 crore during the year under review.

Following other prominent banks, the country's third largest private sector lender Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance.

"Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment to 8.35 per cent, the lowest in the industry," the bank said in a statement here.

ICICI Bank, Hindustan Unilever, State Bank of India (SBI), JBF Industries, Sintex Industries, Ceat and Finolex Industries are among 34 stocks from the S&P BSE500 index that hit their respective 52-week highs in otherwise range-bound market.

Bajaj Finance, Adani Transmission, DLF, Engineers India, Godrej Industries, Uflex, JSW Steel, Monsanto India, Sobha and Motilal Oswal Financial Services were also trading at their 52-week highs on BSE in intra-day trade.

The war for attracting customers for affordable housing loans intensified on Monday after ICICI Bank and HDFC Ltd. reduced their interest rates by up to 0.3 per cent for loans of up to Rs 30 lakh to promote affordable housing.

New home loans rates for up to Rs 30 lakh for women will be 8.35 per cent and for other others, 8.40 per cent, mortgage lender HDFC Ltd said in a statement.

Chennai/Mumbai: The initial public offer (IPO) for SBI Life Insurance, which aims to garner up to Rs 6,500 crore, could become the largest such offer in the country in almost seven years. On Friday, State Bank of India (SBI), the country's largest bank, said it was in the process of appointing eight merchant bankers for SBI Life's IPO in which its promoters — SBI and European insurance major Cardiff — are together selling 12% stake. This could value the life insurer at more than Rs 50,000 crore (close to $8 billion).

State Bank of India (SBI), the country’s largest lender, has decided to impose a charge of ₹25 per transaction for cash withdrawals, irrespective of the amount, from its wallet — SBI Buddy — through automated teller machines from June 1.

As of now, this feature is not there in the ATM, but SBI will shortly introduce this service.

Average crude oil prices will be around USD 45 for the next half of this year and this, coupled with positive macro fundamentals, could translate into better growth numbers for the country, says a report. According to SBI Research’s Ecowrap report, the easing of crude oil prices will have positive effect not only on inflation but also on GDP growth.

“Past trends indicate that low oil prices lift global growth (and subsequently domestic growth) significantly,” the report said. During 2003-2006, when average Brent crude was USD 47 per barrel, the global GDP growth was 5 per cent (average) and India’s average growth was at 8.6 per cent, it said.

Country’s largest lender SBI on Tuesday said it plans to raise funds through follow-on public offer and institutional placement in the current fiscal and has sought applications from merchant bankers for managing the issue.

“The bank intends to tap capital markets via a QIP/FPO. The issue size may vary based on various factors including but not limited to management discretion and the decision of the shareholders,” SBI said in a public notice.

India s largest lender SBI on Monday announced a steep reduction of 25 basis points in affordable housing loans to 8.35% for new borrowers.

Under the new government scheme, loans under Rs 30 lakh qualify for affordable housing.

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