|
State
Bank of India on standalone basis has recorded strong 41% growth in the Net
Profit to Rs 9113.53 crore for the quarter ended March 2022 (Q4FY2022), 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) on sequential basis to 3.12% helping Net
Interest Income (NII) growth to accelerate in Q4FY2022. Bank has improved
business growth at 10% along with rise in credit deposit ratio to 69.6 % at end
March 2022. Bank has also maintained healthy CASA deposits ratio at 45.3% at
end March 2022.
Asset quality improves: Bank has
improved the asset quality on sequential as well as year-on-year basis in
Q4FY2022.
Fresh
slippages of advances dipped to Rs 2845 crore (annualized 1.0% of advances in
Q4FY2022) compared with Rs 2334 crore (1.2%) in the previous quarter.
Recoveries,
upgradations and write-offs together were healthy at Rs 11611.4 crore in
Q4FY2022.
The
restructured loan book of the bank has declined to 30960 crore end March 2022.
SMA 1 and
2 category loan book of the bank has also declined to Rs 3544 crore end March
2022.
The bank
has improved provision coverage ratio to 90.2% at end of March 2022 from 87.8%
end March 2021.
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Asset Quality Indicators: State Bank of India
|
|
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Mar-21
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
112023.37
|
120028.77
|
123941.77
|
134259.48
|
126389.02
|
-7
|
-11
|
|
Net NPA (Rs Crore)
|
27965.71
|
34539.68
|
37118.61
|
43152.52
|
36809.72
|
-19
|
-24
|
|
% of GNPA
|
3.97
|
4.50
|
4.90
|
5.32
|
4.98
|
-53
|
-101
|
|
% of NNPA
|
1.02
|
1.34
|
1.52
|
1.77
|
1.50
|
-32
|
-48
|
|
Provision coverage ratio %
|
90.20
|
88.32
|
87.68
|
85.93
|
87.75
|
188
|
245
|
|
CRAR Basel III %
|
13.83
|
13.23
|
13.35
|
13.66
|
13.74
|
60
|
9
|
|
Tier I - Basel III %
|
11.42
|
10.91
|
11.02
|
11.32
|
11.44
|
51
|
-2
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business
Highlights:
Business growth improves: Business
of the bank rose at improved pace of 10% yoy to Rs 6870205 crore at end March
2022. Deposits increased at higher pace of 10% at Rs 4051534 crore, while
advances growth also improved to 11% at Rs 2818671 crore at end March 2022.
Domestic
advances rose at improved pace of 10% to Rs 2406761 crore, while international
advances growth eased to 15% yoy at Rs 411910 crore at end March 2022. The
credit-deposit ratio of the bank increased to 69.6% at end March 2022 from
69.3% a quarter ago.
Retail and large corporate credit driving
loans growth: Of the domestic advances, large corporate credit increased 6% yoy
to Rs 870712 crore, while retail credit improved at higher pace of 15% to Rs
1002303 crore. The SME credit also increased higher pace of 10% to Rs 305517
crore at end March 2022. The agriculture credit rose 7% to Rs 228229 crore at
end March 2022.
CASA ratio steady: Deposits
grew 10% yoy to Rs 4051534 crore in the quarter under review. Domestic deposits
grew 10% yoy to Rs 3920201 crore of which CASA deposits grew 8% yoy to Rs
1775084 crore. Domestic CASA ratio eased 85 bps yoy to 45.3% at end March 2022.
Overseas deposits moved up 18% to Rs 131333 crore at end March 2022.
Investment book of the bank rose 10% to Rs 1493186 crore end
March 2022, as domestic investment increased 10% to Rs 1439649 crore and
international investment book moved up 13% to Rs 53538 crore. Within the
domestic investment book, SLR investment climbed up 10% to Rs 1162183 crore,
while non-SLR investment also rose 7% to Rs 277466 crore. Further, the AFS book
increased 10% to Rs 565350 crore, while HTM book rose 9% to Rs 874875 crore end
March 2022. The modified duration of AFS Investment Book stood at 2.08 years
end March 2022 compared with 2.08 year end March 2021.
Network expansion: Bank has added 13 branches in the quarter
under review, taking the total branch count up to 22266 at end March 2022. ATMs
count of the bank has increased to 65030 ATMs end March 2022.
Book Value per share stood at Rs
287.6 per share at end March 2022, while the adjusted book value (net of NNPA
and 25% of restructured assets) stood at Rs 247.6 per share at end of March
2022.
Quarterly
Performance:
NII growth accelerate, as NIM improves and
credit-deposit rises: Bank has posted 15% rise in NII at Rs 31197.86 crore for quarter
ended March 2022. Interest earned moved up 9% to Rs 70733.25 crore, driven by
interest earned on investment rising 5% to Rs 22763.44 crore. Meanwhile, the
interest expended rose 4% to Rs 39535.39 crore. NIM of the bank improved to
3.12% in Q4FY2022 from 3.11% in the previous quarter. The credit-deposit ratio
gained to 69.6% at end March 2022 supporting NII growth.
Non-interest income declines on dip in bad
debt recovery: Non-interest income of the bank declined 27% to Rs 11880.15 crore
in Q4FY2022, driven by dip in recoveries in written off account by 66% to Rs
2154 crore. The core fee income of the bank also declined 5% to Rs 8023 crore
in Q4FY2022. The profit on sale of investment was moderate at Rs 178 crore. The
forex income rose 89% to Rs 1521 crore,
Expense ratio improves: Net
total income of the bank was flat at Rs 43078 crore in Q4FY2022, while the
operating expenses declined 1% to Rs 23361 crore, leading to an improvement in
expense ratio to 54.2% in Q4FY2022 from 54.5% in Q4FY2021. The employee
expenses fell 6% to Rs 12556.03 crore, while other operating expenses increased
6% to Rs 10805.15 crore in Q4FY2022.
The
operating profit was flat at Rs 19716.83 crore in Q4FY2022.
Provisions declines: The
provisions and contingencies declined 35% to Rs 7237.45 crore in Q4FY2022 over
Q4FY2021, led by 67% dip in NPA provisions to Rs 3262 crore and standard assets
provisions also dipped 81% to Rs 419.00 crore in Q4FY2022. The investment provisions
jumped 236% to Rs 2061.00 crore.
With the dip
in provisions, the PBT jumped 44% to Rs 12479.38 crore in the quarter ended
March 2022.
Tax rate rises: The
effective tax rate rose to 27.0% in Q4FY2022 from 25.4%, in Q4FY2022. The net
profit increased 41% to Rs 9113.53 crore for quarter ended March 2022.
Standalone
Financial Performance FY2022:
For the year
ended March 2022 (FY2022), Bank posted 55% increase in net profit to Rs
31675.98 crore. The net interest income improved 9% to Rs 120707.59 crore,
while non-interest income declined 3% to Rs 40563.91 crore in FY2022. The
expense ratio declined 83 bps yoy to 53.3% in FY2022. The operating expenses
rose 4% to Rs 85979.13 crore, while provision and contingencies dipped 44% to
Rs 24452.13 crore in FY2022. The profit before tax improved 96% to Rs 50840.24
crore in FY2022. There is extra ordinary expense of Rs 7418.39 crore in FY2022
against income of Rs 1539.73 crore in FY2021. PBT after extra ordinary item
increased 58% to Rs 43421.85 crore. The effective tax rate rose 116 bps yoy to
27.1%. Net profit moved up 55% to Rs 31675.98 crore in FY2022.
Consolidated
quarterly performance:
On the
consolidated front, the bank has posted 56% increase in the net profit at Rs
9549.13 crore over 17% rise in NII at Rs 34663.71 crore. The other income declined
6% to Rs 33427.11 crore, leading to 5% rise in net total income to Rs 68090.82
crore. The operating expenses rose 5% to Rs 46123.95 crore, allowing the
operating profit to increase 4% to Rs 21966.87 crore in the quarter ended March
2022. The provisions declined 30% to Rs 8109.18 crore, PBT jumped 43% to Rs
13857.69 crore in Q4FY2022. The effective tax rate rose to 27.5% in Q4FY2022
from 26.9% in Q4FY2021, allowing the net profit to move up 57% to Rs 10191.25
crore before minority interest and share of associates. The Minority interest
increased 74% to Rs 642.12 crore, while the profit from associate companies
moved up to Rs 197.49 crore. Net Profit increased 56% to Rs 9549.13 crore for
quarter ended March 2022.
Net
profit of non-banking subsidiaries increased 29% to Rs 1566 crore in Q4FY2022,
driven by SBI Life 26% to
Rs 672 crore and SBI Cards & Payment Services
230% to Rs 581 crore. The net profit of SBI
Funds Management declined 22% to Rs 283 crore,
and SBI General Insurance 79% to Rs 30 crore
in Q4FY2022,
Consolidated
Financial Performance FY2022:
For the
year ended March 2022 (FY2022), Bank on consolidated basis has posted 58%
increase in net profit to Rs 35373.88 crore. The net interest income improved
10% to Rs 133778.35 crore, while non-interest income moved up 11% to Rs
117000.40 crore in FY2022. The expense ratio rose 58 bps yoy to 66.6% in
FY2022. The operating expenses increased 11% to Rs 166945.04 crore, while
provision and contingencies dipped 42% to Rs 26676.69 crore in FY2022. The
profit before tax improved 82% to Rs 57157.02 crore in FY2022. The effective
tax rate rose 18 bps yoy to 26.5%. Net profit advanced 58% to Rs 35373.88 crore
in FY2022.
|
State Bank of India: Standalone Results
|
|
Particulars
|
2203
(3)
|
2103
(3)
|
Var %
|
2203
(12)
|
2103
(12)
|
Var %
|
|
Interest Earned
|
70733.25
|
65101.64
|
9
|
275457.29
|
265150.63
|
4
|
|
Interest Expended
|
39535.39
|
38034.64
|
4
|
154749.70
|
154440.63
|
0
|
|
Net Interest Income
|
31197.86
|
27067.00
|
15
|
120707.59
|
110710.00
|
9
|
|
Other Income
|
11880.15
|
16225.32
|
-27
|
40563.91
|
41956.64
|
-3
|
|
Net Total Income
|
43078.01
|
43292.32
|
0
|
161271.50
|
152666.64
|
6
|
|
Operating Expenses
|
23361.18
|
23592.17
|
-1
|
85979.13
|
82652.22
|
4
|
|
Operating Profits
|
19716.83
|
19700.15
|
0
|
75292.37
|
70014.42
|
8
|
|
Provisions & Contingencies
|
7237.45
|
11051.03
|
-35
|
24452.13
|
44013.03
|
-44
|
|
PBT before EO
|
12479.38
|
8649.12
|
44
|
50840.24
|
26001.39
|
96
|
|
EO
|
0.00
|
0.00
|
-
|
-7418.39
|
1539.73
|
PL
|
|
PBT after EO
|
12479.38
|
8649.12
|
44
|
43421.85
|
27541.12
|
58
|
|
Provisions for Tax
|
3365.85
|
2198.37
|
53
|
11745.87
|
7130.65
|
65
|
|
Net Profit
|
9113.53
|
6450.75
|
41
|
31675.98
|
20410.47
|
55
|
|
EPS*(Rs)
|
40.8
|
28.9
|
|
41.6
|
21.6
|
|
|
Adj BV (Rs)
|
247.6
|
211.8
|
|
247.6
|
211.8
|
|
|
* 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
|
2203
(3)
|
2103
(3)
|
Var %
|
2203
(12)
|
2103 (12)
|
Var %
|
|
Interest Earned
|
74607.57
|
68032.66
|
10
|
289972.69
|
278115.48
|
4
|
|
Interest Expended
|
39943.86
|
38388.82
|
4
|
156194.34
|
156010.17
|
0
|
|
Net Interest Income
|
34663.71
|
29643.84
|
17
|
133778.35
|
122105.31
|
10
|
|
Other Income
|
33427.11
|
35397.98
|
-6
|
117000.40
|
105855.14
|
11
|
|
Net Total Income
|
68090.82
|
65041.82
|
5
|
250778.75
|
227960.45
|
10
|
|
Operating Expenses
|
46123.95
|
43863.76
|
5
|
166945.04
|
150429.60
|
11
|
|
Operating Profits
|
21966.87
|
21178.06
|
4
|
83833.71
|
77530.85
|
8
|
|
Provisions & Contingencies
|
8109.18
|
11516.71
|
-30
|
26676.69
|
46102.16
|
-42
|
|
PBT
|
13857.69
|
9661.35
|
43
|
57157.02
|
31428.69
|
82
|
|
P&L of Associate Company
|
197.49
|
-775.08
|
LP
|
827.01
|
-391.90
|
LP
|
|
PBT before EO
|
14055.18
|
8886.27
|
58
|
57984.03
|
31036.79
|
87
|
|
EO
|
0.00
|
0.00
|
-
|
-7418.39
|
1367.27
|
PL
|
|
PBT after EO
|
14055.18
|
8886.27
|
58
|
50565.64
|
32404.06
|
56
|
|
Provisions for tax
|
3863.93
|
2391.10
|
62
|
13382.46
|
8516.25
|
57
|
|
Net Profit before minority interest
|
10191.25
|
6495.17
|
57
|
37183.18
|
23887.81
|
56
|
|
Minority Interest
|
642.12
|
369.65
|
74
|
1809.30
|
1482.36
|
22
|
|
Net profit
|
9549.13
|
6125.52
|
56
|
35373.88
|
22405.45
|
58
|
|
EPS*(Rs)
|
42.8
|
27.5
|
|
45.7
|
24.0
|
|
|
Adj BV (Rs)
|
276.2
|
236.1
|
|
276.2
|
236.1
|
|
|
* Annualized on current equity of Rs 892.46 crore. Face Value:
Rs 1, Figures in Rs crore,
|
|
Source: Capitaline Corporate Database
|
|