State Bank of India's Q3 net profit up 70%
Result Highlights (3rd quarter ended Dec. 31, 2007)
The Net Profit for 9MFY08 Rs.4845.87 crores, growth of 58.98% over 9MFY 07.
The Net Profit for Q3FY08 is at Rs.1808.64 crores as against Rs.1065.06 crores in Q3FY07, growth of 69.82%.
The Bank’s Operating Profit for 9MFY08 at Rs.8734.42 crores, growth of 39.35% over 9MFY07.
Market Share in Deposits and Advances 15.29% and 15.46% respectively.
Total non-interest income increased from Rs.4347.88 crores in 9MFY07 to Rs.5877.73 crores in 9MFY08 thereby registering a strong growth of 35.19%
Fee Income also registered a growth of 15.68% to Rs.2854.03 crores in 9MFY08 from Rs.2467.22 crores in 9MFY07.
Correspondingly, share of Non-Interest Income to Operating Income has increased from 29.26% in 9MFY07 to 32.48% in 9MFY08.
Net NPA Ratio has come down to 1.44% in December 07 from 1.56% in March 07.
Capital Adequacy Ratio (CAR) of the Bank as on 31.12.07 is 12.28% and Tier I CAR is 7.53%.Rights Issue process is in advance stage.
Bank’s Deposits grew by Rs.105780 crores to Rs. 510132 crores as at the end of December 2007 from Rs.404352 crores as at the end of December 2006 recording a growth of 26.16%.
Gross Advances grew to Rs.395343 crores as at the end of December 2007 from Rs. 314850 crores as at the end of December 2006 i.e. a growth of Rs.80493 crores equal to 25.57%.
Bank has been ranked # 1 in the Asia Pacific (ex-Japan and Australia) league table for mandated arrangers and book runners of Syndicated Loans.
The Bank incorporated its new subsidiary, SBI Pension Funds Pvt. Ltd., on December 14 2007. It will undertake management of pension funds under the New Pension System.Pension Fund Regulatory and Development Authority (PFRDA) is the primary Regulatory Authority and they will be initially allocating 55% of the corpus to the SBI subsidiary and the balance distributed between the other two players.
The Bank has also started Financial Planning and Advisory services at 40 select branches to attract and retain young and mass affluent customers by providing value added services. The scope will be gradually enlarged.
The Associate Banks have have registered YOY growth of 17.15% in net profit . While the aggregate deposits have grown by 24.61%, the advances have grown by 23.16%.
The Associate Banks command a market share of 7.48 in deposits and 7.75% in advances.
CAR of Associate Banks taken together at 12.39%.
Gross NPAs of ABs at 1.76% (2.11% in December 2006).
ON TECHNOLOGY FRONT:
The largest number of ATMs 8079 and largest card base (33.35 million Cards).
7800 of SBI branches under CBS.
More than 95% of business of SBI is now on Core Banking.
98% of business to be on Core Banking by March 2008.
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