|
State
Bank of India on standalone basis for merged entity has recorded strong 67% growth
in the Net Profit to Rs 7626.57 crore for the quarter ended September 2021
(Q2FY2022), 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 3.09 helping Net Interest Income (NII)
growth to accelerate in Q2FY2022.
Bank has maintained
stable business growth at 8% along with credit deposit ratio at 66.4% at end
September 2021. Bank has also improved the CASA deposits ratio ratio to 46.2% at
end September 2021.
Asset quality improves:
Bank has
improved the asset quality on sequential as well as year-on-year basis in
Q2FY2022.
Fresh
slippages of advances dipped to Rs 4176 crore (annualized 1.6% of advances in
Q2FY2022) compared with Rs 15666 crore (2.5%) in the previous quarter.
Recoveries,
upgradations and write-offs together were healthy at Rs 14609.71 crore in
Q2FY2022.
The bank
has improved provision coverage ratio to 87.7% at end of September 2021 from 88.2%
end September 2020.
The
restructuring of loans under RBI resolution framework 1.0, RBI resolution
framework 2.0 and one-time restructuring was under control at Rs 30312 crore or
1.2% of loan book end September 2021.
|
Asset Quality Indicators: State Bank of India
|
|
|
Sep-21
|
Jun-21
|
Mar-21
|
Dec-20
|
Sep-20
|
Variation
|
|
QoQ
|
YTD
|
YoY
|
|
Gross NPA (Rs Crore)
|
123941.77
|
134259.48
|
126389.02
|
117244.23
|
125862.99
|
-8
|
-2
|
-2
|
|
Net NPA (Rs Crore)
|
37118.61
|
43152.52
|
36809.72
|
29031.72
|
36450.69
|
-14
|
1
|
2
|
|
% of GNPA
|
4.90
|
5.32
|
4.98
|
4.77
|
5.28
|
-42
|
-8
|
-38
|
|
% of NNPA
|
1.52
|
1.77
|
1.50
|
1.23
|
1.59
|
-25
|
2
|
-7
|
|
Provision coverage ratio %
|
87.68
|
85.93
|
87.75
|
90.21
|
88.19
|
175
|
-7
|
-51
|
|
CRAR Basel III %
|
13.35
|
13.66
|
13.74
|
14.50
|
14.72
|
-31
|
-39
|
-137
|
|
Tier I - Basel III %
|
11.02
|
11.32
|
11.44
|
11.73
|
11.90
|
-30
|
-42
|
-88
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business
Highlights:
Business growth steady: Business
of the bank rose at steady pace of 8% yoy to Rs 6340407 crore at end September
2021. Deposits increased at higher pace of 10% at Rs 3809630 crore, while
advances growth was steady at 6% at Rs 2530777 crore at end September 2021.
Domestic
advances rose 5% to Rs 2156055 crore, while international advances growth
accelerated to 16% yoy to Rs 374722 crore at end September 2021.
The
credit-deposit ratio of the bank eased to 66.4% at end September 2021 from 67.8%
a quarter ago.
Retail credit driving loans growth: Of the
domestic advances, large corporate credit declined -4% yoy to Rs 756764 crore, while
retail credit improved at higher pace of 15% to Rs 904473 crore. The SME credit
rose 1% to Rs 279820 crore and agriculture credit moved up 2% to Rs 214998 crore
at end September 2021.
CASA ratio improves: Deposits
grew 10% yoy to Rs 3809630 crore in the quarter under review. Domestic deposits
grew 10% yoy to Rs 3690029 crore of which CASA deposits grew 12% yoy to Rs 1706387
crore. Domestic CASA ratio improved 84 bps yoy to 46.2% at end September 2021.
Overseas
deposits moved up 12% to Rs 119601 crore at end September 2021.
Network expansion: Bank has reduced -715 branches in the
quarter under review, taking the total branch count up to 22230 at end
September 2021. ATMs count of the bank has increased to 64122 ATMs end
September 2021.
Book Value per share stood at Rs 274.3
per share at end September 2021, while the adjusted book value (net of NNPA and
25% of restructured assets) stood at Rs 224.2 per share at end of September
2021.
Quarterly
Performance:
NII growth accelerate, as NIM improves: Bank has
posted 11% rise in NII at Rs 31183.90 crore for quarter ended September 2021. Interest
earned moved up 4% to Rs 69481.49 crore, driven by interest earned on
investment rising 7% to Rs 22305.97 crore. Meanwhile, the interest expenses
fell -1% to Rs 38297.59 crore. NIM of the bank improved to 3.09% in Q2FY2022
from 2.92% in the previous quarter supporting NII growth.
Treasury income dips, fee income rises
marginally: Non-interest income of the bank declined -4% to Rs 8207.60 crore
in Q2FY2022, driven by 60% dip in profit on sale of investment to Rs 429 crore.
Further, the forex income was flat at Rs 526 crore, while recoveries in written
off account declined -4% to Rs 1344 crore. The core fee income of the bank rose
at moderate pace of 3% to Rs 5391 crore in Q2FY2022.
Expense ratio improves: Net
total income of the bank increased 7% to Rs 39392 crore in Q2FY2022, while the
operating expenses rose 5% to Rs 21312 crore, leading to an improvement in
expense ratio to 54.1% in Q2FY2022 from 55.2% in Q2FY2021. The employee
expenses were flat at Rs 12577.8 crore, while other operating expenses
increased 110% to Rs 16153.01 crore in Q2FY2022.
The
operating profit galloped 10% to Rs 18079.08 crore in Q2FY2022.
Provisions dip: The
provisions and contingencies dipped -98% to Rs 188.75 crore in Q2FY2022 over
Q2FY2021, led by -52% plunge in NPA provisions to Rs 2699 crore, while the
investment provisions were reversed amounting to Rs 626.00 crore. The standard
assets provisions rebounded to Rs 479 crore in Q2FY2022.
With the dip
provisions, the PBT zoomed 182% to Rs 17890.33 crore in the quarter ended
September 2021.
However,
the bank incurred exceptional expenses of Rs 7418.39 crore in Q2FY2022. The
bank has fully provided Rs 7418.39 crore due to change in family pension rules,
even as regulator granted dispensation to absorb in 5 years.
PBT
after EO increased 65% to Rs 10471.94 crore in Q2FY2022.
Tax rate steady: The effective tax rate was flat at 27.2% in Q2FY2022 from 27.9%,
in Q2FY2022. The net profit increased 67% to Rs 7626.57 crore for quarter ended
September 2021.
Standalone
Financial Performance H1FY2022:
For the half
year ended September 2021 (H1FY2022), Bank posted 61% increase in net profit to
Rs 14130.57 crore. The net interest income improved 7% to Rs 58822.33 crore, while
non-interest income increased 11% to Rs 20010.34 crore in H1FY2022. The expense
ratio rose 38 bps yoy to 53.0% in H1FY2022. The operating expenses rose 9% to
Rs 41778.77 crore, while provision and contingencies dipped -55% to Rs 10240.71
crore in H1FY2022. The profit before tax improved 125% to Rs 26813.19 crore in
H1FY2022. The effective tax rate rose 78 bps yoy to 27.1%. Net profit moved up 61%
to Rs 14130.57 crore in H1FY2022.
Consolidated
quarterly performance:
On the
consolidated front, the bank has posted 69% increase in the net profit at Rs 8889.84
crore over 11% rise in NII at Rs 34390.99 crore. The other income increased 11%
to Rs 28114.12 crore, leading to 11% rise in net total income to Rs 62505.11 crore.
The operating expenses rose 11% to Rs 42060.12 crore, allowing the operating
profit to increase 10% to Rs 20444.99 crore in the quarter ended September
2021. The provisions dipped -95% to Rs 615.44 crore, PBT jumped 171% to Rs 19829.55
crore in Q2FY2022. The profit from associate companies moved up 96% to Rs
210.37 crore. The effective tax rate rose to 26.0% in Q2FY2022 from 25.7% in
Q2FY2021, allowing the net profit to move up 72% to Rs 3279.93 crore before
minority interest and share of associates. The minority interest increased 70% to
Rs 451.76 crore. Net Profit increased 69% to Rs 8889.84 crore for quarter ended
September 2021.
Among the
non-banking subsidiaries, the net profit of SBI Funds Management increased 31% to Rs 259 crore and SBI Cards & Payment Services 67% to
Rs 345 crore, while net profit of SBI Life declined 18% to Rs 247 crore and SBI General Insurance -69% to Rs 51 crore in Q2FY2022,
Consolidated
Financial Performance H1FY2022:
For the half
year ended September 2021 (H1FY2022), Bank on consolidated basis has posted 62%
increase in net profit to Rs 16269.75 crore. The net interest income improved 7%
to Rs 65101.85 crore, while non-interest income jumped 21% to Rs 52421.11 crore
in H1FY2022. The expense ratio rose 38 bps yoy to 64.9% in H1FY2022. The operating
expenses gained 14% to Rs 76247.71 crore, while provision and contingencies dipped
-53% to Rs 11125.68 crore. The profit before tax improved 129% to Rs 30149.57
crore. The effective tax rate declined -40 bps yoy to 26.2%. Net
profit advanced 62% to Rs 16269.75 crore in H1FY2022.
|
State Bank of India: Standalone Results
|
|
Particulars
|
2109
(3)
|
2009
(3)
|
Var %
|
2109
(6)
|
2009
(6)
|
Var %
|
2103
(12)
|
2003
(12)
|
Var %
|
|
Interest Earned
|
69481.49
|
66814.11
|
4
|
135045.92
|
133314.49
|
1
|
265150.63
|
257323.59
|
3
|
|
Interest Expended
|
38297.59
|
38632.61
|
-1
|
76223.59
|
78491.43
|
-3
|
154440.63
|
159238.77
|
-3
|
|
Net Interest Income
|
31183.90
|
28181.50
|
11
|
58822.33
|
54823.06
|
7
|
110710.00
|
98084.82
|
13
|
|
Other Income
|
8207.60
|
8527.69
|
-4
|
20010.34
|
18024.90
|
11
|
41956.64
|
39005.84
|
8
|
|
Net Total Income
|
39391.50
|
36709.19
|
7
|
78832.67
|
72847.96
|
8
|
152666.64
|
137090.66
|
11
|
|
Operating Expenses
|
21312.42
|
20249.43
|
5
|
41778.77
|
38327.12
|
9
|
82652.22
|
75173.69
|
10
|
|
Operating Profits
|
18079.08
|
16459.76
|
10
|
37053.90
|
34520.84
|
7
|
70014.42
|
61916.97
|
13
|
|
Provisions & Contingencies
|
188.75
|
10118.31
|
-98
|
10240.71
|
22619.61
|
-55
|
44013.03
|
43069.85
|
2
|
|
PBT before EO
|
17890.33
|
6341.45
|
182
|
26813.19
|
11901.23
|
125
|
26001.39
|
18847.12
|
38
|
|
EO
|
-7418.39
|
0.00
|
-
|
-7418.39
|
0.00
|
-
|
1539.73
|
6215.64
|
-75
|
|
PBT after EO
|
10471.94
|
6341.45
|
65
|
19394.80
|
11901.23
|
63
|
27541.12
|
25062.76
|
10
|
|
Provisions for Tax
|
2845.37
|
1767.29
|
61
|
5264.23
|
3137.73
|
68
|
7130.65
|
10574.65
|
-33
|
|
Net Profit
|
7626.57
|
4574.16
|
67
|
14130.57
|
8763.50
|
61
|
20410.47
|
14488.11
|
41
|
|
EPS*(Rs)
|
58.4
|
20.5
|
|
45.0
|
19.6
|
|
21.6
|
12.2
|
|
|
* 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
|
2109
(3)
|
2009
(3)
|
Var %
|
2109
(6)
|
2009
(6)
|
Var %
|
2103
(12)
|
2003
(12)
|
Var %
|
|
Interest Earned
|
73029.13
|
70043.06
|
4
|
141989.08
|
139983.03
|
1
|
278115.48
|
269851.66
|
3
|
|
Interest Expended
|
38638.14
|
39023.23
|
-1
|
76887.23
|
79324.55
|
-3
|
156010.17
|
161123.80
|
-3
|
|
Net Interest Income
|
34390.99
|
31019.83
|
11
|
65101.85
|
60658.48
|
7
|
122105.31
|
108727.86
|
12
|
|
Other Income
|
28114.12
|
25330.44
|
11
|
52421.11
|
43374.80
|
21
|
105855.14
|
92377.43
|
15
|
|
Net Total Income
|
62505.11
|
56350.27
|
11
|
117522.96
|
104033.28
|
13
|
227960.45
|
201105.29
|
13
|
|
Operating Expenses
|
42060.12
|
37822.46
|
11
|
76247.71
|
67097.53
|
14
|
150429.60
|
131781.56
|
14
|
|
Operating Profits
|
20444.99
|
18527.81
|
10
|
41275.25
|
36935.75
|
12
|
77530.85
|
69323.73
|
12
|
|
Provisions & Contingencies
|
615.44
|
11221.02
|
-95
|
11125.68
|
23783.78
|
-53
|
46102.16
|
44788.70
|
3
|
|
PBT
|
19829.55
|
7306.79
|
171
|
30149.57
|
13151.97
|
129
|
31428.69
|
24535.03
|
28
|
|
P&L of Associate Company
|
210.37
|
107.52
|
96
|
373.74
|
171.48
|
118
|
-391.90
|
2963.14
|
-113
|
|
PBT before EO
|
20039.92
|
7414.31
|
170
|
30523.31
|
13323.45
|
129
|
31036.79
|
27498.17
|
13
|
|
EO
|
-7418.39
|
0.00
|
-
|
-7418.39
|
1367.27
|
PL
|
1367.27
|
5781.56
|
-76
|
|
PBT after EO
|
12621.53
|
7414.31
|
70
|
23104.92
|
14690.72
|
57
|
32404.06
|
33279.73
|
-3
|
|
Provisions for tax
|
3279.93
|
1902.98
|
72
|
6060.73
|
3911.94
|
55
|
8516.25
|
12139.76
|
-30
|
|
Net Profit before minority interest
|
9341.60
|
5511.33
|
69
|
17044.19
|
10778.78
|
58
|
23887.81
|
21139.97
|
13
|
|
Minority Interest
|
451.76
|
265.45
|
70
|
774.44
|
756.40
|
2
|
1482.36
|
1372.17
|
8
|
|
Net profit
|
8889.84
|
5245.88
|
69
|
16269.75
|
10022.38
|
62
|
22405.45
|
19767.80
|
13
|
|
EPS*(Rs)
|
64.5
|
23.5
|
|
48.7
|
20.2
|
|
24.0
|
18.0
|
|
|
* Annualized on current equity of Rs 892.46 crore. Face Value:
Rs 1, Figures in Rs crore,
|
|
Source: Capitaline Corporate Database
|
|