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Informist, Friday, Nov. 8, 2024

 

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--SBI Jul-Sept net profit INR 183.31 bln 
--SBI Jul-Sept net profit INR 183.31 bln vs INR 143.30 bln 
--Analysts saw SBI Jul-Sept net profit INR 163.77 bln
--SBI Jul-Sept total income INR 1.291 tln vs INR 1.122 tln year ago 
--SBI Apr-Sept net profit INR 353.67 bln vs INR 312.14 bln year ago 
--SBI Apr-Sept total income INR 2.518 tln vs INR 2.202 tln year ago 
--SBI Jul-Sept NPA provisions INR 36.31 bln vs INR 18.15 bln year ago 
--SBI Basel III capital adequacy ratio 13.76% as on Sept 30 
--SBI Jul-Sept provisions INR 45.06 bln vs INR 1.15 bln year ago 
--SBI provision coverage ratio 75.66% as on Sept 30 
--SBI: Board OKs raising up to INR 200 bln via long-term bonds 
--SBI net NPA ratio 0.53% as on Sept 30 vs 0.57% qtr ago 
--SBI gross NPA ratio 2.13% as on Sept 30 vs 2.21% qtr ago 
--SBI Jul-Sept recoveries, upgrades INR 26.00 bln vs INR 40.15 bln year ago 
--SBI Jul-Sept fresh slippages INR 48.71 bln vs INR 38.31 bln year ago 
--SBI: Open to raising growth capital, if required 
--SBI Jul-Sept domestic cost of deposit 5.03% vs 5.00% Apr-Jun, 4.65% yr ago 
--CONTEXT:SBI retail personal loans 43.1% of domestic loans on Sept 30, 2023 
--SBI: Retail personal loans' share in domestic advances 41.91% on Sept 30 
--SBI: Deposits at INR 51.17 tln as on Sept. 30, up 9.1% on year 
--SBI gross advances INR 39.21 tln as on Sept. 30, up 14.9% on year 
--SBI Jul-Sept credit cost 0.38% vs 0.48% in Apr-Jun, 0.22% year ago 
--SBI CASA ratio 40.03% as on Sept 30, down from 40.70% as on Jun 30 
--SBI Jul-Sept domestic NIM 3.27% vs 3.35% Apr-Jun, 3.43% year ago

 

By Kshipra Petkar

 

MUMBAI – State Bank of India's net profit came in at INR 183.31 billion for the quarter ended September, up 27.9% on year. Sequentially, the net profit was up 7.6%. The bottom line rose due to an improvement in total income and asset quality. Analysts had pegged the net profit in the range of INR 128.94 billion-INR 187.12 billion, with an average of INR 163.77 billion, as per estimates from 14 brokerages.

 

The total income of the bank was at INR 1.29 trillion in the reporting quarter, higher than INR 1.12 trillion a year ago. In terms of asset quality, the gross non-performing asset ratio was at 2.13% as of Sept. 30 from 2.21% at the end of the previous quarter. The net non-performing asset ratio stood at 0.53% as of Sept. 30 from 0.57% reported a quarter ago.

 

During the six months ended September, the net profit increased to INR 353.67 billion as compared to INR 312.14 billion as seen a year ago. Total income for the same period was at INR 2.518 trillion, up 14.36% on year.
 

However, the provisions and contingencies of the bank increased sharply to INR 45.06 billion in the reporting quarter, from INR 1.15 billion reported a year ago. In Apr-Jun, the bank reported provisions of INR 34.49 billion. Of the total provisions, those for non-performing assets rose to INR 36.31 billion as compared to INR 18.15 billion reported a year ago. The provision coverage ratio stood at 75.66%, as of Sept. 30.

 

The bank's recoveries and upgrades for the reporting quarter fell to INR 26.00 billion from INR 40.15 billion a year ago. During Jul-Sept, the bank reported fresh slippages of INR 48.71 billion as compared to INR 38.31 billion a year ago. The fresh slippages were lower than INR 79.03 billion reported in Apr-Jun. The slippage ratio increased 5 basis points on year to 0.51% in Jul-Sept.

 

The special-mention accounts, or SMA-1 and SMA-2 accounts, together were at INR 137.32 billion as of Sept. 30. "SMA1 as on Sept. 24 includes long term government sector customers of the bank, with fund based outstanding of nearly INR 90.00 billion. The account has been pulled back subsequently," the bank said in an investor presentation.

 

The net interest income for Jul-Sept increased 5.4% on year to INR 416.20 billion. The net interest margin of the bank moderated by 16 basis points on year and by 8 bps on quarter to 3.27% in Jul-Sept. 

 

The gross advances of the bank increased 14.9% on year to INR 39.21 trillion as of Sept. 30, while the deposits rose only 9.1% to INR 51.17 trillion. Sequentially, however, the growth in deposits was higher as compared to growth in advances. Deposits grew at 4.40% and the gross advances grew 2.85% from Jun. 30.

 

Within gross advances, the domestic corporate book grew 18.4% on year to INR 11.57 trillion and the domestic retail personal book grew 12.3% to INR 13.97 trillion. Within the retail personal book, home loans grew 13.7% on year to INR 7.64 trillion.

 

The domestic current account, savings account deposits were up 4.2% on year at INR 19.66 trillion as of Sept. 30, and domestic term deposits were up 12.5% on year at INR 29.45 trillion. The domestic CASA ratio fell by 185 basis points on year and 67 bps on quarter to 40.03% as of Sept. 30. The domestic cost of deposits inched up to 5.03% from 5.00% a quarter ago. Credit cost was 0.38% as compared to 0.48% in Apr-Jun and 0.22% year ago. 

 

The capital adequacy ratio of the bank was at 13.76%, as of Sept. 30. As per the bank's exchange filing, the central board has accorded approval for raising long-term bonds up to an amount of INR 200 billion through a public issue or private placement in the current financial year ending March. It said they are open to raising growth capital, if required.

 

On Thursday, shares of State Bank of India closed 1.91% lower at INR 843.15 on the National Stock Exchange.  End

 

Edited by Tanima Banerjee

 

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