SBI to sign 70 million euro LoC with KfW for solar projects

New Delhi: The 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.

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.

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