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SBI Announces Quarterly Results (1QFY19); Net Profit Down 257.0%

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SBI Announces Quarterly Results (1QFY19); Net Profit Down 257.0%
Mon, 13 Aug

SBI has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

SBI Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m568,185559,413588,1325.1%3.5%
Other incomeRs m139,580124,94866,795-46.5%-52.1%
Total revenuesRs m707,766684,361654,927-4.3%-7.5%
InterestRs m374,954359,670370,1482.9%-1.3%
Gross Profit Rs m193,231199,743217,9849.1%12.8%
Other expensesRs m198,640165,859165,047-0.5%-16.9%
Profit before taxRs m43,659-122,129-72,551-266.2%
TaxRs m12,606-44,947-23,793-288.7%
Profit after taxRs m31,054-77,182-48,759-257.0%
Gross profit margin %34.035.737.1
Effective tax rate%28.936.832.8
Net profit margin%5.5-13.8-8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.5% on a year-on-year (YoY) basis. The interest expended was down by 1.3% YoY during the same period.
  • The bank's operating profit increased by 12.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 37.1% in 1QFY19 as against 34.0% in 1QFY18.
  • Other income declined by 52.1% YoY during the quarter.
  • Net profit for the quarter declined by 257.0% YoY. Net profit margins during the quarter declined from 5.5% in 1QFY18 to -8.3% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 5.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.9% QoQ during the same period.
  • The bank's operating profit increased by 9.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 37.1% in 1QFY19 as against 35.7% in 4QFY18.
  • Net profit for the quarter declined by 36.8% QoQ, while net profit margins increased from -13.8% in 4QFY18 to -8.3% in 1QFY19.

To see how SBI has performed over the last eight quarters, please visit here.

SBI Share Price Performance

Over the last one year, SBI share price has moved up from Rs 280.7 to Rs 296.1, registering a Gain of Rs 15.4 or around 5.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,365.0 (down 1.2%). Over the last one year it has moved up from 27,098.0 to 31,365.0, a gain of 4,267 points (up 15.7%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

Current Valuations

At the current price of Rs 296.1, the price to book value (P/BV) ratio of SBI stands at 1.0 times.

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