State Bank of India
Q1 FY2011 RESULTS
EXTRACTS OF SBI PRESS RELEASE
STAND ALONE RESULTS
HIGHLIGHTS
• NII increased by 45.35% in Q1FY11 over Q1FY10 against a growth of 4.30% recorded in June 09. NII during the quarter was highest since last 3 years.
• While cumulative NIM improved significantly to 3.18% as on June 10 from 2.30% as at the end of June 09, it improved from 2.66% in March 10. Sequentially also, NIM continues to improve from 2.30% in Q1FY10, 2.55% in Q2FY10, 2.82% in Q3FY10 and 2.96% in Q4FY10 to 3.18% in Q1FY11.
• Total non interest income up by 3.40% despite profit on sale of investments coming down by 75.54% (Rs.535 crores). Non Interest Income excluding profit on sale of investments is up by 22.96%.
• Fee income went up by 29.41% YOY, driven by robust growth in loan processing charges, non fund based business, Government business and cross-selling.
[1] TOTAL BUSINESS GROWTH OF Rs. 1,65,769 CRORES (12.62% YOY) (Deposits Rs. 51,734 crores & advances Rs. 1,14,035 crores).
• Deposits of the Bank went up from Rs.7,63,563 crores in June 09 to Rs.8,15,297 crores in June 10 recording a YOY growth of 6.78%, driven by CASA growth of 28.93% and retail TD growth of 10.16%, despite shedding of high cost bulk deposits by 51.43%.
• Savings Bank deposits grew at an average of Rs.9,232 crores per month during the first three months of FY11, leading to a YTD growth of Rs.27,696 crores. YOY growth in Savings bank deposits at Rs.71,806 crores (33.85%) as on June 10.
• CASA ratio has improved from 38.45% as on June 2009 to 47.51% as on June 2010.
[1] ADVANCES
• Gross Advances up by Rs. 1,14,035 crores, a growth of 20.74% from Rs. 5,49,793 crores in June 09 to Rs. 6,63,828 crores in June 10.
• Credit Deposit Ratio (Domestic) is up at 74.85% as at the end of June 10 from 64.84% at the end of June 09. Large Corporate advances have grown from Rs. 70,964 crores in June 09 to Rs. 95,603 crores in June 10 registering a growth of 34.72%. Growth in Mid-Corporate Advances was 14.30%.
Home loans grew by 29.83% YOY from a level of Rs.57,513 crores in June 09 to Rs.74,669 crores in June 10.
Auto Loans up by 48.06% YOY and Education Loans grew by 30.75% from June 09 to June 10.
SME Advances of the Bank are up by 14.72% from a level of Rs.96,404 crores in June 2009 to Rs.1,10,596 crores as at the end of June 2010.
Agri advances have grown by 15.98% from June 09 to June 10. Total disbursements under Agri Advances were Rs.7892 crores during Q1FY 11. 2.89 lacs new farmers financed during Q1 FY11.
International advances up by 22.07% from Rs. 86,157 crores in June 09 to Rs. 1,05,168 crores in June10.
Slippages from Restructured Assets
Out of the standard restructured assets of Rs.16,796 crores restructured under RBI
dispensation upto June 2009, Rs. 158 crores have slipped into NPA category
during the quarter, taking the total slippages to Rs.1,774 crores and the slippage
ratio for these to 10.56% up to June 10.
[1] KEY FINANCIAL RATIOS:
Return on Equity increased to 17.09% in June 2010 from 15.88% in June 2009. Sequentially, ROE has gone up by 305 bps from 14.04% in March 2010.
Net Interest Margin improved significantly from 2.30% as on 30th June 09 to 3.18% in June 10.
Average Cost of Deposits has come down to 5.27% as on June 10 from 6.16% as on June 09. Sequentially, Cost of Deposits has come down from 5.80% as on Mar 10.
Yield on advances (YOA) at 9.30% in Q1FY11 lower as compared to 10.01% in Q1FY10, mainly on account of lower PLR which was reduced from 12.25% to 11.75% as on 29.06.09 last year.
Cost to income ratio has declined substantially YOY to 44.20% as on June 10 from 57.25% as on June 09. Compared to March 10, it has come down by 839 bps from 52.59%.
As per Basel II CRAR of the Bank is at 13.54% as at the end of June 2010, compared to 14.12% last year, with Tier 1 of 9.79%. As per Basel I CRAR is at 12.17% and Tier I is 8.79% as on June 10.
= = = x x x = = =
CONSOLIDATED FIGURES
COMPARISON
The consolidated figures for the quarters Q1 FY11, and q1 FY10 are given below and compared along with FY2010 figures.
Interest on Advances has gone up by 8% to Rs.19152.45 Cr – compared to Q1 FY2010 (Rs.17733.73 Cr) and proportionately ( i.e., on Q1 FY11 x 4) by 6% compared to FY 2010 (Rs.72298.74 Cr).
Total Interest Earned has gone up by 6.8% to Rs.26312.95 Cr – compared to the corresponding Qtr of q1 Fy10 (Rs.24641.11 Cr) – and proportionately by 5.2% compared to FY2010 (Rs.100080.73 Cr).
Total Income has declined by 1% to Rs.32808.06 Cr – compared to Q1 FY10 (Rs.33132.70 Cr) – and proportionately by 2% compared to FY10 (Rs.133851.83 Cr).
But, Interest Expended has come down by 8.9% to Rs.15961.93 cr from Q1 FY10 (Rs.17524.15 cr) – and proportionately by 4.2% from FY2010 (Rs.66637.51 Cr).
Operating Profit is up by 66.7% to Rs.8159.32 Cr – from Q1 FY10 (Rs.4894.52Cr) – and proportionately by 31.6% from FY2010 (Rs.24798.93 Cr).
But, Provisions has gone by a huge 536.9% to Rs.2512.07 cr from Q1 FY10 (Rs.394.40 Cr) – and proportionately by 64.3% from FY2010 (Rs.6116.91 Cr).
Net Profit has gone up by 22% to Rs.3365.26 cr from Q1 FY10 (Rs.2758.53 Cr) – and proportionately by 14.7% from FY2010 (Rs.11733.83 Cr).
Over all, the consolidated Basic EPS is Rs.53.01 compared to Rs.43.45 in the Q1 FY10, and compared to Rs.184.82 in FY 2010.
Consolidated Results in Figures :
SBI | CS JUN10 | CS JUN09 | Dif%4 | CS FY10 | Dif%5 |
Interest on Advances | 1915245 | 1773373 | 8 | 7229874 | 6 |
Income on Investments | 648887 | 600670 | 8 | 2461407 | 5.4 |
Income on RBI Balances | 23365 | 75231 | -68.9 | 182654 | -48.8 |
Others | 43798 | 14837 | 195.2 | 134138 | 30.6 |
Interest Earned | 2631295 | 2464111 | 6.8 | 10008073 | 5.2 |
Other Income | 649511 | 849159 | -23.5 | 3377110 | -23.1 |
Total Income | 3280806 | 3313270 | -1 | 13385183 | -2 |
Interest Expended | 1596193 | 1752415 | -8.9 | 6663751 | -4.2 |
Employees Cost | 418061 | 421664 | -0.9 | 1633106 | 2.4 |
Other OprtgExpenses | 450620 | 649739 | -30.6 | 2608433 | -30.9 |
Operating Expenses | 868681 | 1071403 | -18.9 | 4241539 | -18.1 |
Total Exp.excl.provisions | 2464874 | 2823818 | -12.7 | 10905290 | -9.6 |
Operating Profit | 815932 | 489452 | 66.7 | 2479893 | 31.6 |
Provisions | 251207 | 39440 | 536.9 | 611691 | 64.3 |
Profit before tax | 564725 | 450012 | 25.5 | 1868202 | 20.9 |
Tax Expense | 218016 | 164767 | 32.3 | 666838 | 30.8 |
Net Profit After Tax | 346709 | 285245 | 21.5 | 1201364 | 15.4 |
Net Profit | 336526 | 275853 | 22 | 1173383 | 14.7 |
Face Value.Rs | 10 | 10 | 0 | 10 | 300 |
Paid-up Equity | 63488 | 63488 | 0 | 63488 | 300 |
Reserves | - | - | 8250070 | ||
Shares OF GOI% | 59.41 | 59.41 | 0 | 59.41 | 300 |
Basic EPS B EI | 53.01 | 43.45 | 22 | 184.82 | 14.7 |
STAND ALONE FIGURES
COMPARISON
Interest on Advances is Rs.13422.09 cr – up from Rs.12967.32 cr in Q4 FY10 (+3.5%) – and up from Rs.12357.12 cr in Q1 FY10 (+8.6%) – and proportionately up by 6% from FY2010 (Rs.50632.64 Cr).
Total Interest Earned is Rs.18452.12 Cr – up by 2.7 % from Q4 FY10 (Rs.17965.59Cr) – and up by 5.6% from Q1 FY10 (Rs.17472.76 Cr) - and proportionately by 4% from FY2010 (Rs.70993.92 Cr).
Total Income is Rs.22142.08 Cr – down by 1.5% from Q4 FY10 (Rs.22474.12 Cr) –but up by 5.2% from Q1 FY10 (Rs.21041.51 Cr) – and proportionately by 3% from FY2010 (Rs.85962.07 Cr) .
Interest Expended is Rs.11148.40 Cr – down by 0.9% from Q4 FY10 (Rs.11244.15 Cr) – down by 10.4% from Q1 FY10 (Rs.12447.88 Cr) – and proportionately down by 5.8% from FY 2010 (Rs.47322.48 Cr).
Operating Profit is Rs.6134.36 cr – up by 18.1% from Q4 FY10 (Rs.5193.88 Cr) – up by a huge 67% from Q1 Fy10 (Rs.3673.87 Cr) - and proportionately up by 33.9% from FY2010 (Rs.18320.91 Cr).
Provisions are Rs.1551.37 Cr – down by 34% from Q4 FY10 (Rs.2349.40 Cr) –but up by 798.1% from Q1 FY10 (Rs.172.73 Cr) – and up proportionately by 41.2% from FY 2010 (Rs.4394.83 Cr).
Net Profit is Rs.2914.20 Cr – up by a huge 56.1% from Q4 FY10 (Rs.1866.60 Cr) – up by 25.1% from Q1 FY10 (Rs.2330.37 Cr) – and proportionately up by 27.2% from FY2010 (Rs.9166.05 Cr).
Capital Adequacy Ratio is 12.17 – compared to 12 in Q4 FY10 and 13.11 in Q1 FY10. This is reasonably healthy.
% of Gross/Net NPA is 1.7 in Q1 FY11, compared to 1.72 in Q4 FY10 and 1.55 in Q1 FY10.
Return on Assets is 1.07 in Q1 FY11 – compared to 0.69 in Q4 FY10, 0.92 in Q1 FY10 and 0.88 in FY 2010.
Basic EPS for Q1 FY11 is Rs.45.9 compared to the previous quarter of Q4 FY10 (Rs.29.4) and compared to Q1 FY 10 (Rs.36.71) and FY10 annual stand alone EPS of Rs.144.37.
PE RATIO : At this rate of Rs.45.9 quarterly EPS,, the annual EPS may be around Rs.184. Currently SBI is quoting at a market price of Rs.2777/-. The PE Ratio on the estimated forward earnings comes to Rs.15.09.
Whether SBI will repeat the growth pattern in the coming three quarters of FY11 is to be seen. SBI has been adopting aggressive growth measures and coupled with its natural advantages of being the preferred State owned bank for many key business purposes – it is bound to grow well in future. There does not seem to be much negative signs on NPAs. It has set its Base lending Rate aggressively at around 7.5% - which will itself attract more borrowers compared with Banks with a higher Base lending rate. The bank also is striking attractive MOUs with many organizations as can be seen its announcements to NSE. Therefore, future of SBI looks quite attractive.
Stand Alone Figures :
Jun-10 | Mar-10 | Dif%1 | Jun-09 | Dif%2 | Dif%3 | ||
Interest on Advances | 1342209 | 1296732 | 3.5 | 1235712 | 8.6 | 5063264 | 6 |
Income on Investments | 447224 | 445233 | 0.4 | 433853 | 3.1 | 1773630 | 0.9 |
Income on RBI Balances | 13784 | 21766 | -36.7 | 64909 | -78.8 | 151192 | -63.5 |
Others | 41995 | 32828 | 27.9 | 12802 | 228 | 111306 | 50.9 |
Interest Earned | 1845212 | 1796559 | 2.7 | 1747276 | 5.6 | 7099392 | 4 |
Other Income | 368996 | 450853 | -18.2 | 356875 | 3.4 | 1496815 | -1.4 |
Total Income | 2214208 | 2247412 | -1.5 | 2104151 | 5.2 | 8596207 | 3 |
Interest Expended | 1114840 | 1124415 | -0.9 | 1244788 | -10.4 | 4732248 | -5.8 |
Employees Cost | 307393 | 359176 | -14.4 | 341129 | -9.9 | 1275465 | -3.6 |
Other OprtgExpenses | 178539 | 244433 | -27 | 150847 | 18.4 | 756403 | -5.6 |
Operating Expenses | 485932 | 603609 | -19.5 | 491976 | -1.2 | 2031868 | -4.3 |
Total Exp.excl.provisions | 1600772 | 1728024 | -7.4 | 1736764 | -7.8 | 6764116 | -5.3 |
Operating Profit | 613436 | 519388 | 18.1 | 367387 | 67 | 1832091 | 33.9 |
Provisions | 155137 | 234940 | -34 | 17273 | 798.1 | 439483 | 41.2 |
Profit before tax | 458299 | 284448 | 61.1 | 350114 | 30.9 | 1392608 | 31.6 |
Tax Expense | 166879 | 97788 | 70.7 | 117077 | 42.5 | 476003 | 40.2 |
Net Profit After Tax | 291420 | 186660 | 56.1 | 233037 | 25.1 | 916605 | 27.2 |
Net Profit | 291420 | 186660 | 56.1 | 233037 | 25.1 | 916605 | 27.2 |
Face Value.Rs | 10 | 10 | 0 | 10 | 0 | 10 | |
Paid-up Equity | 63488 | 63488 | 0 | 63488 | 0 | 63488 | |
Reserves | - | 6531432 | - | 6531432 | |||
Shares OF GOI% | 59.41 | 59.41 | 0 | 59.41 | 0 | 59.41 | |
Cap. Adeq. Ratio | 12.17 | 12 | 1.4 | 13.11 | -7.2 | 12 | |
Basic EPS B EI | 45.9 | 29.4 | 56.1 | 36.71 | 25 | 144.37 | 27.2 |
% of Gross/Net NPA | 1.7 | 1.72 | -1.2 | 1.55 | 9.7 | 1.72 | |
Return on Assets | 1.07 | 0.69 | 55.1 | 0.92 | 16.3 | 0.88 | 386.4 |
Public holding (%) | 40.59 | 40.59 | 0 | 40.59 | 0 | 40.59 |
ANNOUNCEMENTS
TO THE EXCHANGE
12-08-2010 State Bank of India has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 1845212 lacs for the quarter ending on 30-JUN-2010 against Rs. 1747276 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 1114840 lacs for the quarter ending on 30-JUN-2010 against Rs. 1244788 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 291420 lacs for the quarter ending on 30-JUN-2010 against Rs. 233037 lacs for the quarter ending on 30-JUN-2009.
12-08-2010 State Bank of India has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 2631295 lacs for the quarter ending on 30-JUN-2010 against Rs. 2464111 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 1596193 lacs for the quarter ending on 30-JUN-2010 against Rs. 1752415 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 336526 lacs for the quarter ending on 30-JUN-2010 against Rs. 275853 lacs for the quarter ending on 30-JUN-2009.
29-06-2010 State Bank Of India has informed the Exchange vide its letter dated June 29, 2010 that "State Bank of India has fixed the Base Rate at 7.50% per annum with effect from July 01, 2010".
14-05-2010 State Bank of India has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 7099392 lacs for the year ending on 31-MAR-2010 against Rs. 6378843 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 4732248 lacs for the year ending on 31-MAR-2010 against Rs. 4291529 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 916605 lacs for the year ending on 31-MAR-2010 against Rs. 912124 lacs for the year ending on 31-MAR-2009.
14-05-2010 State Bank of India has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 10008073 lacs for the year ending on 31-MAR-2010 against Rs. 9166701 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 6663751 lacs for the year ending on 31-MAR-2010 against Rs. 6262646 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 1173383 lacs for the year ending on 31-MAR-2010 against Rs. 1095528 lacs for the year ending on 31-MAR-2009.
* * * E N D * * *
No comments:
Post a Comment