Asset quality stable: The bank has maintained stable asset quality in Q3FY2025.
The fresh slippages of loans stood at Rs 4146 crore in Q3FY2025 compared with 4951 crore in previous quarter and Rs 5046 crore in the corresponding quarter last year. The recoveries of NPAs stood at Rs 1206 crore and the write-off of loans was at Rs 1949 crore in Q3FY2025. The standard restructured loan book of the bank stood at Rs 13707 crore end December 2024 compared to Rs 14830 crore a quarter ago. Provision coverage ratio was steady at 91.74% at end December 2024 compared to 92.21% a quarter ago and 91.49% a year ago. The capital adequacy ratio of the bank stood at 13.0% with Tier I ratio at 10.9% at end December 2024. The risk weighted assets of the bank has increased 14% YoY to Rs 3565895 crore end December 2024,| Asset Quality Indicators: State Bank of India | ||||||||
| ' | Dec/24 | Sep/24 | Jun/24 | Mar/24 | Dec/23 | Variation | ||
| QoQ | YTD | YoY | ||||||
| Gross NPA (Rs Crore) | 84360.38 | 83369.23 | 84226.04 | 84276.33 | 86748.81 | 1 | 0 | -3 |
| Net NPA (Rs Crore) | 21377.64 | 20294.32 | 21554.69 | 21051.08 | 22408.38 | 5 | 2 | -5 |
| % Gross NPA | 2.07 | 2.13 | 2.21 | 2.24 | 2.42 | -6 | -17 | -35 |
| % Net NPA | 0.53 | 0.53 | 0.57 | 0.57 | 0.64 | 0 | -4 | -11 |
| % PCR | 91.74 | 92.21 | 91.76 | 91.89 | 91.49 | -47 | -15 | 25 |
| % CRAR - Basel III | 13.03 | 13.76 | 13.86 | 14.28 | 13.05 | -73 | -125 | -2 |
| % CRAR - Tier I - Basel III | 10.85 | 11.32 | 11.78 | 11.93 | 10.58 | -47 | -108 | 27 |
| Variation in basis points for figures given in percentages and in % for figures in Rs crore | ||||||||
Business Highlights:
Double digit business growth: The business of the bank has increased 11% YoY to Rs 9297137 crore end December 2024, driven by 13% surge in advances to Rs 4067752 crore. Deposits rose 10% to Rs 5229385 crore at end December 2024.CASA deposits ratio declines: The CASA deposits of the bank increased 4% YoY to Rs 1965237 crore at end December 2024. The current account deposits increased 14% to Rs 285013 crore, while saving account deposits rose 3% to Rs 1680224 crore end December 2024. The CASA ratio declined to 37.6% at end December 2024 compared to 39.5% at end December 2023, while eased from 38.4% a quarter ago. The term deposits have increased 13% to Rs 3048624 crore end December 2024. Overseas deposits increased 11% to Rs 215524 crore end December 2024.
Strong loan growth: Advances growth was driven by retail loans rising 12% YoY to Rs 1447337 crore at end December 2024, while credit to agriculture increased 15% to Rs 336418 crore and MSME 19% to Rs 496359 crore at end December 2024. The corporate credit has also moved up 15% to Rs 1176303 crore end December 2024. The overseas credit has jumped 10% to Rs 611334 crore end December 2024.
Investment book of the bank increased 6% YoY to Rs 1737859 crore at end December 2024. The SLR book moved up 6% to Rs 1438050 crore, while non SLR book rose 6% to Rs 299809 crore at end December 2024. The AFS book dipped 54% to Rs 254423 crore, while HTM book rose 20% to Rs 1287232 crore at end December 2024. The duration of the AFS investment portfolio stood at 2.34 years end December 2024 compared with 1.92 years at end December 2023.
Margins decline: The bank has showed 32 bps YoY jump in cost of deposits to 5.07%, while yield on advances rose mere 1 bps YoY to 8.89% in Q3FY2025. Thus, the NIM has declined 21 bps YoY, while slipped 13 bps qoq to 3.01% in Q3FY2025.
Branch expansion: The bank has network of 22740 branches end December 2024.
Book value of the bank stood at Rs 457.0 per share at end December 2024, while the adjusted book value (net of NNPA and 10% of restructured advances) was Rs 429.2 per share at end December 2024.
Quarterly Performance
NII growth ease, as NIM declines: Bank has recorded 10% increase in the interest earned at Rs 117426.63 crore, while interest expenses increased 14% to Rs 75981.12 crore in Q3FY2025. NII improved 4% to Rs 41445.51 crore in the quarter ended December 2024.
Healthy growth in the core fee income: Bank has posted strong 16% growth in core fee income to Rs 7267 crore, while the recoveries and other income jumped 40% to Rs 2532 crore. However, the treasury income declined 52% to Rs 1194 crore and forex income slipped 95% to Rs 48 crore. leading to 4% dip in the overall non-interest income to Rs 11040.76 crore in the quarter ended December 2024.
Expenses ratio improves: The operating expenses of the bank declined 6% to Rs 28935.46 crore, as employee expenses dipped 17% to Rs 16073.72 crore in Q3FY2025. Other expenses moved up 11% to Rs 12861.74 crore. Cost to income ratio improved to 55.1% in Q3FY2025 compared with 60.3% in Q3FY2024, helping the Operating Profit to increase 16% to Rs 23550.81 crore.
Provisions and contingencies rise: The bank has showed 32% decline in provisions to Rs 911.06 crore. The loan loss provisions jumped 31% to Rs 2305 crore. However, investment provisions fell 100% to Rs 1 crore, while the bank has written back standard asset provisions of Rs 499 crore and other provisions of Rs 896 crore in Q3FY2025.
Effective tax rate jumped to 25.4% in Q3FY2025 from 17.2% in Q3FY2024. Net Profit rose by 84% YoY to Rs 16891.44 crore during quarter ended December 2024.
Financial Performance 9MFY2025:
Bank has posted 29% increase in net profit to Rs 52258.03 crore in the nine months ended December 2024 (9MFY2025). The net interest income increased 5% to Rs 124190.49 crore, while non-interest income moved up 9% to Rs 37473.18 crore, pushing up net total income by 6% to Rs 161663.67 crore in 9MFY2025. The operating expenses declined 6% to Rs 82370.55 crore, while provision and contingencies galloped 168% to Rs 8866.21 crore, allowing profit before tax to increase 14% to Rs 70426.91 crore in 9MFY2025. The cost-to-income ratio improved to 51.0% in 9MFY2025 compared to 57.4% in 9MFY2024. An effective tax rate rose to 25.8% in 9MFY2025 compared to 23.1% in 9MFY2024. The net profit has increased 29% to Rs 52258.03 crore in 9MFY2025.Consolidated quarterly performance:
On the consolidated front, the bank has posted 70% increase in the net profit at Rs 18853.16 crore over 6% rise in NII at Rs 47256.92 crore. The other income increased 7% to Rs 43199.91 crore, leading to 6% rise in net total income to Rs 90456.83 crore. The operating expenses rose 3% to Rs 62892.24 crore, allowing the operating profit to increase 16% to Rs 27564.59 crore in the quarter ended December 2024. The provisions zoomed 38% to Rs 1998.19 crore. PBT rose 14% to Rs 25566.40 crore in Q3FY2025. The effective tax rate declined to 24.7% in Q3FY2025 from 25.5% in Q3FY2024, allowing the net profit to move up 68% to Rs 19483.78 crore before minority interest and share of associates. The Minority interest increased 18% to Rs 630.62 crore, while the profit from associate companies eased 2% to Rs 308.43 crore. Net Profit increased 70% to Rs 18853.16 crore for quarter ended December 2024.Consolidated Financial Performance 9MFY2025:
For the nine months ended December 2024 (9MFY2025), Bank on consolidated basis has posted 27% increase in net profit to Rs 57960.88 crore. The net interest income improved 6% to Rs 141224.51 crore, while non-interest income gained 11% to Rs 119840.21 crore in 9MFY2025. The expense ratio declined 666 bps yoy to 62.2% in 9MFY2025. The operating expenses declined 2% to Rs 162504.59 crore, while provision and contingencies increased 126% to Rs 11991.65 crore in 9MFY2025. The profit before tax improved 25% to Rs 86568.48 crore in 9MFY2025. The effective tax rate declined 8 bps yoy to 25.3%. Net profit advanced 27% to Rs 57960.88 crore in 9MFY2025.| State Bank of India: Standalone Results | |||||||||
| Particulars | 2412 (3) | 2312 (3) | Var % | 2412 (9) | 2312 (9) | Var % | 2403 (12) | 2303 (12) | Var % |
| Interest Earned | 117426.63 | 106733.78 | 10 | 342823.16 | 304088.03 | 13 | 415130.66 | 332103.06 | 25 |
| Interest Expended | 75981.12 | 66918.05 | 14 | 218632.67 | 185867.39 | 18 | 255254.83 | 187262.56 | 36 |
| Net Interest Income | 41445.51 | 39815.73 | 4 | 124190.49 | 118220.64 | 5 | 159875.83 | 144840.50 | 10 |
| Other Income | 11040.76 | 11458.90 | -4 | 37473.18 | 34312.91 | 9 | 51682.16 | 36615.60 | 41 |
| Net Total Income | 52486.27 | 51274.63 | 2 | 161663.67 | 152533.55 | 6 | 211557.99 | 181456.10 | 17 |
| Operating Expenses | 28935.46 | 30938.55 | -6 | 82370.55 | 87483.92 | -6 | 117760.81 | 97743.13 | 20 |
| Operating Profits | 23550.81 | 20336.08 | 16 | 79293.12 | 65049.63 | 22 | 93797.18 | 83712.97 | 12 |
| Provisions & Contingencies | 911.06 | 687.85 | 32 | 8866.21 | 3304.44 | 168 | 4914.22 | 16507.33 | -70 |
| Profit Before Tax | 22639.75 | 19648.23 | 15 | 70426.91 | 61745.19 | 14 | 88882.96 | 67205.64 | 32 |
| EO | 0.00 | -7100.00 | - | 0.00 | -7100.00 | - | -7100.00 | 0.00 | - |
| PBT after EO | 22639.75 | 12548.23 | 80 | 70426.91 | 54645.19 | 29 | 81782.96 | 67205.64 | 22 |
| Provision for tax | 5748.31 | 3384.27 | 70 | 18168.88 | 14266.92 | 27 | 20706.34 | 16973.19 | 22 |
| PAT | 16891.44 | 9163.96 | 84 | 52258.03 | 40378.27 | 29 | 61076.62 | 50232.45 | 22 |
| EPS*(Rs) | 75.7 | 67.4 | ' | 78.1 | 68.2 | ' | 74.4 | 56.3 | ' |
| Adj BV (Rs) | 429.2 | 351.9 | ' | 429.2 | 351.9 | ' | 363.4 | 305.1 | ' |
| * Annualized on current equity of Rs 892.46 crore. Face Value: Re 1, Figures in Rs crore | |||||||||
| Source: Capitaline Corporate Database | |||||||||
'
| State Bank of India: Consolidated Results | |||||||||
| Particulars | 2412 (3) | 2312 (3) | Var % | 2412 (9) | 2312 (9) | Var % | 2403 (12) | 2303 (12) | Var % |
| Interest Earned | 124653.66 | 112868.34 | 10 | 363940.79 | 321719.12 | 13 | 439188.52 | 350844.58 | 25 |
| Interest Expended | 77396.74 | 68091.94 | 14 | 222716.28 | 189092.03 | 18 | 259736.05 | 189980.81 | 37 |
| Net Interest Income | 47256.92 | 44776.40 | 6 | 141224.51 | 132627.09 | 6 | 179452.47 | 160863.77 | 12 |
| Other Income | 43199.91 | 40203.30 | 7 | 119840.21 | 107941.41 | 11 | 155386.39 | 122533.56 | 27 |
| Net Total Income | 90456.83 | 84979.70 | 6 | 261064.72 | 240568.50 | 9 | 334838.86 | 283397.33 | 18 |
| Operating Expenses | 62892.24 | 61189.62 | 3 | 169604.59 | 165766.89 | 2 | 228793.85 | 189814.48 | 21 |
| Operating Profits | 27564.59 | 23790.08 | 16 | 91460.13 | 74801.61 | 22 | 106045.01 | 93582.85 | 13 |
| Provisions & Contingencies | 1998.19 | 1445.25 | 38 | 11991.65 | 5313.44 | 126 | 7704.97 | 18184.28 | -58 |
| PBT | 25566.40 | 22344.83 | 14 | 79468.48 | 69488.17 | 14 | 98340.04 | 75398.57 | 30 |
| P&L of Associate Company | 308.43 | 315.80 | -2 | 1067.40 | 938.90 | 14 | 1405.16 | 1191.45 | 18 |
| PBT before EO | 25874.83 | 22660.63 | 14 | 80535.88 | 70427.07 | 14 | 99745.20 | 76590.02 | 30 |
| EO | 0.00 | -7100.00 | - | 0.00 | -7100.00 | - | -7100.00 | 0.00 | - |
| PBT after EO | 25874.83 | 15560.63 | 66 | 80535.88 | 63327.07 | 27 | 92645.20 | 76590.02 | 21 |
| Provisions for tax | 6391.05 | 3962.17 | 61 | 20392.71 | 15986.39 | 28 | 23101.78 | 18840.13 | 23 |
| Net Profit before minority interest | 19483.78 | 11598.46 | 68 | 60143.17 | 47340.68 | 27 | 69543.42 | 57749.89 | 20 |
| Minority Interest | 630.62 | 534.32 | 18 | 2182.29 | 1640.17 | 33 | 2458.75 | 2101.71 | 17 |
| Net profit | 18853.16 | 11064.14 | 70 | 57960.88 | 45700.51 | 27 | 67084.67 | 55648.18 | 21 |
| EPS*(Rs) | 84.5 | 73.3 | ' | 86.6 | 76.2 | ' | 81.1 | 62.4 | ' |
| Adj BV (Rs) | 479.4 | 393.5 | ' | 479.4 | 393.5 | ' | 405.0 | 340.2 | ' |
| * Annualized on current equity of Rs 892.46 crore. Face Value: Rs 1, Figures in Rs crore, | |||||||||
| Source: Capitaline Corporate Database | |||||||||
