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SBI announces Q2 FY19 results

Posted On: 2018-11-07 12:55:39

SBI has announced the financial results Q2 FY19 ended September 30, 2018.


- The Bank registered a Net Profit of Rs.945 Cr which is largely attributable to:

- Domestic Credit Growth of 11.11% YoY
- Decline in Slippage ratio by 159 bps YoY.
- Decline in Credit Cost by 68 bps YoY
- Overhead Expenses having declined by 3.19% YoY

- Operating Profit declined by 30.47% from Rs. 19,999 Cr in Q2FY18 to Rs. 13,905 Cr in Q2FY19, mainly due to lower trading income in Q2FY19 and one-time income of Rs. 5,436 Cr on part stake sale in SBI Life during Q2FY18.

- Net Interest Income increased by 12.48% from Rs.18,586 Cr in Q2FY18 to Rs. 20,906 Cr in Q2FY19.

- Interest Income on Loans increased by 7.05% YoY from Rs. 35,801 Cr in Q2FY18 to Rs. 38,326 Cr in Q2FY19.

- Growth in Interest Expenses on Deposits contained at 2.81% YoY from Rs. 33,980 Cr in Q2FY18 to Rs. 34,934 Cr in Q2FY19 despite a growth in Deposits of 7.02% YoY.

- Non-Interest Income decreased by 41.46% from Rs. 16,017 Cr in Q2FY18 to Rs. 9,375 Cr in Q2FY19 mainly on account of YoY decline of 72.69% in trading income. Q2FY18 also included Rs. 5,436 Cr on account of part stake sale in SBI Life.

- Recovery in Written-Off Accounts registered a robust growth of 14.59% from Rs. 1,158 Cr in Q2FY18 to Rs. 1,327 Cr in Q2FY19.

- Overhead Expenses declined by 3.19% YoY from Rs. 6,900 Cr in Q2FY18 to Rs. 6,680 Cr in Q2FY19.


- The Bank incurred a net loss of Rs. 3,931 Cr during the Half Year due to:

- Lower Trading Income and significant MTM losses due to hardening of bond yields.
- Higher provision on account of Wage Revision and enhancement in Gratuity ceiling.
- Bank has not availed the benefit of RBI dispensation with regard to amortization of MTM losses.
- Operating Profit declined by 18.81% from Rs. 31,873 Cr in H1FY18 to Rs. 25,878 Cr in H1FY19, mainly due to lower trading income in H1FY19 and higher exceptional items during H1FY18.
- Net Interest Income increased by 17.99% from Rs. 36,192 Cr in H1FY18 to Rs. 42,704 Cr in H1FY19.
- Interest Income on Loans increased by 7.30% YoY from Rs. 71,943 Cr in H1FY18 to Rs. 77,192 Cr in H1FY19.
- Increase in Interest Expenses on Deposits was contained at 0.32% YoY from Rs. 68,970 Cr in H1FY18 to Rs. 69,192 Cr in H1FY19 despite growth in Deposits of 7.02% YoY.
- Non-Interest Income declined by 33.17% from Rs. 24,022 Cr in H1FY18 to Rs. 16,055 Cr in H1FY19 mainly on account of higher trading income and higher exceptional items during H1FY18. Excluding treasury income and exceptional items, Non-Interest Income has shown a growth of 8.90% YoY.
- Fee Income declined by 2.30% YoY from Rs. 10,227 Cr in H1FY18 to Rs. 9,992 Cr in H1FY19, mainly on account of reduction in charges on Maintenance of Minimum Balances in SB Accounts. However, Commission on LC/BG, Cross Selling and Govt. Business has registered YoY growth of 43.96%, 28.80% and 21.53% respectively.
- Recovery in Written-Off Accounts registered a robust growth of 100.69% from Rs. 1,870 Cr in H1FY18 to Rs. 3,753 Cr in H1FY19.
- Increase in Overheads Expenses contained at 4.36% YoY from Rs. 12,913 Cr in H1FY18 to Rs. 13,476 Cr in H1FY19.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.286.5 as compared to the previous close of Rs. 295.3. The total number of shares traded during the day was 2486352 in over 16580 trades.

The stock hit an intraday high of Rs. 298.15 and intraday low of 284.3. The net turnover during the day was Rs. 720371807.

Source: Equity Bulls

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