SBI corrects results, says no material change

State Bank of India (SBI) today corrected some figures in the quarterly and annual financial results announced last Saturday.

Bank executives said that the revisions were forced by typographic errors made on Saturday when the results were announced. However, in a stock exchange filing, the country’s largest bank did not cite any reasons for the changes. The revised numbers do not have any material impact on the results, a bank executive said.

According to the revised numbers, during the fourth quarter of the last financial year, the bank’s provisions for non-performing assets went up from Rs 1,178.72 crore to Rs 1,296.25 crore. As a result of the change, the provisions, went up by 21.49 per cent compared with last year’s level of Rs 1,066.98 crore.

There was, however, no impact on the level of net non-performing assets (NPAs), which were estimated at Rs 9,552.02 crore, or 1.76 per cent of advances, at the end of March, 2009. For the quarter, the annualised return on assets (RoA) was revised upwards to 1.10 per cent from 1.04 per cent reported earlier. The bank also said that the RoA at the end of the fourth quarter of 2007-08 was 1.10 per cent, compared with 1.01 per cent reported on Saturday. The change was mainly in case of treasury income and those from corporate and wholesale banking, which were shown in the segment-wise results.

During 2008-09, the bank said, revenue from treasury segment was Rs 19,838.88 crore, as against the earlier shown figure of Rs 13,109.88 crore. Similarly, revenue from corporate and wholesale banking, which was earlier shown as Rs 30,970.41 crore, has been revised to Rs 24,241.41 crore.

As a result of this, revenue from treasury accounted for 25.94 per cent of the bank’s total income of Rs 76,479.22 crore, instead of the 17.14 per cent reported on Saturday.

According to the revised numbers, the share of corporate and wholesale banking to the total revenue dipped to 31.70 per cent, as against 40.50 per cent stated earlier.

In one of the statements forming part of accounts, the bank had also put a wrong figure for total income during 2007-08, which has been revised to Rs 57,645.24 crore, instead of the Rs 57,299.55 crore mentioned on Saturday.

In addition, the bank said that revenue from domestic operations during 2008-09 were Rs 71,563.34 crore, as against 71,482.43 crore stated earlier. As a result, revenue from domestic operations accounted for 93.57 per cent of the total revenue.