SBI Announces Quarterly Results (3QFY21); Net Profit Down 6.9%

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SBI Announces Quarterly Results (3QFY21); Net Profit Down 6.9%
Fri, 5 Feb

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

SBI Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m676,920668,141667,345-0.1%-1.4%
Other incomeRs m91,05985,27792,4628.4%1.5%
Total revenuesRs m767,979753,418759,8070.8%-1.1%
InterestRs m399,132386,326379,146-1.9%-5.0%
Gross Profit Rs m277,788281,815288,1992.3%3.7%
Other expensesRs m186,622202,494207,3292.4%11.1%
Profit before taxRs m109,69763,41569,90810.2%-36.3%
TaxRs m53,86317,67317,9461.5%-66.7%
Profit after taxRs m55,83445,74251,96213.6%-6.9%
Gross profit margin %41.042.243.2
Effective tax rate%49.127.925.7
Net profit margin%8.26.87.8
* 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 fell 1.4% on a year-on-year (YoY) basis. The interest expended was down by 5.0% YoY during the same period.
  • The bank's operating profit increased by 3.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 43.2% in 3QFY21 as against 41.0% in 3QFY20.
  • Other income increased by 1.5% YoY during the quarter.
  • Net profit for the quarter declined by 6.9% YoY. Net profit margins during the quarter declined from 8.2% in 3QFY20 to 7.8% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.9% QoQ during the same period.
  • The bank's operating profit increased by 2.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 43.2% in 3QFY21 as against 42.2% in 2QFY20.
  • Net profit for the quarter increased by 13.6% QoQ, while net profit margins increased from 6.8% in 2QFY20 to 7.8% in 3QFY21.

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

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SBI Share Price Performance

Over the last one year, SBI share price has moved up from Rs 311.0 to Rs 390.5, registering a Gain of Rs 79.6 or around 25.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 40,412.3 (up 1.2%). Over the last one year it has moved up from 35,480.9 to 40,412.3, a gain of 4,931 points (up 13.9%).

Overall, the S&P BSE SENSEX is up 27.4% over the year.

Current Valuations

At the current price of Rs 390.5, the price to earnings (P/E) ratio of SBI stands at 17.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.2 times.

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