State Bank of India

State Bank of India's market capitalisation (end of period) fell 26.9% to USD 34,191 mil in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India stock traded at INR 271 per share at the end of third quarter of 2019 implying a market capitalization of USD 34...

State Bank of India's net interest income rose 17.7% yoy to INR 273 bil in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India generated total banking revenues of INR 492 bil in the third quarter of 2019, up 20% when compared to the sam...

State Bank of India's net profit rose 486% yoy to INR 33.8 bil in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India made a net profit of INR 33.8 bil under revenues of INR 492 bil in the third quarter of 2019, up 486% and ...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 171 62.1 151
Net Fee Income INR bil 211 250 260
Other Income INR bil 1,096 1,206 1,344
Total Revenues INR bil 1,478 1,518 1,755
Operating Profit INR bil 603 564 606
Provisions INR bil 593 686 554
Net Profit INR bil 2.41 -45.6 23.0
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 1,122 445 481
Customer Loans INR bil 18,969 19,601 22,269
Total Assets INR bil 34,451 36,164 38,885
Shareholders' Equity INR bil 2,237 2,349 2,405
Interbank Borrowing INR bil 310 469 389
Customer Deposits INR bil 25,998 27,019 29,256
Issued Debt Securities INR bil 3,364 3,691 4,137
Ratios 2016 2017 2018
ROE % 0.118 -1.99 0.967
ROA % 0.007 -0.129 0.061
Costs (As % Of Assets) % 2.69 2.70 3.06
Costs (As % Of Income) % 59.2 62.8 65.5
Capital Adequacy Ratio % 13.0 12.7 12.8
Net Interest Margin % 0.526 0.176 0.402
Loans (As % Of Deposits) % 73.0 72.5 76.1
NPLs (As % Of Loans) % 9.06 10.9 7.44
Provisions (As % Of NPLs) % 45.5 50.5 62.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 34,426 35,004 41,016
Share Price (End Of Period) INR 300 261 321
Price/Earnings (P/E) 970 ... 124
Price/Book Value (P/BV) 1.05 0.949 1.19
Dividend Yield % 0.867 0 0
Earnings Per Share (EPS) INR 0.309 -5.34 2.58
Book Value Per Share INR 287 275 270
Dividend Per Share INR 2.60 0 0

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income INR bil                       225 227 238 211 171    
Total Revenues INR bil                       947 1,046 1,248 1,301 1,478    
Operating Profit INR bil                       405 404 488 585 603    
Net Profit INR bil                       179 142 170 122 2.41    
balance sheet                                    
Interbank Loans INR bil                       557 531 643 441 1,122    
Customer Loans INR bil                       13,926 15,783 16,922 18,703 18,969    
Total Assets INR bil                       21,331 23,960 27,001 30,735 34,451    
Shareholders' Equity INR bil                       1,293 1,523 1,669 1,869 2,237    
Interbank Borrowing INR bil                       620 661 440 392 310    
Customer Deposits INR bil                       15,898 17,963 20,339 22,380 25,998    
Issued Debt Securities INR bil                       2,037 2,238 2,447 3,614 3,364    
ratios                                    
ROE %                       15.0 10.1 10.6 6.91 0.118    
ROA %                       0.904 0.626 0.667 0.423 0.007    
Costs (As % Of Assets) %                       2.74 2.84 2.98 2.48 2.69    
Costs (As % Of Income) %                       57.3 61.4 60.9 55.0 59.2    
Capital Adequacy Ratio %                       12.8 12.2 12.0 12.9 13.0    
Net Interest Margin %                       1.13 1.00 0.934 0.732 0.526    
Interest Income (As % Of Revenues) %                       23.7 21.7 19.1 16.2 11.6    
Fee Income (As % Of Revenues) %                       15.1 15.0 13.3 14.3 14.3    
Equity (As % Of Assets) %                       6.06 6.36 6.18 6.08 6.49    
Loans (As % Of Deposits) %                       87.6 87.9 83.2 83.6 73.0    
Loans (As % Assets) %                       65.3 65.9 62.7 60.9 55.1    
NPLs (As % Of Loans) %                       4.47 4.99 4.32 6.42 9.06    
Provisions (As % Of NPLs) % ...                     55.1 47.7 49.3 43.5 45.5    
valuation                                    
Market Capitalisation (End Of Period) USD mil                       25,878 23,167 31,625 22,735 34,426    
Number Of Shares (Average) mil                       6,715 6,948 7,466 7,666 7,804    
Share Price (End Of Period) INR                       211 206 267 197 300    
Earnings Per Share (EPS) INR                       26.7 20.4 22.8 15.9 0.309    
Book Value Per Share INR                       193 219 224 244 287    
Dividend Per Share INR                       4.15 3.00 3.50 2.60 2.60    
Price/Earnings (P/E)                       7.91 10.1 11.7 12.3 970 ...  
Price/Book Value (P/BV)                       1.10 0.940 1.19 0.807 1.05    
Dividend Yield %                       1.97 1.46 1.31 1.32 0.867    
Earnings Per Share Growth % ...                     10.5 -23.5 11.6 -29.9 -98.1    
Book Value Per Share Growth % ...                     11.2 13.8 1.98 9.05 17.6    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income INR bil                       1,293 1,442 1,570 1,642 1,662    
Interest Cost INR bil                       1,068 1,215 1,332 1,430 1,491    
Net Interest Income INR bil                       225 227 238 211 171    
Net Fee Income INR bil                       143 157 166 186 211    
Other Income INR bil                       580 662 844 903 1,096    
Total Revenues INR bil                       947 1,046 1,248 1,301 1,478    
Operating Cost INR bil                       543 642 760 716 875    
Operating Profit INR bil                       405 404 488 585 603    
Provisions INR bil                       145 190 229 403 593    
Extra and Other Cost INR bil                       0.405 0.462 0.513 0.211 0.438    
Pre-Tax Profit INR bil                       259 213 259 182 9.45    
Tax INR bil                       75.6 68.4 83.4 54.3 13.4    
Minorities INR bil                       6.38 6.33 8.38 7.95 -3.39    
Net Profit INR bil                       179 142 170 122 2.41    
Dividends INR bil                       28.4 22.4 26.5 20.2 21.1    
growth rates                                    
Net Interest Income Growth % ...                     -7.10 1.21 4.69 -11.2 -18.9    
Net Fee Income Growth % ...                     -3.64 9.81 5.94 12.4 13.3    
Total Revenue Growth % ...                     9.21 10.5 19.3 4.24 13.6    
Operating Cost Growth % ...                     15.8 18.3 18.3 -5.77 22.2    
Operating Profit Growth % ...                     1.49 -0.125 20.9 19.8 3.13    
Pre-Tax Profit Growth % ...                     5.77 -17.6 21.2 -29.7 -94.8    
Net Profit Growth % ...                     16.8 -20.9 19.9 -28.1 -98.0    
market share                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...   40.1 38.8 41.1 38.6 36.8   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...   30.3 26.3 31.2 29.7 ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash INR bil                       896 1,141 1,443 1,604 1,610    
Interbank Loans INR bil                       557 531 643 441 1,122    
Customer Loans INR bil                       13,926 15,783 16,922 18,703 18,969    
Fixed Assets INR bil                       101 115 133 162 519    
Total Assets INR bil                       21,331 23,960 27,001 30,735 34,451    
Shareholders' Equity INR bil                       1,293 1,523 1,669 1,869 2,237    
Of Which Minority Interest INR bil                       42.5 49.1 55.0 62.7 64.8    
Liabilities INR bil                       20,038 22,437 25,332 28,866 32,215    
Interbank Borrowing INR bil                       620 661 440 392 310    
Customer Deposits INR bil                       15,898 17,963 20,339 22,380 25,998    
Sight Deposits INR bil                       1,278 1,340 1,458 1,639 1,889    
Term Deposits INR bil                       14,621 16,623 18,880 20,741 24,109    
Issued Debt Securities INR bil                       2,037 2,238 2,447 3,614 3,364    
Other Liabilities INR bil                       1,483 1,575 2,107 2,480 2,543    
asset quality                                    
Non-Performing Loans INR bil                       639 807 746 1,235 1,792    
Gross Loans INR bil                       14,278 16,168 17,290 19,239 19,784    
Total Provisions INR bil ...                     352 385 368 537 815    
growth rates                                    
Customer Loan Growth % ...                     19.7 13.3 7.22 10.5 1.42    
Total Asset Growth % ...                     16.6 12.3 12.7 13.8 12.1    
Shareholders' Equity Growth % ...                     17.6 17.8 9.59 12.0 19.7    
Customer Deposit Growth % ...                     14.5 13.0 13.2 10.0 16.2    
market share                                    
Market Share in Customer Loans % ... ... ...                 25.2 24.6 23.8 23.5 23.0   ...
Market Share in Total Assets %                       24.6 23.7 24.2 24.4 24.3   ...
Market Share in Customer Deposits %                       25.3 25.0 24.9 24.5 24.4   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       15.0 10.1 10.6 6.91 0.118    
ROA %                       0.904 0.626 0.667 0.423 0.007    
Costs (As % Of Assets) %                       2.74 2.84 2.98 2.48 2.69    
Costs (As % Of Income) %                       57.3 61.4 60.9 55.0 59.2    
Capital Adequacy Ratio %                       12.8 12.2 12.0 12.9 13.0    
Tier 1 Ratio %                       9.46 9.50 9.49 9.87 10.4    
Net Interest Margin %                       1.13 1.00 0.934 0.732 0.526    
Interest Spread % ...                     0.787 0.648 0.585 0.408 0.218    
Asset Yield %                       6.52 6.37 6.16 5.69 5.10    
Cost Of Liabilities % ...                     5.74 5.72 5.58 5.28 4.88    
Payout Ratio %                       15.8 15.8 15.6 16.5 874    
Interest Income (As % Of Revenues) %                       23.7 21.7 19.1 16.2 11.6    
Fee Income (As % Of Revenues) %                       15.1 15.0 13.3 14.3 14.3    
Other Income (As % Of Revenues) %                       61.2 63.3 67.6 69.4 74.1    
Equity (As % Of Assets) %                       6.06 6.36 6.18 6.08 6.49    
Loans (As % Of Deposits) %                       87.6 87.9 83.2 83.6 73.0    
Loans (As % Assets) %                       65.3 65.9 62.7 60.9 55.1    
NPLs (As % Of Loans) %                       4.47 4.99 4.32 6.42 9.06    
Provisions (As % Of NPLs) % ...                     55.1 47.7 49.3 43.5 45.5    
Provisions (As % Of Loans) % ...                     2.53 2.44 2.18 2.87 4.30    
Cost of Provisions (As % Of Loans) %                       1.14 1.28 1.40 2.26 3.15    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Employees                       228,296 222,033 213,238 207,739 209,572    
Sight (As % Of Customer Deposits) %                       8.04 7.46 7.17 7.33 7.27    

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State Bank of India's net interest margin rose 9.84% yoy to 2.83% in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India's net interest margin amounted to 2.83% in the third quarter of 2019, up from 2.65% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.12% in 4Q2012 and an all time low of ...

State Bank of India's price/earnings (P/E) remain unchanged yoy at 19.7 in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India stock traded at INR 271 per share at the end third quarter of 2019 implying a market capitalization of USD 34,191 mil. Since the end of 3Q2014, the stock has appreciated by 10.7 % implying an annual average growth of 2.06 %. In absolute terms, the ...

State Bank of India's share price (end of period) rose 2.00% yoy to INR 271 in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India stock traded at INR 271 per share at the end of third quarter of 2019 implying a market capitalization of USD 34,191 mil. Over the last five years, the stock has appreciated by 10.7 % implying an annual average growth of 2.06 %. In absolute terms, ...

State Bank of India's customer loan growth rose 13.0% yoy to 9.87% in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India's customer loan growth reached 9.87% in 2019-09-30, up from 8.73% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 19.7% in 2013-03-31 and an all time low of 0.339% in 2017-09-30. In the ...

State Bank of India's equity (as % of assets) fell 0.980% yoy to 6.34% in 3Q2019

By Helgi Analytics - November 2, 2019

State Bank of India's Equity reached 6.34% of total assets in the 3Q2019, down from 6.40% for the previous year. As a share of net customer loans, the ratio amounted to 11.3% at the end of the third quarter of 2019. ...

State Bank of India's npls (as % of loans) fell 31.5% yoy to 7.44% in 1Q2019

By Helgi Analytics - November 2, 2019

State Bank of India's non-performing loans reached 7.44% of total loans at the end of 2019-03-31, down from 10.9% compared to the previous year. Historically, the NPL ratio hit an all time high of 10.9% in 2018-03-31 and an all time low of 4.32% in 2015-03-31. ...

State Bank of India's capital adequacy ratio rose 0.865% yoy to 12.8% in 1Q2019

By Helgi Analytics - November 2, 2019

State Bank of India's capital adequacy ratio reached 12.8% at the end of first quarter of 2019, up from when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 13.0% in 1Q2017 and an all time low of 12.0% in 1Q2015. ...

State Bank of India's net profit rose 150% to INR 23.0 bil in 2018

By Helgi Analytics - November 1, 2019

State Bank of India made a net profit of INR 23.0 bil under revenues of INR 1,755 bil in 2018, up 150% and 15.6% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of INR 179 bil in 2012 and an all time low of INR...

State Bank of India's npls (as % of loans) fell 31.5% to 7.44% in 2018

By Helgi Analytics - November 1, 2019

State Bank of India's non-performing loans reached 7.44% of total loans at the end of 2018, down from 10.9% compared to the previous year. Historically, the NPL ratio hit an all time high of 10.9% in 2017 and an all time low of 2.06% in 2006. Provision cove...

State Bank of India's share price (end of period) rose 22.7% to INR 321 in 2018

By Helgi Analytics - November 1, 2019

State Bank of India stock traded at INR 321 per share at the end of 2018 implying a market capitalization of USD 41,016 mil. Since the end of 2013, the stock has appreciated by 55.7 % implying an annual average growth of 9.25 %. In absolute terms, the value of the com...

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Finance

State Bank of India has been growing its revenues and asset by 13.6% and 11.5% a year on average in the last 10 years. Its loans and deposits have grown by 11.5% and 11.5% a year during that time and loans to deposits ratio reached 76.1% at the end of 2018. The company achieved an average return on equity of 8.44% in the last decade with net profit growing -14.5% a year on average. In terms of operating efficiency, its cost to income ratio reached 65.5% in 2018, compared to 59.9% average in the last decade.

Equity represented 6.19% of total assets or 10.8% of loans at the end of 2018. State Bank of India's non-performing loans were 7.44% of total loans while provisions covered some 62.0% of NPLs at the end of 2018.

Valuation

State Bank of India stock traded at INR 321 per share at the end of 2018 resulting in a market capitalization of USD 41,016 mil. Over the previous five years, stock price rose by 55.7% or 9.25% a year on average. That’s compared to an average ROE of 3.33% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 124x and price to book value (PBV) of 1.19x in 2018.