sbi ru1qfy2013
TRANSCRIPT
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Please refer to important disclosures at the end of this report 1
Pre-prov. profit* 8,177 9,597 (14.8) 7,242 12.9
Source: Company, Angel Research;
During 1QFY2013, State Bank of India (SBI) reported a standalone net profit of
`3,752cr as against `1,584cr in 1QFY2012, which was in line with our estimates. The
operating income growth was however lower than our expectations.
During 1QFY2013, the banks advances grew by18.9% yoy, while deposits were up by 16.1% yoy. Domestic saving deposits
growth was moderate at 13.4% yoy while current account deposits declined by
2.9% yoy. The domestic NIM of the bank was lower by 42bp qoq on account of
interest rate reversals, lower lending rates (SME and agri rates lowered by 50-
350bp effective June 01, 2012), and higher cost of deposits during the quarter
(up 29bp qoq to 6.2%). The performance on the fee income front was muted with
other income excluding treasury declining by 2.6% yoy. The growth in CEB
income was flat yoy, while dividend income was lower at `18cr compared to
`228cr in 1QFY2012 (interim dividend from subsidiaries not taken this year). On
the asset-quality front, the banks annualized slippage ratio for the quarter surged
sharply to 5.0%, significantly higher than 2.3% witnessed in 4QFY2012. The grossand net NPA ratio rose upwards by 18.9% and 28.5% qoq respectively. The PCR
of the bank declined by 381bp qoq to 64.3%.
The asset quality of the bank has been witnessing
pressure for quite some time now and with the slowdown in economic growth and
persistent inflation levels pointing towards further economic stress, cyclically, the
next six to nine months are likely to be challenging for the bank. However, at the
current market price, the stock is trading at 1.2x FY2014E ABV (adjusting for
value of subsidiaries 1.0x FY2014E ABV) vis--vis its historic range of 1.32.3x
and median of 1.6x. Also, considering the banks dominant position and reach,
high fee income and superior earnings quality, we feel the stock is a value buy
from a 18-24 month perspective. Hence,
Key financials (standalone)
% chg 37.4 33.1 10.7 18.4
% chg (9.8) 41.7 28.6 15.3
NIM (%) 3.0 3.6 3.5 3.5
P/E (x) 14.5 10.8 8.4 7.3
P/ABV (x) 2.0 1.6 1.4 1.2
RoA (%) 0.7 0.9 1.0 1.0
RoE (%) 13.3 16.5 17.6 17.8
CMP `1,888
Target Price `2,270
Investment Period 12 Months
Stock Info
Sector Banking
Market Cap (` cr) 126,690
Beta 1.2
52 Week High / Low 2475/1576
Avg. Daily Volume 683,937
Face Value (`) 10
BSE Sensex 17,558
Nifty 5,320
Reuters Code SBI.BO
Bloomberg Code SBIN@IN
Shareholding Pattern (%)
Promoters 61.6
MF / Banks / Indian Fls 17.3
FII / NRIs / OCBs 8.7
Indian Public / Others 12.5
Abs. (%) 3m 1yr 3yr
Sensex 6.9 2.5 17.0
SBI 2.4 (16.9) 10.3
022 3935 7800 Ext: 6808
022 3935 7800 Ext: 6847
022 3935 7800 Ext: 6872
Performance Highlights
1QFY2013 Result Update | Banking
August 10, 2012
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State Bank of India 1QFY2013 Result Update
August 10, 2012 2
Exhibit 1:1QFY2013 performance (standalone)
- on Advances / Bills 22,135 22,141 (0.0) 18,256 21.2 81,078 59,976 35.2- on investments 6,373 6,205 2.7 5,414 17.7 23,885 19,651 21.5
- on balance with RBI & others 151 102 48.9 166 (9.0) 414 411 0.9
- on others 258 248 3.9 361 (28.6) 1,144 1,356 (15.6)
15,221 15,825
Other income excl. treasury 3,278 5,290 (38.0) 3,365 (2.6) 15,271 14,904 2.5
- Fee Income 2,603 4,216 (38.3) 2,633 (1.2) 12,091 11,563 4.6
- Treasury Income* 221 (26) (950.0) 169 30.8 (49) 921 NA
- Forex Income 457 335 36.3 331 38.0 1,432 1,464 (2.2)
- Others 218 739 (70.4) 401 (45.5) 1,748 1,876 (6.9)
- Employee expenses 4,137 5,431 (23.8) 3,717 11.3 16,974 14,480 17.2
- Other Opex 2,304 1,940 18.8 2,274 1.3 9,095 8,535 6.6
- Provisions for NPAs 2,790 2,837 (1.6) 2,782 0.3 31.3
- Provisions for Investments (521) 27 NA 1,048 NA 137.1
- Provisions for Std. Assets 169 375 (54.9) 288 (41.2) 0.2
- Other Provisions 17 (98) NA 39 NA) (98) (34) NA
Effective Tax Rate (%) 34.4 37.3 (285)bp 48.7 (1426)bp 36.7 44.7 (807)bp
Source: Company, Angel Research;
Exhibit 2:1QFY2013 Actual vs Angel estimates
Non-interest income 3,499 3,921 (10.8)
Operating expenses 6,441 6,763 (4.8)
Provisions & cont. 2,456 3,731 (34.2)
PBT 5,720 5,386 6.2
Prov. for taxes 1,969 1,747 12.7
Source: Company, Angel Research
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State Bank of India 1QFY2013 Result Update
August 10, 2012 3
Exhibit 3:1QFY2013 performance analysis (standalone)Advances (`cr) 916,841 867,579 5.7 770,891 18.9
Deposits (`cr) 1,102,926 1,043,647 5.7 950,072 16.1Credit-to-Deposit Ratio (%) 83.1 83.1 (0)bp 81.1 199bp
Current deposits (`cr) 83,485 98,273 (15.0) 85,971 (2.9)
Saving deposits (`cr) 390,410 359,847 8.5 344,387 13.4
CASA deposits (` cr) 473,895 458,120 3.4 430,358 10.1
Reported dom. CASA ratio (%) 46.1 46.6 (46)bp 47.9 (175)bp
CAR (%) 13.2 13.9 (69)bp 11.6 157bp
Tier 1 CAR (%) 9.4 9.8 (41)bp 7.6 178bp
Cost of deposits 6.2 6.0 29bp 5.7 58bp
Yield on advances 10.9 11.1 (19)bp 10.4 43bp
Reported NIM (global) 3.6 3.9 (32)bp 3.6 (5)bp
Cost-to-income ratio 44.1 43.4 62bp 45.3 (121)bp
Gross NPAs (` cr) 47,156 39,676 18.9 27,768 69.8
Gross NPAs (%) 5.0 4.4 55bp 3.5 147bp
Net NPAs (`cr) 20,324 15,819 28.5 12,435 63.4
Net NPAs (%) 2.2 1.8 40bp 1.6 61bp
Provision Coverage Ratio (%) 64.3 68.1 (381)bp 67.3 (296)bp
Slippage ratio (%) 5.0 2.3 268bp 3.3 173bp
Credit cost (%) 0.8 0.9 (3)bp 0.9 (7)bp
Source: Company, Angel Research
Loan book growth healthy
During 1QFY2013, the banks advances grew by 18.9% yoy, driven by a healthy
48.4% yoy growth in its international loan book (~19% in dollar terms), 25.9% yoy
growth in agricultural advances and 24.0% yoy growth in large corporate loans.
The growth in retail advances was however lower at 12.8% yoy on account of
relatively slower y-o-y growth in home loans (13.0%) and education loans (11.0%)
as compared to healthy growth of 22.5% in auto loans.
The banks loan book continues to remain well diversified, with no segmentaccounting for more than 20% of the total loan book.
Overall, deposits accretion remained reasonably healthy during 1QFY2013,
registering a growth of 16.1% yoy. The domestic saving deposits growth was
moderate at 13.4% yoy which coupled with a 2.9% yoy decline in volatile domestic
current account deposits led to domestic CASA deposits growing at a modest pace
of 10.1% yoy. The reported domestic CASA ratio as of 1QFY2013 stood at 46.1%
(46.6% in 4QFY2012 and 47.9% in 1QFY2012).
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State Bank of India 1QFY2013 Result Update
August 10, 2012 4
Exhibit 4:Healthy credit and deposit growth
Source: Company, Angel Research
Exhibit 5:CASA ratio declines
Source: Company, Angel Research
Exhibit 6:Segment-wise advances growth
Large corporate 24.0
Mid-corporate 6.3
SME 9.0
Agri 25.9
International 48.4
Home 13.0
Auto 22.5
Education 11.0
20.0
Source: Company, Angel Research
Exhibit 7:Loan book remains well-diversified
Source: Company, Angel Research
Overall NIMs dip by 32bp sequentially
The banks NIM decreased for domestic operation (down by 42bp qoq to 3.9%),
while it increased for foreign operations (up by 24bp qoq to 1.77%). The overall
NIM of the bank contracted by 32bp during the quarter to 3.6%. The domestic
NIM was lower on account of interest rate reversals, lower lending rates (SME and
agri rates lowered by 50-350bp effective June 01, 2012), lower demand
(seasonality effect) for short term working capital loans (substituted into lower
yielding CPs) and higher cost of deposits during the quarter (up 29bp qoq to6.2%).
The bank recently reduced its retail lending rates (home and auto loans) for new
customers. The retail segment is currently exhibiting higher risk-adjusted returns (as
experienced by private banks) and hence in our view it makes sense for SBI to try
and gain market share (will be ROA accretive for the bank) in this segment by
taking advantage of amongst lowest cost of funds in industry.
19
.8
18
.0
16
.1
16
.5
14
.7
18
.9
16
.1
16
.5
13
.8
13
.9
11
.7
16
.1
81.0 81.1 81.2
84.5
83.1 83.1
76.0
80.0
84.0
88.0
-
5.0
10.0
15.0
20.0
25.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Advances YoY growth (%) Deposits YoY growth (%)
47
.9
47
.8
47
.9
46
.6
46
.1
18.8
6.4
12.0
6.4
10.1
-
7.0
14.0
21.0
30.0
34.0
38.0
42.0
46.0
50.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Reported domestic CASA ratio (%) CASA yoy growth (%, RHS)
International15%
Mid-
Corporate18%
Large
Corporate15%
SME
14%
Agricultural
13%
Retail
20%
Others
3%
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State Bank of India 1QFY2013 Result Update
August 10, 2012 5
Exhibit 8:Overall reported NIM dips by 32bp qoq...
Source: Company, Angel Research
Exhibit 9:...partly on sequentially lower domestic YoA
Source: Company, Angel Research
Fee income remains muted on a y-o-y basisThe performance on the fee income front was muted with other income excluding
treasury declining by 2.6% yoy. The growth in CEB income was flat y-o-y, while
dividend income was lower at `18cr compared to `228cr in 1QFY2012 (interim
dividend from subsidiaries not taken this year). Forex income however remained
strong, growing by 38.0% yoy during 1QFY2013.
According to the management, the bank has reduced its fee charges on loan
processing, bank transactions and guarantees and has completely waived off
charges on transactions within the bank (as per industry standard) and minimum
balances on savings account leading to lower fee income.
Exhibit 10:Lower dividend income from subsidiariesCEB 2,603 4,216 (38.3) 2,633 (1.2)
Treasury 221 (26) NA 169 30.8
Forex 457 335 36.3 331 38.0
Dividend 18 515 (96.5) 228 (92.1)
Others 200 224 (10.5) 173 15.8
3,278 5,290 (38.0) 3,365 (2.6)
Source: Company, Angel Research;
Slippages surprise negatively
On the asset-quality front, the banks annualized slippage ratio for the quarter
surged sharply to 5.0%, significantly higher than 2.3% witnessed in 4QFY2012.
Almost 62.1% of the slippages were witnessed in the corporate and SME segments.
Amongst the corporate and SME segments slippages, the major industries
witnessing sequentially higher slippages were trading (`848cr vs. `56cr in
1QFY2012 and `396cr for entire FY2012), infrastructure (`787cr in 1QFY2013 vs.
`554cr in 4QFY2012) and engineering (`636cr vs. `112cr in 4QFY2012).
The NPA ratios deteriorated sequentially with both gross and net NPA levelsincreasing on an absolute basis by 18.9% and 28.5% qoq respectively. As of
1QFY2013 the gross NPA ratio stands at 5.0% (4.4% in 4QFY2012), while the
net NPA ratio stands at 2.2% (1.8% in 4QFY2012). The provisioning coverage
3.623.79
4.053.89
3.57
2.00
2.50
3.00
3.50
4.00
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
(%)
10.43
10.7810.93 11.05 10.86
8.0
8.5
9.0
9.5
10.0
10.511.0
11.5
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
(%)
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State Bank of India 1QFY2013 Result Update
August 10, 2012 6
ratio (incl. technical write-offs) also deteriorated by 381bp during 1QFY2013
to 64.3%. The bank restructured accounts worth `564cr, taking the total
outstanding restructured book to `36,904cr (4.0% of global advances and 4.7% of
domestic advances). The restructured portfolio of the associate banks stands at~`15,000cr of which `1,200cr has slipped into NPA.
Exhibit 11:Slippages spike up in 1QFY2013
Source: Company, Angel Research
Exhibit 12:NPA ratios deteriorate significantly
Source: Company, Angel Research
Exhibit 13:Break-up of provisioning expensesNPA 2,790 2,837 (1.6) 2,782 0.3
Standard assets 169 375 (54.9) 288 (41.2)
Investments (521) 27 NA 1,048 NAOthers 17 (98) NA 39 (55.2)
Source: Company, Angel Research;
Cost ratios remained at normalized levels
During the quarter, staff expenses increased by 11.3% yoy to `4,137cr, while other
opex increased by 1.3% yoy to `2,304cr. The bank has transferred its employee
fund (~`17,000cr) to an external trust which should lead to lower contribution for
employees of the bank going forward.
The bank added 30 branches during the quarter to bolster its already strong
branch network to 14,127 branches.
3.3 4.2 4.3 2.3 5.0
0.90.9 0.9
0.90.8
0.4
0.6
0.8
1.0
-
1.0
2.0
3.0
4.0
5.0
6.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Slippages (%) Credit cost (%, RHS)
3.5
4.2
4.6
4.4
5.0
1.6
2.0
2.2
1.8
2.2
67.3
63.562.5
68.1
64.3
56.0
60.0
64.0
68.0
72.0
(0.0)
0.7
1.4
2.1
2.8
3.5
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Gross NPAs (%) Net NPAs (%) NPA coverage (%, RHS)
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State Bank of India 1QFY2013 Result Update
August 10, 2012 7
Exhibit 14:Opex growth trends
Payment to employees 3,017 3,055 (1.3) 2,827 6.7
Contrib. for employees 805 860 (6.4) 685 17.5
Rent, taxes and lighting 508 529 (3.8) 436 16.5
Dep. on property 266 240 10.9 244 9.1
Others 1,646 1,692 (2.7) 1,407 16.9
Source: Company, Angel Research
Exhibit 15:Cost ratios remain at normalised levels
Source: Company, Angel Research
Performance overview of subsidiaries
SBI Life reported a PAT of `163cr for 1QFY2013, (growth of 13.2% yoy). TheAUM as of 1QFY2013 stood at `47,275cr.
SBI Capital Markets registered a sharp 69.7% yoy decline in PAT to `26crduring 1QFY2013, reflecting the poor capital market activity.
SBI Cards and Payment Services posted PAT of `10cr for 1QFY2013 whichwas lower by 20.6% yoy.
SBI DFHI recorded PAT of `27cr (increased by 5 times on a y-o-y basis). The market share of average AUM for SBI funds management increased from
6.3% as on 4QFY2012 to 6.8% in 1QFY2013. The company recorded a PAT
figure of `26cr for 1QFY2013 (growth of 36% yoy).
SBIs associate banks recorded a net profit growth of 28.9% yoy of `948cr in1QFY2013.
Investment arguments
Strong CASA franchise
SBI has a strong CASA franchise (45%+) on account of its huge nationwide branch
network (14,127 as of 1QFY2013). As of 1QFY2013, the banks CASA ratio stood
at 46.1%, the highest amongst all other PSU banks.
Strongest fee income among PSU banks
SBI has a relatively strong share of fee income, owing to its strong corporate and
government business relationships. In FY2012, the bank continued its dominance
with non-interest income/assets at 1.2% (one of the highest among PSU banks).
45.3 46.0 43.8 43.4 44.1
1.9
2.12.0
2.2
1.9
1.7
1.8
1.9
2.0
2.1
2.2
2.3
42.0
43.0
44.0
45.0
46.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Cost-to-income ratio (%) Opex to average assets (%, RHS)
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State Bank of India 1QFY2013 Result Update
August 10, 2012 8
Investment concerns
Asset quality woes likely to continue
Asset quality pressures for the bank are likely to continue given the deceleratinggrowth and high inflation (expected to inch up further until December 2012 at
least). With interest rates hence set to remain high, there is no visible catalyst for
asset quality to improve materially in the near term.
Outlook and valuation
The asset quality of the bank has been witnessing pressure for quite some time
now and with economic growth slowdown and persistent inflation levels pointing
towards further economic stress, cyclically, the next six to nine months are likely to
be challenging for the bank. However, at the current market price, the stock is
trading at 1.2x FY2014E ABV (adjusting for value of subsidiaries 1.0x FY2014E
ABV) vis--vis its historic range of 1.32.3x and median of 1.6x. Also, considering
the banks dominant position and reach, high fee income and superior earnings
quality, we feel the stock is a value buy from a 18-24 month perspective. Hence,
Exhibit 16:SOTP valuation summarySBI 1.3x FY14E ABV 1,945
Associate Banks 0.65x-0.9x FY14E ABV 213
Life Insurance 13.0x FY14ENBP 72
Others (AMC, Cap Mkt, Factors, Cards) 40
Source: Angel Research
Exhibit 17:Key assumptions
Credit growth 15.0 17.0 15.0 17.0
Deposit growth 16.0 18.0 16.0 18.0
CASA ratio 44.6 44.5 43.9 43.5
NIMs 3.6 3.6 3.5 3.5
Other income growth 24.7 14.3 15.5 16.3
Growth in staff expenses 16.0 16.0 12.0 14.0
Growth in other expenses 14.0 14.0 12.0 14.0
Slippages 3.4 3.3 4.0 3.5
Source: Angel Research
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State Bank of India 1QFY2013 Result Update
August 10, 2012 9
Exhibit 18:Change in estimates
Non-interest income 17,824 16,549 (7.2) 20,344 19,203 (5.6)
Operating expenses 30,058 29,197 (2.9) 34,660 33,285 (4.0)
Provisions & cont. 15,548 13,261 (14.7) 17,606 17,259 (2.0)
PBT 22,177 22,012 (0.7) 25,942 25,396 (2.1)
Prov. for taxes 7,009 6,956 (0.8) 8,212 8,035 (2.2)
Source: Angel Research
Exhibit 19:P/ABV band
Source: Company, Angel Research
Exhibit 20:P/E band
Source: Company, Angel Research
0
1,000
2,000
3,000
4,000
5,000
Apr-
06
Nov-0
6
Jun-0
7
Jan-0
8
Aug-0
8
Mar-
09
Oc
t-09
May-1
0
Dec-1
0
Jul-11
Fe
b-1
2
Sep-1
2
Price (`) 1.0x 1.5x 2.0x 2.5x 3.0x
0
1,000
2,000
3,000
4,000
5,000
Jan-0
5
Aug-0
5
Mar-
06
Oct-06
M
ay-0
7
Dec-0
7
Jul-08
Fe
b-0
9
Sep-0
9
Apr-
10
N
ov-1
0
Jun-1
1
Jan-1
2
Aug-1
2
Price (`) 9x 12x 15x 18x
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State Bank of India 1QFY2013 Result Update
August 10, 2012 10
Exhibit 21:Premium/Discount to Sensex
Source: Company, Angel Research
Exhibit 22:Angel EPS forecast vs. consensusFY2013E 224.4 213.7 5.0
FY2014E 258.7 259.5 (0.3)
Source: Bloomberg, Angel Research
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
Apr-
06
Sep-0
6
Fe
b-0
7
Jul-07
Dec-0
7
May-0
8
Oc
t-08
Mar-
09
Aug-0
9
Jan-1
0
Jun-1
0
Nov-1
0
Apr-
11
Sep-1
1
Fe
b-1
2
Jul-12
Discount to Sensex Avg. His torical Discount
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State Bank of India 1QFY2013 Result Update
August 10, 2012 11
Exhibit 23:Recommendation summary
AxisBk Buy 1,071 1,373 28 1.4 1.9 7.5 18.1 1.6 20.8
FedBk Accumulate 423 458 8 1.0 1.1 7.3 12.1 1.3 14.7
HDFCBk Neutral 602 - - 3.4 - 16.7 27.9 1.8 22.0
ICICIBk* Buy 955 1,169 22 1.5 1.9 11.6 20.9 1.4 15.5
SIB Buy 23 27 16 0.9 1.1 5.4 9.0 0.9 18.5
YesBk Buy 357 453 27 1.8 2.3 8.4 24.2 1.5 23.8
AllBk Neutral 127 - - 0.5 - 3.1 4.6 0.9 17.0
AndhBk Neutral 96 - - 0.6 - 3.9 0.9 0.9 15.3
BOB Buy 628 829 32 0.7 1.0 4.3 10.1 1.0 18.0
BOI Buy 272 323 19 0.7 0.8 3.8 23.5 0.8 17.0
BOM Neutral 46 - - 0.6 - 4.0 35.6 0.6 15.5
CanBk Buy 349 421 20 0.6 0.8 4.1 7.2 0.8 15.3CentBk Neutral 70 - - 0.6 - 3.2 103.6 0.6 15.1
CorpBk Accumulate 389 436 12 0.5 0.6 3.5 2.1 0.8 16.3
DenaBk Buy 88 107 21 0.5 0.7 3.5 5.1 0.8 16.4
IDBI# Buy 84 101 20 0.5 0.6 3.6 21.2 0.9 14.7
IndBk Accumulate 172 190 11 0.6 0.7 3.8 6.4 1.1 17.4
IOB Accumulate 71 80 12 0.4 0.5 3.2 31.0 0.6 14.4
J&KBk Accumulate 924 1,026 11 0.8 0.9 4.8 7.6 1.3 18.0
OBC Buy 226 278 23 0.5 0.6 3.5 29.0 0.9 14.3
PNB Buy 724 950 31 0.7 1.0 4.2 9.9 1.0 18.0
SynBk Buy 94 119 26 0.5 0.7 3.2 15.7 0.8 17.8
UcoBk Neutral 68 - - 0.7 - 3.8 11.7 0.6 15.3
UnionBk Buy 164 230 41 0.6 0.8 3.3 23.6 0.8 17.1
UtdBk Buy 53 79 47 0.4 0.6 2.3 23.2 0.8 16.7
VijBk Neutral 53 - - 0.6 - 4.5 13.0 0.5 13.3
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
State Bank of India is the largest bank in India, with an asset size of ~ over
`12lakh cr. The bank has the widest network of ~14,000 branches, with dominant
presence across all regions of the country, with two-thirds of its branches in rural
and semi-urban areas (in comparison, the second largest PSU bank has ~5,700
branches and the largest private sector bank has ~2,750 branches). The bank
also has 173 overseas branches, which account for ~17% of its total loans. It has
subsidiaries in life insurance, asset management, credit cards and capital markets,
among others; and five regional subsidiary banks (having ~5,200 branches and
combined asset size of ~`4.3lakh cr).
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State Bank of India 1QFY2013 Result Update
August 10, 2012 12
- YoY Growth (%) 22.6 13.4 37.4 33.1 10.7 18.4
- YoY Growth (%) 35.0 17.9 5.7 (9.3) 15.3 16.0
- YoY Growth (%) 27.0 15.1 25.1 19.2 11.8 17.8
- YoY Growth (%) 24.1 29.8 13.3 13.3 12.0 14.0
- YoY Growth (%) 29.7 2.3 38.3 24.6 11.7 20.9
- YoY Growth (%) 10.8 17.7 136.2 26.1 1.3 30.2
- YoY Growth (%) 35.8 (1.8) 7.4 23.6 19.1 15.4
- as a % of PBT 35.7 34.2 44.7 36.7 31.6 31.6
- YoY Growth (%) 35.5 0.5 (9.8) 41.7 28.6 15.3
Share Capital 635 635 635 671 671 671
Reserves & Surplus 57,313 65,314 64,351 83,280 95,478 109,468
Deposits 742,073 804,116 933,933 1,043,647 1,210,631 1,428,545
- Growth (%) 38.1 8.4 16.1 11.7 16.0 18.0
Borrowings 53,714 71,031 79,945 86,989 100,779 118,693
Tier 2 Capital 30,344 31,980 39,624 40,016 46,019 53,842
Other Liab & Prov. 80,353 80,337 105,248 80,915 93,815 111,325
Cash balances 55,546 61,291 94,396 54,076 48,425 57,142
Bank balances 48,858 24,898 28,479 43,087 49,918 58,791
Investments 275,954 295,785 295,601 312,198 383,658 459,589
Advances 542,503 631,914 756,719 867,579 997,716 1,167,327
- Growth (%) 30.2 16.5 19.8 14.7 15.0 17.0
Fixed Assets 3,838 4,413 4,764 5,467 6,143 7,018
Other Assets 37,733 35,113 43,778 53,113 61,533 72,470
- Growth (%) 33.8 9.2 16.2 9.1 15.9 17.8
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Ratio
NIMs 2.6 2.5 3.0 3.6 3.5 3.5Cost to Income Ratio 46.6 52.6 47.6 45.2 45.3 43.8
RoA 1.1 0.9 0.7 0.9 1.0 1.0
RoE 18.2 15.7 13.3 16.5 17.6 17.8
CASA Ratio 41.6 47.3 49.4 44.8 43.9 43.5
Credit/Deposit Ratio 73.1 78.6 81.0 83.1 82.4 81.7
CAR 14.3 13.4 12.0 13.9 13.8 13.6
- Tier I 9.4 9.5 7.8 9.8 9.6 9.3
Gross NPAs 2.9 3.0 3.3 4.5 5.9 6.6
Net NPAs 1.8 1.7 1.6 1.8 2.5 2.3
Slippages 2.6 2.2 2.8 3.2 4.0 3.5
Loan Loss Prov./Avg. Assets 0.3 0.5 0.7 0.9 0.9 1.0
Provision Coverage 39.2 59.2 65.0 68.1 65.5 70.0
EPS 143.7 144.4 130.1 174.5 224.4 258.7
ABVPS 824.2 972.5 967.7 1,200.1 1,332.0 1,574.6
DPS 29.0 30.0 30.0 35.0 42.5 49.5
PER (x) 13.1 13.1 14.5 10.8 8.4 7.3
P/ABVPS (x) 2.3 1.9 2.0 1.6 1.4 1.2
Dividend Yield 1.5 1.6 1.6 1.9 2.3 2.6
NII 2.5 2.4 2.9 3.4 3.3 3.4
(-) Prov. Exp. 0.4 0.4 0.9 1.0 0.9 1.0
Adj. NII 2.0 1.9 2.0 2.4 2.4 2.4
Treasury 0.3 0.2 0.1 (0.1) 0.0 0.0
Int. Sens. Inc. 2.4 2.1 2.0 2.3 2.4 2.4
Other Inc. 1.2 1.3 1.3 1.2 1.1 1.1
Op. Inc. 3.5 3.4 3.3 3.5 3.5 3.5
Opex 1.9 2.0 2.0 2.0 2.0 2.0PBT 1.7 1.4 1.3 1.4 1.5 1.5
Taxes 0.6 0.5 0.6 0.5 0.5 0.5
Leverage (x) 17.2 17.7 19.1 18.8 17.4 17.8
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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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