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1st Quarter Results

30 Jul 2009 09:24

RNS Number : 5498W

State Bank Of India

30 July 2009

The Executive Director,

Bombay Stock Exchange Ltd., 30.07.2009

Phiroze Jeejeebhoy Tower,

27th Floor, Dalal Street, CO/S&B/JAIN/2009/1346

Mumbai - 400 001

Dear Sir/Madam,

LISTING AGREEMENT

REVIEWED (UNAUDITED) FINANCIAL RESULTS FOR

THE QUARTER ENDED 30th JUNE , 2009

In terms of Clause 41 of the Listing Agreement, we forward herewith a copy of the reviewed (unaudited) financial results of the Bank for the quarter ended 30th June 2009 approved by the Central Board of the Bank.

Yours faithfully,

Sd/-

(S.W.Tanksale)

General Manager

Encl. as above

STATE BANK OF INDIA
Central Office, Mumbai - 400 021.

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH JUNE 2009
								(Rs.in crores)
			State Bank of India			State Bank of India (Consolidated)
			Quarter ended		Year ended	Quarter ended		Year ended
	Particulars		30.06.2009	30.06.2008	31.03.2009	30.06.2009	30.06.2008	31.03.2009
			(Reviewed)	(Reviewed)	(Audited)	(Reviewed)	(Reviewed)	(Audited)

1		Interest Earned (a) + (b) + (c) + (d)	17472.76	13799.20	63788.43	24641.11	20224.08	91667.01
	(a)	Interest/discount on advances / bills	12357.12	10013.99	46404.71	17733.73	14819.26	67285.12
	(b)	Income on Investments	4338.53	3507.94	15574.11	6006.70	5055.22	22079.30
	(c)	Interest on balances with Reserve Bank of India
		and other inter bank funds	649.09	207.07	1474.38	752.31	253.56	1783.50
	(d)	Others	128.02	70.20	335.23	148.37	96.04	519.09
2		Other Income	3568.75	2403.87	12690.79	8491.59	3523.35	21426.08
3		TOTAL INCOME (1+2)	21041.51	16203.07	76479.22	33132.70	23747.43	113093.09
4		Interest Expended	12447.88	8981.54	42915.29	17524.15	13509.96	62626.46
5		Operating Expenses (i) + (ii)	4919.76	3259.19	15648.70	10714.03	5068.51	26201.15
	(i)	Employee cost	3411.29	2130.95	9747.31	4216.64	2873.78	12626.62
	(ii)	Other Operating Expenses	1508.47	1128.24	5901.39	6497.39	2194.73	13574.53
6		TOTAL EXPENDITURE (4) + (5)	17367.64	12240.73	58563.99	28238.18	18578.47	88827.61
		(excluding Provisions and Contingencies)
7		OPERATING PROFIT (3 - 6)	3673.87	3962.34	17915.23	4894.52	5168.96	24265.48
		(before Provisions and Contingencies)
8		Provisions (other than tax) and Contingencies (net of write-back)	172.73	1549.47	3734.57	394.40	2640.28	6000.08
		--- of which provisions for Non-performing assets	1234.24	-247.40	2474.97	1527.45	-97.06	3616.30
9		Exceptional Items	0.00	0.00	0.00	0.00	0.00	370.57
10		Profit from Ordinary Activities before tax (7-8-9)	3501.14	2412.87	14180.66	4500.12	2528.68	17894.83
11		Tax expenses	1170.77	772.08	5059.42	1647.67	848.65	6721.77
12		Net Profit from Ordinary Activities after tax (10-11)	2330.37	1640.79	9121.24	2852.45	1680.03	11173.06
13		Extraordinary items (net of tax expense)	0.00	0.00	0.00	0.00	0.00	0.00
14		Net Profit for the period (12-13)	2330.37	1640.79	9121.24	2852.45	1680.03	11173.06
		Share of Minority	0.00	0.00	0.00	93.92	39.11	217.78
15		Net Profit after Minority Interest	2330.37	1640.79	9121.24	2758.53	1640.92	10955.28
16		Paid-up equity share capital	634.88	634.88	634.88	634.88	634.88	634.88
		(Face Value of Rs. 10 per share)
17		Reserves excluding Revaluation Reserves	57312.81	48401.19	57312.81	71755.51	60604.91	71755.51
		(as per balance sheet of previous accounting year)
18		Analytical Ratios
	(i)	Percentage of shares held by Government of India	59.41%	59.41%	59.41%	59.41%	59.41%	59.41%
	(ii)	Capital Adequacy Ratio
		Basel I	13.11%	12.99%	12.97%
		Basel II	14.12%		14.25%
	(iii)	Earnings Per Share (EPS) (in Rs.)
		(a) Basic and diluted EPS before Extraordinary items (net of tax	36.71	25.92	143.77	43.45	25.92	172.68
		expense)	(not annualised)	(not annualised)		(not annualised)	(not annualised)
		(b) Basic and diluted EPS after Extraordinary items	36.71	25.92	143.77	43.45	25.92	172.68
			(not annualised)	(not annualised)		(not annualised)	(not annualised)
	(iv)	NPA Ratios
		(a) Amount of gross non-performing assets	15318.29	10827.81	15588.60
		(b) Amount of net non-performing assets	8402.48	6298.44	9552.02
		(c) % of gross NPAs	2.79%	2.42%	2.84%
		(d) % of net NPAs	1.55%	1.42%	1.76%
	(v)	Return on Assets (Annualised)	0.92%	0.85%	1.04%
19		Public Shareholding
		--- No. of shares	257673022	257673022	257673022
		--- Percentage of Shareholding	40.59%	40.59%	40.59%
20	Promotors and Promotor Group Shareholding
	(a)	Pledged/Encumbered
		Number of Shares	NIL
		Percentage of Shares (as a percentage of the total shareholding
		of promoter and promotor group)
		Percentage of Shares (as a percentage of the total share capital
		of the company)
	(b)	Non-encumbered
		Number of Shares	377207200	377207200	377207200
		Percentage of Shares (as a percentage of the total shareholding
		of promoter and promotor group)	100.00%	100.00%	100.00%
		Percentage of Shares (as a percentage of the total share capital
		of the company)	59.41%	59.41%	59.41%



Unaudited Segment-wise Revenue, Results and Capital Employed
					(Rs.in crores)
			Quarter ended		Year ended
		Particulars	30.06.2009	30.06.2008	31.03.2009
			(Reviewed)	(Reviewed)	(Audited)
1		Segment Revenue (income)
	a	Treasury Operations	6385.43	4328.90	19838.88
	b	Corporate / Wholesale Banking Operations	6278.99	4413.93	24241.41
	c	Retail Banking Operations	8377.09	7460.24	32398.93
		Total	21041.51	16203.07	76479.22
2		Segment Results
	a	Treasury Operations	4075.04	-816.86	3744.64
	b	Corporate / Wholesale Banking Operations	1074.85	1028.11	5071.12
	c	Retail Banking Operations	-1034.07	2627.93	7222.86
		Total	4115.82	2839.18	16038.62
		Add / (Less) : Unallocated	-614.68	-426.31	-1857.96
		Operating Profit	3501.14	2412.87	14180.66
		Less : Income Tax	1170.77	772.08	5059.42
		Less : Extraordinary Profit / Loss	0.00	0.00	0.00
		Net Profit	2330.37	1640.79	9121.24
3		Capital Employed (Segment Assets - Segment Liabilities)
	a	Treasury Operations	19303.77	13166.77	19303.77
	b	Corporate / Wholesale Banking Operations	15672.85	29478.56	15672.85
	c	Retail Banking Operations	22971.07	6387.33	22971.07
		Total	57947.69	49032.66	57947.69


		( Segment Assets and Liabilities are as on 31st March of the previous year )
		The above results have been approved by the Central Board of the Bank on the 30th July 2009 and were subjected to Review by the Auditors.


Mumbai			S. K. BHATTACHARYYA		R.SRIDHARAN		O. P. BHATT
Date :		30.07.2009 MD and CC & RO			MD & GE (A&S)		Chairman

Notes:

1. The working results for the period ended 30th June 2009 have been arrived at after considering provisions for NPAs, Bonus, Employees’ Benefits (except Pension liability which is ascertained on the basis of actuarial valuation), Investment Depreciation, Income Tax (after adjustment for deferred tax), Wealth Tax and items other than advance related on an estimated basis. No provision has been made for Fringe Benefit Tax since the same is being abolished by Finance Bill (No.2) 2009.

2. During the period ended 30th June 2009, the Bank has increased its shareholding in Nepal SBI Bank Ltd. (NSBL) to 55.02% by further purchase of shares for Rs. 41 crores. Consequently, NSBL has become a subsidiary of the Bank w.e.f. 14.06.2009.

3. During the period ended 30th June 2009, the Bank has infused Rs. 20 crores in SBI General Insurance Company Ltd, a joint venture company. The induction of Insurance Australia Group (IAG) with 26% shareholding will be done after securing the necessary IRDA approval.

4. The bank has signed an MOU in October, 2008 with State General Reserve Fund (SGRF) of Oman, for a general purpose private equity fund. While the RBI approval has been received, the approval of Govt. of India is still awaited.

5. Pursuant to a scheme of Amalgamation approved by the Central Board at its meeting on 19th June 2009, State Bank of Indore, where SBI holds 98.05% stake, is to be merged with the Bank. The scheme is yet to be approved by the Govt. of India, RBI and other authorities. Pending such approval no effect has been given to the said scheme in the account.

6. As per Agricultural Debt Waiver and Debt Relief Scheme 2008, the amount receivable from the Central Government on account of debt waiver of Rs. 2744 crores (net of receipts from Government till date) and debt relief of Rs. 785 crores is treated as part of advances and other assets respectively in accordance with the Scheme.

7. The Eighth Bipartite Settlement entered into by the Indian Banks’ Association on behalf of the member Banks with the All India Unions of Workmen expired on 31st October 2007. Pending the execution of a new agreement, a provision of Rs. 1110 crores has been made during the period (aggregating to Rs. 3120 crores for the period November 2007 till June 2009) for the Bank’s estimated liability in respect of wage revision.

8. The figures of the current period include the working results of the branches of erstwhile State Bank of Saurashtra (SBS) consequent to its merger with the Bank in August 2008. Hence, the figures of the previous period are strictly not comparable.

9. Number of Investors Complaints received and disposed of during the quarter ended 30th June 2009:

(i) Pending at the beginning of the quarter – nil. (ii)Received during the quarter – 52.

(iii)Disposed of during the quarter – 52 (iv) Lying unresolved at the end of the quarter – nil.

10. Previous period figures have been regrouped/reclassified, wherever necessary, to conform to current period classification.

S. K. BHATTACHARYYA

Managing Director and CC & RO

R. SRIDHARAN

Managing Director and GE(A&S)

O. P. BHATT

Chairman

In terms of our Review Report of even date

R G N Price & Co., Chartered Accountants P.M.Veeramani Partner : M.No.023933	S. K. Mittal & Co Chartered Accountants S. K. Mittal Partner : M.No. 008506	Vardhaman & Co., Chartered Accountants V. Baskaran Partner : M.No. 012202
D. P. Sen & Co., Chartered Accountants S. K. Biswas Partner : M.No.062836	Jain Kapila Associates Chartered Accountants D. K. Kapila Partner : M.No. 016905	Datta Singla & Co., Chartered Accountants Mukul Bansal Partner : M.No. 84281
G M Kapadia & Co., Chartered Accountants Rajen Ashar Partner : M.No. 048243	A K Sabat & Co., Chartered Accountants D.Vijaya kumar Partner : M.No. 051961	Dutta Sarkar & Co., Chartered Accountants B. K. Dutta Partner : M.No. 016175
V K Jindal & Co., Chartered Accountants V. K. Jindal Partner : M.No. 070666	Guha Nandi & Co. Chartered Accountants Dr.B.S.Kundu Partner : M.No. 0 51221	A R Viswanathan & Co Chartered Accountants A.V. Venkatachalam Partner : M.No. 19546
Chokshi & Chokshi Chartered Accountants Rajnikant Chokshi Partner : M No. 7498	Gupta & Shah Chartered Accountants Sharad Shah Partner: M.No. 070601

Mumbai

30th July 2009.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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