The State Bank of India (SBI) and the Foreign, Commonwealth & Development Office (FCDO), UK, have signed a non-binding Memorandum of Understanding (MoU).
What Happened: The announcement of this substantial investment was made public on Wednesday, July 24, 2024, by the SBI and the FCDO, UK. As per the disclosure filed with exchanges, the MoU outlines an investment of £750 million (around ₹7,500 crore). Both the SBI and the FCDO have committed to contribute £375 million (around ₹4,050 crore) each over a predetermined timeline.
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The specific details of the investment and its timeline are yet to be disclosed. Earlier in the week, the lender announced that it would post its earnings for the quarter ended June on August 3.
In the March quarter, SBI reported a net profit of ₹20,698 crore, marking a 23.98% increase from the same period the previous year. The bank's gross NPA ratio improved by 54 basis points year-on-year to 2.24%. However, the net NPA ratio rose by 10 basis points year-on-year to 0.57%.
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