STATE BANK OF INDIA
Result Period 2008 to2009 (Annual) VS 2009-2010
Result Type : Audited, Cumulative, Non-Consolidated
REVIEW
State Bank of India has delivered good result in respect of Income but not with respect to profit.
On the back of higher interest income and higher interest on investments, the total income has grown from Rs.76479.22 Cr in FY 09 to Rs. 85962.07 Cr in FY 10, an increase of Rs.9483 Cr or 12 percent YOY.
But, total expenditure has also grown from Rs.58563.99 Cr in FY 09 to Rs.67641.16 Cr in FY 10, an increase of Rs.9077 Cr, or 15.5 percent.Some of the details on expenditure etc are at the end of this post.
Provisions have increased from Rs.3734.57 Cr in FY 09 to Rs.4394.83 Cr in FY 10.
Net Profit has grown marginally from Rs.9121.24 Cr in FY 09 to Rs. 9166.05 Cr in FY 10 or Rs.44 cr or 0.49 percent.
Capital Adequacy Ratio has come down from 12.97 to 12.
% of Gross/Net NPA has come down from 1.76 in FY 09 to 1.72 in FY 10.
Return on Assets has come down from 1.04 to 0.88 YOY.
Dividend is 300 percent against 290 percent in previous year.
CASA ratio has improved from 39.29% as on March 2009 to 46.67% as on March 2010, a growth of 741 bps.
CASA ratio has improved from 39.29% as on March 2009 to 46.67% as on March 2010, a growth of 741 bps.
Basic EPS remains more or less same at Rs.144.37 in FY 10, against Rs. 143.77 in FY 09. Current Market price is 2214 as on today.
Based on this, P E Ratio works out to 15.34.Can the Bank improve its performance QOQ in future as well? Its next quarterly results need to be watched for this.
SBI has not yet met the 70 percent norm for provisioning and is behind other banks. It now has to make provisioning in coming quarters for this purpose - to reach the norm of 70 percent by September - unless RBI extends the deadline.
ASSET QUALITY:as of Mar 10
Gross NPA : 3.05%
Net NPA: 1.72%
Provision Coverage (Excl.AUCA):44.36%
Provision Coverage (Incl.AUCA) :59.23%
How much additional amount is required to meet the target and how this additional provision will be covered up by growth in Profits needs to be seen in the next 2 quarters.
RESULTS IN NUMBERS
FY 09(in lakhs) :: Description :: FY 10(in lakhs)
4640471 Interest on Advances/Bills :: 5063264
1557411 Income on Investments :: 1773630
147438 Interest on Balances With RBI :: 151192
33523 Others :: 111306
6378843 Interest Earned :: 7099392
1269079 Other Income :: 1496815
4291529 Interest Expended :: 4732248
974731 Employees cost :: 1275465
590139 Other Operating Expenses :: 756403
1564870 Operating Expenses :: 2031868
5856399 Total Expenditure :: 6764116
1791523 Operating Profit :: 1832091
373457 Provisions :: 439483
1418066 P B T :: 1392608
505942 Tax Expense :: 476003
912124 P A T :: 916605
912124 Net Profit :: 916605
290 Dividend (%) 300
10 Face Value (in Rs.) ::10
63488 Paid-up Equity :: 63488
5731281 Reserves :: 6531432
12.97 Capital Adequacy Ratio :: 12
143.77 Basic EPS :: (in Rs.) ::144.37
1.76 % of Gross/Net NPA :: 1.72
1.04 Return on Assets :: 0.88
QUARTERLY RESULTS & REVIEW
Description :: Q/E 03/10 :: Q/E 12/09
Interest Expended ::1124415 :: 1146339
Employees Cost :: 359176 :: 311748
Other Operating Expenses :: 244433 :: 194639
Operating Expenses :: 603609 :: 506387
Total Expenditure :: 1728024 :: 1652726
Provisions (Other than tax) & Contingencies :: 234940 :: 85661
Basic EPS before Extraordinary items :: 29.4 :: 39.05
REVIEW : The above details shows significant increase under Employee cost, other operating expenses and operating expenses, neutralizing the decline in interest expended QOQ.Further details on this are given a little below.
Also, provisions have increased in the 4th quarter. Thus, Basic EPS has come down drastically from 39.05 to 29.4 QOQ.
ANNOUNCEMENTS TO THE EXCHANGE
14-05-2010 State Bank Of India has informed the Exchange that the Central Board at its meeting held on May 14, 2010, have declared a dividend of Rs. 30.00 per share (300%) for the year ended March 31, 2010 inclusive of an interim dividend already paid of Rs. 10.00 per share (@100%). -
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. -
14-05-2010 State Bank of India has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 1796559 lacs for the quarter ending on 31-MAR-2010 against Rs. 1734239 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 1124415 lacs for the quarter ending on 31-MAR-2010 against Rs. 1250045 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 186660 lacs for the quarter ending on 31-MAR-2010 against Rs. 274231 lacs for the quarter ending on 31-MAR-2009. -
10-05-2010 State Bank Of India has informed the Exchange that the Annual General Meeting of the shareholders of the Bank will be held on June 16, 2010. Further the Register of shareholders of the Bank will be closed for transfer of shares from June 11, 2010 to June 16, 2010, both days inclusive, for payment of dividend for 2009-10, if any, to be considered at Bank's Central Board Meeting scheduled to be held on May 14, 2010.
Further Details on
SBI PERFORMANCE
Operating Expenses up by 29.84% in FY10 over FY09, driven by five key costs, as the Bank invested heavily in laying the foundation for future growth:
During Q4FY09, nearly 27,000 new employees came on board in various categories, the full impact of which on staff expenses was felt during FY10. The Bank has recruited 3,350 employees in FY10.
Rs. 627 crores arrears for wage revision pertaining to previous years provided during FY10.
Additional contribution for pension at Rs.1,998 crores against Rs.1,469 crores last year.
Additional expenses of Rs.59 crores on Financial Inclusion.
An expenditure of Rs. 347 crores incurred on opening of 1,049 new branches and installing 7,788 new ATMs during the year.
• Loan loss provision during FY10 at Rs.5147.84 crores against Rs. 2,474.97 crores made during FY09, an increase of 108% YOY.
PERFORMANCE OF ASSOCIATES AND SUBSIDIARIES
• Associate Banks’ net profit increased by 17.74% from Rs.2,774 crores to Rs. 3,266 crores in FY10. Operating profit of all associate banks increased by 20.08% from Rs.5,495 crores to Rs.6,598 crores.
• SBI Life has recorded a profit of Rs. 276 crores in FY10 as against a loss of Rs. 26 crores in FY09. AUM of the company as on March 31, 2010 stood at Rs. 28,703 crores, a YOY growth of 94%. Market share of SBI life amongst private insurers increased to 18.34% from 16.00% as on March 09.
• SBI Capital Markets Ltd has posted a PAT of Rs. 150 crores during FY10 as against Rs. 75 crores in FY09 (excluding extraordinary income of Rs. 74.98 Crs), a YOY growth of 100%, driven by an increase of 73% in Fee income. SBI Caps has crossed the milestone of Rs.1,00,000 crores in syndication.
• SBI DFHI Ltd has recorded a net profit of Rs.89 crores during FY 10 which is the highest in last six years.
• SBI Cards has emerged as the most trusted brand by being the undisputed Gold Award winner in the Reader’s Digest Trusted Brands Survey 2009 in the Credit Card category. Net loss before tax during FY10 is down by 17% to Rs.154 crores against a loss of Rs. 185 crores during FY09.
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