SBI raises $1B globally for booming ESG financing sector.

January 10, 2024
1 min read

SBI has raised $1 billion to support the domestic ESG financing market through a syndicated social loan. This follows last year’s $1 billion syndicated social loan raised by the bank. The funds were raised through a three-year and a five-year loan.

The loan book closed on January 2, 2024, and the funds will be used to cater to the growing demand for Environmental, Social, and Governance (ESG) financing. The funds were raised at 80 basis points and 100 basis points over the secured overnight financing rate (SOFR), respectively.

During the second quarter of the current fiscal year, SBI reported an 8% increase in net profit to Rs 14,330 crore. The bank’s net interest income also jumped 12.3% to Rs 39,500 crore during the same period.

From an asset quality perspective, SBI’s gross non-performing assets ratio improved to 2.55% as of September 30, 2023, compared to 3.52% in the year-ago period and 2.76% in the first quarter of the current fiscal year.

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