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[OTHERS] SBI Q4 net drops 32% to Rs 1,867 crore; declares dividend - market Commentary

State Bank of India (SBI) today posted a decline of 31.92 per cent in its standalone net profit at Rs 1,867 crore in the March quarter as compared to Rs 2,742.31 crore reported during the quarter ended March 31, 2009.

However, total income of the bank increased marginally by 1.8 per cent to Rs 22,474.12 crore for the March 2010 quarter as compared to Rs 22,060.61 crore reported during the same period last fiscal.

Moreover, the income from interest for the quarter stood at Rs 17,965.59 crore as against Rs 17,342.39 crore in the same quarter a year ago.

Meanwhile, the bank has declared a dividend of 300 per cent at the rate of Rs 30 per share of face value of Rs 10 for the financial year 2009-10.

This includes 100 per cent (Rs 10 per share) interim dividend paid earlier.

While, on an annual basis, the banks net profit surged marginally by 0.4 per cent at Rs 9,166.05 crore as against Rs 9,121.2 crore reported in the previous fiscal.

Moreover, its total income grew to Rs 85,962.07 crore from Rs 76,479.2 crore in FY 2009.

While, on a consolidated basis, the Group has posted a net profit after minority interest of Rs 11733.83 crore for the year ended March 31, 2010 as compared to Rs 10955.28 crore for the year ended March 31, 2009. Total Income has increased from Rs 113093.09 million for the year ended March 31, 2009 to Rs 133851.83 crore for the year ended March 31, 2010.

SBI today closed at Rs.2222.65, down by 4% on BSE.

The stock hit an intraday high of Rs.2334 till now, as against the 52-week high of Rs.2500.The stock hit a low of Rs.2213 during the day. The stock had hit a 52-week low of Rs.1225 on May 14, 2009.

The stock opens at Rs.2312.35 at BSE. The total traded volume of the scrip on BSE till now stood at 1078334.

Meanwhile today, the BSE Sensex closed lower by 271.27 points, or 1.57%, at 16994.6.

The NSE Nifty closed down by 85.40 points, or 1.65%, at 5093.5.

SBI has an equity capital of Rs 634.88 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 2222.65, the P/E multiple stood at 15.4819826404115 with book Value of 912.73 and P/BV at 2.44.

The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 59.41%, Institutional Investors- 27.20%, General Public- 5.87% and other investors- 7.52%.

Considering the current price of Rs. 2222.65 at 4:01:00 PM , the stock had outperformed the market over the past one month till 14/05/2010 surged 8.21% as compared to the Sensexs return of -3.65% and NSE Niftys -3.42 % returns.

Considering the current price of Rs. 2222.65 at 4:01:00 PM , the stock had outperformed the market over the past one quarter till 14/05/2010 surged 17.38% as compared to the Sensexs return of 5.96% and NSE Niftys 6.07 % returns.

Meanwhile, SBI earlier has recently filled its plan to the Reserve Bank of India (RBI), seeking to extend its presence to reach around 12,000 unbanked villages.

In a proposal submitted, SBI states its plans to expand its footprints to 11,943 unbanked villages by the end of the current financial year, with a population of at least 2,000.

Earlier, RBI had asked all the Indian banks to submit their plans on financial inclusion, duly approved by their respective boards. It also asked for the coverage plan for unbanked villages.

India has around 600,000 villages, where about 64,000 villages have a population of more than 2,000, which do not have formal banking facility.

Source: Dalal Street investment Journal

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