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SBI: Slowing down...

Jan 29, 2003

State Bank Of India (SBI), the banking sector behemoth, has announced lackluster performance in 3QFY03 compared to its performance in the earlier quarters. Interest income has grown by a marginal 3% while net profits have grown by a steep 28% on account of a considerable increase in other income. Net interest income (NII) growth has been subdued at 6% in 3QFY03. NII growth in 1QFY03 and 2QFY03 was 13% and 11% respectively.

(Rs m) 3QFY02 3QFY03 Change 9m FY02 9m FY03 Change
Income from Operations 74,628 77,055 3.3% 220,369 231,009 4.8%
Other Income 9,037 13,614 50.7% 29,077 35,287 21.4%
Interest Expenses 51,944 53,100 2.2% 154,463 158,798 2.8%
Net interest income 22,684 23,955 5.6% 65,906 72,211 9.6%
Other Expenses 17,995 18,843 4.7% 52,234 54,328 4.0%
Operating Profit 4,689 5,112 9.0% 13,672 17,884 30.8%
Operating Profit Margin (%) 6.3% 6.6%   6.2% 7.7%  
Provisions and Contingencies 3,833 5,493 43.3% 12,979 14,675 13.1%
Profit before Tax 9,893 13,233 33.8% 29,770 38,496 29.3%
Tax 3,754 5,363 42.8% 11,395 14,642 28.5%
Profit after Tax/(Loss) 6,139 7,871 28.2% 18,375 23,854 29.8%
Net Profit Margin (%) 8.2% 10.2%   8.3% 10.3%  
No. of Shares (m) 526.3 526.3   526.3 526.3  
Diluted Earnings per share* 46.7 59.8   46.4 60.3  
P/E Ratio         4.7  
*(annualised)            

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