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3rd Quarter Results

25 Jan 2010 12:12

RNS Number : 0650G

State Bank Of India

25 January 2010

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

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2009
												(Rs.in crores)
			State Bank of India					State Bank of India (Consolidated)
			Quarter ended		9Month ended		Year ended	Quarter ended		9Month ended		Year ended
	Particulars		31.12.2009	31.12.2008	31.12.2009	31.12.2008	31.03.2009	31.12.2009	31.12.2008	31.12.2009	31.12.2008	31.03.2009
			(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)

1		Interest Earned (a) + (b) + (c) + (d)	17779.69	17080.34	53028.33	46446.04	63788.43	24948.45	24544.55	74607.47	67336.68	91667.01
	(a)	Interest/discount on advances / bills	12639.37	12836.62	37665.32	34332.68	46404.71	17939.69	18502.35	53744.71	50123.78	67285.12
	(b)	Income on Investments	4433.30	4006.58	13283.97	11343.23	15574.11	6152.65	5632.25	18375.51	16148.10	22079.30
	(c)	Interest on balances with Reserve Bank of India
		and other inter bank funds	240.71	173.77	1294.26	582.64	1474.38	320.28	282.59	1577.90	827.25	1783.50
	(d)	Others	466.31	63.37	784.78	187.49	335.23	535.83	127.36	909.35	237.55	519.09
2		Other Income	3365.71	3225.56	10459.62	7972.57	12690.79	7283.00	4823.59	23858.33	12862.36	21426.08
3		TOTAL INCOME (1+2)	21145.40	20305.90	63487.95	54418.61	76479.22	32231.45	29368.14	98465.80	80199.04	113093.09
4		Interest Expended	11463.39	11322.15	36078.33	30414.84	42915.29	16166.75	16493.78	50837.08	45053.07	62626.46
5		Operating Expenses (i) + (ii)	5063.87	4501.12	14282.59	11365.59	15648.70	9572.66	6433.73	30177.79	17833.42	26201.15
	(i)	Employee cost	3117.48	3045.56	9162.89	7397.71	9747.31	4105.75	3779.20	12074.65	9646.99	12626.62
	(ii)	Other Operating Expenses	1946.39	1455.56	5119.70	3967.88	5901.39	5466.91	2654.53	18103.14	8186.43	13574.53
6		TOTAL EXPENDITURE (4) + (5)	16527.26	15823.27	50360.92	41780.43	58563.99	25739.41	22927.51	81014.87	62886.49	88827.61
		(excluding Provisions and Contingencies)
7		OPERATING PROFIT (3 - 6)	4618.14	4482.63	13127.03	12638.18	17915.23	6492.04	6440.63	17450.93	17312.55	24265.48
		(before Provisions and Contingencies)
8		Provisions (other than tax) and Contingencies (net of write-back)	856.61	196.83	2045.42	2356.92	3734.57	1454.01	387.04	3050.14	4071.96	6000.08
		--- of which provisions for Non-performing assets	443.67	515.07	2675.29	1178.72	2474.97	869.52	670.22	3698.53	1691.66	3616.30
9		Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	370.57	370.57
10		Profit from Ordinary Activities before tax (7-8-9)	3761.53	4285.79	11081.61	10281.26	14180.66	5038.03	6053.59	14400.79	12870.02	17894.83
11		Tax expenses	1282.48	1807.37	3782.16	3902.33	5059.42	1683.09	2339.93	5060.24	5018.29	6721.77
12		Net Profit from Ordinary Activities after tax (10-11)	2479.05	2478.42	7299.45	6378.93	9121.24	3354.94	3713.66	9340.55	7851.73	11173.06
13		Extraordinary items (net of tax expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
14		Net Profit for the period (12-13)	2479.05	2478.42	7299.45	6378.93	9121.24	3354.94	3713.66	9340.55	7851.73	11173.06
		Share of Minority	0.00	0.00	0.00	0.00	0.00	50.35	106.05	226.44	225.00	217.78
15		Net Profit after Minority Interest	2479.05	2478.42	7299.45	6378.93	9121.24	3304.59	3607.61	9114.11	7626.73	10955.28
16		Paid-up equity share capital	634.88	634.88	634.88	634.88	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	48401.19	57312.81	71755.51	60604.91	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%	59.41%	59.41%	59.41%	59.41%
	(ii)	Capital Adequacy Ratio
		Basel I	12.32%	13.35%	12.32%	13.35%	12.97%
		Basel II	13.77%	13.72%	13.77%	13.72%	14.25%
	(iii)	Earnings Per Share (EPS) (in Rs.)
		(a) Basic and diluted EPS before Extraordinary items (net of tax	39.05	39.04	114.97	100.57	143.77	52.05	56.85	143.56	120.25	172.68
		expense)	(not annualised)		(not annualised)			(not annualised)		(not annualised)
		(b) Basic and diluted EPS after Extraordinary items	39.05	39.04	114.97	100.57	143.77	52.05	56.85	143.56	120.25	172.68
			(not annualised)		(not annualised)			(not annualised)		(not annualised)
	(iv)	NPA Ratios
		(a) Amount of gross non-performing assets	18861.17	12722.67	18861.17	12722.67	15714.00
		(b) Amount of net non-performing assets	11270.79	6978.25	11270.79	6978.25	9677.42
		(c) % of gross NPAs	3.11%	2.50%	3.11%	2.50%	2.86%
		(d) % of net NPAs	1.88%	1.39%	1.88%	1.39%	1.79%
	(v)	Return on Assets (Annualised)	0.94%	1.07%	0.94%	1.02%	1.04%
19		Public Shareholding
		--- No. of shares	257673022	257673022	257673022	257673022	257673022
		--- Percentage of Shareholding	40.59%	40.59%	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 promoterand 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	377207200	377207200
		Percentage of Shares (as a percentage of the total shareholding
		of promoterand promotor group)	100.00%	100.00%	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%	59.41%	59.41%



Unaudited Segment-wise Revenue, Results and Capital Employed
							(Rs.in crores)
			Quarter ended		9 Month ended		Year ended
		Particulars	31.12.2009	31.12.2008	31.12.2009	31.12.2008	31.03.2009
			(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
1		Segment Revenue (income)
	a	Treasury Operations	5313.10	6004.12	17693.02	14647.51	19838.88
	b	Corporate / Wholesale Banking Operations	6021.08	6426.92	18757.79	15935.66	24241.41
	c	Retail Banking Operations	9442.44	7874.86	26668.36	23835.44	32398.93
	d	Add / (Less) : Unallocated	368.78	0.00	368.78	0.00	0.00
		Total	21145.40	20305.90	63487.95	54418.61	76479.22
2		Segment Results (Profit before tax)
	a	Treasury Operations	-93.54	1476.38	4589.55	768.20	3744.64
	b	Corporate / Wholesale Banking Operations	1324.05	1538.30	3745.30	4139.34	5071.12
	c	Retail Banking Operations	2806.60	1720.66	4270.43	6685.62	7222.86
		Total	4037.11	4735.34	12605.28	11593.16	16038.62
		Add / (Less) : Unallocated	-275.58	-449.55	-1523.67	-1311.90	-1857.96
		Operating Profit	3761.53	4285.79	11081.61	10281.26	14180.66
		Less : Income Tax	1282.48	1807.37	3782.16	3902.33	5059.42
		Less : Extraordinary Profit / Loss	0.00	0.00	0.00	0.00	0.00
		Net Profit	2479.05	2478.42	7299.45	6378.93	9121.24
3		Capital Employed (Segment Assets - Segment Liabilities)
	a	Treasury Operations	19303.77	13166.77	19303.77	13166.77	19303.77
	b	Corporate / Wholesale Banking Operations	15672.85	29478.56	15672.85	29478.56	15672.85
	c	Retail Banking Operations	22971.07	6387.33	22971.07	6387.33	22971.07
		Total	57947.69	49032.66	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 at the meeting held on 25th January 2010
		and were subjected to "Limited Review" by the Bank's Statutory Central Auditors.

Mumbai						R.SRIDHARAN					O. P. BHATT
Date :		25.01.2010				MD & GE (A&S)					Chairman

Notes:

1. The working results for the nine months ended 31st December 2009 have been arrived at after considering necessary provisions for NPAs, standard assets, standard derivative exposures and investment depreciation on the basis of prudential norms issued by RBI and other provisions made on an estimated basis for Bonus, Employees' Benefits (except Pension liability ascertained actuarially and accounted for), Income Tax (after adjustment for deferred tax), Wealth Tax and for other items/assets.

2. During the quarter ended 31st December 2009, the Bank has inducted Joint Venture partner 'Insurance Australia Group' in SBI General Insurance Co. Ltd. with 26% of equity share holding. The Bank has also invested additional amount of Rs.91.00 crores in the Company during the quarter ended 31st December 2009 with the current share holding at 74%.

3. For SBI Macquarie Infrastructure Fund, the regulatory approvals are in place. The trustee company by the name "SBI Macquarie Infrastructure Trustee Private Limited" for the Domestic leg of the fund has been incorporated on 5th October 2009. However, the business has not yet commenced, as this is predicted on closure of the domestic fund raising programme, which is currently under way.

4. The Bank infused Rs.88.19 crores as equity in SBI Canada during this quarter.

5. The Bank infused Rs.30.00 crores as equity in SBI Cards & Payment Services P Ltd., during this quarter.

6. The Bank infused Rs.15.03 crores towards equity in Nepal SBI Bank Ltd during this quarter.

7. The bank has signed 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.

8. Government of India has accorded sanction vide its letter dated 8th October 2009 to the Bank for entering into negotiations for acquiring the business, including assets and liabilities of State Bank of Indore wherein the Bank holds 98.05% stake.

9. As per Agricultural Debt Waiver and Debt Relief (ADW&DR) Scheme 2008, the amounts receivable from the Central Government on account of debt waiver being Rs. 1883 Crores (net of receipts from Government till date) and debt relief being Rs. 941 Crores are treated as part of advances in accordance with the Scheme.

10. As per RBI Guidelines, the last date for payment of share of "other farmers" eligible for relief under ADW&DR Scheme, 2008 was 31st December, 2009 and wherever the payments are delayed by the farmers beyond 31st December, 2009 the outstanding amounts in relevant accounts are to be treated as NPA per IRAC norms, read with the guidelines in this regard. Pending decision by Ministry of Finance, Government of India based on request by the Bank in view of the severe drought/ flood conditions, for extension of the last date of payment to 30.06.2010 for such farmers, the Bank continues to classify the IRAC status of remaining 'unrecovered' Debt Relief Accounts under the scheme aggregating to Rs.1530 crores as Standard Assets as on 31.12.2009 (against which Rs.165 crores provision is held).

11. The Bank has implemented a special home loan scheme for the period December, 2008 to June 2009, arising out of which one time premium has been paid covering the lives of the borrowers over the tenure of the home loan availed. The total premium paid upto 30.09.2009 amounting to Rs. 151.37 Crores on account of such scheme is being charged off over average loan period of 15 years and accordingly 1/15th of the premium amount has been charged off during the period.

12. 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. 2076 Crores has been made during the nine months period ended 31st December 2009 of which Rs. 483 Crores is for the current quarter (aggregating to Rs. 4086 Crores for the period November 2007 till December 2009) for the Bank's estimated liability in respect of wage revision.

13. 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.

14. Number of Investors' Complaints received and disposed of during the quarter ended 31st December 2009: ~

(iii) Pending at the beginning of the quarter - nil. (ii)Received during the quarter - 95

(iv) Disposed of during the quarter - 95 (iv) Lying unresolved at the end of the quarter - nil.

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

R. SRIDHARAN

Managing Director and GE(A&S)

O. P. BHATT

Chairman

In terms of our Review Report of even date

A K Sabat & Co.,

Chartered Accountants

D. Vijaya Kumar

Partner : M.No.051961

V K Jindal & Co.,

Chartered Accountants

V. K. Jindal

Partner : M.No. 070766

Dutta Sarkar & Co.,

Chartered Accountants

B.K.Dutta

Partner : M.No. 016175

Gupta & Shah

Chartered Accountants

Sharad Shah

Partner : M.No.070601

B.M.Chatrath & Co Chartered Accountants

Sukhpreet S. Sidhu

Partner : M.No.052187

K.K.Soni & Co.,

Chartered Accountants

K. K. Soni

Partner : M.No.7737

Venugopal & Chenoy.,

Chartered Accountants

D.V.Jankinath

Partner : M.No.29505

Essveeyar

Chartered Accountants

R. Vijayaraghavan

Partner : M.No. 022442

K.G.Somani & Co

Chartered Accountants

B.Maheshwari

Partner : M.No. 088155

Dagliya & Co.

Chartered Accountants

P.Manohara Gupta

Partner : M.No. 016444

K.C.Mehta & Co.

Chartered Accountants

Milin Mehta

Partner : M.No. 038665

Kalyaniwalla & Mistry

Chartered Accountants

Daraius Z Fraser

Partner : M.No. 042454

M.Verma & Associates

Chartered Accountants

Madan Verma

Partner : M No.080939

Krishnamoorthy& rishnamoorthy

Chartered Accountants

C.R.Rema

Partner: M.No. 029182

Mumbai

25th January 2010.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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