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  1. State Bank of India Q2 profit up 30.5 pct; lags estimates

State Bank of India Q2 profit up 30.5 pct; lags estimates

Analysts on average had expected SBI to report a net profit of 32.54 billion rupees.

By: | Mumbai | Updated: November 14, 2014 2:09 PM
State Bank of India reported a 30.5 percent increase in quarterly profit.

State Bank of India reported a 30.5 percent increase in quarterly profit.

State Bank of India (SBI) , the nation’s top lender by assets, reported a 30.5 percent increase in quarterly profit, but lagged estimates as provisions for bad loans increased.

SBI, which accounts for about a quarter of loans and deposits in India, said standalone net profit rose to 31 billion rupees ($502.92 million) during its fiscal second quarter ended September 30, from 23.75 billion rupees in the year-ago period.

Analysts on average had expected the bank to report a net profit of 32.54 billion rupees, according to data compiled by Thomson Reuters.

 

·         Gross NPAs declined from Rs.64,206 crores in Sep 13 to Rs.60,712 crores in Sep 14.(5.44% YOY decline)

SBI STAND ALONE RESULTS

HIGHLIGHTS

·  Operating Profit increased by 33.43% from Rs.6,312 crores in Q2FY14 to Rs. 8,422 crores in Q2FY15.
·     Net Interest Income increased by 8.36% from Rs. 12,251 crores in Q2FY14 to Rs.13,275 crores in Q2FY15.
·     Fee Income increased by 18.98% from Rs.2,615 crores in Q2FY14 to Rs. 3,111 crores in Q2FY15.
·     Operating Income increased by 14.91% from Rs. 15,529 crores in Q2FY14 to Rs. 17,845 crores in Q2FY15.
·     Net Profit increased by 30.54% to Rs.3100 crores in Q2FY15 from Rs.2,375 crores in Q2FY14.
·     Gross NPA ratio is down by 75 bps to 4.89% in Q2FY15 as against 5.64% in Q2FY14.

PROFITABILITY

Q2FY15 OVER Q2FY14

·      Total Interest Income increased from Rs. 33,922 crores in Q2FY14 to Rs.37,263 crores in Q2FY15 (9.85%YOY growth).
·      Interest Income on Advances increased from Rs. 25,379 crores in Q2FY14 to Rs. 27,869 crores in Q2FY15 (9.81%YOY growth).
·      Interest Income on Resource Operations increased from Rs.8,243 crores in Q2FY14 to Rs.9,166 crores in Q2FY15  (11.20%YOY growth).
·      Total Interest Expenses increased from Rs.21,671 crores in Q2FY14 to  Rs. 23,988 crores in Q2FY15 (10.69%YOY growth).
·      Interest Expenses on Deposits increased from Rs. 19,277 crores in Q2FY14 to Rs. 21,900 crores in Q2FY15 (13.60%YOY growth).
·      Operating Expenses increased from Rs. 9,218 crores in Q2FY14 to Rs.9,423 crores in Q2FY15 (2.23%YOY growth).
·         Staff Expenses decreased from Rs. 5,819 crores in Q2FY14 to Rs.5,564 crores in Q2FY15 (4.38%YOY decline).

H1FY15 OVER H1FY14
·        Interest Income on Advances increased from Rs. 49,225 crores in H1FY14 to Rs. 55,429 crores in H1FY15 (12.60%YOY growth).
·        Interest Income on Resources Operations increased from Rs. 15,717 crores in H1FY14 to Rs.17,815 crores in H1FY15 (13.35%YOY growth).
·        Interest paid on deposits increased from Rs. 37,363 crores in H1FY14 to Rs.42,806 crores in H1FY15 (14.57%YOY growth).
·        Non Interest Income increased from Rs. 7,752 crores in H1FY14 to Rs. 8,823 crores in H1FY15 (13.81%YOY growth).
·        Staff Expenses decreased from Rs.11,358 crores in H1FY14 to Rs.11,129 crores in H1FY15 (2.02 %YOY decline).

DEPOSITS
·         Deposits of the Bank increased from Rs.12,92,456 crores in Sep 13 to Rs.14,73,785 crores in Sep 14.( 14.03%.YOY growth)
·         Savings Bank deposits increased from Rs.4,45,443 crores in Sep 13 to Rs. 5,00,861 crores in Sep 14 (12.44% YOY growth) .

ADVANCES
·         Gross Advances increased from Rs. 11,39,326 crores  in Sep 13 to Rs.12,42,638 crores in Sep 14 (9.07% YOY growth).
·        Large Corporate advances increased from Rs.1,98,773 crores in Sep 13 to Rs.2,33,012 crores in Sep 14 (17.23%. YOY growth).
·         Mid-Corporate Advances declined from Rs.2,22,050 crores in Sep 13 to Rs.2,15,880 crores in Sep 14 (2.78% YOY decline).
·         Retail advances increased from Rs.2,24,168 crores in Sep 13 to Rs.2,49,259 crores in Sep 14 (11.19% YOY  growth). Home loans increased from Rs.1,30,034 crores in Sep 13 to Rs.1,48,502 crores in Sep 14 (14.20% YOY growth).
·         SME Advances increased from Rs. 1,65,686 crores in Sep 13 to Rs.1,68,011 crores in Sep 14(1.40%YOY growth).
·         Direct Agri advances increased from Rs.1,11,503 crores in Sep 13 to Rs.1,21,120 crores in Sep 14 (8.62% YOY growth).
·         International advances increased from Rs.1,89,173 crores in Sep 13 to Rs.2,27,246  crores in Sep 14 (20.13% YOY growth).

KEY FINANCIAL RATIOS (SBI):
·         Return on Assets 0.71% in Sep 14 against 0.69% in Sep 13.
Return on Equity 11.49% in Sep 14 against 11.77 % in Sep 13.
·         Average Cost of Deposits moved to 6.31% in Sep 14 from 6.22% in Sep 13.
Average Yield on Advances moved from 10.32 % in Sep 13 to 10.57% in Sep 14.

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