Markets

SBI shares fall over 3% on weak Q3 earnings

SBI shares fall over 3% on weak Q3 earnings

A higher NPA ratio required the bank to keep aside Rs 964.07 crore as provision for the quarter, against Rs 494.52 crore it has kept aside for year ago third quarter.

Provisions and contingencies were higher YoY as well as QoQ, but provisions for non-performing assets declined 39 percent quarter-on-quarter and 29.5 percent year-on-year to Rs 385.48 crore for quarter ended December 2017.

Current provisions have more than doubled from Rs 1,866.82 crore in Q2FY18, which would be an increase of 134.25% in Q3FY18.

The lender, in contrast, reported net profit of Rs 2,610 crore for the October-December quarter of the last fiscal, 2016-17.

The city-headquartered bank had registered net profits at Rs 373.47 crore during year ago period.

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In all, it has to make Rs 394.13 crore of additional provisioning, of which Rs 262.75 crore is to be provided for during 2017-18. Advances were up at Rs68,250 crore in third quarter this fiscal from Rs67,866 crore.

"As of December 2017, provision coverage ratio was at 56.96%". Net interest income (NII) - difference between interest earned and expended -stood at Rs 2,501 crore, down 13 per cent y-o-y. Net interest income was down for the quarter at Rs347.94 crore, as against Rs360.98 crore.

During the quarter ended December, the bank's operating profit saw a 65.76 per cent fall to Rs 181.53 crore as compared to the Rs 530.15 crore in the same period of the previous year, which is fiscal 2017. BOI posted net NPA of Rs 25,305 crore in March 2017 which according to RBI should have been at Rs 35,012 crore.

"We have marginally modified our legacy estimates for FY18/FY19 and retained Buy rating on SBI, decreasing our target price to Rs 364 (from Rs 386 earlier), valuing the stock at 1.4x FY20E P/ABV and Rs 65 for subsidiaries", the brokerage said.


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