|
State Bank of India on
standalone basis has posted 7% decline in the Net Profit to Rs 6068.08 crore
for the quarter ended June 2022 (Q1FY2023), driven by hefty losses in treasury
segment on account of MTM depreciation of investment book owing to increase in
10-year g-sec yield. However, the bank has exhibited improvement in the
business growth and asset quality. The fee income of the bank has increased at
double digit pace in Q1FY2023.
Bank has maintained
healthy Net Interest Margin (NIM) at 3.02%, while recording 13% growth in Net
Interest Income (NII) for Q1FY2023. Bank has improved business growth at 11%
along with rise in credit deposit ratio to 71.7% at end June 2022. Bank has
also maintained stable CASA deposits ratio of 45.3% at end June 2022.
Asset quality improves: Bank has improved the asset
quality on sequential as well as year-on-year basis in Q1FY2023.
Fresh slippages of
advances increased to Rs 9740 crore (annualized 1.4% of advances in Q1FY2023)
compared with Rs 2845 crore (1.0%) in the previous quarter.
Recoveries, upgradations
and write-offs together were healthy at Rs 8866.65 crore in Q1FY2023.
The bank has improved
provision coverage ratio to 90.1% at end of June 2022 from 85.9% end June 2021.
|
Asset Quality Indicators: State Bank of India
|
|
|
Jun-22
|
Mar-22
|
Dec-21
|
Sep-21
|
Jun-21
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
113271.72
|
112023.37
|
120028.77
|
123941.77
|
134259.48
|
1
|
-16
|
|
Net NPA (Rs Crore)
|
28257.92
|
27965.71
|
34539.68
|
37118.61
|
43152.52
|
1
|
-35
|
|
% of GNPA
|
3.91
|
3.97
|
4.50
|
4.90
|
5.32
|
-6
|
-141
|
|
% of NNPA
|
1.00
|
1.02
|
1.34
|
1.52
|
1.77
|
-2
|
-77
|
|
Provision coverage ratio %
|
90.14
|
90.20
|
88.32
|
87.68
|
85.93
|
-6
|
421
|
|
CRAR Basel III %
|
13.43
|
13.83
|
13.23
|
13.35
|
13.66
|
-40
|
-23
|
|
Tier I - Basel III %
|
11.15
|
11.42
|
10.91
|
11.02
|
11.32
|
-27
|
-17
|
|
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 11% yoy to Rs 6946332 crore at end June 2022. Deposits
increased at steady pace of 9% at Rs 4045696 crore, while advances growth also
improved to 15% at Rs 2900636 crore at end June 2022.
Domestic advances rose at
improved pace of 14% to Rs 2450817 crore, while international advances growth
also accelerated to 22% yoy to Rs 449819 crore at end June 2022.
The credit-deposit ratio
of the bank increased to 71.7% at end June 2022 from 69.6% a quarter ago.
Retail and large corporate credit driving loans growth: Of the
domestic advances, large corporate credit increased 11% yoy to Rs 874014 crore,
while retail credit improved at higher pace of 19% to Rs 1034111 crore. The SME
credit also increased higher pace of 10% to Rs 312774 crore at end June 2022. The
agriculture credit rose 10% to Rs 229922 crore at end June 2022.
CASA ratio stable: Deposits grew 9% yoy to Rs
4045696 crore in the quarter under review. Domestic deposits grew 8% yoy to Rs
3899852 crore of which CASA deposits grew 7% yoy to Rs 1767666 crore. Domestic
CASA ratio stood at 45.3% at end June 2022.
Overseas deposits moved up
31% to Rs 145844 crore at end June 2022.
Network
expansion: Bank
has added 28 branches in the quarter under review, taking the total branch
count up to 22294 at end June 2022. ATMs count of the bank has increased to
65561 ATMs end June 2022.
Book Value per share stood at Rs 300.3 per share at end
June 2022, while the adjusted book value (net of NNPA and 25% of restructured
assets) stood at Rs 258.0 per share at end of June 2022.
Quarterly Performance:
Healthy NII growth on stable margins: Bank has
posted 13% rise in NII at Rs 31195.93 crore for quarter ended June 2022.
Interest earned moved up 11% to Rs 72676.37 crore, driven by interest earned on
investment rising 10% to Rs 23617.94 crore. Meanwhile, the interest expended
rose 9% to Rs 41480.44 crore. NIM of the bank improved to 3.02% in Q1FY2023
from 2.92% in Q1FY2022, while credit-deposit ratio gained to 71.7% at end June
2022 supporting NII growth.
Treasury segment losses hits non-interest income: Non-interest
income of the bank dipped 80% to Rs 2312.20 crore in Q1FY2023, driven by hefty
loss of Rs 6549 crore in treasury segment. However, the core fee income of the
bank surged at strong pace of 18% to Rs 6372 crore in Q1FY2023. Further, the
forex income galloped 112% to Rs 2014 crore.
Expense ratio rises: Net total income of the bank declined
15% to Rs 33508 crore in Q1FY2023, while the operating expenses rose 1% to Rs
20756 crore, leading to increase in expense ratio to 61.9% in Q1FY2023 from
51.9% in Q1FY2022. The employee expenses declined 4% to Rs 12051.41 crore,
while other operating expenses increased 10% to Rs 8704.16 crore in Q1FY2023.
The operating profit declined
33% to Rs 12752.56 crore in Q1FY2023.
Provisions dips: The provisions and contingencies
declined 56% to Rs 4392.38 crore in Q1FY2023 over Q1FY2022, led by 15% fall in
NPA provisions to Rs 4268 crore, while bank has written back standard assets
provisions of Rs 1295 crore in Q1FY2023. However, the investment provisions zoomed
191% to Rs 1503.00 crore.
With the decline provisions,
the PBT declined 6% to Rs 8360.18 crore in the quarter ended June 2022.
Tax rate steady: The effective tax rate was
nearly stable at 27.4% in Q1FY2023 from 27.1%, in Q1FY2023. The net profit declined
7% to Rs 6068.08 crore for quarter ended June 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 1% decline in the net profit at Rs 7325.11 crore over 13%
rise in NII at Rs 34849.70 crore. The other income declined 27% to Rs 17743.44
crore, leading to 4% fall in net total income to Rs 52593.14 crore. The
operating expenses rose 10% to Rs 37565.55 crore, causing 28% dip in the
operating profit to Rs 15027.59 crore in the quarter ended June 2022. The
provisions dipped 55% to Rs 4762.48 crore, PBT fell 1% to Rs 10265.11 crore in
Q1FY2023.
The effective tax rate eased
to 26.0% in Q1FY2023 from 26.5% in Q1FY2022, allowing the net profit to rise 1%
to Rs 7796.23 crore before minority interest and share of associates. The
Minority interest increased 46% to Rs 471.12 crore, while the profit from
associate companies moved up 64% to Rs 267.98 crore. Net Profit declined 1% to
Rs 7325.11 crore for quarter ended June 2022.
Net
profit of non-banking subsidiaries increased 32% to Rs 1277 crore in Q1FY2023,
driven by SBI Life 18% to
Rs 263 crore, SBI Funds Management 1% to Rs 248 crore, SBI Cards & Payment Services 106% to
Rs 627 crore and SBI General Insurance 83% to
Rs 139 crore in Q1FY2023.
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
|
2206
(3)
|
2106
(3)
|
Var %
|
2203
(12)
|
2103
(12)
|
Var %
|
|
Interest Earned
|
72676.37
|
65564.43
|
11
|
275457.29
|
265150.63
|
4
|
|
Interest Expended
|
41480.44
|
37926.00
|
9
|
154749.70
|
154440.63
|
0
|
|
Net Interest Income
|
31195.93
|
27638.43
|
13
|
120707.59
|
110710.00
|
9
|
|
Other Income
|
2312.20
|
11802.74
|
-80
|
40563.91
|
41956.64
|
-3
|
|
Net Total Income
|
33508.13
|
39441.17
|
-15
|
161271.50
|
152666.64
|
6
|
|
Operating Expenses
|
20755.57
|
20466.35
|
1
|
85979.13
|
82652.22
|
4
|
|
Operating Profits
|
12752.56
|
18974.82
|
-33
|
75292.37
|
70014.42
|
8
|
|
Provisions & Contingencies
|
4392.38
|
10051.96
|
-56
|
24452.13
|
44013.03
|
-44
|
|
PBT before EO
|
8360.18
|
8922.86
|
-6
|
50840.24
|
26001.39
|
96
|
|
EO
|
0.00
|
0.00
|
-
|
-7418.39
|
1539.73
|
PL
|
|
PBT after EO
|
8360.18
|
8922.86
|
-6
|
43421.85
|
27541.12
|
58
|
|
Provisions for Tax
|
2292.10
|
2418.86
|
-5
|
11745.87
|
7130.65
|
65
|
|
Net Profit
|
6068.08
|
6504.00
|
-7
|
31675.98
|
20410.47
|
55
|
|
EPS*(Rs)
|
27.2
|
29.2
|
|
41.6
|
21.6
|
|
|
Adj BV (Rs)
|
260.6
|
211.6
|
|
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
|
2206
(3)
|
2106
(3)
|
Var %
|
2203
(12)
|
2103
(12)
|
Var %
|
|
Interest Earned
|
76780.86
|
68959.95
|
11
|
289972.69
|
278115.48
|
4
|
|
Interest Expended
|
41931.16
|
38249.09
|
10
|
156194.34
|
156010.17
|
0
|
|
Net Interest Income
|
34849.70
|
30710.86
|
13
|
133778.35
|
122105.31
|
10
|
|
Other Income
|
17743.44
|
24306.99
|
-27
|
117000.40
|
105855.14
|
11
|
|
Net Total Income
|
52593.14
|
55017.85
|
-4
|
250778.75
|
227960.45
|
10
|
|
Operating Expenses
|
37565.55
|
34187.59
|
10
|
166945.04
|
150429.60
|
11
|
|
Operating Profits
|
15027.59
|
20830.26
|
-28
|
83833.71
|
77530.85
|
8
|
|
Provisions & Contingencies
|
4762.48
|
10510.24
|
-55
|
26676.69
|
46102.16
|
-42
|
|
PBT
|
10265.11
|
10320.02
|
-1
|
57157.02
|
31428.69
|
82
|
|
P&L of Associate Company
|
267.98
|
163.37
|
64
|
827.01
|
-391.90
|
LP
|
|
PBT before EO
|
10533.09
|
10483.39
|
0
|
57984.03
|
31036.79
|
87
|
|
EO
|
0.00
|
0.00
|
-
|
-7418.39
|
1367.27
|
PL
|
|
PBT after EO
|
10533.09
|
10483.39
|
0
|
50565.64
|
32404.06
|
56
|
|
Provisions for tax
|
2736.86
|
2780.80
|
-2
|
13382.46
|
8516.25
|
57
|
|
Net Profit before minority interest
|
7796.23
|
7702.59
|
1
|
37183.18
|
23887.81
|
56
|
|
Minority Interest
|
471.12
|
322.68
|
46
|
1809.30
|
1482.36
|
22
|
|
Net profit
|
7325.11
|
7379.91
|
-1
|
35373.88
|
22405.45
|
58
|
|
EPS*(Rs)
|
32.8
|
33.1
|
|
45.7
|
24.0
|
|
|
Adj BV (Rs)
|
290.4
|
237.0
|
|
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
|
|