SBI Q3 PAT slides 7% to Rs 5,196 cr

State Bank of India (SBI)'s net profit fell 6.93% to Rs 5,196.22 crore on 1.06% decrease in total income to Rs 75,980.65 crore in Q3 December 2020 over Q3 December 2019.

Profit before tax (PBT) dropped 36.27% to Rs 6,990.77 crore in Q3 FY21 as against Rs 10,969.66 crore in Q3 FY20. Tax expense tumbled 66.68% to Rs 1,794.55 crore in Q3 FY21 compared with Rs 5,386.30 crore in Q3 FY20. The result was declared during market hours today, 4 February 2021.

Gross non-performing assets (NPAs) stood at Rs 1,17,244.23 crore as on 31 December 2020 as against Rs 1,25,862.99 crore as on 30 September 2020 and Rs 1,59,661.19 crore as on 31 December 2019.

The ratio of gross NPAs (GNPA) to gross advances stood at 4.77% as on 31 December 2020 as against 5.28% as on 30 September 2020 and 6.94% as on 31 December 2019. The ratio of net NPAs (NNPA) to net advances stood at 1.23% as on 31 December 2020 as against 1.59% as on 30 September 2020 and 2.65% as on 31 December 2019. On proforma basis, GNPA stood at 5.44% and NNPA stood at 1.81%.

The bank's provisions and contingencies soared 42.59% to Rs 10,342.39 crore in Q3 FY21 over Rs 7,252.90 crore in Q3 FY20. Provision Coverage Ratio (PCR) has improved to 90.21%, rising 848 bps Y-o-Y and 202 bps Q-o-Q (quarter-on-quarter).

Net Interest Income (NII) for Q3 FY21 rose 2.27% sequentially and 3.75% Y-o-Y (year-on-year). Domestic NIM for the quarter was at 3.34%, has remained stable sequentially. Capital Adequacy Ratio (CAR) has improved by 77 bps Y-o-Y to 14.50% as on December 2020.

Total deposits grew at 13.64% YoY, out of which current account deposit grew by 11.33% YoY, while saving bank deposits grew by 15.99% YoY.

Credit Growth stood at 6.73% YoY, mainly driven by Retail (Personal) Advances (15.47% YoY), SME (5.62% YoY) and Corporate Advances (2.23% YoY). Home loan, which constitutes 23% of Bank's domestic advances, has grown by 9.99% YoY.

Slippage ratio as on 31 December 2020 at 1.27% (including proforma slippages) while collection efficiency at 96.5%.

SBI rose 1.16% to Rs 339.75. State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2020, the Government of India held 56.92% stake while Life Insuarnce Corporation of India held 9.61% stake in the bank.

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