SBI Announces Quarterly Results (2QFY21); Net Profit Up 51.9%

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Markets will remain closed on 26th January, 2021 on account of Republic Day.

SBI Announces Quarterly Results (2QFY21); Net Profit Up 51.9%
Fri, 6 Nov

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

SBI Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m643,124665,004668,1410.5%3.9%
Other incomeRs m85,38479,57585,2777.2%-0.1%
Total revenuesRs m728,508744,579753,4181.2%3.4%
InterestRs m397,121398,588386,326-3.1%-2.7%
Gross Profit Rs m246,003266,416281,8155.8%14.6%
Other expensesRs m184,243180,777202,49412.0%9.9%
Profit before taxRs m50,59855,59863,41514.1%25.3%
TaxRs m20,48113,70417,67329.0%-13.7%
Profit after taxRs m30,11741,89345,7429.2%51.9%
Gross profit margin %38.340.142.2
Effective tax rate%40.524.627.9
Net profit margin%4.76.36.8
* 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 3.9% on a year-on-year (YoY) basis. The interest expended was down by 2.7% YoY during the same period.
  • The bank's operating profit increased by 14.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.2% in 2QFY21 as against 38.3% in 2QFY20.
  • Other income declined by 0.1% YoY during the quarter.
  • Net profit for the quarter increased by 51.9% YoY. Net profit margins during the quarter increased from 4.7% in 2QFY20 to 6.8% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.1% QoQ during the same period.
  • The bank's operating profit increased by 5.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.2% in 2QFY21 as against 40.1% in 1QFY20.
  • Net profit for the quarter increased by 9.2% QoQ, while net profit margins increased from 6.3% in 1QFY20 to 6.8% in 2QFY21.

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

Know More: Which way are the markets & the mutual fund industry headed?

SBI Share Price Performance

Over the last one year, SBI share price has moved down from Rs 317.6 to Rs 218.7, registering a Loss of Rs 98.9 or around 31.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,471.1 (up 0.9%). Over the last one year it has moved down from 34,553.8 to 30,471.1, a loss of 4,083 points (down 11.8%).

Overall, the S&P BSE SENSEX is up 3.6% over the year.

Current Valuations

At the current price of Rs 218.7, the price to earnings (P/E) ratio of SBI stands at 9.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.7 times.

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