|
State
Bank of India on standalone basis has recorded strong 68% growth in the Net
Profit to Rs 14205.34 crore for the quarter ended December 2022 (Q3FY2023),
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 3.29% helping Net
Interest Income (NII) growth to accelerate to 24% in Q3FY2023.
Bank has recorded
business growth of 13% along with rise in credit deposit ratio to 74.4% at end
December 2022. Bank has also improved maintained stable CASA deposits ratio to 44.5%
at end December 2022.
Asset quality improves: Bank has improved the asset
quality on sequential as well as year-on-year basis in Q3FY2023.
Fresh
slippages of advances was at Rs 3098 crore (annualized 0.7% of advances in
Q3FY2023) compared with Rs 2399 crore (0.9%) in the previous quarter.
Recoveries,
upgradations and write-offs together were healthy at Rs 11666.64 crore in
Q3FY2023.
Segment
wise GNPA ratio for retail segment stood at 3.24%, corporate 4.37% and
international 0.41% end December 2022. Within retail, the GNPA ratio for
agriculture stood at 12.03%, personal 0.7%, SME 5.2% etc.
The SMA 1
loan book stood at Rs 3059 crore and SMA 2 to Rs 1688 crore end December 2022.
The bank
has improved provision coverage ratio to 91.5% at end of December 2022 from 88.3%
end December 2021.
The
Capital adequacy ratio stood at 13.27% with Tier I ratio at 10.8%. The ratio of
risk weighted assets to total assets stood at 50.6% end December 2022.
|
Asset Quality Indicators: State Bank of India
|
|
|
Dec-22
|
Sep-22
|
Jun-22
|
Mar-22
|
Dec-21
|
Variation
|
|
QoQ
|
YTD
|
YoY
|
|
Gross NPA (Rs Crore)
|
98346.50
|
106804.14
|
113271.72
|
112023.37
|
120028.77
|
-8
|
-12
|
-18
|
|
Net NPA (Rs Crore)
|
23484.31
|
23572.19
|
28257.92
|
27965.71
|
34539.68
|
0
|
-16
|
-32
|
|
% of GNPA
|
3.14
|
3.52
|
3.91
|
3.97
|
4.50
|
-38
|
-83
|
-136
|
|
% of NNPA
|
0.77
|
0.80
|
1.00
|
1.02
|
1.34
|
-3
|
-25
|
-57
|
|
Provision coverage ratio %
|
91.52
|
91.54
|
90.14
|
90.20
|
88.32
|
-2
|
132
|
320
|
|
CRAR Basel III %
|
13.27
|
13.51
|
13.43
|
13.83
|
13.23
|
-24
|
-56
|
4
|
|
Tier I - Basel III %
|
10.80
|
11.12
|
11.15
|
11.42
|
10.91
|
-32
|
-62
|
-11
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business
Highlights:
Double digit business growth: Business of the bank rose
at double digit pace of 13% yoy to Rs 7347122 crore at end December 2022. Deposits
increased 10% at Rs 4213557 crore, while advances growth was robust at 18% at
Rs 3133565 crore at end December 2022.
Domestic
advances rose at strong pace of 17% to Rs 2647205 crore, while international
advances increased 21% yoy to Rs 486360 crore at end December 2022.
The
credit-deposit ratio of the bank increased to 74.4% at end December 2022 from 72.4%
a quarter ago.
Retail and large corporate credit driving loans growth: Of the
domestic advances, large corporate credit increased 18% yoy to Rs 925038 crore,
while retail credit improved at higher pace of 18% to Rs 1124519 crore. The SME
credit also increased 14% to Rs 350649 crore at end December 2022 and the
agriculture credit rose 12% to Rs 246999 crore at end December 2022.
Steady CASA ratio: Deposits grew 10% yoy to Rs 4213557
crore in the quarter under review. Domestic deposits increased 9% yoy to Rs 4048149
crore of which CASA deposits grew 6% yoy to Rs 1800677 crore. Domestic CASA
ratio was steady on sequential basis at 44.5% end December 2022. Overseas
deposits moved up 28% to Rs 165408 crore at end December 2022.
Network
expansion:
Bank has added 72 branches in the quarter under review, taking the total branch
count up to 22381 at end December 2022. ATMs count of the bank has increased to
65650 ATMs end December 2022.
Book Value per share stood at Rs 333.7 per share at end
December 2022, while the adjusted book value (net of NNPA and 25% of
restructured assets) stood at Rs 300.1 per share at end of December 2022.
Quarterly
Performance:
NII growth accelerate, as NIM improves and credit-deposit rise: Bank has
posted 24% rise in NII at Rs 38068.62 crore for quarter ended December 2022. Interest
earned moved up 24% to Rs 86616.04 crore. Meanwhile, the interest expended rose
25% to Rs 48547.42 crore. NIM of the bank improved to 3.29% in Q3FY2023 from 3.17%
in the previous quarter. The credit-deposit ratio gained to 74.4% at end
December 2022 supporting NII growth.
Treasury income and exchange gains boost other income:
Non-interest income of the bank increased 32% to Rs 11467.73 crore in Q3FY2023,
driven by healthy growth in profit on sale of investment at 472% to Rs 2938.00 crore.
Further, the forex income rose 187% to Rs 1388 crore. However, the core fee
income of the bank rose at moderate pace of 3% to Rs 5928 crore in Q3FY2023.
Expense ratio improves: Net total income of the bank
increased 26% to Rs 49536 crore in Q3FY2023, while the operating expenses rose
at lower pace of 17% to Rs 24317 crore, leading to an improvement in expense
ratio to 49.1% in Q3FY2023 from 52.9% in Q3FY2022. The employee expenses rose 18%
to Rs 14756.65 crore, while other operating expenses increased 14% to Rs 9560.42
crore in Q3FY2023.
The
operating profit galloped 36% to Rs 25219.28 crore in Q3FY2023.
Provisions declines on lower NPA provisions: The
provisions and contingencies declined 17% to Rs 5760.57 crore in Q3FY2023 over
Q3FY2022, led by 49% dip in NPA provisions to Rs 1586 crore, while standard assets provisions jumped 92% to Rs 4230
crore in Q3FY2023.
With the
surge provisions, the PBT surged 69% to Rs 19458.71 crore in the quarter ended
December 2022.
Tax rate steady: The effective tax rate was
steady at to 27.0% in Q3FY2023 from 27.0% in Q3FY2023, allowing the net profit to
rise 68% to Rs 14205.34 crore for quarter ended December 2022.
Standalone
Financial Performance 9MFY2023:
For the
nine months ended December 2022 (9MFY2023), Bank posted 49% increase in net
profit to Rs 33537.93 crore. The net interest income improved 17% to Rs 104447.98
crore, while non-interest income declined 21% to Rs 22654.20 crore in 9MFY2023.
The expense ratio rose 53 bps yoy to 53.5% in 9MFY2023. The operating expenses
rose 9% to Rs 68010.33 crore, while provision and contingencies declined 23% to
Rs 13191.62 crore in 9MFY2023. The profit before tax improved 20% to Rs 45900.23
crore in 9MFY2023. The effective tax rate eased 15 bps yoy to 26.9%. Net profit
moved up 49% to Rs 33537.93 crore in 9MFY2023.
Consolidated
quarterly performance:
On the
consolidated front, the bank has posted 62% increase in the net profit at Rs 15477.22
crore over 24% rise in NII at Rs 42151.67 crore. The other income increased 15%
to Rs 35701.31 crore, leading to 19% rise in net total income to Rs 77852.98 crore.
The operating expenses rose 13% to Rs 50301.28 crore, allowing the operating
profit to increase 34% to Rs 27551.70 crore in the quarter ended December 2022.
The provisions declined 17% to Rs 6196.30 crore. PBT jumped 62% to Rs 21355.40 crore
in Q3FY2023. The effective tax rate rose to 26.4% in Q3FY2023 from 25.8% in Q3FY2022.
Net profit moved up 60% to Rs 15888.18 crore before minority interest and share
of associates. The Minority interest increased 5% to Rs 410.96 crore, while the
profit from associate companies declined 15% to Rs 218.53 crore. Net Profit
increased 62% to Rs 15477.22 crore for quarter ended December 2022.
Net
profit of SBI Life declined 16% to Rs 304 crore and
SBI General Insurance rebounded to Rs 13 crore
in Q3FY2023. SBI Funds Management posted 31% jump in the net profit to
Rs 374 crore and SBI Cards & Payment Services 32%
to Rs 509 crore and
Consolidated
Financial Performance 9MFY2023:
For the
year ended December 2022 (9MFY2023), Bank on consolidated basis has posted 45% increase
in net profit to Rs 37554.33 crore. The net interest income improved 17% to Rs 116232.05
crore, while non-interest income was flat at Rs 83764.36 crore in 9MFY2023. The
expense ratio rose 69 bps yoy to 66.8% in 9MFY2023. The operating expenses increased
11% to Rs 133643.67 crore, while provision and contingencies declined 23% to Rs
14389.75 crore in 9MFY2023. The profit before tax improved 20% to Rs 51962.99 crore
in 9MFY2023. The effective tax rate was steady at 26.1%. Net profit advanced 45%
to Rs 37554.33 crore in 9MFY2023.
|
State Bank of India: Standalone Results
|
|
Particulars
|
2212
(3)
|
2112
(3)
|
Var %
|
2212
(9)
|
2112
(9)
|
Var %
|
2203
(12)
|
2103
(12)
|
Var %
|
|
Interest Earned
|
86616.04
|
69678.12
|
24
|
239152.00
|
204724.04
|
17
|
275457.29
|
265150.63
|
4
|
|
Interest Expended
|
48547.42
|
38990.72
|
25
|
134704.02
|
115214.31
|
17
|
154749.70
|
154440.63
|
0
|
|
Net Interest Income
|
38068.62
|
30687.40
|
24
|
104447.98
|
89509.73
|
17
|
120707.59
|
110710.00
|
9
|
|
Other Income
|
11467.73
|
8673.42
|
32
|
22654.20
|
28683.76
|
-21
|
40563.91
|
41956.64
|
-3
|
|
Net Total Income
|
49536.35
|
39360.82
|
26
|
127102.18
|
118193.49
|
8
|
161271.50
|
152666.64
|
6
|
|
Operating Expenses
|
24317.07
|
20839.18
|
17
|
68010.33
|
62617.95
|
9
|
85979.13
|
82652.22
|
4
|
|
Operating Profits
|
25219.28
|
18521.64
|
36
|
59091.85
|
55575.54
|
6
|
75292.37
|
70014.42
|
8
|
|
Provisions & Contingencies
|
5760.57
|
6973.97
|
-17
|
13191.62
|
17214.68
|
-23
|
24452.13
|
44013.03
|
-44
|
|
PBT before EO
|
19458.71
|
11547.67
|
69
|
45900.23
|
38360.86
|
20
|
50840.24
|
26001.39
|
96
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
-7418.39
|
-
|
-7418.39
|
1539.73
|
PL
|
|
PBT after EO
|
19458.71
|
11547.67
|
69
|
45900.23
|
30942.47
|
48
|
43421.85
|
27541.12
|
58
|
|
Provisions for Tax
|
5253.37
|
3115.79
|
69
|
12362.30
|
8380.02
|
48
|
11745.87
|
7130.65
|
65
|
|
Net Profit
|
14205.34
|
8431.88
|
68
|
33537.93
|
22562.45
|
49
|
31675.98
|
20410.47
|
55
|
|
EPS*(Rs)
|
63.7
|
37.8
|
|
50.1
|
31.8
|
|
41.6
|
21.6
|
|
|
Adj BV (Rs)
|
300.1
|
235.8
|
|
300.1
|
235.8
|
|
247.6
|
211.8
|
|
|
* Annualized on current equity of Rs 892.46 crore excluding EO
and relevant tax. Face Value: Rs 1, Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
State Bank of India: Consolidated Results
|
|
Particulars
|
2212
(3)
|
2112
(3)
|
Var %
|
2212
(9)
|
2112
(9)
|
Var %
|
2203
(12)
|
2103
(12)
|
Var %
|
|
Interest Earned
|
91517.66
|
73376.04
|
25
|
252761.39
|
215365.13
|
17
|
289972.69
|
278115.48
|
4
|
|
Interest Expended
|
49365.99
|
39363.25
|
25
|
136529.34
|
116250.48
|
17
|
156194.34
|
156010.17
|
0
|
|
Net Interest Income
|
42151.67
|
34012.79
|
24
|
116232.05
|
99114.65
|
17
|
133778.35
|
122105.31
|
10
|
|
Other Income
|
35701.31
|
31152.18
|
15
|
83764.36
|
83573.29
|
0
|
117000.40
|
105855.14
|
11
|
|
Net Total Income
|
77852.98
|
65164.97
|
19
|
199996.41
|
182687.94
|
9
|
250778.75
|
227960.45
|
10
|
|
Operating Expenses
|
50301.28
|
44573.38
|
13
|
133643.67
|
120821.09
|
11
|
166945.04
|
150429.60
|
11
|
|
Operating Profits
|
27551.70
|
20591.59
|
34
|
66352.74
|
61866.85
|
7
|
83833.71
|
77530.85
|
8
|
|
Provisions & Contingencies
|
6196.30
|
7441.83
|
-17
|
14389.75
|
18567.51
|
-23
|
26676.69
|
46102.16
|
-42
|
|
PBT
|
21355.40
|
13149.76
|
62
|
51962.99
|
43299.34
|
20
|
57157.02
|
31428.69
|
82
|
|
P&L of Associate Company
|
218.53
|
255.78
|
-15
|
765.94
|
629.52
|
22
|
827.01
|
-391.90
|
LP
|
|
PBT before EO
|
21573.93
|
13405.54
|
61
|
52728.93
|
43928.86
|
20
|
57984.03
|
31036.79
|
87
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
-7418.39
|
-
|
-7418.39
|
1367.27
|
PL
|
|
PBT after EO
|
21573.93
|
13405.54
|
61
|
52728.93
|
36510.47
|
44
|
50565.64
|
32404.06
|
56
|
|
Provisions for tax
|
5685.75
|
3457.80
|
64
|
13747.81
|
9518.53
|
44
|
13382.46
|
8516.25
|
57
|
|
Net Profit before minority interest
|
15888.18
|
9947.74
|
60
|
38981.12
|
26991.94
|
44
|
37183.18
|
23887.81
|
56
|
|
Minority Interest
|
410.96
|
392.74
|
5
|
1426.79
|
1167.18
|
22
|
1809.30
|
1482.36
|
22
|
|
Net profit
|
15477.22
|
9555.00
|
62
|
37554.33
|
25824.76
|
45
|
35373.88
|
22405.45
|
58
|
|
EPS*(Rs)
|
69.4
|
42.8
|
|
56.1
|
46.8
|
|
45.7
|
24.0
|
|
|
Adj BV (Rs)
|
333.5
|
263.9
|
|
333.5
|
263.9
|
|
276.2
|
236.1
|
|
|
* Annualized on current equity of Rs 892.46 crore excluding EO
and relevant tax. Face Value: Rs 1, Figures in Rs crore,
|
|
Source: Capitaline Corporate Database
|
|