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State Bank of India on the announcement of its Q3 FY21 Results

  • Bank registered a Net Profit of Rs. 5,196 Crores in Q3FY21 as compared to Rs.4,574 Crores in Q2FY21, an increase of 13.60% sequentially. Year on year Net Profit has come down by 6.93%.
  • Bank registered an Operating Profit of Rs. 17,333 Crores in Q3FY21 as compared to Rs.16,460 Crores in Q2FY21, an increase of 5.31% sequentially. Year on year Operating Profit has come down by 4.88%.
  • Excluding the one-off interest income and other income during Q3FY20, the YoY growth in Net Profit and Operating Profit for Q3FY21 would be 133.78% and 26.23% respectively.
  • Net Profit for 9MFY21 at Rs. 13,960 crores, has increased by 27.99% YoY as against Rs. 10,907 crores in 9MFY20.
  • Net Interest Income for Q3FY21 increased to 2.27% sequentially and 3.75% YoY.
  • Domestic NIM for the quarter at 3.34%, has remained stable sequentially.
  • Non-Interest Income for Q3FY21 at Rs.9,246 Crores grew by 8.42% sequentially and 1.54% YoY.
  • Total Deposits grew at 13.64% YoY, out of which Current Account Deposit grew by 11.33% YoY, while Saving Bank Deposits grew by 15.99% YoY.
  • Credit Growth stood at 6.73% YoY, mainly driven by Retail (Personal) Advances (15.47% YoY), SME (5.62% YoY) and Corporate Advances (2.23% YoY).
  • Including the YoY growth in Corporate Bonds / CPs of Rs. 44,161 crores, the loan book has grown by 8.16% YoY.
  • Home loan, which constitutes 23% of Bank’s domestic advances, has grown by 9.99% YoY.
  • Net NPA ratio at 1.23% isdown 142 bps YoY and 36 bps QoQ. Gross NPA ratio at 4.77% is down 217 bps YoY and 51 bps QoQ.
  • Provision Coverage Ratio (PCR) has improved to 90.21%, up 848 bps YoY and 202 bps QoQ.
  • Slippages Ratio for 9MFY21 has declined to 0.36% from 2.42% as at the end of 9MFY20.
  • Credit Cost as at the end of 9MFY21 has declined 85 bps YoY to 0.38%.
  • Cost to Income Ratio has marginally increased from 52.45% in 9MFY20 to 53.25% in 9MFY21.
  • Capital Adequacy Ratio (CAR) has improved by 77 bps YoY to 14.50% as on Dec 2020.
  • Return on Assets (RoA) increased by 6 bps YoY to 0.45% in 9MFY21 against 0.39% in 9MFY20.

Share of Alternate Channels in total transactions has increased from 91% in 9MFY20 to 93% in 9MFY21.

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