State Bank of India
FOR THE QUARTER AND NINE MONTH ENDED DECEMBER 2010
STAND ALONE RESULTS
The stand alone results reflect a healthy trend as can be seen from the table below :
Ø Interest on Advances is Rs. 15716.56 Cr - up by 24.35% from Q3 FY 10.
Ø Income on Investments is Rs.5156.88 Cr – up by 16.32% from Q3 FY 10.
Ø Total Income is Rs.24726.73 Cr up by 16.94% from Q3 FY 10.
Ø Operating Profit is Rs.6764.48 cr – up by 46.48% from Q3 FY 10.
Ø Net Profit is Rs.2828.06 cr – up by 14.08% from Q3 FY 10.
Ø Provisions is – Rs.2051.51 cr – up by 139.49% from Q3 FY 10.
Ø Capital Adequacy Ratio is 11.95.
Ø Basic EPS is Rs. 44.54 on a Face Value of Rs.10- compared to Rs.39.05 in Q3 FY 10.
Ø % of Gross/Net NPA is slightly lower than earlier at 1.61.
Ø Return on Assets is satisfactory at 0.94.
· Loan loss provision of Rs.1632 crores made in Q3FY11 (Rs.515 crores in Q3FY10) includes Rs.452 crores made in excess of IRAC norms to enable the Bank to reach a provision cover ratio of 64.07%. Excluding this, Net Profit at Rs.3280 crores is up by 32.31% YOY
• NII increased by 43.28% in Q3FY11 over Q3FY10 against a growth of 9.69% recorded in Dec 09.
• Growth in Interest expenses on deposits contained at 3.22% during Q3FY11 due to robust growth in CASA deposits which have increased by 27.71%. CASA Ratio increased by 523 bps from 42.94% in Dec 09 to 48.17% in Dec 10.
• Interest income on advances has increased by 24.35% YOY during Q3FY11 against a decline of 1.54% during Q3FY10 driven by a growth of 21.88% in advances.
• Interest income from resource operations increased by 12.56% due to increase in
interest earned on investments by 16.32%.
• While cumulative NIM improved significantly by 84 bps to 3.40% as on Dec 10 from
2.56% as at the end of Dec 09, it improved by 74 bps from 2.66% in March 10. Sequentially also, NIM continues to improve from 3.18% in Q1FY11, 3.43% in Q2FY11 to 3.61% in Q3FY11.
• Fee income went up by 13.12% YOY in Q3FY11. Due to change in accounting, net
ATM interchange fee of Rs.222 crores for entire 9MFY10 was added to fee income in Q3FY10. Adjusting on pro rata basis, YOY growth in fee income would be 21.32% for Q3FY11. The major contributors to fee income growth were commission from Government business, commission from cross selling, loan processing charges, underwriting fees and commission from LC/BG business.
• Total non interest income declined by 1.54% mainly due to decline in growth in
profit on sale of investments by 49.61% (Rs.217 crores). Non Interest Income excluding profit on sale of investments is up by 5.63%.
• Operating Expenses have increased by 10.57% YOY.
_ Staff Expenses have increased by 12.64% YOY driven by higher provisions for gratuity of ` 140 crores and higher payment to employees by ` 289 crores (11.39%) mainly due to increase in DA and provisions for leave encashment, LTC/HTC etc.
_ Growth in overheads restricted to 7.25% against a growth of 33.72% in
Q3FY10.
Ø TOTAL BUSINESS GROWTH OF Rs. 2,40,811 CRORES (17.47% YOY)
Ø Business Growth of Rs. 2,40,811 crores at the end of Dec 10 (Deposits Rs.1,07,994 crores & advances Rs.1,32,817 crores).
DEPOSITS
Ø Deposits of the Bank went up from ` 7,70,985 crores in Dec 09 to Rs.8,78,979
crores in Dec 10 recording a YOY growth of 14.01%, driven by CASA growth of
27.71% and retail TD growth of 5.27%. Bulk deposits declined by 3.17% YOY.
Ø Savings Bank deposits grew at an average of ` 6971 crores per month during the first nine months of FY11, leading to a YTD growth of ` 62,743 crores. YOY growth
Ø in Savings bank deposits at ` 73,466 crores (29.92%) as on Dec 10.
Ø CASA ratio has improved from 42.94% as on Dec 2009 to 48.17% as on Dec 2010, an increase of 523 bps and from March 10 (46.67%) by 150 bps.
ADVANCES
Ø Gross Advances up by ` 1,32,817 crores, a YOY growth of 21.88% from ` 6,
07,154 crores in Dec 09 to ` 7, 39,971 crores in Dec 10.
Ø Loan growth of Rs.46,747 crores in Q3FY11 higher by 74% from loan growth of Rs.26,917 crores in Q3FY10 and by 59% sequentially from Rs.29,396 crores in Q2FY11.
Ø Credit Deposit Ratio (Domestic) is up at 77.22% as at the end of Dec 10 from
Ø 71.48% at the end of Dec 09, an increase of 574 bps.
• Large Corporate advances have grown from Rs.82,543 crores in Dec 09 to Rs.
1,05,801 crores in Dec 10 registering a growth of 28.18%.Growth in Mid-Corporate
Advances was 18.37%.
• Retail advances have increased by 23.68%. The main contributors are:
Home loans grew by 22.46% YOY from a level of Rs.67,268 crores in Dec 09
to Rs.82,376 crores in Dec 10.
Auto Loans up by 52.23% YOY and Education Loans grew by 27.16% from
Dec 09 to Dec 10.
• SME Advances of the Bank are up by 20.63% from a level of Rs.1,02,938 crores in Dec 09 to Rs.1,24,178 crores as at the end of Dec 10.
• Agri advances have grown by 16.55% from Dec 09 to Dec 10.
• International advances went up by 17.78% from Rs.93,868 crores in Dec 09 to Rs.1,10,562 crores in Dec 10 despite hardening of rupee by 4%.
· Slippages from Restructured Assets:
Out of the total standard restructured assets of Rs.18395 crores restructured under RBI
scheme, Rs.450 crores have slipped into NPA category during the quarter, taking the total slippages to Rs. 2885 crores and the slippage ratio to 15.68% up to Dec 10.
Key Financial Ratios:
Ø Return on Assets (ROA) improved to 0.96% in 9MFY11 from 0.94% in 9MFY10.
Ø Net Interest Margin improved to 3.40% at the end of Dec 10 from 2.56% as on 31.12.2009; whereas NIM for the quarter has improved to 3.61% in Q3FY11 from 2.82% in Q3FY10.
Ø Average Cost of Deposits has come down by 72 bps to 5.20% as on Dec 10 from 5.92% as on Dec 09. Sequentially, Cost of Deposits has come down by 5 bps from 5.25% as on Sep 10.
Ø Yield on advances (YOA) at 9.58% in 9MFY11 lower by 22 bps as compared to 9.80% in 9MFY10; however, sequentially it is up by 8 bps from 9.50% in Sep 10.
Ø Cost to income ratio has declined substantially by 639 bps YOY to 45.72% as on Dec 10 from 52.11% as on Dec 09. Compared to March 10, it has come down by 687 bps from 52.59%.
Ø As per Basel II CRAR of the Bank is at 13.16% (Tier I: 9.57%) as at the end of Dec 2010, compared to 13.77% last year. As per Basel I CRAR is at 11.95% and Tier I is 8.69% as on Dec 10.
CONSOLIDATED RESULTS
Ø Interest on Advances has gone up to Rs.15716.56 cr – from Rs.14580.78 in Q2 FY 11 and Rs.13422.09 cr in Q3 FY10.
Ø Income on Investments has gone up from to Rs.7137.93 cr – from Rs.6838.69 cr in Q2 FY 11 and Rs.6152.65 cr in Q3 FY 10.
Ø Operating Profit has gone up to Rs.8923.19 cr – from Rs.8180.39 cr in Q2 FY 11 and Rs.6492.04 cr in Q3 FY 10.
Ø Consolidated Net Profit has gone up to Rs.3710.48 cr – from Rs.2363.95 cr in Q2 FY 10; and Rs.3304.59 cr in Q3 FY 10.
Ø Consolidated Basic EPS (in Rs.) is Rs.58.43- against Rs. 37.23 in Q2 FY 11 and Rs. 52.05 in Q3 FY 10.
Ø Provisions is Rs. 2791.24 cr – down from Rs. 3571.18 cr in Q2 FY 10; and up from Rs.1454.01 cr in Q3 FY 10.
CONSOLIDATED RESULTS TABLE (In lakhs of Rs) :
| Q3 FY 11 | |||
| Interest on Advances | 1571656 | 1458078 | 1342209 |
| Income on Investments | 713793 | 683869 | 615265 |
| Interest on Balances With RBI | 15833 | 15087 | 32028 |
| Others | 45560 | 35876 | 53583 |
| Interest Earned | 2933232 | 2791903 | 2494845 |
| Other Income | 763455 | 1000641 | 728300 |
| Total Income | 3696687 | 3792544 | 3223145 |
| Interest Expended | 1702690 | 1645874 | 1616675 |
| Employees cost | 471550 | 522003 | 410575 |
| Other Operating Expenses | 630128 | 806628 | 546691 |
| Operating Expenses | 1101678 | 1328631 | 957266 |
| Operating Profit | 892319 | 818039 | 649204 |
| Provisions | 279124 | 357118 | 145401 |
| Exceptional Items | - | 47080 | - |
| Profit before tax | 613195 | 413841 | 503803 |
| Tax Expense | 232546 | 170129 | 168309 |
| Net Profit after tax | 380649 | 243712 | 335494 |
| Net Profit | 380649 | 243712 | 335494 |
| Minority Interest | 9601 | 7317 | 5035 |
| Consolidated Net Profit | 371048 | 236395 | 330459 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity Share Capital | 63500 | 63500 | 63488 |
| %age of shares Held by GOI | 59.4 | 59.4 | 59.41 |
| Basic EPS (in Rs.) | 58.43 | 37.23 | 52.05 |
STAND ALONE RESULTS TABLE (In lakhs of Rs)
| SBI-STAND ALONE | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Dec-09 |
| Interest on Advances | 1571656 | 1458078 | 1342209 | 1263937 |
| Interest on Advances-% change from Q3 | 1571656 | 7.79 | 17.09 | 24.35 |
| Income on Investments | 515688 | 480435 | 447224 | 443330 |
| Income on Investments-% change from Q3 | 515688 | 7.34 | 15.31 | 16.32 |
| Income on Balances With RBI | 10396 | 8191 | 13784 | 24071 |
| Others | 43539 | 34105 | 41995 | 46631 |
| Interest Earned | 2141279 | 1980809 | 1845212 | 1777969 |
| Other Income | 331394 | 400521 | 368996 | 336571 |
| Total Income | 2472673 | 2381330 | 2214208 | 2114540 |
| Total Income | 2472673 | 3.84 | 11.67 | 16.94 |
| Interest Expended | 1236303 | 1169322 | 1114840 | 1146339 |
| Employees Cost | 351166 | 367577 | 307393 | 311748 |
| Other Opertng Expenses | 208756 | 208730 | 178539 | 194639 |
| Operatng Expenses | 559922 | 576307 | 485932 | 506387 |
| Operating Profit | 676448 | 635701 | 613436 | 461814 |
| Operating Profit | 676448 | 6.41 | 10.27 | 46.48 |
| Provisions | 205151 | 262147 | 155137 | 85661 |
| Provisions | 205151 | -21.74 | 32.24 | 139.49 |
| Profit before tax | 471297 | 373554 | 458299 | 376153 |
| Tax Expense | 188491 | 123417 | 166879 | 128248 |
| Net Profit | 282806 | 250137 | 291420 | 247905 |
| Net Profit | 282806 | 13.06 | -2.96 | 14.08 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 |
| Paid-up Equity | 63500 | 63500 | 63488 | 63488 |
| Shares of GOI | 59.4 | 59.4 | 59.41 | 59.41 |
| Capital Adequacy Ratio | 11.95 | 12.05 | 12.17 | 12.32 |
| Basic EPS | 44.54 | 39.39 | 45.9 | 39.05 |
| % of Gross/Net NPA | 1.61 | 1.7 | 1.7 | 1.88 |
| Return on Assets | 0.94 | 0.87 | 1.07 | 0.94 |
| Public Holding (%) | 40.6 | 40.6 | 40.59 | 40.59 |
* * * E N D * * *
No comments:
Post a Comment