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  • State Bank of India

    01-Feb-2019 | 21:58

    State Bank of India on standalone basis for merged entity has posted strong net profit of Rs 3954.81 crore for the quarter ended December 2018 (Q3FY2019), driven by healthy growth in net interest income and improvement in asset quality. Bank has posted healthy improvement in asset quality on sequential basis as well as over a year earlier level. Bank has improved Net Interest Margin (NIM) to 2.92% helping Net Interest Income (NII) growth to accelerate in Q3FY2019. Bank has improved business growth at 9% along with rise in credit deposit ratio to 76.2% at end December 2018. Bank has also improved the CASA deposits ratio ratio to 45.2% at end December 2018.

    Asset quality improves: Bank has improved the asset quality on sequential as well as year-on-year basis in Q3FY2019.

    • Fresh slippages of advances dipped to Rs 4523 crore (annualized 1.6% of advances in Q3FY2019) compared with Rs 10725 crore (2.0%) in the previous quarter.
    • Recoveries, upgradations and write-offs together were robust at Rs 24640 crore in Q3FY2019.
    • SMA-1 and SMA-2 category loan book of the bank stood at Rs 17059 crore end December 2018.
    Asset Quality Indicators: State Bank of India
    201812201809201806201803201712Variation
    QoQYTDYoY
    Gross NPA (Rs Crore)187764.56205864.13212839.92223427.45199141.34-9-16-6
    Net NPA (Rs Crore)80943.5194809.9899236.26110854.70102370.12-15-27-21
    % of GNPA8.719.9510.6910.9110.35-124-220-164
    % of NNPA3.954.845.295.735.61-89-178-166
    Provision coverage ratio %74.6370.7469.2566.1765.92389846871
    CRAR Basel III %12.7712.6112.8312.6012.6816179
    Tier I - Basel III %10.5410.3610.5310.3610.30181824
    Variation in basis points for figures given in percentages and in % for figures in Rs crore

    Business Highlights:

    Business growth improves: Business of the bank rose at improved pace of 9% yoy to Rs 4985854 crore at end December 2018. Deposits increased at steady pace of 7% at Rs 2830538 crore, while advances growth improved to 12% at Rs 2155316 crore at end December 2018. Domestic advances growth accelerated to 16% at Rs 1879053 crore, while international advances declined 8% yoy to Rs 276263 crore at end December 2018. The credit-deposit ratio of the bank increased to 76.2% at end December 2018 from 73.7% a quarter ago.

    Retail and corporate credit driving loans growth: Of the domestic advances, large corporate credit increased 21% yoy to Rs 774715 crore, while retail credit improved at higher pace of 18% to Rs 612595 crore. The SME credit also increased 9% to Rs 293060 crore at end December 2018. On the other hand, the agriculture credit rose 2% to Rs 198683 crore at end December 2018.

    CASA ratio improves: Deposits grew 7% yoy to Rs 2830538 crore in the quarter under review. Domestic deposits grew 8% yoy to Rs 2736303 crore of which CASA deposits grew 8% yoy to Rs 1237578 crore. Domestic CASA ratio improved 10 bps qoq to 45.2% at end December 2018.Overseas deposits declined 12% to Rs 94235 crore at end December 2018.

    Network expansion: Bank has reduced 221 branches in Q3FY2019 in addition to 117 branches cut in Q2FY2019. The bank has the network of 22090 branches and 58350 ATMs end December 2018.

    Book Value per share stood at Rs 219.1 per share at end December 2018, while the adjusted book value (net of NNPA) stood at Rs 128.4 per share at end of December 2018.

    Quarterly Performance:

    NII growth accelerate, as NIM improves and credit-deposit rises: Bank has posted 21% rise in NII at Rs 22690.99 crore for quarter ended December 2018. Interest earned moved up 14% to Rs 62276.61 crore. Meanwhile, the interest expended rose 10% to Rs 39585.62 crore. NIM of the bank improved to 2.76% in Q3FY2019 from 2.73% in Q3FY2018, while credit-deposit ratio gained to 76.3% at end December 2018 supporting NII growth.

    Treasury income and fee income declines: Non-interest income of the bank fell 1% to Rs 8035.23 crore in Q3FY2019, as profit on sale of investment dipped 59% to Rs 425.00 crore, while the forex income declined 6% to Rs 564 crore and core fee income of the bank also eased 5% to Rs 4724 crore in Q3FY2019. However, the bank has posted strong 56% jump in recoveries in written off account to Rs 2107 crore.

    Expense ratio rises: Net total income of the bank increased 15% to Rs 30726 crore in Q3FY2019, while the operating expenses rose higher pace of 21% to Rs 18101 crore, leading to an increase in expense ratio to 58.9% in Q3FY2019 from 56.1% in Q3FY2018. The employee expenses increased 31% to Rs 11171.93 crore, while other operating expenses rose 6% to Rs 6929.34 crore in Q3FY2019.

    The operating profit rose 7% to Rs 12624.95 crore in Q3FY2019.

    Provisions decline: The provisions and contingencies declined 39% to Rs 8670.14 crore in Q3FY2019 over Q3FY2018, led by 21% dip in NPA provisions to Rs 13971 crore, while the bank has written back hefty investment provisions of Rs 7994 crore and also revered standard assets provisions of Rs 64 crore in Q3FY2019.

    With the surge provisions, the bank has posted PBT of Rs 6618.73 crore in the quarter ended December 2018.

    The bank has made tax provisions of Rs 2663.92 crore in Q3FY2019 against write-back of tax provision of Rs 4705.27 crore in Q3FY2018. The net profit came in at Rs 3954.81 crore for quarter ended December 2018 against net loss of Rs 2416.37 crore in the corresponding quarter last year.

    Standalone YTD Financial Performance:

    For the nine-months ended December 2018 (9MFY2019), the bank has posted 98% dip in net profit to Rs 23.83 crore. The net interest income improved 19% to Rs 65395.04 crore, while non-interest income declined 25% to Rs 24089.78 crore in 9MFY2019. The expense ratio jumped 713 bps yoy to 57.0% in 9MFY2019. The operating expenses rose 18% to Rs 50981.88 crore, while provision and contingencies declined 20% to Rs 37326.66 crore in 9MFY2019. The profit before tax came in at Rs 1176.28 crore in 9MFY2019. Net profit declined 98% to Rs 23.83 crore in 9MFY2019.

    Consolidated quarterly performance:

    On the consolidated front, the bank has posted the net profit at Rs 4709.15 crore, driven by 21% rise in NII at Rs 25021.12 crore. The other income increased 13% to Rs 19439.85 crore, leading to 18% rise in net total income to Rs 44460.97 crore. The operating expenses moved up 21% to Rs 30265.02 crore, allowing the operating profit to increase 10% to Rs 14195.95 crore in the quarter ended December 2018. The provisions declined 67% to Rs 6355.98 crore, PBT came in at Rs 7839.97 crore in Q3FY2019. The net profit came in at Rs 4823.29 crore before minority interest and share of associates. The Minority interest increased 12% to Rs 245.85 crore, while the profit from associate companies moved up 71% to Rs 131.71 crore. Net Profit came in at Rs 4709.15 crore for quarter ended December 2018.

    Consolidated YTD Financial Performance:

    For the nine-months ended December 2018 (9MFY2019), the bank on consolidated basis has posted 65% decline in net profit to Rs 1055.17 crore. The net interest income improved 19% to Rs 72107.46 crore, while non-interest income declined 5% to Rs 51575.11 crore in 9MFY2019. The expense ratio jumped 719 bps yoy to 66.2% in 9MFY2019. The operating expenses surged 21% to Rs 81831.30 crore, while provision and contingencies declined 20% to Rs 38125.68 crore in 9MFY2019. The profit before tax came in at Rs 3725.59 crore in 9MFY2019. Net profit declined 65% to Rs 1055.17 crore in 9MFY2019.

    State Bank of India: Standalone Financial Results

     

    Particulars1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)1703 (12)Var %
    Interest Earned62276.6154802.8914179883.27164558.039220499.31175518.2426
    Interest Expended39585.6236115.3710114488.23109678.604145645.59113658.5028
    Net Interest Income22690.9918687.522165395.0454879.431974853.7261859.7421
    Other Income8035.238084.17-124089.7832105.91-2544600.6935460.9326
    Net Total Income30726.2226771.691589484.8286985.343119454.4197320.6723
    Operating Expenses18101.2715017.122150981.8843357.571859943.4546472.7729
    Operating Profits 12624.9511754.57738502.9443627.77-1259510.9650847.9017
    Provisions & Contingencies6006.2218876.21-6837326.6646943.12-2075039.1935992.74108
    Profit Before Tax6618.73-7121.64LP1176.28-3315.35LP-15528.2314855.16PL
    Provisions for Tax2663.92-4705.27PL1152.45-4486.06PL-8980.794371.06LP
    Net Profit3954.81-2416.37LP23.831170.71-98-6547.4410484.10PL
    EPS*(Rs)17.73-10.830.041.75-7.3411.75
    * Annualized on current equity of Rs 892.46 crore. Face Value: Rs 1, Figures in Rs crore
    PL: Profit to Loss, LP: Loss to Profit
    Source: Capitaline Corporate Database

    State Bank of India: Consolidated Financial Results

     

    Particulars1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)1703 (12)Var %
    Interest Earned64910.2657014.0314187537.61170760.3110228970.28230447.10-1
    Interest Expended39889.1436393.4110115430.15110365.055146602.98149114.67-2
    Net Interest Income25021.1220620.622172107.4660395.261982367.3081332.431
    Other Income19439.8517176.841351575.1154191.81-577557.2468193.1614
    Net Total Income44460.9737797.4618123682.57114587.078159924.54149525.597
    Operating Expenses30265.0224946.702181831.3067569.352196154.3787289.8810
    Operating Profits 14195.9512850.761041851.2747017.72-1163770.1762235.712
    Provisions & Contingencies6355.9819097.52-6738125.6847480.99-2076015.0861290.8824
    Profit Before tax 7839.97-6246.76LP3725.59-463.27LP-12244.91944.83PL
    Provisions for tax3016.68-4502.53PL2206.95-3776.69PL-8057.501335.50LP
    Net Profit before MI4823.29-1744.23LP1518.643313.42-54-4187.41-390.67-
    Minority Interest (MI)245.85219.2112741.40597.0324807.04-338.62LP
    P&L of Associate Company131.7176.8771277.93269.353438.16293.2849
    Net profit 4709.15-1886.57LP1055.172985.74-65-4556.29241.23PL
    EPS*(Rs)21.11-8.461.584.46-5.110.27
    * Annualized on current equity of Rs 892.46 crore. Face Value: Rs 1, Figures in Rs crore,
    Source: Capitaline Corporate Database

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