Interim Results

30 Oct 2006 11:07

State Bank Of India28 October 2006 LETTER TO: BOMBAY STOCK EXCHANGE LTDDATED: 28 OCTOBER 2006 STATE BANK OF INDIAGLOBAL DEPOSIT RECEIPTS (GDRs)COMMON CODE 6996167, ISIN - US 8565522039, CINS - 856552203LISTING AGREEMENTREVIEWED (UNAUDITED) FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2006 In terms of Clause 41 of the Listing Agreement with the Exchange, we forward herewith a copy of the reviewed (unaudited) financial results of the Bank forthe quarter ended the 30th September 2006, taken on record by the Central Bankat its meeting held on date. LETTER FROM: STATE BANK OF INDIA STATE BANK OF INDIA Central Office, Mumbai - 400 021. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF-YEAR ENDED 30TH SEPTEMBER 2006 (Rs.in crores) State Bank of India State Bank of India (Consolidated) Quarter ended Half-year ended Year ended Particulars 30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest Earned (a) + (b) + (c) + (d) 9377.47 8561.41 18213.62 17727.70 35794.93 (a) Interest/discount on advances/bills 5901.71 4305.55 11369.06 8269.63 17696.30 (b) Income on Investments 2874.40 3611.09 5814.61 7372.07 13977.53 (c) Interest on balances with Reserve Bank of 395.98 474.40 740.10 989.65 1760.97 India and other interbank funds (d) Others 205.38 170.37 289.85 1096.35 2360.13 2 Other Income 1433.76 1294.63 3196.36 2871.19 7388.69 (A) TOTAL INCOME (1+2) 10811.23 9856.04 21409.98 20598.89 43183.62 3 Interest Expended 5478.82 4953.46 10430.88 9866.51 20159.29 4 Operating Expenses (e) + (f) 2859.84 2919.66 5670.09 5309.98 11725.10 (e) Payments to and provisions for employees 1954.71 2041.18 3879.00 3674.75 8123.04 (f) Other Operating Expenses 905.13 878.48 1791.09 1635.23 3602.06 (B) TOTAL EXPENDITURE (3) + (4) 8338.66 7873.12 16100.97 15176.49 31884.39 (excluding Provisions and Contingencies) (C ) OPERATING PROFIT (A - B) 2472.57 1982.92 5309.01 5422.40 11299.23 (Profit before Provisions and Contingencies) (D) Provisions and Contingencies (net of 681.34 817.54 1963.30 2584.12 4393.08 write-back) --- of which provisions for Non-performing 116.11 10.74 287.66 246.74 147.81 assets (E) Provision for Taxes 606.74 -49.98 1362.65 400.09 2499.48 --- of which provisions for Fringe Benefit -70.00 -66.00 22.50 19.00 458.00 Tax (FBT) (F) NET PROFIT (C - D - E) 1184.49 1215.36 1983.06 2438.19 4406.67 (G) NET PROFIT AFTER MINORITY INTEREST 5 Paid-up equity Share Capital 526.30 526.30 526.30 526.30 526.30 6 Reserves excluding revaluation reserves 27117.79 23545.84 27117.79 23545.84 27117.79 ( as per balance sheet of previous accounting year )7 Analytical Ratios (i ) Percentage of shares held by Government of nil nil nil nil nil India (ii) Capital Adequacy Ratio 12.63% 11.30% 12.63% 11.30% 11.88% (iii) Earnings per Share ( in Rs. ) 22.51 23.09 37.68 46.33 83.73 (not (not (not (not annualised) annualised) annualised) annualised) (iv) (a) Amount of gross non-performing assets 10306.49 12531.83 10306.49 12531.83 10375.75 (b) Amount of net non-performing assets 4734.40 5235.08 4734.40 5235.08 4906.42 (c) % of gross NPAs 3.57% 5.26% 3.57% 5.26% 3.88% (d) % of net NPAs 1.67% 2.27% 1.67% 2.27% 1.87% (v) Return on Assets (Annualised) 0.91% 1.00% 0.78% 1.03% 0.89%8 Shareholding pattern a) Reserve Bank of India .. .. .. No. of 314338700 314338700 314338700 314338700 314338700 shares .. .. .. % of shareholding 59.73% 59.73% 59.73% 59.73% 59.73% b) Others .. .. .. No. of shares 211960178 211960178 211960178 211960178 211960178 .. .. .. % of shareholding 40.27% 40.27% 40.27% 40.27% 40.27% State Bank of India (Consolidated) Quarter ended Half-year ended Year ended Particulars 30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest Earned (a) + (b) + (c) + (d) 13549.27 11969.36 26359.92 24398.87 49707.48 (a) Interest/discount on advances/bills 8706.53 6287.01 16710.58 12078.84 25899.27 (b) Income on Investments 4189.25 4976.68 8452.18 10084.60 19313.62 (c) Interest on balances with Reserve Bank of 505.46 530.69 920.92 1111.16 2079.53 India and other interbank funds (d) Others 148.03 174.98 276.24 1124.27 2415.06 2 Other Income 2706.09 2004.92 5185.71 4058.91 11127.44 (A) TOTAL INCOME (1+2) 16255.36 13974.28 31545.63 28457.78 60834.92 3 Interest Expended 7967.23 6816.86 15241.65 13527.03 27871.74 4 Operating Expenses (e) + (f) 4712.36 4104.65 8952.89 7595.44 17601.30 (e) Payments to and provisions for employees 2648.30 2689.06 5260.21 4842.28 10763.80 (f) Other Operating Expenses 2064.06 1415.59 3692.68 2753.16 6837.50 (B) TOTAL EXPENDITURE (3) + (4) 12679.59 10921.51 24194.54 21122.47 45473.04 (excluding Provisions and Contingencies) (C ) OPERATING PROFIT (A - B) 3575.77 3052.77 7351.09 7335.31 15361.88 (Profit before Provisions and Contingencies) (D) Provisions and Contingencies (net of 831.69 1282.07 2656.02 3626.49 6470.82 write-back) --- of which provisions for Non-performing 199.79 127.93 485.62 380.04 414.06 assets (E) Provision for Taxes 942.32 138.02 1866.92 734.03 3229.57 --- of which provisions for Fringe Benefit -57.83 -9.52 44.62 86.55 620.30 Tax (FBT) (F) NET PROFIT (C - D - E) 1801.76 1632.68 2828.15 2974.79 5661.49 (G) NET PROFIT AFTER MINORITY INTEREST 1734.45 1590.75 2697.45 2913.42 5529.92 5 Paid-up equity Share Capital 526.30 526.30 526.30 526.30 526.306 Reserves excluding revaluation reserves 36680.41 32025.50 36680.41 32025.50 36680.41 ( as per balance sheet of previous accounting year )7 Analytical Ratios (i ) Percentage of shares held by Government of nil nil nil nil nil India (ii) Capital Adequacy Ratio 12.55% (iii) Earnings per Share ( in Rs. ) 32.95 30.22 51.26 55.36 105.07 (not (not (not (not annualised) annualised) annualised) annualised) (iv) (a) Amount of gross non-performing assets (b) Amount of net non-performing assets (c) % of gross NPAs (d) % of net NPAs (v) Return on Assets (Annualised) 8 Shareholding pattern a) Reserve Bank of India .. .. .. No. of shares .. .. .. % of shareholding b) Others .. .. .. No. of shares .. .. .. % of shareholding (Rs.in crores) Quarter ended Half-year ended Year ended Particulars 30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Segment Revenue (income) a Banking Operations 10350.43 8514.62 19860.17 16527.87 35265.88 b Treasury Operations 3004.47 4340.36 6610.95 8861.48 17436.77 Total 13354.90 12854.98 26471.12 25389.35 52702.65 Less : Inter Segment 2607.00 3000.25 5213.00 5808.75 11474.69 Revenue Net Income from 10747.90 9854.73 21258.12 19580.60 41227.96 Operations 2 Segment Results (Profit before tax) a Banking Operations 1796.81 1223.80 3407.12 2415.30 6042.34 b Treasury Operations -68.91 -390.72 -213.27 -723.31 -1991.32 Total 1727.90 833.08 3193.85 1691.99 4051.02 Add : Unallocated income 63.33 332.30 151.86 1146.29 1918.65 (net of unallocated expenses) Profit before Tax 1791.23 1165.38 3345.71 2838.28 5969.67 Less : Income Tax 606.74 -49.98 1362.65 400.09 2499.48 (including FBT) Add : Extraordinary 936.48 Profit Net Profit 1184.49 1215.36 1983.06 2438.19 4406.67 3 Segment Assets a Banking Operations 382211.31 427057.00 382211.31 427057.00 382211.31 b Treasury Operations 219555.40 216956.54 219555.40 216956.54 219555.40 c Unallocated 2583.13 3984.33 2583.13 3984.33 2583.13 Less : Eliminations 110480.29 188115.00 110480.29 188115.00 110480.29 Total 493869.55 459882.87 493869.55 459882.87 493869.55 4 Segment Liabilities a Banking Operations 357682.71 404730.11 357682.71 404730.11 357682.71 b Treasury Operations 216439.91 215211.31 216439.91 215211.31 216439.91 c Unallocated 812.08 0.00 812.08 0.00 812.08 Less : Eliminations 108709.24 184130.69 108709.24 184130.69 108709.24 Total 466225.46 435810.73 466225.46 435810.73 466225.46 ( Segment Assets and Liabilities are as on 31st March of the previous year ) 1. The working results for the quarter/half-year ended 30th September 2006 have been arrived at after considering provisions for NPAs, Bonus, Gratuity, Pension, Leave Encashment, Investment Depreciation, Income Tax (after adjustment for deferred tax), Wealth Tax, Fringe Benefit Tax (FBT) and other contingencies on an estimated basis. 2. The effect of the revised Accounting Standard - 15 on employee benefits (which has come into effect from 1st April 2006) has not been considered, pending receipt of clarifications from Reserve Bank of India. 3. The Bank has modified the segmental pricing methodology from 01.04.2006. Consequently the Segment Results are not comparable with the previous periods. 4. Number of Investors Complaints received and disposed of during the quarter ended 30th September, 2006 : (i) Pending at the beginning of the quarter 115 (ii) Received during the quarter 976. (iii) Disposed of during the quarter 985. (iv) Lying unresolved at the end of the quarter 106. 5. The figures of previous periods have been regrouped / rearranged, wherever necessary, to correspond to current periods' classification. The above results have been taken on record by the Central Board of the Bank on the 28th October 2006 and subjected to Review by Auditors. Mumbai YOGESH AGARWAL S. BHATTACHARYADate : 28th October, 2006 Managing Director & Managing Director & O.P. BHATT Group Executive Group Executive CHAIRMAN (National Banking) (Corporate Banking) "Visit SBI on the Internet at http://www.sbi.co.in" This information is provided by RNS The company news service from the London Stock Exchange