SBI Group Net Profit for Q1FY10 at Rs. 2759 crores, up by 68.11 %
Mumbai, July 30, 2009:

1. SBI GROUP NET PROFIT UP BY 68%

SBI Group Net Profit for Q1FY10 at Rs. 2759 crores, up by 68.11 % from Rs. 1641 crores in Q1FY09.

2. SBI STAND ALONE RESULTS

A) SBI NET PROFIT UP BY 42%

Net Profit for Q1FY10 at Rs. 2330 crores, up by 42.03 % from Rs. 1641 crores in Q1FY09.

B) TOTAL BUSINESS GROWTH OF OVER Rs. 3,03,000 CRORES (Y-O-Y)

 Deposits up by Rs 2,01,706 crores, 35.90% growth from Rs. 5,61,857 crores in June 08 to Rs. 7,63,563 crores in June 09.

• CASA ratio as on June ’09 is 38.45% (41.87% as on June 2008).
• CASA growth of 22.7% (YOY)
• Market share in deposits as on June 2009 is 17.55% (15.23% as on June 2008).

 Gross Advances up by Rs. 1,02,046 crores, a 22.79% growth from Rs 4,47,747 crores in June 08 to Rs. 5,49,793 crores in June 09. Market Share in advances as on June 2009 is 16.49% (15.71% in June 2008).

• Large Corporate advances grew by 37% (YOY)
• Mid corporate advances grew by 15% (YOY)
• SME advances grew by 23.96% (YOY)
• Agriculture advances grew at 30% (YOY)
• Home loans grew by 24.03 %, Auto loans by 29.05% and Education loans by 40.46%.(YOY)
• International advances up by 30.19% (YOY)

 Balance sheet size increased to Rs. 9,76,989 crs in June 2009 crores from Rs.7,45,367 in June 2008, a growth of 31%.

C) OPERATING PROFIT AT Rs. 3674 CRORES IN Q1FY10

 NII increased by 4.30% (YOY) to Rs. 5,025 crores in Q1FY10.

• Interest Income on Advances increased by 23.40%.
• Income from resource operations (including investments) increased by 34.26%.
• Interest expense increased by 38.59%, as a result of unprecedented growth in deposits, signifying customer preference for SBI brand. For a time SBI was getting deposits at Rs.1000 crores per day. It was SBI’s strong Balance Sheet and timely support (by virtue of ample liquidity), which enabled some corporates to meet their international obligations.
• NIM at 2.74% for Q1FY10 vs. 3.02% for Q1FY09 (on 12 month trailing basis). However, NIM for the quarter was at 2.30% in Q1FY10 against 3.03% in Q1FY09.

 Other income increased by 48.46% to Rs. 3569 crores; core fee income increased by 45% to Rs. 1862 crores.

 Operating expenses increased by 51% to Rs.4,920 crores from Rs.3,259 crores, primarily due to:

 Additional provision for wage revision at Rs.767 crores being made pending wage settlement with the unions. The amount for Q1FY10 includes Rs.629 crores on account of an increase in the estimated liability from Nov 2007 to March 2009, which will not recur in subsequent quarters.

 Pension Contribution at Rs.429 crores is driven by an increase in the actuarial estimate of the Bank’s liability on account of interest rate changes.

 Excluding the impact of the above, the increase in operating expenses is 14%. All Provisions relating to staff up to this quarter have been fully met.

F) OTHER HIGHLIGHTS

Corporate Accounts Group:

 CAG advances grew by Rs 18,001 crores to Rs 67,316 crores (Rs 49,315 crores as on June 2008) YOY growth 37%.

 Fee income increased by 70% YOY.

Mid Corporate Group:

MCG advances (Non food) grew by Rs.15,527 crores to Rs 1,19,039 crores (Rs.1,03,512 crores as on June 2008), YOY growth 15%.

Personal Banking Business Unit:

 Largest Retail Bank in India with total retail loans of Rs.1,12,862 crores with a YOY growth of 22.52%.

 Home Loans as on June 2009 at Rs 57,513crores (from Rs 46,370 crores as on June 2008) YOY growth 24.00%. SBI has become the fastest growing Home Loan provider during Q1 FY10.

 Auto Loans as on June 2009 at Rs 10,399 crores (Rs 8,059 crores as on June 2008) YOY growth 29.05%. We are the fastest growing Auto Financer in India.

 Education Loans as on June 2009 stood at Rs. 7,162 crores (Rs 5,099 crores as on June 2008), YOY growth 40.46%. We are #1 in Education Loans.


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(This is a press release from State Bank of India)