SBI and KfW will sign a 70 million euro term contract for solar projects

14 Dec 2023 , 01:49 PM

State Bank of India (SBI) announced in New Delhi on Wednesday that it will sign a Line of Credit (LoC) worth 70 million euros, or roughly Rs 630 crore, with the German Development Bank KfW to support solar projects in the nation. According to a regulatory filing from SBI, the deal will be inked on December 14 at the bank’s IFSC Gift City Branch in Ahmedabad.

According to the statement, the LoC is intended to assist solar photovoltaic (PV) projects in India.

The largest lender in the nation, SBI, recorded a 9.13% increase in consolidated net profit for the September quarter, coming in at Rs 16,099.58 crore as opposed to Rs 14,752 crore during the same period last year.

It reported a net profit of Rs 14,330.02 crore on an independent basis, up from Rs 13,264.52 crore in the same period last year.

For the quarter under review, the bank reported total income of over Rs 1.12 lakh crore, which is an increase from Rs 88,733 crore during the same period last year.

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