Latest News | SBI to Sign 70 Million Euro LoC with KfW for Solar Projects

New Delhi, Dec 13 (PTI) State Bank of India (SBI) on Wednesday said it will sign 70 million euro (about Rs 630 crore) Line of Credit (LoC) with German Development Bank KfW for promoting solar project in the country.

The agreement will be signed on December 14 at the bank's IFSC Gift City Branch in Ahmedabad, SBI said in a regulatory filing.

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The LoC is aimed at supporting Solar Photovoltaics (PV) projects in India, it said.

The country's largest lender SBI reported a 9.13 per cent growth in consolidated net profit for the September quarter to Rs 16,099.58 crore as against Rs 14,752 crore in the year-ago period.

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On a standalone basis, it posted a net profit of Rs 14,330.02 crore as against Rs 13,264.52 crore in the year-ago period.

The bank reported a total income of over Rs 1.12 lakh crore for the quarter under review, up from Rs 88,733 crore in the year-ago period.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)