|
State
Bank of India on standalone basis has recorded strong 83% surge in the Net
Profit to Rs 16694.51 crore for the quarter ended March 2023 (Q4FY2023), driven
healthy performance across all parameters. Bank has posted robust improvement
in asset quality on sequential basis as well as over a year earlier level. Bank
has improved Net Interest Margin (NIM) to 3.37% supporting Net Interest Income
(NII) growth to accelerate in Q4FY2023. Bank has maintained healthy business
growth at 12% end March 2023. Bank has also maintained nearly stable CASA
deposits ratio at 43.8% at end March 2023.
Asset quality improving: Bank has
improved the asset quality on sequential as well as year-on-year basis in
Q4FY2023.
Fresh
slippages of advances dipped to Rs 3185 crore (annualized 0.7% of advances in
Q4FY2023) compared with Rs 3098 crore (0.7%) in the previous quarter.
Recoveries,
upgradations and write-offs together were healthy at Rs 10876.72 crore in
Q4FY2023.
Segment
wise GNPA ratio for retail segment stood at 3.02%, corporate 3.55% and
international 0.40% end March 2023. Within retail, the GNPA ratio for
agriculture stood at 11.47%, personal 0.63%, SME 4.76% etc.
The SMA 1
loan book declined to Rs 2465 crore and SMA 2 to Rs 795 crore end March 2023.
The bank
has improved provision coverage ratio to 91.9% at end of March 2023 from 90.2%
end March 2022.
The
Capital adequacy ratio stood at 14.68% with Tier I ratio at 12.06%. The ratio
of risk weighted assets to total assets stood at 50.5% end March 2023.
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Asset Quality Indicators: State Bank of India
|
|
|
Mar-23
|
Dec-22
|
Sep-22
|
Jun-22
|
Mar-22
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
90927.78
|
98346.50
|
106804.14
|
113271.72
|
112023.37
|
-8
|
-19
|
|
Net NPA (Rs Crore)
|
21466.64
|
23484.31
|
23572.19
|
28257.92
|
27965.71
|
-9
|
-23
|
|
% of GNPA
|
2.78
|
3.14
|
3.52
|
3.91
|
3.97
|
-36
|
-119
|
|
% of NNPA
|
0.67
|
0.77
|
0.80
|
1.00
|
1.02
|
-10
|
-35
|
|
Provision coverage ratio %
|
91.91
|
91.52
|
91.54
|
90.14
|
90.20
|
39
|
171
|
|
CRAR Basel III %
|
14.68
|
13.27
|
13.51
|
13.43
|
13.83
|
141
|
85
|
|
Tier I - Basel III %
|
12.06
|
10.80
|
11.12
|
11.15
|
11.42
|
126
|
64
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business
Highlights:
Healthy business growth: Business
of the bank increased 12% yoy to Rs 7693020 crore at end March 2023. Deposits
increased 9% at Rs 4423778 crore, while advances improved 16% at Rs 3269242
crore at end March 2023.
Domestic
advances moved up 15% to Rs 2776802 crore, while international advances also surged
20% yoy to Rs 492440 crore at end March 2023.
The
credit-deposit ratio of the bank eased to 73.9% at end March 2023 from 74.4% a
quarter ago.
Retail credit driving loans growth: Of the
domestic advances, the retail credit improved at strong pace of 18% to Rs
1179152 crore. The SME credit increased higher pace of 18% to Rs 359270 crore
at end March 2023 and the agriculture credit rose 13% to Rs 258612 crore at end
March 2023. Large corporate credit increased 13% yoy to Rs 979768 crore.
CASA ratio eases: Deposits
grew 9% yoy to Rs 4423778 crore in the quarter under review. Domestic deposits
grew 9% yoy to Rs 4253571 crore of which CASA deposits grew 5% yoy to Rs
1862904 crore. Domestic CASA ratio declined 148 bps yoy to 43.8% at end March
2023. Overseas deposits moved up 30% to Rs 170207 crore at end March 2023.
Network expansion: Bank has added 24 branches in the quarter
under review, taking the total branch count up to 22405 at end March 2023. ATMs
count of the bank has increased to 65627 ATMs end March 2023.
Book Value per share stood at Rs
340.9 per share at end March 2023, while the adjusted book value (net of NNPA
and 25% of restructured assets) stood at Rs 305.1 per share at end of March
2023.
Quarterly
Performance:
NII growth accelerates, as NIM improves: Bank has
posted 29% rise in NII at Rs 40392.51 crore for quarter ended March 2023.
Interest earned moved up 31% to Rs 92951.06 crore, driven by interest earned on
investment rising 15% to Rs 26138.25 crore. Meanwhile, the interest expended
rose 33% to Rs 52558.55 crore. NIM of the bank improved to 3.37% in Q4FY2023
from 3.29% in the previous quarter supporting NII growth.
Treasury income and other income boosts
non-interest income: Non-interest income of the bank increased 18% to Rs 13961.40 crore
in Q4FY2023, driven by jump in profit on sale of investment at 911% to Rs 1800
crore and 94% surge in other miscellaneous income to Rs 4187 crore. However,
the core fee income was flat at Rs 8003 crore and there was loss of Rs 29 crore
in forex segment.
Stable expense ratio: Net
total income of the bank increased 26% to Rs 54354 crore in Q4FY2023, while the
operating expenses rose 27% to Rs 29733 crore. Expense ratio was steady at 54.7%
in Q4FY2023 from 54.2% in Q4FY2022. The employee expenses surged 40% to Rs
17616.43 crore, while other operating expenses increased 12% to Rs 12116.37
crore in Q4FY2023.
The
operating profit galloped 25% to Rs 24621.11 crore in Q4FY2023.
Provisions dips on lower NPA provisions: The
provisions and contingencies declined 54% to Rs 3315.71 crore in Q4FY2023 over
Q4FY2022, led by 61% dip in NPA provisions to Rs 1278 crore, while the
investment provisions declined 99% to Rs 18.00 crore. The standard assets
provisions jumped 511% to Rs 2558 crore in Q4FY2023.
With the
surge provisions, the PBT increased 71% to Rs 21305.40 crore in the quarter
ended March 2023.
Tax rate eases: The
effective tax rate eased to 21.6% in Q4FY2023 from 27.0%, in Q4FY2023, leading
to further 83% surge in the net profit to Rs 16694.51 crore for quarter ended
March 2023.
Standalone
Financial Performance FY2023:
For the year
ended March 2023 (FY2023), Bank posted 59% increase in net profit to Rs
50232.46 crore. The net interest income improved 20% to Rs 144840.51 crore,
while non-interest income declined 10% to Rs 36615.60 crore in FY2023. The
expense ratio rose 55 bps yoy to 53.9% in FY2023. The operating expenses rose 14%
to Rs 97743.13 crore, while provision and contingencies dipped 32% to Rs
16507.33 crore in FY2023. The profit before tax improved 32% to Rs 67205.65
crore in FY2023. The effective tax rate declined 179 bps yoy to 25.3%. Net
profit moved up 59% to Rs 50232.46 crore in FY2023.
Consolidated
quarterly performance:
On the
consolidated front, the bank has posted 89% increase in the net profit at Rs
18093.84 crore over 29% rise in NII at Rs 44631.71 crore. The other income
increased 16% to Rs 38769.20 crore, leading to 22% rise in net total income to
Rs 83400.91 crore. The operating expenses rose 22% to Rs 56170.81 crore,
allowing the operating profit to increase 24% to Rs 27230.10 crore in the
quarter ended March 2023. The provisions plunged 53% to Rs 3794.53 crore, PBT
dipped 69% to Rs 23435.57 crore in Q4FY2023.
The
effective tax rate declined to 21.3% in Q4FY2023 from 27.5% in Q4FY2022,
allowing the net profit to move up 84% to Rs 18768.76 crore before minority
interest and share of associates. The minority interest increased 5% to Rs
674.92 crore, while the profit from associate companies moved up 115% to Rs
425.51 crore. Net Profit increased 89% to Rs 18093.84 crore for quarter ended
March 2023.
Net
profit of non-banking subsidiaries increased 12% to Rs 1757 crore in Q4FY2023,
driven by SBI Life 16% to
Rs 777 crore, SBI Funds Management 16% to Rs 329 crore, SBI Cards & Payment Services 3% to Rs
596 crore and SBI General Insurance 83% to Rs 55 crore in Q4FY2023,
Consolidated
Financial Performance FY2023:
For the year ended March 2023 (FY2023), Bank on consolidated basis
has posted 57% increase in net profit to Rs 55648.18 crore. The net interest
income improved 20% to Rs 160863.77 crore, while non-interest income rose 5% to
Rs 122533.56 crore in FY2023. The expense ratio rose 41 bps yoy to 67.0% in
FY2023. The operating expenses increased 14% to Rs 189814.48 crore, while
provision and contingencies increased dipped 32% to Rs 18184.28 crore in
FY2023. The profit before tax improved 32% to Rs 75398.57 crore in FY2023. The
effective tax rate declined 187 bps yoy to 24.6%. Net profit advanced 57% to Rs
55648.18 crore in FY2023.
|
State Bank of India: Standalone Results
|
|
Particulars
|
2303
(3)
|
2203
(3)
|
Var %
|
2303
(12)
|
2203
(12)
|
Var %
|
|
Interest Earned
|
92951.06
|
70733.25
|
31
|
332103.07
|
275457.29
|
21
|
|
Interest Expended
|
52558.55
|
39535.39
|
33
|
187262.56
|
154749.70
|
21
|
|
Net Interest Income
|
40392.51
|
31197.86
|
29
|
144840.51
|
120707.59
|
20
|
|
Other Income
|
13961.40
|
11880.15
|
18
|
36615.60
|
40563.91
|
-10
|
|
Net Total Income
|
54353.91
|
43078.01
|
26
|
181456.11
|
161271.50
|
13
|
|
Operating Expenses
|
29732.80
|
23361.18
|
27
|
97743.13
|
85979.13
|
14
|
|
Operating Profits
|
24621.11
|
19716.83
|
25
|
83712.98
|
75292.37
|
11
|
|
Provisions & Contingencies
|
3315.71
|
7237.45
|
-54
|
16507.33
|
24452.13
|
-32
|
|
PBT before EO
|
21305.40
|
12479.38
|
71
|
67205.65
|
50840.24
|
32
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
-7418.39
|
-
|
|
PBT after EO
|
21305.40
|
12479.38
|
71
|
67205.65
|
43421.85
|
55
|
|
Provisions for Tax
|
4610.89
|
3365.85
|
37
|
16973.19
|
11745.87
|
45
|
|
Net Profit
|
16694.51
|
9113.53
|
83
|
50232.46
|
31675.98
|
59
|
|
EPS*(Rs)
|
74.8
|
40.8
|
|
56.3
|
41.6
|
|
|
Adj BV (Rs)
|
305.1
|
247.6
|
|
305.1
|
247.6
|
|
|
* Annualized on current equity of Rs 892.46 crore. Face Value:
Rs 1, Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
State Bank of India: Consolidated Results
|
|
Particulars
|
2303
(3)
|
2203
(3)
|
Var %
|
2303
(12)
|
2203
(12)
|
Var %
|
|
Interest Earned
|
98083.19
|
74607.57
|
31
|
350844.58
|
289972.69
|
21
|
|
Interest Expended
|
53451.48
|
39943.86
|
34
|
189980.81
|
156194.34
|
22
|
|
Net Interest Income
|
44631.71
|
34663.71
|
29
|
160863.77
|
133778.35
|
20
|
|
Other Income
|
38769.20
|
33427.11
|
16
|
122533.56
|
117000.40
|
5
|
|
Net Total Income
|
83400.91
|
68090.82
|
22
|
283397.33
|
250778.75
|
13
|
|
Operating Expenses
|
56170.81
|
46123.95
|
22
|
189814.48
|
166945.04
|
14
|
|
Operating Profits
|
27230.10
|
21966.87
|
24
|
93582.85
|
83833.71
|
12
|
|
Provisions & Contingencies
|
3794.53
|
8109.18
|
-53
|
18184.28
|
26676.69
|
-32
|
|
PBT
|
23435.57
|
13857.69
|
69
|
75398.57
|
57157.02
|
32
|
|
P&L of Associate Company
|
425.51
|
197.49
|
115
|
1191.45
|
827.01
|
44
|
|
PBT before EO
|
23861.08
|
14055.18
|
70
|
76590.02
|
57984.03
|
32
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
-7418.39
|
-
|
|
PBT after EO
|
23861.08
|
14055.18
|
70
|
76590.02
|
50565.64
|
51
|
|
Provisions for tax
|
5092.32
|
3863.93
|
32
|
18840.13
|
13382.46
|
41
|
|
Net Profit before minority interest
|
18768.76
|
10191.25
|
84
|
57749.89
|
37183.18
|
55
|
|
Minority Interest
|
674.92
|
642.12
|
5
|
2101.71
|
1809.30
|
16
|
|
Net profit
|
18093.84
|
9549.13
|
89
|
55648.18
|
35373.88
|
57
|
|
EPS*(Rs)
|
81.1
|
42.8
|
|
62.4
|
45.7
|
|
|
Adj BV (Rs)
|
340.2
|
276.2
|
|
340.2
|
276.2
|
|
|
* Annualized on current equity of Rs 892.46 crore. Face Value:
Rs 1, Figures in Rs crore,
|
|
Source: Capitaline Corporate Database
|
|