SBI Announces Quarterly Results (1QFY21); Net Profit Up 81.2%

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SBI Announces Quarterly Results (1QFY21); Net Profit Up 81.2%
Mon, 3 Aug

SBI has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

SBI Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m626,378626,814665,0046.1%6.2%
Other incomeRs m80,154133,46179,575-40.4%-0.7%
Total revenuesRs m706,532760,275744,579-2.1%5.4%
InterestRs m396,990399,145398,588-0.1%0.4%
Gross Profit Rs m229,388227,669266,41617.0%16.1%
Other expensesRs m177,081203,793180,777-11.3%2.1%
Profit before taxRs m40,63249,70055,59811.9%36.8%
TaxRs m17,51013,89213,704-1.4%-21.7%
Profit after taxRs m23,12235,80841,89317.0%81.2%
Gross profit margin %36.636.340.1
Effective tax rate%43.128.024.6
Net profit margin%3.75.76.3
* 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 6.2% on a year-on-year (YoY) basis. The interest expended was up by 0.4% YoY during the same period.
  • The bank's operating profit increased by 16.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.1% in 1QFY21 as against 36.6% in 1QFY20.
  • Other income declined by 0.7% YoY during the quarter.
  • Net profit for the quarter increased by 81.2% YoY. Net profit margins during the quarter increased from 3.7% in 1QFY20 to 6.3% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 6.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.1% QoQ during the same period.
  • The bank's operating profit increased by 17.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.1% in 1QFY21 as against 36.3% in 4QFY20.
  • Net profit for the quarter increased by 17.0% QoQ, while net profit margins increased from 5.7% in 4QFY20 to 6.3% in 1QFY21.

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

Know More: Is India's Economic Recovery Sustainable?

SBI Share Price Performance

Over the last one year,SBI share price has moved down from Rs 308.5 to Rs 192.2, registering a Loss of Rs 116.3 or around 37.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 24,206.7 (down 1.6%). Over the last one year it has moved down from 31,903.0 to 24,206.7, a loss of 7,696 points (down 24.1%).

Overall, the S&P BSE SENSEX is down 0.6% over the year.

Current Valuations

At the current price of Rs 192.2, the price to earnings (P/E) ratio of SBI stands at 9.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.6 times.

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