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SBI Announces Quarterly Results (2QFY19); Net Profit Down 40.3%

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SBI Announces Quarterly Results (2QFY19); Net Profit Down 40.3%
Mon, 12 Nov

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

SBI Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m548,497588,132587,9350.0%7.2%
Other incomeRs m105,79966,79578,14517.0%-26.1%
Total revenuesRs m654,296654,927666,0801.7%1.8%
InterestRs m362,638370,148378,8782.4%4.5%
Gross Profit Rs m185,859217,984209,057-4.1%12.5%
Other expensesRs m146,028165,047163,759-0.8%12.1%
Profit before taxRs m8,617-72,55118,127110.4%
TaxRs m-7,198-23,7938,678
Profit after taxRs m15,816-48,7599,449-40.3%
Gross profit margin %33.937.135.6
Effective tax rate%-83.532.847.9
Net profit margin%2.9-8.31.6
* 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 7.2% on a year-on-year (YoY) basis. The interest expended was up by 4.5% YoY during the same period.
  • The bank's operating profit increased by 12.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 35.6% in 2QFY19 as against 33.9% in 2QFY18.
  • Other income declined by 26.1% YoY during the quarter.
  • Net profit for the quarter declined by 40.3% YoY. Net profit margins during the quarter declined from 2.9% in 2QFY18 to 1.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.4% QoQ during the same period.
  • The bank's operating profit declined by 4.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 35.6% in 2QFY19 as against 37.1% in 1QFY18.
  • Net profit for the quarter increased by 119.4% QoQ, while net profit margins increased from -8.3% in 1QFY18 to 1.6% in 2QFY19.

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 333.2 to Rs 280.1, registering a Loss of Rs 53.2 or around 16.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,042.2 (down 0.2%). Over the last one year it has moved up from 28,920.9 to 29,042.2, a gain of 121 points (up 0.4%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 280.1, the price to book value (P/BV) ratio of SBI stands at 0.9 times.

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