State Bank of India Ltd. announced its Q1FY14 result on 12th August 2013.
The Bank’s total income decreased by 3.84% QoQ while increased by 9.36% YoY to INR15986.17 crores, driven by 28.09% YoY growth in its Other Income. Whereas, Profit After Tax (PAT) decreased by 1.76% QoQ and 13.61% YoY to INR3241.08 crores. The Bank increased its provisions by 16.67% YoY to INR2865.88 crores.
The Bank's loan book and total deposits expanded by 15.69% and 14% YoY to INR1060688.74 and INR1257388.87 crores respectively. On the asset quality front, the Bank’s asset quality is still the matter of concern. Net NPA and Gross NPA increased by 73 and 81bps QoQ and 61 and 57bps YoY to 2.83% and 5.56% respectively. Capital Adequacy Ratio (Basel III) stood at 11.85% which is 2.85% more than the regulator’s stipulated norm. However, Provision Coverage Ratio stood at 60.60% decreased by 598bps QoQ and 369bps YoY.
During the quarter, the Bank has reported a fresh slippage of INR13766 crores as against INR5868 crores in the previous quarter, increased by 134.59%. Whereas, total restructuring assets were at INR4384 crores as against INR8669 crores in the previous quarter.
Q1’14 (INR Crores)
|
Consensus
|
Actual
|
Variance %
|
Total Income
|
16093.90
|
15986.17
|
-0.67%
|
Operating Profit
|
8523.70
|
7551.27
|
-11.41%
|
PAT
|
3463.40
|
3241.08
|
-6.42%
|
DESCRIPTION
|
Q1'14
|
Q4'13
|
Q1'13
|
QoQ%
|
YoY%
|
Interest Earned
|
31718.33
|
30784.19
|
28922.44
|
3.03
|
9.67
|
Interest Expended
|
20206.45
|
19705.77
|
17797.85
|
2.54
|
13.53
|
NII
|
11511.88
|
11078.42
|
11124.59
|
3.91
|
3.48
|
Other Income
|
4474.29
|
5546.68
|
3493.05
|
-19.33
|
28.09
|
Total Income
|
15986.17
|
16625.10
|
14617.64
|
-3.84
|
9.36
|
Operating Expenses
|
8434.90
|
8864.46
|
6440.97
|
-4.85
|
30.96
|
Operating Profit before Prov.& Cont.
|
7551.27
|
7760.64
|
8176.67
|
-2.70
|
-7.65
|
Provisions and Contingencies
|
2865.88
|
4180.99
|
2456.33
|
-31.45
|
16.67
|
PBT
|
4685.39
|
3579.65
|
5720.34
|
30.89
|
-18.09
|
Tax
|
1444.31
|
280.43
|
1968.78
|
415.03
|
-26.64
|
Profit After Tax
|
3241.08
|
3299.22
|
3751.56
|
-1.76
|
-13.61
|
Adj Calculated EPS
|
47.38
|
49.13
|
55.91
|
-3.56
|
-15.26
|
Advances
|
1060688.74
|
1045616.55
|
916840.62
|
1.44
|
15.69
|
Deposits
|
1257388.87
|
1202739.57
|
1102926.31
|
4.54
|
14.00
|
Q1'14
|
Q4'13
|
Q1'13
|
QoQ (bps)
|
YoY(bps)
| |
Capital Adequacy Ratio Basel III
|
11.85%
|
-
|
-
|
-
|
-
|
% of Net NPAs
|
2.83%
|
2.10%
|
2.22%
|
73
|
61
|
% of Gross NPAs
|
5.56%
|
4.75%
|
4.99%
|
81
|
57
|
Provisions Coverage%
|
60.60%
|
66.58%
|
64.29%
|
-598
|
-369
|
C/D ratio
|
84.36%
|
86.94%
|
83.13%
|
-258
|
123
|
C/I Ratio
|
52.76%
|
53.32%
|
44.06%
|
-56
|
870
|
OI/TI
|
47.24%
|
46.68%
|
55.94%
|
56
|
-870
|
Regards,
Team Microsec Research
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