State Bank of India announced on Friday that it plans to raise up to Rs 50,000 crore in the current fiscal through debt instruments from both domestic and international markets.

One of the country’s biggest lenders stated in a stock exchange filing that the central board of the bank made this decision. The SBI board has given the go-ahead for the issuance of debt instruments, but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, and Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crores through private placement mode to Indian and/or Overseas investors during FY24, in order to raise money in Indian rupees or any other convertible currency.

A strong performance in core income and an improvement in asset quality to the decadal best helped SBI’s March quarter net profit soar by nearly 90% to Rs 18,094 crore on a consolidated level.

On an individual basis, it reported an increase in net profit of 83% to Rs 16,695 crore, while the same figure for FY23 increased by 58% to Rs 50,232 crore. The profits for the fiscal year and the quarter were both the highest ever.

The domestic net interest margin (NIM) for Q4FY23 increased by 44 bps YoY to 3.84%, while the state-run lender’s net interest income (NII) increased by 29.5% YoY to 40,392 crore.

SBI’s Capital Adequacy Ratio (CAR) increased by 85 bps YoY to 14.68% at the end of FY23. Over the past year, SBI’s stock price has increased by more than 23%. SBI’s shares were down 1.84% at 577.65 per share as of 2:15 p.m. on the BSE.