STATE BANK OF INDIA - Q4FY12V & FY 2012 - EXCELLENT IMPROVEMENT OVER PRECEDING QTRS AND PREVIOUS YEARS

State Bank of India

NSE Symbol        SBIN

State Bank of India has declared good results for the 4^th quarter (Q4 FY 2012).

QUARTERLY RESULTS REVIEW

Interest on Advances in Q4 FY 12 stands at Rs.22141.10 cr ; up 5.98% from Q3 FY 12 (Rs.20891.37 Cr); and up 36.2% from Q4 FY 12 (Rs.16256.56 Cr).

Income on Investments in Q4 FY 12 stands at Rs.6204.92 cr ; down       -3.25% from Q3 FY 12 (Rs.6413.10 Cr); and up 18.92% from Q4 FY 12 (Rs.5217.90 Cr).

Interest Earned  in Q4 FY 12 stands at Rs.28695.50 cr ; up 3.74% from Q3 FY 12 (Rs.27661.42 Cr); and up 32.11% from Q4 FY 12 (Rs.21721.35 Cr).

Total Income       in Q4 FY 12 stands at Rs.33959.54 cr ; up 14.01% from Q3 FY 12 (Rs.29787.37 Cr); and up 27.97% from Q4 FY 12 (Rs.26536.84 Cr). Income improvement over preceding and corresponding quarters is reasonably GOOD.

Interest Expended       in Q4 FY 12 stands at Rs.16991.75 cr ; up 4.92% from Q3 FY 12 (Rs.16195.56 Cr); and up 24.36% from Q4 FY 12 (Rs.13663.30 Cr).

Net Interest Income in Q4 FY 12 stands at Rs.11703.75 cr ; up 2.07% from Q3 FY 12 (Rs.11465.86 Cr); and up 45.24 % from Q4 FY 12 (Rs.8058.05 Cr).

Total Expdr(excl.provisions) in Q4 FY 12 stands at Rs.24362.75 cr ; up  8.15% from Q3 FY 12 (Rs.22527.37 Cr); and up 19.09% from Q4 FY 12 (Rs.20457.13 Cr).Expenditure increase (%) is significantly LOWER THAN  TOTAL INCOME. This has helped SBI to clock excellent improvement in Q4 FY 12.

Operating Profit  in Q4 FY 12 stands at Rs.9596.79 cr ; up 32.19% from Q3 FY 12 (Rs.7260.00 Cr); and up 57.85% from Q4 FY 12 (Rs.6079.71 Cr).

Provisions  in Q4 FY 12 stands at Rs.3140.41 cr ; up 30.45% from Q3 FY 12 (Rs.2407.42 Cr); and down -24.45% from Q4 FY 12 (Rs.4156.98 Cr). Provisions are significantly down from Q4 FY 11 though significantly up from Q3 FY 12.

Profit  before tax in Q4 FY 12 stands at Rs.6456.38 cr ; up 33.05% from Q3 FY 12 (Rs.4852.58 Cr); and up 235.79% from Q4 FY 12 (Rs.1922.73 Cr).Lower provisions has resulted in GOOD PBT in Q4 FY 12 – compared to both the preceding Qtr and corresponding Qtr.

Tax Expense in Q4 FY 12 stands at Rs.2406.11 cr ; up  51.37% from Q3 FY 12 (Rs.1589.54 Cr); and up  26.51% from Q4 FY 12 (Rs.1901.85 Cr).

Net Profit   in Q4 FY 12 stands at Rs.4050.27 cr ; up 24.13% from Q3 FY 12 (Rs.3263.04 Cr); and up 9297.84% from Q4 FY 12 (Rs. 20.88 Cr). The Dismal performance in corresponding qtr of last year (Q4 FY 11) is almost erased by the Good performance in current quarter. The NPT represents significant improvement over both preceding and corresponding qtrs.

Face Valueis Rs.10 per share

Paid-up Equity    in Q4 FY 12 stands at Rs.671.04 Cr

Capital Adequacy Ratio : in Q4 FY 12 stands at 12.05% ; compared to 10.19% in Q3 FY 12;and 10.69% in Q4 FY 11. The CAR is good enough to carry SBI through the current quarter’s needs.

Basic EPS : in Q4 FY 12 stands at Rs.63.76 ;compared to Rs.51.39 in Q3 FY 12; and Rs.0.33 in Q4 FY 11. This is an impressive improvement.

Gross/Net NPA : in Q4 FY 12 stands at Rs.15818.85 cr ; down -15.87% from Q3 FY 12 (Rs.18803.17 Cr); and up        28.12% from Q4 FY 12 (Rs.12346.89 Cr).NPAs are still  not comfortable for SBI compared to other Banks, but, because of its sheer size, the NPAs are manageable.

 % of Gross/Net NPA : in Q4 FY 12 is 1.82%;2.22% in Q3 FY 12;and 1.63% in Q4 FY 11. There is need to bring down % of Net NPAs further significantly.

Return on Assets stands at 0.88% in Q4 FY 12 against  0.97% in Q3 FY 12.

For FY 12 : proposed a dividend of Rs.35 per share.

ANNUAL RESULTS REVIEW

(Consolidated)

FY 12 vs FY11  & FY10

SBI has performed excellently in FY 12 (consolidated) compared to FY 11 and FY 10.

Interest on Advances : in FY 12 stands at Rs.111341.46 Cr; up 33% from FY 11(Rs.83797.22 Cr) ; and up 54% from FY 10(Rs.72298.74 Cr).

Income on Investments       : in FY 12 stands at Rs.33705.21 Cr; up      22% from FY 11(Rs.27679.48 Cr) ; and up 37% from FY 10(Rs.24614.07 Cr).

Others        : in FY 12 stands at Rs.1374.46 Cr; down -6%from FY 11 (Rs.1460.80 Cr) ; and up          2% from FY 10(Rs.1341.38 Cr).

Interest Earned  : in FY 12 stands at Rs.147197.39 Cr; up    30% from FY 11(Rs.113636.44 Cr) ; and up 47% from FY 10(Rs.100080.73 Cr).

Other Income     : in FY 12 stands at Rs.29835.43 Cr; down -13% from FY 11(Rs.34207.48 Cr) ; and up -12% from FY 10(Rs.33771.10 Cr).

Total Income       : in FY 12 stands at Rs.177032.82 Cr; up    20 % from FY 11(Rs.147843.92 Cr) ; and up 32% from FY 10(Rs.133851.83 Cr).

Interest Expended : in FY 12 stands at Rs.89319.55 Cr; up 31% from FY 11(Rs.68086.40 Cr) ; and up 34% from FY 10(Rs.66637.51 Cr).

Net Interest Income : in FY 12 stands at Rs.57877.84 Cr; up 27% from FY 11(Rs.45550.04 Cr) ; and up 73% from FY 10(Rs.33443.22 Cr). NII improvement over the last 2 years is impressive.

Employees cost   : in FY 12 stands at Rs.22084.03 Cr; up 13% from FY 11(Rs.19508.78 Cr) ; and up 35% from FY 10(Rs.16331.06 Cr).

Other Oprting Exp : in FY 12 stands at Rs.24772.00 Cr; down -7% from FY 11(Rs.26538.43 Cr) ; and down -5% from FY 10(Rs.26084.33 Cr).

Operating Expenses : in FY 12 stands at Rs.46856.03 Cr; up 2% from FY 11(Rs.46047.21 Cr) ; and up 10 % from FY 10(Rs.42415.39 Cr).

Total Expdr(excl.provisions) : in FY 12 stands at Rs.136175.58 Cr; up 19% from FY 11(Rs.114133.61 Cr) ; and up  25% from FY 10(Rs.109052.90 Cr). It is good to see that expenditure over the last 2 years has grown less than proportionately compared to Income.

Operating Profit : in FY 12 stands at Rs.40857.24 Cr; up 21% from FY 11(Rs.33710.31 Cr) ; and up 65% from FY 10(Rs.24798.93 Cr). OPT has grown well over last 2 years.

Provisions : in FY 12 stands at Rs.16244.44 Cr; up 22% from FY 11(Rs.13319.76 Cr) ; and up 166 % from FY 10(Rs.6116.91 Cr). Provisions have grown heavily over last 2 years.

Provision coverage Ratio = 68.1%

Exceptional Items : in FY 11 stands at Rs.470.80 Cr

Profit before tax : in FY 12 stands at Rs.24612.80 Cr; up   24% from FY 11(Rs.19919.75 Cr) ; and up 32% from FY 10(Rs.18682.02 Cr). Provisions has brought down Profit to some extent – but is still very good.

Tax Expense : in FY 12 stands at Rs.8639.50 Cr; down -1% from FY 11(Rs.    8739.81 Cr) ; and up 30% from FY 10(Rs.6668.38 Cr).

Net Profit : in FY 12 stands at Rs.15973.30 Cr; up 43% from FY 11(Rs.11179.94 Cr) ; and up 33% from FY 10(Rs.12013.64 Cr).NPT Growth is also very impressive.

Minority Interest  : in FY 12 stands at Rs.630.20 Cr; up  27% from FY 11(Rs.494.99 Cr); and up 125% from FY 10(Rs.279.81 Cr).

Consolidated NPT : in FY 12 stands at Rs.15343.10 Cr; up 44% from FY 11(Rs.10684.95 Cr) ; and up 31% from FY 10(Rs.11733.83 Cr). At the consolidated level, the Growth is impressive.

Face Value of the share : in FY 12 stands at Rs.10.  Paid-up Equity: in FY 12 stands at Rs.671.04 Cr.       

Reserves : in FY 12 stands at Rs.105558.97 Cr; up 27% from FY 11(Rs.82836.25 Cr) ; and up 28% from FY 10(Rs.82500.70 Cr).

Basic EPS : in FY 12 stands at Rs.241.55; compared to Rs.168.28 in FY 11; and Rs.184.82 in FY 10.

Current Market Price is Rs.1955.90; while the 52 week high price is Rs.2657.20 and the 52 week low price is Rs.1571.10.

The PE Ratio works out to  8.097

BALANCE SHEET DETAILS

(Consolidated)

Deposits : Rs.1414689.40 Cr (FY12);Rs.1255562.48 Cr (FY 11)

Borrowings : Rs.157991.35 Cr (FY 12); Rs.142470.77 Cr (FY 11)

Investments : Rs.460949.14 Cr (FY 12); Rs.419066.45 (FY 11).

Advances : Rs.1163670.21 (FY 12); Rs.1006401.55 Cr (FY 11)

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STATE BANK OF INDIA Q4 & FY 2011 RESULTS = PROVISIONS FOR GRATUITY ETC AFFECT PROFITS IN Q4 = GOOD FUTURE PERFORMANCES EXPECTED

State Bank of India

FY 2010-11 -  STAND ALONE RESULTS

Operating Profit recorded a YOY growth of 38.29% in FY11 over FY10 - against a growt th of 2.26% recorded in FY10 over FY09.  

Net Profit is lower by 9.84% in FY11 over FY10 against a growth of 0.49% in FY10 over FY 09 mainly due to higher pension, gratuity and loan loss provisions and standard assets provision on special home loan schemes.

FY11 Vs FY10 

•    NII increased by 37.41% in FY11 over FY10, against an increase of 13.41%  in FY10 over FYY09.

•    Driven by loan growth of 20.32%, interest income on advances has  increased by 188.45% YOY against a growth of 9.11% in FY Y10.

•    Growth in Interest expenses was contained at 3.27% mainly due to CASA  deposits growth  of 22.14%.

•    Non Interest Income is up by 5.72% despite profit on sale of investments declining by Rs.1196 crores. Excluding profit on sale of investments, non- interest income  is up by 15.97%.

•    Fee income is up by 20% YOY.

•    Growth in Operating Expenses is lower at 13.27% in FY111 against a growth  of 29.84% in thee previous year.

o    Growth in staff expenses contained at 13.53% .

·         Gratuity provisions of Rs.1565 crores made in FY1 11 (Rs.46 crores in  FY10)

·         Higher current year pension provisions of Rs.247 73 crores in FY11 (Rs.199 98 crores in FY10).

·         Rs.79277 crores of pension liability on account of wage revision has been taken through the Capital Account for the period up to Mar 10.

O  Growth in overheads was significantly lower at 12..84% in FY11 as  against a growth of 28.17% in FY10.

•  Bank has provided additional Rs.500 crores as standard assets provision for  special home loan schemes.

•  Loan loss provision of Rs.8792 crores made during FY11 includes Rs.6462  crores IRAC provisions and Rs.2330 crores additional provision  (countercyclical provisioning buffer).

Q4FY11 Vs Q4FYY10 

•  Interest Income on advances up by 25.37% against a growth of 7.31% in  Q4FY10 over QQ4FY09.

•  Interest paid on deposits is up by 15.98% due to increase in interest rates  on term deposits.

•   NII increased by 19.89%.

•   Growth in non-interest income at 6.81% was impacted by decline in profit on sale of investments by 21.35%.

•  Operating expenses increased by 12.55% due to increase in staff expenses by 17.46%. Contribution for employees increased by 17.699%, while payment to employees increased by 17.40%. Overheads of the Bank remained under control with a growth of 5.35% in Q4FY11 against a growth of 26.42% in Q4FY10.

•   Total provisions went up by 82.10% during the quarter.

TOTAL BUSINESSS GROWTH OF Rs. 2,60,139 CRORES (YOY)

•   Business Growth of Rs.2,60,139 crores at the end of Marr 11 (Deposits Rs. 1,29,817 crores & advances Rs.1,30,322 crores).

DEPOSITS

•  Deposits of the Bank went up from Rs.8,04,116 crores in Mar 10 to Rs. 9,33,933 crores in Mar 11 recording a YOY growth of 116.14%, driven by CASA growth of 22.14% while term deposits are up by 12.79%.

•   Savings Bank deposits grew by 26.20% YOY.

• CASA ratio has improved from 46.67% as on Mar 2010 to 48.66% as on  Mar 2011 an increase of 199 bps.

•  Market share in total deposits as on Mar 11 at 16.40% (16.29% as on Mar  10), increased by 11 bps YOY, while market share in low cost demand  deposits at 18.23% (17.33% as on Mar 10) is up by 90 bps. 

ADVANCES

•   Gross Advances up by Rs.1,30,322 crores, a YOY growth of 20.32% from  Rs.6, 41,480 crores in Mar 10 to Rs.7,71,802 crores in Mar 11.

•  Credit Deposit Ratio (Domestic) is up at 76.32% as at the end of Mar 11 from 73.56% at the end of Mar 10, an increase off 276 bps, while sequentially it has declined from 77.22% at the end of Decc 10 due to higher  growth in deposits in Q4FY11.

•  Large Corporate advances have grown from Rs.88,137 crores in Mar 10 to  Rs.1,08,741 crores in Mar 11 registering a growth of 23.38%%.

•  Mid-Corporate Advances up from Rs.1,31,939 crores to Rs.1,57,565  thereby registering a growth of 19.42% YOY.

•  Retail advances have increased from Rs.1,34,849 crores in March 10 to  Rs.1,64,576 crores in March 11, a growth of 22.04%. Thee main contributors  are:

.  Home loans grew by 21.88% YOY from a level of RRs.71,193 crores in Mar 10 tootRs.86,769 crores in Mar 11.

.  Auto Loans up by 48.01% YOY and Education Loans grew by  23.27% from Mar 10 to Mar 11.

•   SME Advances of the Bank are up by 22.80% from a level of Rs.97,459  crores in Mar 10 to Rs.1,19,676 crores as at the end of Mar 11.

•   Agri advances up from Rs.78,250 crores to 94,8266 crores thereby registering a growth of 21.18% YOY.

•  International advances went up by 12.66% from Rs.97,0722 crores in Mar 10  to Rs.1,09,358 crores in Mar 11.

·         The Bank has reached a provision coverage ratio (PCR) of 64.955% at the end of  March 2011. 

KEY FINANCIAL RATIOS:

•   Net Interest Margin improved to 3.32% at the end of Mar 11 from 2.66% as on  Mar 10.

•   Return on Assets (ROA) is lower at 0.71% in FY11 compared to 0.88% in FY10.

•   As on March 11, Cost to income ratio at 47.60% is lower by 499 bps from  52.59% as on Mar 10.

•   Average Cost of Deposits has come down by 54 bps to 5.226% as on Mar 11 from 5.80% as on Mar 10, while sequentially; it is up from 5.200% in Dec 10.

•  Yield on advances (YOA) at 9.56% in FY11 is lower by 10 bps as compared to  9.66% in FY10 and by 2 bps from 9.58% in Dec 10.

•   As per Basel II CRAR of the Bank is at 11.98% (Tier I: 7.77%%) as at the end of  Mar 2011, compared to 13.39% last year. The decline is mainly due to the  provision made towards pension fund on account of wage revision -Rs.7,927  crores up to FY10 taken through the capital account. 

 Performance of Associates and Subsidiaries (FY11): 

•   Net Profit of Associate Banks increased by Rs.640 crore (211.62%) to reach a  level of Rs. 3598 crore as on Mar 11 as against Rs. 2959 crore in Mar 2010,  while operating profit is up by 29.56%.

•   SBI Capital Markets Ltd has posted PAT of Rs.385 crores as on 31.03.2011 as  against Rs.150 crores as on 31.03.2010, recording a YoY growth of 156%.

•   SBI Cards & Payment Services Pvt. Ltd recorded a Net Profit of Rs.7.10 crore  for FY11 after incurring continuous losses for the preceding three years.

•   SBI Life recorded a Profit of Rs.366 crores with YOY growth of 33%. 

SBI GROUP PROFIT 

SBI Group Operating Profit for FY11 at Rs.33,240 crores is up by 34.04% from Rs. 24,799 crores in FY10, while Net Profit is lower by 8.94% at Rs.10,6685 crores in FY11 against Rs.11,734 crores in FY10.

Slippages from Restructured Assets: 

Out of the total standard  restructured assets of Rs.18,395 crores  restructured under RBI scheme, Rs. 249 crores have slipped into NPA category during the quarter, taking the total slippages to Rs.33,134 crores and the slippage ratio to 17.04 % up to Mar 11.

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STATE BANK OF INDIA = Q3 FY 2011 RESULTS = QTR ENDING DECEMBER 2010 = GOOD PROGRESS IN STAND ALONE & CONSOLIDATED RESULTS

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) :

SBIN-CONSOL	Q3 FY 11	Q2 FY 11	Q3 FY 10
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

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