CMP (NSE) 15:59, 18 Jun
Last updated on
05 Feb, 2021
Key highlights of 3QFY21:
• SBIN’s reported profit of Rs62.6bn was below estimate primarily due to higher operating expenses.
• Provisions of Rs108bn were made in the quarter including Rs58.85bn towards COVID.
• Loans grew 8% YoY/3% QoQ, while deposits grew 14% YoY.
• NIM adjusted for one-off interest write-back in 3QFY20, expanded ~20bps YoY.
• Pro-forma GNPL ratio declined 44bps QoQ to 5.44%. Restructured loans stood at Rs181.25bn or 0.75% of loans.
• The company reported a collection efficiency of 96.5% in 3QFY21.
• Loan growth: Management expects loan growth of 7% for FY21 (down from 8% earlier.
• Digital sourcing: Of the incremental retail loans sourced in 3QFY21, 41% were sourced digitally.
• Loan mix by rate-linkage: Of the total loans, ~75% are MCLRlinked, while 15% are linked to the Repo rate.
• Margins: NIM for the bank in 3QFY21 stood at 3.09%, up 2bps QoQ. SBIN did not reverse interest income on pro-forma slippages, which would have had a 8-9bps impact on margins.