|
State
Bank of India has reported 1% growth in net profit at
Rs 17035.16 crore for the quarter ended June 2024 (Q1FY2025). The bank has
posted 6% growth in net interest income (NII), while the core fee income of the
bank also improved 4% in Q1FY2025. The Net Interest Margin (NIM) of the bank eased
to 3.22% in Q1FY2025 compared to 3.33% in the corresponding quarter of previous
year.
On business front, the bank as has posted 11% growth in business
with 15% surge in loan book. The asset quality of the bank was stable in
Q1FY2025. Bank has witnessed increase in the credit to deposit ratio to 77.8% at
end June 2024 from 72.9% at end June 2023. CASA ratio of the bank has declined
to 39.1% at end June 2024 from 41.2% at end June 2023.
Asset quality stable: The bank has
maintained stable asset quality in Q1FY2025.
The fresh slippages of loans stood at Rs 8707 crore in Q1FY2025
compared with 3984 crore in previous quarter and Rs 7872 crore in the
corresponding quarter last year.
The recoveries of NPAs stood at Rs 3666 crore, upgradations at Rs 5092
crore and the write-off of loans was at Rs 0 crore in Q1FY2025.
The standard restructured loan book of the bank stood at Rs 16015 crore
end June 2024 compared to Rs 17279 crore a quarter ago.
Provision coverage ratio was steady at 91.76% at end June 2024
compared to 91.89% a quarter ago and 91.41% a year ago.
The capital adequacy ratio of the bank stood at 13.9% with Tier I
ratio at 11.8% at end June 2024.
The risk weighted assets of the bank has increased 18% YoY to Rs 3293075
crore end June 2024,
|
Asset Quality Indicators: State Bank of India
|
|
|
Jun-24
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
84226.04
|
84276.33
|
86748.81
|
86974.08
|
91327.84
|
0
|
-8
|
|
Net NPA (Rs Crore)
|
21554.69
|
21051.08
|
22408.38
|
21352.40
|
22995.37
|
2
|
-6
|
|
% Gross NPA
|
2.21
|
2.24
|
2.42
|
2.55
|
2.76
|
-3
|
-55
|
|
% Net NPA
|
0.57
|
0.57
|
0.64
|
0.64
|
0.71
|
0
|
-14
|
|
% PCR
|
91.76
|
91.89
|
91.49
|
91.93
|
91.41
|
-13
|
35
|
|
% CRAR - Basel III
|
13.86
|
14.28
|
13.05
|
14.28
|
14.56
|
-42
|
-70
|
|
% CRAR - Tier I - Basel III
|
11.78
|
11.93
|
10.58
|
11.78
|
11.97
|
-15
|
-19
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business Highlights:
Healthy business growth: The business of
the bank has increased 11% YoY to Rs 8713813 crore end June 2024, driven by 15%
surge in advances to Rs 3812087 crore. Deposits rose 8% to Rs 4901726 crore at
end June 2024.
CASA deposits ratio declines: The CASA
deposits of the bank increased 3% YoY to Rs 1914440 crore at end June 2024. The
current account deposits fell 5% to Rs 246158 crore, while saving account
deposits increased 4% to Rs 1668282 crore end June 2024. The CASA ratio
declined to 39.1% at end June 2024 compared to 41.2% at end June 2023, while eased
from 39.5% a quarter ago.
The term deposits have increased 12% to Rs 2789510 crore end June
2024. Overseas deposits have increased 10% to Rs 197776 crore end June 2024.
Strong loan growth: Advances growth
was driven by retail loans rising 14% YoY to Rs 1368045 crore at end June 2024,
while credit to agriculture increased 17% to Rs 309094 crore and MSME 20% to Rs
443412 crore at end June 2024. The corporate credit has jumped 16% to Rs 1138579
crore end June 2024. The overseas credit has moved up 14% to Rs 552957 crore
end June 2024.
Investment book of the bank rose 3% YoY to Rs 1566822 crore at end June 2024. The
SLR book moved up 7% to Rs 1325342 crore, while non SLR book declined 15% to Rs
241480 crore at end June 2024. The AFS book dipped 51% to Rs 269807 crore, while
HTM book rose 24% to Rs 1196582 crore at end June 2024. The duration of the AFS
investment portfolio stood at 2.09 years end June 2024 compared with 1.98 years
at end June 2023.
Margins ease: The bank has showed 45 bps
YoY jump in cost of deposits to 5.00%, while yield on advances increased 5 bps
YoY to 8.83% in Q1FY2025. Thus, the NIM has declined 11 bps YoY, while fell 6 bps
qoq to 3.22%
Branch expansion: The bank has network
of 22580 branches and 62000 ATM`s end June 2024.
Book value of the bank stood at Rs 414.4
per share at end June 2024, while the adjusted book value (net of NNPA and 10%
of restructured advances) was Rs 385.8 per share at end June 2024.
Quarterly Performance
NII rise at moderate pace: Bank has
recorded 16% increase in the interest earned at Rs 111525.98 crore, while
interest expenses increased 23% to Rs 70400.53 crore in Q1FY2025. NII improved 6%
to Rs 41125.45 crore in the quarter ended June 2024.
Slow rise in core fee income, treasury income declines: Bank has posted 4% growth in core fee income to Rs 6922 crore, while
forex income jumped 26% to Rs 361 crore. However, the recoveries and other
income fell 1% to Rs 1290 crore and treasury income declined 33% to Rs 2589 crore,
causing 7% dip in the overall non-interest income to Rs 11161.87 crore in the
quarter ended June 2024.
Expenses ratio impress: The operating
expenses of the bank increased 1% to Rs 25838.74 crore, as other expenses moved
up 14% to Rs 10372.77 crore, while employee expenses declined 7% to Rs 15465.97
crore in Q1FY2025. Cost to income ratio improved to 49.4% in Q1FY2025 compared
with 50.4% in Q1FY2024, helping the Operating Profit to increase 5% to Rs 26448.58
crore.
Provisions and contingencies rise: The bank has showed 38% jump in provisions to Rs 3449.42 crore. The
loan loss provisions galloped 70% to Rs 4518 crore, while investment provisions
jumped 436% to Rs 75 crore and standard asset provisions rebounded to Rs 128 crore.
The bank has written back other provisions of Rs 1271 crore in Q1FY2025.
Effective tax rate declined to 25.9% in Q1FY2025 from 25.9% in
Q1FY2024. Net Profit rose by 1% YoY to Rs 17035.16 crore during quarter ended
June 2024.
Financial Performance FY2024:
Bank has posted 22% increase in net profit to Rs 61076.62 crore in
the year ended March 2024 (FY2024). The net interest income increased 10% to Rs
159875.83 crore, while non-interest income moved up 41% to Rs 51682.16 crore,
pushing up net total income by 17% to Rs 211557.99 crore in FY2024. The
operating expenses increased 20% to Rs 117760.81 crore, while provision and
contingencies dipped 70% to Rs 4914.22 crore, allowing profit before tax to
increase 32% to Rs 88882.96 crore in FY2024. The cost-to-income ratio rose to
55.7% in FY2024 compared to 53.9% in FY2023. An effective tax rate declined to
23.3% in FY2024 compared to 25.3% in FY2023. The net profit has increased 22%
to Rs 61076.62 crore in FY2024.
|
State
Bank of India: Standalone Results
|
|
Particulars
|
2406
(3)
|
2306
(3)
|
Var %
|
2403
(12)
|
2303
(12)
|
Var %
|
|
Interest Earned
|
111525.98
|
95975.45
|
16
|
415130.66
|
332103.06
|
25
|
|
Interest Expended
|
70400.53
|
57070.50
|
23
|
255254.83
|
187262.56
|
36
|
|
Net Interest Income
|
41125.45
|
38904.95
|
6
|
159875.83
|
144840.50
|
10
|
|
Other Income
|
11161.87
|
12063.38
|
-7
|
51682.16
|
36615.60
|
41
|
|
Net Total Income
|
52287.32
|
50968.33
|
3
|
211557.99
|
181456.10
|
17
|
|
Operating Expenses
|
25838.74
|
25671.40
|
1
|
117760.81
|
97743.13
|
20
|
|
Operating Profits
|
26448.58
|
25296.93
|
5
|
93797.18
|
83712.97
|
12
|
|
Provisions & Contingencies
|
3449.42
|
2501.31
|
38
|
4914.22
|
16507.33
|
-70
|
|
Profit Before Tax
|
22999.16
|
22795.62
|
1
|
88882.96
|
67205.64
|
32
|
|
EO
|
0.00
|
0.00
|
-
|
-7100.00
|
0.00
|
-
|
|
PBT after EO
|
22999.16
|
22795.62
|
1
|
81782.96
|
67205.64
|
22
|
|
Provision for tax
|
5964.00
|
5911.33
|
1
|
20706.34
|
16973.19
|
22
|
|
PAT
|
17035.16
|
16884.29
|
1
|
61076.62
|
50232.45
|
22
|
|
EPS*(Rs)
|
76.4
|
75.7
|
|
74.4
|
56.3
|
|
|
Adj BV (Rs)
|
385.8
|
322.7
|
|
363.4
|
305.1
|
|
|
*
Annualized on current equity of Rs 892.46 crore. Face Value: Re 1, Figures in
Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
State Bank of India: Consolidated Results
|
|
Particulars
|
2406
(3)
|
2306
(3)
|
Var %
|
2403
(12)
|
2303
(12)
|
Var %
|
|
Interest Earned
|
118242.45
|
101460.01
|
17
|
439188.52
|
350844.58
|
25
|
|
Interest Expended
|
71700.78
|
58044.94
|
24
|
259736.05
|
189980.81
|
37
|
|
Net Interest Income
|
46541.67
|
43415.07
|
7
|
179452.47
|
160863.77
|
12
|
|
Other Income
|
33882.60
|
30872.77
|
10
|
155386.39
|
122533.56
|
27
|
|
Net Total Income
|
80424.27
|
74287.84
|
8
|
334838.86
|
283397.33
|
18
|
|
Operating Expenses
|
49588.88
|
45979.63
|
8
|
228793.85
|
189814.48
|
21
|
|
Operating Profits
|
30835.39
|
28308.21
|
9
|
106045.01
|
93582.85
|
13
|
|
Provisions & Contingencies
|
4407.62
|
3100.57
|
42
|
7704.97
|
18184.28
|
-58
|
|
PBT
|
26427.77
|
25207.64
|
5
|
98340.04
|
75398.57
|
30
|
|
P&L of Associate Company
|
413.56
|
358.39
|
15
|
1405.16
|
1191.45
|
18
|
|
PBT before EO
|
26841.33
|
25566.03
|
5
|
99745.20
|
76590.02
|
30
|
|
EO
|
0.00
|
0.00
|
-
|
-7100.00
|
0.00
|
-
|
|
PBT after EO
|
26841.33
|
25566.03
|
5
|
92645.20
|
76590.02
|
21
|
|
Provisions for tax
|
6746.97
|
6471.69
|
4
|
23101.78
|
18840.13
|
23
|
|
Net Profit before minority interest
|
20094.36
|
19094.34
|
5
|
69543.42
|
57749.89
|
20
|
|
Minority Interest
|
769.40
|
557.54
|
38
|
2458.75
|
2101.71
|
17
|
|
Net profit
|
19324.96
|
18536.80
|
4
|
67084.67
|
55648.18
|
21
|
|
EPS*(Rs)
|
86.6
|
83.1
|
|
81.1
|
62.4
|
|
|
Adj BV (Rs)
|
432.4
|
359.9
|
|
405.0
|
340.2
|
|
|
* Annualized on current equity of Rs 892.46 crore. Face Value:
Rs 1, Figures in Rs crore,
|
|
Source: Capitaline Corporate Database
|
|