1. Summary Information
|
|
|
Country |
India |
|
Company Name |
State Bank of
India |
Principal Name 1 |
Mr. Pradip Chaudhari |
|
Status |
Very Good |
Principal Name 2 |
Mr. R. Sridharan |
|
|
|
Registration # |
-- |
|
Street Address |
State Bank Bhavan, Central
Office, 8th Floor, Madame Cama Marg, Nariman Point, Mumbai –
400021, Maharashtra, India |
||
|
Established Date |
1806 |
SIC Code |
-- |
|
Telephone# |
91-22-22830535/ 22883888/ 22022678 |
Business Style 1 |
Banking
Activities. |
|
Fax # |
91-22-22855348 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
222933
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.6349,989,910/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding
of Promoter and Promoter Group-61.14%, Public Shareholding- 38.86% |
Banking |
Reserve Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
205 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Aa
(81) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Andhra Pradesh Grameena Vikas Bank |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,795,935,957,000 |
Current Liabilities |
1052,483,893,000 |
|
Inventories |
0,000 |
Long-term Liabilities |
1195,689,550,000 |
|
Fixed Assets |
47,641,893,000 |
Other Liabilities |
9339,328,130,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
11,587,501,573,000 |
|
Invest& other Assets |
3,393,784,155,000 |
Retained Earnings |
643,510,442,000 |
|
|
|
Net Worth |
649,860,432,000 |
|
Total Assets |
12,237,362,005,000 |
Total Liab. & Equity |
12,237,362,005,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
813,943,638,000 |
Net Profit |
82,645,190,000 |
|
Sales(Previous yr) |
709,939,175,000 |
Net Profit(Prev.yr) |
91,660,530,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
STATE BANK OF |
|
|
|
|
Registered Office
: |
State Bank Bhavan, Central
Office, 8th Floor, Madame Cama Marg, Nariman Point, Mumbai –
400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of Establishment : |
1806 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.6349.990 Millions |
|
|
|
|
Legal Form : |
Subject
is a Public Sector Commercial Bank Owned by the Government of India. The
Bank's Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Banking
Activities. |
|
|
|
|
No. of Employees
: |
222933 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
Large |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is the counting largest commercial Bank owned by the
government of It is a well established and a highly reputed Bank having excellent track.
Trade relations are reported as fair. Payments are reported to be regular and
as per commitments. As per law the Reserve Bank of India and ultimately government of
India is liable for Bank’s debt. The Bank can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
State Bank Bhavan, Central
Office, 8th Floor, Madame Cama Marg, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22830535/ 22883888/ 22022678 |
|
Fax No.: |
91-22-22855348 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Central office : |
State Bank Bhavan, P. B. No. 12, |
|
Tel No.: |
91-22-22022426 |
|
Fax No.: |
91-22-22852708/ 22040073/ 2385139 |
|
|
|
|
Local Boards : |
Located at : ·
Kolkata, ·
Mumbai, ·
Chennai, Tamilnadu ·
·
·
Ahmedabad, ·
·
·
·
Bhubaneshwar, Orissa ·
·
·
|
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Pradip Chaudhari |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Sridharan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Hemant G. Contractor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Krishna Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Diwakar Gupta |
|
Designation : |
Directors |
|
|
|
|
Name : |
Dr. Ashok Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dileep C. Choksi |
|
Designation : |
Director |
|
Address : |
C3 Advisors Private Limited, Mafatlal House, Backbay
Reclamation, Mumbai, |
|
|
|
|
Name : |
Mr. S. Venkatachalam |
|
Designation : |
Director |
|
Address : |
Building B – 1, Flat 1 D, (First Floor),
Harbour Heights, N A Sawant Marg, Colaba, Mumbai, Maharashtra, India |
|
|
|
|
Name : |
Mr. D. Sundaram |
|
Designation : |
Director |
|
Address : |
Hindustan Unilever Limited, 165/166, Backbay Reclamation, Mumbai, |
|
|
|
|
Name : |
Mr. G. D. Nadaf |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Rajiv Kumar |
|
Designation : |
Director |
|
Address : |
6 A, 4th Floor. |
|
|
|
|
Name : |
Mr. Rashpal Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr Shashi Kant Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Shyamala
Gopinath |
|
Designation : |
Director |
KEY EXECUTIVES
COMMITTEES OF THE BOARD
|
Executive
Committee of the Central Board (ECCB) |
Mr. R. Sridharan -Managing Directors Mr. Hemant G. Contractor Mr. A. Krishna Kumar Mr. Diwakar Gupta Mrs. Shyamala Gopinath -(Reserve Bank of India nominee) and all or any of the other Directors who are normally
residents or may for the time being be present at any place within India
where the meeting is held. |
|
|
|
|
Audit
Committee of the Board (ACB) |
Mr. Dileep C. Choksi, Director – Chairman of the Committee Mr. S. Venkatachalam, Director – Member Dr. Ashok Jhunjhunwala, Director – Member Mr. Shashi Kant Sharma, GoI Nominee – Member (Ex-officio) Mrs. Shyamala Gopinath, RBI Nominee – Member (Ex-officio) Mr. R. Sridharan, MD and GE (A and S) – Member
(Ex-officio) Mr. Hemant G. Contractor, MD and GE (IB) – Member
(Ex-officio) |
|
|
|
|
Risk
Management Committee of the Board (RMCB) |
Mr. R. Sridharan, MD and GE (A and S) – Member
(Ex-officio) Chairman of the Committee Mr. Hemant G. Contractor, MD and GE (IB) – Member
(Ex-officio) Dr. Ashok Jhunjhunwala, Director – Member Mr. Dileep C. Choksi, Director – Member Dr. Rajiv Kumar, Director – Member |
|
|
|
|
Shareholders’/Investors’
Grievance Committee of the Board (SIGCB) |
Mr. D. Sundaram, Director – Chairman of the Committee Mr. Dileep C. Choksi, Director – Member Mr. S. Venkatachalam, Director – Member Mr. R. Sridharan, MD and GE (A and S) – Member (Ex-officio) Mr. Hemant G. Contractor,
MD and GE (IB) – Member (Ex-officio) |
|
|
|
|
Special
Committee of the Board of Directors for Monitoring of
Large Value Frauds |
Mr. R. Sridharan, MD and GE (A and S) –Member (Ex-Officio) – Chairman
of the Committee Mr. Hemant G. Contractor, MD and GE (IB) – Member (Ex-officio) Mr. Dileep C. Choksi, Director – Member Mr. S. Venkatachalam, Director – Member Mr. D. Sundaram, Director – Member Dr. Rajiv Kumar, Director – Member |
|
|
|
|
Customer
Service Committee of the Board (CSCB) |
Mr. R. Sridharan, MD and GE (A and S) –Member (Ex-Officio) – Chairman
of the Committee Mr. Hemant G. Contractor, MD and GE (IB) – Member (Ex-officio) Mr. Dileep C. Choksi, Director – Member Mr. S. Venkatachalam, Director – Member Dr. Rajiv Kumar, Director – Member |
|
|
|
|
Technology
Committee of the Board (TCB) |
Dr. Ashok Jhunjhunwala, Director – Chairman of the
Committee Dr. Rajiv Kumar, Director – Member Mr. D. Sundaram, Director – Member Mr. R. Sridharan, MD and
GE (A and S) – Member (Ex-officio) Mr. Hemant G. Contractor, MD and GE (IB) – Member
(Ex-officio) |
|
|
|
|
Remuneration
Committee of the Board |
Mr. Shashi Kant Sharma, GoI Nominee – Member
(Ex-officio) Mrs. Shyamala Gopinath, RBI Nominee – Member (Ex-officio) Dr. Ashok Jhunjhunwala, Director – Member Mr. S. Venkatachalam, Director – Member |
|
|
|
|
Members of Central Management Committee |
Mr. Pratip Chaudhuri Chairman Mr. R. Sridharan Managing Director and Group Executive (Associates and Subsidiaries) Mr. Hemant G. Contractor Managing Director and Group Executive (International Banking) Mr. A. Krishna Kumar Managing Director and Group Executive (National Banking) Mr. Diwakar Gupta Managing Director and Chief Financial Officer Mr. C. Narasimhan Deputy Managing Director (Corporate Strategy and New Businesses) Mr. A. P. Verma Deputy Managing Director and Chief Credit and Risk Officer Mr. S. S. Ranjan Deputy Managing Director (Inspection and Management Audit) Mr. Anjan Barua Deputy Managing Director and Group Executive (Global Markets) Mr. Shyamal Acharya Deputy Managing Director and Group Executive (Mid Corporate) Mr. Santosh B. Nayar Deputy Managing Director and Group Executive (Corporate Banking) Mrs. Arundhati Bhattacharya Deputy Managing Director and Corporate Development Officer Mr. R. Venkatachalam Deputy Managing Director (Stressed Assets Management) |
MEMBERS OF LOCAL BOARD:
|
Ahmedabad |
Mr. P. Nanda
Kumaran Chief General Manager (Ex-Officio) |
|
|
|
|
|
Mrs. Soundara Kumar Chief General Manager (Ex-Officio) Ms. N.S. Rathna Prabha Mr. L. Chandrashekar Mr. R. Ashok Kumar Mr. Srinivas Tiwari |
|
|
|
|
|
Mr. M. Bhagavantha Rao Chief General Manager (Ex-Officio) |
|
|
|
|
|
Mr. C. H. Narasimha Rao
Chief General Manager (Ex-Officio) Mr. Muralidhar Jena |
|
|
|
|
|
Mr. Susheel Kumar Sehgal Chief General Manager (Ex-Officio) Mr. Gurjit Singh Lehal Mr. Tirloki Nath Singla Mr. Rashpal Malhotra |
|
|
|
|
Chennai |
Mr. J. Chandrashekaran Chief General Manager (Ex-Officio) Mr. S. Vanamamalai Dr. Ashok Jhunjhunwala |
|
|
|
|
Delhi
|
Mr. Sunil Pant Chief General Manager (Ex-Officio) Dr. Rajiv Kumar |
|
|
|
|
|
Mr. Rakesh Sharma Chief General Manager (Ex-Officio) Mr. Chinta Venkat Krishna Mr. Jaldu Koteswara Rao |
|
|
|
|
Kerala
|
Mr. B. S. Bhasin Chief General Manager (Ex-Officio) Mr. C.A. Babu Abraham Kallivayalil |
|
|
|
|
Kolkata |
Mr. Suriender Kumar Chief General Manager (Ex-Officio) Mr. Sankar Kumar Sanyal Mr. Sukhendu Sekhar Ray Mr. Subrata Ghosh |
|
|
|
|
|
Mr. Abhay Kumar Singh Chief General Manager (Ex-Officio) Mr. Madan Mohan Shukla |
|
|
|
|
Mumbai |
Mr. Atanu Sen Chief General Manager (Ex-Officio) Mr. Dileep C. Choksi* Mr. S. Venkatachalam* Mr. D. Sundaram* Mr. Syed Javed Munir Hashmi Mr. Pradeep S. Jain |
|
|
|
|
North Eastern |
Mr. R. K. Garg Chief General Manager (Ex-Officio) Ms. Minati Saikia Dr. Kalyan Kumar Gogoi Mr. Ashok Kumar Das |
|
|
|
|
|
Mr. Jeevandas Narayan Chief General Manager (Ex-Officio) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
377,207,200 |
61.14 |
|
|
377,207,200 |
61.14 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
377,207,200 |
61.14 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
32,533,318 |
5.27 |
|
|
1,230,293 |
0.20 |
|
|
125,686 |
0.02 |
|
|
83,835,649 |
13.59 |
|
|
54,940,125 |
8.91 |
|
|
172,665,071 |
27.99 |
|
|
|
|
|
|
|
|
|
|
24,423,992 |
3.96 |
|
|
|
|
|
|
|
|
|
|
38,703,803 |
6.27 |
|
|
1,595,102 |
0.26 |
|
|
2,315,135 |
0.38 |
|
|
1,094,133 |
0.18 |
|
|
401,526 |
0.07 |
|
|
1,050 |
- |
|
|
263 |
- |
|
|
20,468 |
- |
|
|
797,695 |
0.13 |
|
|
67,038,032 |
10.87 |
|
|
|
|
|
Total
Public shareholding (B) |
239,703,103 |
38.86 |
|
|
|
|
|
Total
(A)+(B) |
616,910,303 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
18,088,688 |
- |
|
|
18,088,688 |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
634,998,991 |
100.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Banking Activities |
GENERAL INFORMATION
|
No. of Employees : |
222933 (Approximately) |
|
|
|
|
Bankers : |
Reserve Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
M/s Kalyaniwalla and Mistry, Mumbai Mumbai Circle Chartered
Accountant M/s B. M. Chatrath and Company, Kolkata Kolkata Circle Chartered
Accountant M/s K. K. Soni and Company, New Delhi Delhi Circle Chartered
Accountant M/s Essveeyar, Chennai Chennai Circle Chartered
Accountant M/s Venugopal and Chenoy, Hyderabad Hyderabad Circle Chartered
Accountant M/s K. G. Somani and Company, New Delhi Lucknow Circle Chartered
Accountant M/s K. C. Mehta and Company, Vadodara Ahmedabad Circle Chartered
Accountant M/s Dagliya and Company, Bangalore Bangalore Circle Chartered
Accountant M/s M. Verma and Associates, New Delhi Chandigarh Circle M/s Krishnamoorthy and Krishnamoorthy, Kochi Kerala Circle M/s Todi Tulsyan and Company, Patna Patna Circle Chartered Accountant
R. K. J. K. Khanna and Company, New Delhi Bhubaneswar Circle Chartered
Accountant Raj Bordia and Company, Mumbai North Eastern Circle Chartered
Accountant SBA and Company, Indore Bhopal Circle Chartered
Accountant |
|
|
|
|
Jointly Controlled
Entities: |
· GE Capital Business Process Management Services Private Limited · C-Edge Technologies Limited · Macquarie SBI Infrastructure Management Pte. Limited · Macquarie SBI Infrastructure Trustees Limited · SBI Macquarie Infrastructure Management Private Limited ·
SBI Macquarie Infrastructure Trustees Private
Limited · Oman India Joint Investment Fund – Trustee Company Private Limited ·
Oman India Joint Investment Fund – Management
Company Private Limited |
|
|
|
|
Subsidiaries : |
DOMESTIC BANKING
SUBSIDIARIES ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of Saurashtra ·
State Bank of Travancore ·
SBI Commercial and International Bank Limited FOREIGN
BANKING SUBSIDIARIES · SBI (Mauritius) Limited · State Bank of India (Canada) · State Bank of India (California) · Commercial Bank of India LLC, Moscow · PT Bank SBI Indonesia · Nepal SBI Bank Limited DOMESTIC NON-BANKING SUBSIDIARIES · SBI Capital Markets Limited · SBI DFHI Limited · SBI Mutual Funds Trustee Company Private Limited · SBI CAP Securities Limited · SBI CAPS Ventures Limited · SBI CAP Trustees Company Limited · SBI Cards and Payment Services Private Limited · SBI Funds Management Private Limited · SBI Life Insurance Company Limited · SBI Pension Funds Private Limited · SBI – SG Global Securities Private Limited · SBI Global Factors Limited · SBI General Insurance Company Limited · SBI Payment Services Private Limited FOREIGN NON-BANKING SUBSIDIARIES · SBICAP (UK) Limited · SBI Funds Management (International) Private Limited · SBICAP Singapore Limited |
|
|
|
|
Associates: |
Regional
Rural Banks · Andhra Pradesh Grameena Vikas Bank · Arunachal Pradesh Rural Bank · Cauvery Kalpatharu Grameena Bank · Chhattisgarh Gramin Bank · Deccan Grameena Bank · Ellaquai Dehati Bank · Meghalaya Rural Bank (Formerly known as Ka Bank · Nongkyndong Ri Khasi Jaintia) · Krishna Grameena Bank · Langpi Dehangi Rural Bank · Madhya Bharat Gramin Bank · Malwa Gramin Bank · Marwar Ganganagar Bikaner Gramin Bank · Mizoram Rural Bank · Nagaland Rural Bank · Parvatiya Gramin Bank · Purvanchal Kshetriya Gramin Bank · Samastipur Kshetriya Gramin Bank · Saurashtra Gramin Bank · Utkal Gramya Bank · Uttaranchal Gramin Bank · Vananchal Gramin Bank · Vidisha Bhopal Kshetriya Gramin Bank Others · SBI Home Finance Limited · The Clearing Corporation of India Limited · Bank of Bhutan Limited · S. S. Ventures Services Limited (up to 15.03.2011) |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
635083106 |
Equity Shares |
Rs.10/- each |
Rs.6350.831 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
634998991 |
Equity Shares |
Rs.10/- each |
Rs.6349.990 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
CAPITAL AND
LIABILITIES |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
Share Capital |
6349.990 |
6348.826 |
6348.802 |
|
Reserves & Surplus |
643510.442 |
653143.160 |
573128.162 |
|
Deposits |
9339328.130 |
8041162.268 |
7420731.280 |
|
Borrowings |
1195689.550 |
1030116.011 |
537136.821 |
|
Other
Liabilities and Provision |
1052483.893 |
803367.040 |
1106975.742 |
|
|
|
|
|
|
TOTAL |
12237362.005 |
10534137.305 |
9644320.807 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and balances
with Reserve Bank of |
943955.020 |
612908.652 |
555461.727 |
|
Balance with Banks and Money at call and short notice |
284786.457 |
248978.483 |
488576.259 |
|
Investments |
2956005.690 |
2957851.987 |
2759539.569 |
|
Advance |
7567194.480 |
6319141.520 |
5425032.042 |
|
Fixed Assets |
47641.893 |
44139.067 |
38378.472 |
|
Others Assets |
437778.465 |
351127.596 |
377332.738 |
|
|
|
|
|
|
TOTAL |
12237362.005 |
10534147.305 |
9644320.807 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
INCOME |
|
|
|
|
Interests Earned |
813943.638 |
709939.175 |
637884.338 |
|
Others Income |
158245.942 |
149681.527 |
126907.890 |
|
TOTAL |
972189.58 |
859620.702 |
764792.228 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interests Expended |
488679.561 |
473224.780 |
429152.937 |
|
Operating Expenses |
230154.326 |
203186.800 |
156487.044 |
|
Provision and Contingencies |
170710.503 |
91548.592 |
87939.982 |
|
TOTAL |
889544.390 |
767960.172 |
673579.963 |
|
|
|
|
|
|
PROFIT |
|
|
|
|
Net Profit for the year |
82645.190 |
91660.530 |
91212.265 |
|
Profit brought forward |
3.393 |
3.393 |
3.393 |
|
TOTAL |
82648.583 |
91663.923 |
91215.658 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
24793.557 |
63810.885 |
|
|
Transfer to Capital Reserve |
96.089 |
1140.547 |
|
|
Transfer to Revenue and Other Reserve (Including Transfer to Investment
Reserve Account for 2009-10 Rs.40.556 Millions) |
27298.659 |
5295.065 |
|
|
Dividend |
|
|
NA |
|
Interim Dividend |
-- |
6348.802 |
|
|
Final Dividend Proposed |
19049.970 |
12697.677 |
|
|
Tax on dividend |
2465.202 |
2367.554 |
|
|
Loss on Amalgamation of State Bank of Indore |
8941.713 |
-- |
|
|
Balance carried over to Balance Sheet |
3.393 |
3.393 |
|
|
TOTAL |
82648.583 |
91663.923 |
NA |
|
|
|
|
|
|
Basic Earning per Shares |
130.16 |
144.37 |
143.77 |
|
|
|
|
|
|
Diluted Earnings Per Shares |
130.16 |
144.37 |
143.77 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Interest Earned |
|
|
241974.400 |
|
Income On Investments |
|
|
54137.800 |
|
Interest On Balances With RBI Other Inter Bank Funds |
|
|
1662.700 |
|
Interest / Discount On Advances / Bills |
|
|
182563.500 |
|
Others |
|
|
3610.400 |
|
Other Income |
|
|
35342.300 |
|
Total Income |
|
|
277316.700 |
|
Interest Expended |
|
|
144979.100 |
|
Operating Expenses |
|
|
59913.200 |
|
Total Expenditure |
|
|
59913.200 |
|
Operating Profit Before Provisions and Contingencies |
|
|
72424.400 |
|
Exceptional Items |
|
|
0.000 |
|
Provisions and contingencies |
|
|
41569.000 |
|
Profit Before Tax |
|
|
30855.400 |
|
Tax |
|
|
15019.900 |
|
Profit After Tax |
|
|
15835.500 |
|
+/- Extraordinary Items |
|
|
0.000 |
|
+/- Prior period items |
|
|
0.000 |
|
Net Profit |
|
|
15835.500 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
BACKDROP AND BANKING ENVIRONMENT
The Indian economy is back on track and has recovered smartly from the aftermath of the global crisis of 2007-09. GDP grew by 8.5% in FY’11 from 6.8% in FY’09 and 8.0% in FY’10. Strong recovery in the agriculture sector, which rose by 6.6% in FY’11 against negligible growth (0.4%) in FY’10, has been the key underlying driver of higher GDP growth.
Industrial growth has been generally satisfactory but volatile. During 2010-11, the Index of Industrial Production (IIP) grew by 7.8% against 10.5% in the previous year though growth has ranged from 16.6% in April 2010 to 2.6% in December 2010. The growth rate of IIP remained above 10% in four out of twelve months, below 5% in five months, and around 7% in three months. However, consumer durables (20.9%), intermediate goods (8.8%) and capital goods (9.3%) recorded higher growth than overall IIP growth in FY’11, taking manufacturing sector growth to 8.3% in FY’11 against 8.8% in FY’10. The services sector, accounting for around three-fifth of GDP, grew by 9.2% in FY’11 against 9.7% in FY’10 largely due to moderation in ‘Community, Social and Personal Services’, which rose by 7.0% in FY’11 against 11.8% in FY’10. Nevertheless, ‘Trade, Hotels, Transport and Communication’ and ‘Financing, Insurance, Real Estate and Business Services’ registered higher growth of 10.3% (9.7% in FY’10) and 9.9% (9.2% in FY’10) respectively in FY’11.
With pickup in the growth momentum in developed countries, merchandise exports rose smartly by 37.6% in FY’11, while imports rose by 21.6%, shrinking the trade deficit to US $104.8 bn, slightly lower than US $109.6 bn in FY’10. The forex market experienced orderly movements and saw the Rupee move up from average Rs.47.46 per US dollar in 2009-10 to Rs.45.57 per US dollar during FY’11. Revival in the domestic economy was reflected in rise in net FII inflows of US $29.4 bn in FY’11 against US $29.0 bn in FY’10. During the year, India’s foreign exchange reserves rose by US $26.4 bn to US $305.5 bn.
While the growth outlook remained robust, the year saw inflation emerge as a major concern driven by high food, fuel and commodity prices. After remaining in double digits from April to June 2010, headline WPI inflation came down to 8.9% in August 2010 and softened further to 8.2% in November 2010 but the trend reversed in December 2010 and inflation rose to 9.4% led by sudden spurt in prices of primary food articles and fuels. By end-March 2011, yoy WPI inflation stood at 9.02%, lower than 10.36% in March 2010.
Inflation concerns prompted RBI’s tight monetary policy stance; between 20 April 2010 and 17 March 2011, RBI increased the Repo and Reverse Repo rate seven times. During the year, the Repo Rate was raised by 175 bps from 5.0% to 6.75%, Reverse Repo rate by 225 bps from 3.50% to 5.75% and the Cash Reserve Ratio was hiked by 25 bps from 5.75% to 6.0%. Monetary tightening and sharp credit growth beginning from the busy season in October 2010 saw liquidity conditions in the system remain tight. To ease pressure on liquidity and ensure adequate credit availability for all sectors, RBI introduced several measures including opening second LAF window, open market operations including buyback of government securities worth Rs.480000.000 Millions and cut in SLR, initially temporary cut by 200 bps from 25% to 23% followed by a permanent reduction of 100 bps to 24% in December 2010.
All these measures supported bank lending which is reflected in the 21.5% rise in ASCB credit despite muted growth of 15.9% in deposits. Reflecting policy transmission, interest rates on both deposits and credit hardened during the year. While PLR of major banks rose by 200 bps from 11.0-12.0% in FY’10 to 13.0-14.0% in FY’11, rates for 1-3 year deposits rose from 6.0-7.50% to 7.75-9.50% in the same period. Another important development during the year was introduction of the Base Rate system from July 2010, bringing greater transparency in interest rates. Initially, base rate of major banks was in the range of 7.5-8.25% but following monetary tightening by RBI, this rose to 8.25-9.50% by March 2011.
Latest projections by IMF show that the global economy has grown by 5% in 2010, one of the highest in recent years. However, while growth in emerging market economies remains strong and growth in the US and the Euro area is gaining momentum, the sharp increase in oil prices as a result of the turmoil in the Middle East and North Africa is adding uncertainty to the pace of global recovery. Further, coming on top of already elevated food and other commodity prices, the spike in oil prices has engendered inflation concerns. With growth worries fading, the focus has shifted to inflation and policy tightening. So going forward, countries will aim to achieve higher growth without compromising on price and financial stability thus balancing inflation expectations and maintaining growth momentum.
ASSOCIATES AND
SUBSIDIARIES
The State Bank Group with a network of 18,266 branches including 4,724 branches of its five Associate Banks dominates the banking industry in India. In addition to banking, the Group, through its various subsidiaries, provides a whole range of financial services, which include Life Insurance, Merchant Banking, Mutual Funds, Credit Card, Factoring, Security trading, Pension Fund Management and Primary Dealership in the Money Market.
ASSOCIATE BANKS
SBI’s five Associate Banks had a market share of 5.88% in
deposits and 6.00% in advances as on last Friday of March 2011.
SBI
COMMERCIAL AND INTERNATIONAL BANK LIMITED (SBICI)
As at the end of March 2011, the aggregate Deposits and total Advances of SBICI stood at Rs.4532.700 Millions and Rs.2714.300 Millions respectively. The Bank recorded an operating and net profit of Rs.52.500 Millions and Rs.42.100 Millions respectively. The net NPA as at the end of March 2011 was NIL.
SBI CAPITAL MARKETS LIMITED (SBICAP)
SBICAP is a full service investment banking outfit offering
Project Advisory Services, arrangement of Structured Finance, Capital Market
Services like Equity Issuances, Mergers and Acquisitions and arrangement of
Private Equity, etc. SBICAP is a leader in India in Project Finance with over
40% market share.
The following are some of the many awards / recognitions won
by the Company during the year:
· Bank of the year award 2010 for Asia Pacific Region for the 3rd consecutive year by Thomson Reuters.
· Loan House of the Year Award for the 2nd consecutive year by IFR Asia.
· Euromoney Project Finance Indian Deals awards –
o Indian Petrochemical Deal of
the Year 2010- ONGC Mangalore Petrochemicals
o Indian Industrial Deal of the
Year 2010 – Dungsam Cement
o Indian Oil and Gas Deal of the
Year 2010- GSPC KG Offshore
· Ranked No 1 Global Mandated Lead Arrangers for 2010 by PFI (Thomson Reuters) for the second successive year.
· Ranked No 1 Global Lead Arrangers for the second successive year by Dealogic.
· Ranked 1st with an impressive market share of 13.3% for the 1st quarter of calendar 2011 on the Asia Ex-Japan Syndicated Loans Table as per Bloomberg.
· Ranked 2nd in terms of issues handled and 3rd in terms of amount raised during the financial year 2010-11.
· Ranked 1st in Rights Issues- both in terms of number of issues and amount raised
· Ranked 1st in number of PSU Divestment Issues.
The company has posted PAT of Rs.3747.200 Millions as on 31.03.2011 as against Rs.1371.200 Millions as on 31.03.2010 thus recording YoY growth of 173%. Also declared an interim dividend of 400%.
SBICAP SECURITIES
LIMITED (SSL)
SSL, a wholly owned subsidiary of SBI Capital Markets Limited, besides offering equity broking services to retail and institutional clients both in cash as well as in Futures and Options segments, is also engaged in Sales and Distribution of other financial products like Mutual Funds, etc. SSL has 100 branches and offers Demat, e-broking, e-IPO and e-MF services to both retail and institutional clients. SSL currently has more than 1.89 lac customers in their books. The Company has posted a profit of Rs.45.900 Millions as on 31.03.2011 during the current year.
SBICAPS VENTURES
LIMITED (SVL)
SVL is a wholly owned subsidiary of SBI Capital Markets
Limited. SVL earned a net profit of Rs.5.900 Millions during 2010-11.
SVL sold its stake in SS Ventures Services Limited a venture
capital fund set up jointly by SVL and SBI Holdings Inc (Softbank), Japan and
its stake in India Japan Fund to SBI Holdings Inc and Knowledge Investments
(Mauritius) Limited at a total consideration of Rs.34.700 Millions and Rs.0.260
Million respectively.
SBICAP (UK) LIMITED (SUL)
SUL is a wholly owned subsidiary of SBI Capital Markets Limited. During the year SUL has booked a revenue of ` 2.16 crores and has posted a net profit of Rs.2.000 Millions despite the global recessionary scenario.
SUL is positioning itself as a Relationship outfit for SBI Capital Markets in UK and Europe. Relationships are being built with FIIs, Financial Institutions, Law Firms, Accounting Firms, etc to market the business products of SBICAP.
SBICAP TRUSTEE COMPANY LIMITED (STCL)
SBICAP Trustee Company Limited (STCL), a wholly owned subsidiary of SBI Capital Markets Limited, which has commenced security trustee business with effect from 1st August 2008 has earned a gross income of Rs.83.100 Millions and a Net Profit of Rs.44.300 Millions during 2010-11 as against Gross Income of Rs.37.800 Millions and Net Profit of Rs.19.400 Millions during 2009-10.
SBI DFHI LIMITED (SBI DFHI)
SBI acquired Asian Development Bank’s and Industrial Investment Bank of India’s stake (4.69% and 0.47% respectively) in SBI DFHI during the course of the year.
SBI group holds 72.17 % share in the Company, which is a primary dealer.
For the period ended 31st March 2011, the Company’s PAT was
Rs.569.400 Millions as against Rs.892.300 Millions during March 2010. The lower
profit is mainly attributed to the impact of hikes in Repo rates by RBI and
yield on investments remaining stagnant.
• The market share of SBIDFHI has increased from 2.71% as on
31.03.2010 to 3.41% as on 31.03.2011.
• The secondary market turnover during the year was
Rs.978850.000 Millions as against Rs.789110.000 Millions during the
corresponding period in 2010 (YoY growth of 24%).
SBI CARDS AND PAYMENTS SERVICES
PRIVATE LIMITED, (SBICSPL)
SBI Cards, the only stand-alone credit card issuing company in India, is
a joint venture between State Bank of India and GE Capital Corporation, wherein
SBI holds 60% stake.
The “Cards in Force” (CIF) of the Company stands at 23 lac and the
receivables are at Rs.17950.000 Millions at the end of March 2011.
The Company has posted a net profit of Rs.71.000 Millions as on March
2011 as against a loss of Rs.1524.000 Millions as on 31.03.2010.
SBI Card has emerged as the most trusted brand by being the undisputed
Gold Award winner in Reader’s Digest Trusted Brands Survey 2010 for the third
year in a row.
SBI Card has won the CNBC Awaaz Consumer Awards 2010.
SBI LIFE INSURANCE COMPANY LIMITED
(SBILIFE)
SBI Life is Joint Venture Company between SBI and BNP Paribas in which
SBI holds 74% stake.
SBI Life has a unique multi-distribution model comprising Bancassurance,
Retail Agency and Institutional Alliances and Group Corporate Channels for
distribution of insurance products.
Gross Premium of the Company Crossed Rs.120000.000 Millions with YoY growth
of 28%.
SBI Life has a market share of 19.22% of the total market share of
private insurers which stood at 31.30% as on 31.03.2011. Overall market share
(including Life Insurance Corporation of India) of SBI Life stood at 6.02% as
at 31st March 2011.
Recorded a PAT of Rs.3663.000 Millions as on 31.03.2011 as against
Rs.2764.600 Millions as on 31.03.2010.
The ‘Assets under Management’ of SBI Life recorded a growth of 40% YoY
to reach Rs.401620.000 Millions as on 31st March 2011.
SBI Life expanded its branch network by adding 135 branches during the
year bringing the total number of branches to 629.
ICRA has reaffirmed iAAA rating to the company indicating highest claim
paying ability.
CRISIL has reaffirmed its highest financial rating AAA/ Stable.
SBI FUNDS MANAGEMENT (PRIVATE) LIMITED
(SBIFMPL)
SBIFMPL, the Mutual Fund arm of SBI, is the 6th largest Fund
House in terms of “Assets Under Management” and a leading player in the market
with 6 million investors.
The schemes of the Fund House have performed consistently
over the years and have emerged as the preferred investment for investors.
The company has posted a PAT of Rs.788.500 Millions as on
31.03.2011 registering a YoY growth of 4%.
The average “Assets Under Management” (AUM) of the company
stood at Rs.416720.000 Millions as against Rs. 374170.000 Millions as on March
2010 achieving a YoY growth of 11% as against the growth of 6% for the Mutual
Fund Industry.
SBI
GLOBAL FACTORS LIMITED (SBIGFL)
SBIGFL is one of the leading factoring companies in India
which has the highest market share (over 90%) in export and import factoring.
During the year ended 31st March 2011, the turnover of the
company decreased to Rs.76050.000 Millions from Rs.129780.000 Millions as on
31st March 2010 due to the sluggish growth in industrial production during the
year impacting the top line growth.
The company incurred a loss of Rs.1256.200 Millions during
the year ended 31.03.2011 as against a profit of Rs.65.800 Millions earned on
31.03.2010 mainly on account of slow down in economy and due to higher
provisioning for NPAs and Write-offs.
SBI
PENSION FUNDS PRIVATE LIMITED (SBIPF)
SBIPF is one of the three Fund Managers appointed by Pension
Fund Regulatory and Development Authority (PFRDA) for management of Pension
Funds under the New Pension System for Central Government (except Armed
Forces) and State Government Employees. SBIPF, a wholly owned subsidiary of
the State Bank Group, commenced its operations from April 2008. The total
“Assets Under Management" of the company as on 31st March 2011 were Rs.37641.100 Millions (YoY growth
of 65%). As at 31st March 2011, SBIPF was
managing 44% of the corpus under the Central Govt Scheme, 39 % under
State Govt scheme and 64% under the informal sector. The Company
recorded a net profit of Rs.0.032 Millions.
IMPORTANT DEVELOPMENTS DURING THE YEAR
IN ASSOCIATES AND SUBSIDIARIES:
State Bank of Indore, one of the Associate Banks, was
acquired on 26th August 2010 after the final approval from RBI and GoI.
• State Bank of Mysore raised Rs.5832.000 Millions equity
through a Rights Issue during the year.
• State Bank of Bikaner and Jaipur’s Rights Issue for
raising Rs.7800.000 Millions was open from 28th March to 11th April
2011.
WEBSITE DETAILS:
PROFILE:
Subject has an
extensive administrative structure to oversee the large network of branches in
The Corporate Accounts Group is a Strategic Business Unit of the Bank set up
exclusively to fulfil the specialized banking needs of top corporate in the
country.
State Bank of
TRANSFORMATION
JOURNEY IN STATE BANK OF
The State Bank of India, the country’s oldest Bank and a premier
in terms of balance sheet size, number of branches, market capitalization and
profits is today going through a momentous phase of Change and Transformation –
the two hundred year old Public sector behemoth is today stirring out of its
Public Sector legacy and moving with an agility to give the Private and Foreign
Banks a run for their money.
The bank is entering into many new businesses with strategic
tie ups – Pension Funds, General Insurance, Custodial Services, Private Equity,
Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services,
structured products etc – each one of these initiatives having a huge potential
for growth.
The Bank is forging ahead with cutting edge technology and
innovative new banking models, to expand its Rural Banking base, looking at the
vast untapped potential in the hinterland and proposes to cover 100,000
villages in the next two years.
It is also focusing at the top end of the market, on whole
sale banking capabilities to provide
The Bank is changing outdated front and back end processes
to modern customer friendly processes to help improve the total customer
experience. With about 8500 of its own 10000 branches and another 5100 branches
of its Associate Banks already networked, today it offers the largest banking
network to the Indian customer. The Bank is also in the process of providing
complete payment solution to its clientele with its over 8500 ATMs, and other
electronic channels such as Internet banking, debit cards, mobile banking, etc.
With four national level
The bank is also looking at opportunities to grow in size in
Throughout all this change, the Bank is also attempting to
change old mindsets, attitudes and take all employees together on this exciting
road to Transformation. In a recently concluded mass internal communication
programme termed ‘Parivartan’ the Bank rolled out over 3300 two day workshops
across the country and covered over 130,000 employees in a period of 100 days
using about 400 Trainers, to drive home the message of Change and
inclusiveness. The workshops fired the imagination of the employees with some
other banks in
The CNN IBN, Network 18 recognized this momentous
transformation journey, the State Bank of India is undertaking, and has awarded
the prestigious Indian of the Year – Business, to its Chairman, Mr. O. P. Bhatt
in January 2008.
The elephant has indeed started to dance.
Date: 23.2.08
EVOLUTION OF STATE BANK OF
The origin of the subject goes back
to the first decade of the nineteenth century with the establishment of the
Bank of Calcutta in
Primarily Anglo-Indian creations, the three presidency banks
came into existence either as a result of the compulsions of imperial finance or
by the felt needs of local European commerce and were not imposed from outside
in an arbitrary manner to modernise India's economy. Their evolution was,
however, shaped by ideas culled from similar developments in Europe and
England, and was influenced by changes occurring in the structure of both the
local trading environment and those in the relations of the Indian economy to
the economy of Europe and the global economic framework.
ESTABLISHMENT
The establishment of the Bank of Bengal marked the advent of limited liability,
joint-stock banking in
The three banks were governed by royal charters, which were
revised from time to time. Each charter provided for a share capital,
four-fifth of which were privately subscribed and the rest owned by the
provincial government. The members of the board of directors, which managed the
affairs of each bank, were mostly proprietary directors representing the large
European managing agency houses in
BUSINESS
The business of the banks was initially confined to discounting of bills of
exchange or other negotiable private securities, keeping cash accounts and
receiving deposits and issuing and circulating cash notes. Loans were
restricted to Rs.one lakh and the period of accommodation confined to three
months only. The security for such loans was public securities, commonly called
Company's Paper, bullion, treasure, plate, jewels, or goods 'not of a
perishable nature' and no interest could be charged beyond a rate of twelve per
cent. Loans against goods like opium, indigo, salt woollens, cotton, cotton
piece goods, mule twist and silk goods were also granted but such finance by
way of cash credits gained momentum only from the third decade of the
nineteenth century. All commodities, including tea, sugar and jute, which began
to be financed later, were either pledged or hypothecated to the bank. Demand
promissory notes were signed by the borrower in favour of the guarantor, which
was in turn endorsed to the bank. Lending against shares of the banks or on the
mortgage of houses, land or other real property was, however, forbidden.
Indians were the principal borrowers against deposit of Company's paper, while
the business of discounts on private as well as salary bills was almost the
exclusive monopoly of individuals Europeans and their partnership firms. But
the main function of the three banks, as far as the government was concerned,
was to help the latter raise loans from time to time and also provide a degree
of stability to the prices of government securities.
MAJOR CHANGE IN THE CONDITIONS
A major change in the conditions of operation of the Banks of Bengal,
The presidency Banks Act, which came into operation on 1 May 1876, brought the
three presidency banks a common statute with similar restrictions on business.
The proprietary connection of the Government was, however, terminated, though
the banks continued to hold charge of the public debt offices in the three
presidency towns, and the custody of a part of the government balances. The Act
also stipulated the creation of Reserve Treasuries at
The decision of the Government to keep the surplus balances
in Reserve Treasuries outside the normal control of the presidency banks and
the connected decision not to guarantee minimum government balances at new
places where branches were to be opened effectively checked the growth of new
branches after 1876. The pace of expansion witnessed in the previous decade
fell sharply although, in the case of the Bank of Madras, it continued on a
modest scale as the profits of that bank were mainly derived from trade
dispersed among a number of port towns and inland centres of the presidency.
PRESIDENCY BANKS OF
The presidency Banks of Bengal,
But this creation was preceded by years of deliberations on the need for a
'State Bank of
The establishment of the Reserve Bank of
The establishment of the Reserve Bank simultaneously saw important amendments
being made to the constitution of the Imperial Bank converting it into a purely
commercial bank. The earlier restrictions on its business were removed and the
bank was permitted to undertake foreign exchange business and executor and
trustee business for the first time.
The Imperial Bank during the three and a half decades of its existence recorded
an impressive growth in terms of offices, reserves, deposits, investments and
advances, the increases in some cases amounting to more than six-fold. The
financial status and security inherited from its forerunners no doubt provided
a firm and durable platform. But the lofty traditions of banking which the
Imperial Bank consistently maintained and the high standard of integrity it
observed in its operations inspired confidence in its depositors that no other
bank in
When India attained freedom, the Imperial Bank had a capital
base (including reserves) of Rs.118.500 Millions, deposits and advances of
Rs.2751.400 Millions and Rs.729.400 Millions respectively and a network of 172
branches and more than 200 sub offices extending all over the country.
In 1951, when the First Five Year Plan was launched, the development of rural
The subject was thus born with a new sense of social purpose aided by the 480
offices comprising branches, sub offices and three Local Head Offices inherited
from the Imperial Bank. The concept of banking as mere repositories of the
community's savings and lenders to creditworthy parties was soon to give way to
the concept of purposeful banking subserving the growing and diversified
financial needs of planned economic development. The State Bank of
AWARDS
AND RECOGNITIONS
|
1. |
• “Best Executive” Award to the Chairman by • “Most Admired Infrastructure Financier” Award by KPMG, • “Top Public Sector Bank under SME Financing” by Dun and
Bradstreet |
|
|
|
|
2. |
The Bank was voted, for the third year in a row, as the “Most
Preferred Housing Loan” and “Most Preferred Bank” in the CNBC AWAAZ Consumer
Awards in a survey conducted by CNBC TV18 in association with AG Nielsen and
Company. The Bank was also awarded the “Best Home Loan Provider” as
well as “The Best Bank” – by Outlook Money Awards, 2008. |
|
|
|
|
3. |
Subject has been rated as the Best Public Sector Bank for
Rural Reach by Dun and Bradstreet. The Bank has won awards for topping SHG-Bank Credit
linkage in Orissa, Jharkhand, |
|
|
|
|
4. |
The Bank was awarded Reader’s Digest “Pegasus Corporate
Social Responsibility Award 2007” in recognition of its contribution towards
Rural Community Development. |
|
|
|
|
5. |
The Bank was conferred the following National awards by
the Government of India (GOI), Ministry of Micro Small and Medium Enterprises
for the FY 2007- 08: (i) First under "National Awards for excellence in
lending to Micro Enterprises". (ii)Second under "National Awards for Excellence in
MSE Lending". (iii) The Bank was also presented an award for outstanding
performance in the area of finance to SMEs by Dun and Bradstreet. |
|
|
|
|
6. |
Subject Voted the Best Bank in Cash Management Services in
local currency by Asia Money. |
|
|
|
|
7. |
Subject wins 2 awards for Best Rural Banking Initiative
and Best IT Architecture |
BUSINESS
DESCRIPTION
Subject
is an
India-based bank. In addition to banking, the Company, through its subsidiaries,
provides a range of financial services, which include life insurance, merchant
banking, mutual funds, credit card, factoring, security trading, pension fund
management and primary dealership in the money market. It operates in four
business segments: the treasury segment includes the entire investment
portfolio and trading in foreign exchange contracts and derivative contracts;
the corporate / wholesale banking segment comprises the lending activities of
corporate accounts group, mid corporate accounts group and stressed assets
management group; the retail banking segment comprises of branches in National
Banking Group, which primarily includes personal banking activities, and other
banking business. As of March 31, 2011, the Bank had a network of 18,266
branches including 4,724 branches of its five Associate Banks. For the nine
months ended 31 December 2010, State Bank of India's interest income increased
12% to RS835.64B. Net interest income after loan loss provision increased 22%
to RS252.42B. Net income increased 4% to RS94.40B. Net interest income reflects
an increase in interest income on advances and a higher investment income. Net
income was partially offset by an increase in employees cost and the presence
of exceptional cost.
BOARD OF DIRECTORS
Mr. Pratip C.
Chaudhuri
Mr. Pratip C. Chaudhuri is Executive Chairman of the Board of State Bank of India since 7th April 2011. Prior to this appointment, he was Deputy Managing Director and Group Executive (International Banking). He has experience covering International Banking, Credit, Corporate Banking, Treasury and Operations, besides overseas experience in Canada. He was earlier posted as Chief General Manager (Foreign Offices), Managing Director, erstwhile State Bank of Saurashtra and Chief General Manager, Chennai Circle.
Mr. Dileep C. Choksi
Mr. Dileep C. Choksi is Shareholder Director of State Bank of India. He was appointed as Non-Executive Director of the Bank w.e.f. 24th June 2008. He is a practising Chartered Accountant since 35 years and is the Chief Mentor of C3 Advisors Private Limited and promotor of Universal Trustees Private Limited and director in several companies including World Tax Service India Private Limited. He is also a qualified Cost Accountant and Lawyer and was a leader in establishing Deloitte, of which he was the Joint Managing Partner. He has been a visiting faculty at Bankers Training College, Reserve Bank of India and Jamnalal Bajaj Institute of Management Studies, Mumbai.
Mr. Hemant G.
Contractor
Mr. Hemant G. Contractor is Managing Director, Group Executive (International Banking), Whole-Time Director of State Bank Of India since 7th April 2011. Prior to this appointment, he was Deputy Managing Director and Chief Financial Officer. He has background in Treasury, Credit and Corporate Banking, besides overseas experience in Bahrain. He was earlier posted as Deputy Managing Director and Group Executive (Corporate Banking) and Chief General Manager, Chandigarh Circle.
Dr. Subir Vithal
Gokran
Dr. Subir Vithal Gokran has been appointed as Director - Nominee of Central Government of State Bank of India with effect from August 04, 2011. He is Deputy Governor, Reserve Bank of India.
Mr. Diwakar Gupta
Mr. Diwakar Gupta is Chief Financial Officer, Managing Director, Whole-Time Director of State Bank of India since 7th April 2011. Prior to this appointment, he was Deputy Managing Director and Group Executive (National Banking). He has exposure in Operations, Credit and Systems, besides overseas experience at Paris. He has earlier worked as CEO, SBI Cards and Payment Services Limited, Chief General Manager, State Bank of Patiala and Chief General Manager, Mumbai Circle.
Dr. Ashok
Jhunjhunwala
Dr. Ashok Jhunjhunwala, Ph.D., is Non-Executive Director of State Bank of India. Dr. Jhunjhunwala is a Director elected by the Shareholders u/s 19(c) of SBI Act, w.e.f. 24th June 2008, for three years. He is a Professor of the Department of Electrical Engineering, and leads the Telecommunications and Computer Network Group (TeNeT) at IIT, Chennai, that is working closely with industry in the development of a number of Telecom and Computer Network Systems.
Mr. A. Krishna Kumar
Mr. A. Krishna Kumar is Managing Director and Group Executive (National Banking) and Whole-Time Director of State Bank of India since 7th April 2011. Prior to this appointment, he was Deputy Managing Director (Information Technology). He has domain in the areas of Credit, Operations and IT, besides overseas experience at Chicago, USA. He has earlier worked as Chief General Manager, Mid Corporate Group and Chief General Manager, Patna Circle.
Mr. Rashpal Malhotra
Mr. Rashpal Malhotra is Non-Executive Director of State Bank Of India since 10th May 2011. He is the Founder Director of Centre for Research in Rural and Industrial Development (CRRID), Chandigarh and presently its Executive Vice-Chairman. Earlier, Shri Malhotra was a Director on the Boards of Allahabad Bank and Bank of India.
Mr. D. K. Mittal
Mr. D. K. Mittal has been appointed as Director - Nominee of Central Government of State Bank of India with effect from August 03, 2011. He is Secretary, Department of Financial Services, Ministry of Finance.
Mr. G. D. Nadaf
Mr. G.D. Nadaf is Officer Employee Director of State Bank of India Act (nominated by Govt. of India) w.e.f. 4th November 2010.
Mr. D. Sundaram
Mr. D. Sundaram is Shareholder Director of State Bank of India. He was appointed as Non-Executive Director of the Bank w.e.f. 13th January 2009. He is Vice Chairman and Managing Director of TVS Capital Funds Limited. He is a professionally qualified Accountant (FICWA) and carries a experience in the area of Finance and Accounting. He held many important positions in Hindustan Unilever Limited (HUL) group as Vice- Chairman and CFO, Corporate Accountant, Commercial Manager and Treasurer, Finance Member, TOMCO Integration Team, and Finance Director, Brooke Bond Lipton India Limited. He had also held various positions in Unilever Limited, London as Commercial Officer for Africa and Middle East and Senior Vice President Finance, Central and Middle East Group.
Mr. S. Venkatachalam
Mr. S. Venkatachalam is Shareholder Director of State Bank of India. He was appointed as Non-Executive Director of the Bank w.e.f. 24th June 2008. He is a practicing Chartered Accountant and was employed with Citigroup and Citibank NA India Organisation in the Senior Management Cadre for a period of 30 years in various capacities.
NEWS:
INDIAN
STOCKS OPEN LOWER
03 November 2011
Mumbai, Nov. 3 (Xinhua) -- Indian main stock index Sensex
opened at 17,430.69 points Thursday, 34.17 points or 0.19 percent lower from previous
close of 17,464.85 ahead of the G20 meeting in France.
IT, technological, fast moving consumer goods and metal
sector declined 0.77 percent, 0.39 percent, 0.39 percent and 0.18 percent,
respectively.
Hero Motors, consumer goods maker Hindustan Unilever, Tata
Consultancy Services and copper refiner Sterlite Industries dropped 1.98
percent, 1.69 percent, 1.33 percent and 1.26 percent.
Still, power, realty, state-owned companies and consumer
durables gained 0.53 percent, 0.47 percent, 0.39 percent and 0.24 percent,
respectively.
Tata Power, State Bank of India, heavy machine maker BHEL
and automobile maker Mahindra and Mahindra grew 1.27 percent, 0.97 percent,
0.95 percent and 0.51 percent.
Sensex is the common name for the Bombay Stock Exchange Sensitive
Index. It consists of the 30 largest and most actively traded stocks,
representative of various sectors, on the Bombay Stock Exchange.
SBI
TO GET CAPITAL INFUSION BY MARCH: CHAUDHARI
03 November 2011
New Delhi, Nov. 3 -- The country's largest lender State Bank of India (SBI) has said that the Finance Ministry has given an assurance that the bank would be adequately capitalized by March 2012, but it has not yet decided on the route it will take for the same.
"Whether it would be a rights issue, preferential or QIP route... It is still not decided," SBI Chairman Pratip Chaudhuri said.
"But one thing has been confirmed through the finance secretary that the bank would be adequately capitalised by 2012," he said.
The government is the largest shareholder of the SBI with an equity stake of 59.4%.
"Our issue is that the government has to take a call what level of ownership it wants to maintain in the bank. If it wants to have 59.4% stake in SBI, then it would be a rights issue," he added.
"If it [the stake] is to be raised from the level of 59.4%, then it would be a preferential issue and if it has to be lowered, then it has to be through a QIP issue," Chaudhuri said.
SBI had reported a Tier-I capital adequacy ratio of 7.60% as of June 2011, against the suggested level of 8%.
It is said that such a low Tier-I capital ratio provides an insufficient cushion to support growth and to absorb potentially higher credit costs arising from deteriorating asset quality.
"Our tier-I capital had dropped to 7.6% against desired requirement of 8%... We need to grow and in doing that we need to increase our tier-I and the government of India is convinced," he said while replying to a query on the necessity for re-capitalisation.
"We have presented all our options to the government, but it has its own process of decision making," he said.
SBI had raised over Rs.160000.000 Millions through a rights issue in 2008. The government's contribution was in the form of bonds to the bank instead of cash.
The government of India proposes to provide a sum of Rs.60000.000 Millions to enable the public sector banks to maintain a minimum Tier-I Capital to Risk Weighted Asset Ratio (CRAR) at 8% this fiscal.
Last year, the capital infusion budget of the government was Rs.201570.000 Millions.
KINGFISHER
SEEKS SWITCH TO FOREIGN CURRENCY DEBT
03 November 2011
India, Nov. 03 -- Private sector carrier, Kingfisher Airlines has sought assistance from its banks to replace high-cost rupee borrowings with lower-cost foreign currency debt to get hedge against currency movement. The company has also sought for banks' assistance to release cash deposits held with lessors against maintenance reserves by providing bank guarantees in lieu, and to appraise working capital requirements in the usual course to account for changes in the international prices of fuel and the change in rupee-dollar parity. The company has a total debt of Rs.70000.000 Millions, and currently a consortium of 13 banks, including State Bank of India and ICICI Bank, hold about 23 per cent stake in the company as part of the debt restructuring plans implemented last fiscal. Recently, Kingfisher Airlines launched three new international routes from key south Indian cities to Colombo over the last weekend. These new routes are Tiruchirapalli- Colombo- Tiruchirapalli (from October 1, 2011) - ATR 72-500, Kochi-Colombo-Kochi (from September 30, 2011) - ATR 72-500 and Thiruvananthapuram-Colombo- Thiruvananthapuram (from October 1, 2011) - ATR 72-500.
SBI
TO GET CAPITAL INFUSION
03 November 2011
By Bloomberg News
NEW
DELHI: State Bank of India (SBI), India's largest lender, will get
a capital infusion of more than Rs.30 billion ($609 million) from the
government to bolster capital as concern that loans may sour.
The funds are a part of the Rs.140 billion that the
government plans to invest in state-run lenders, a Finance Ministry official
said in New Delhi yesterday, declining to be identified citing government
policy. The money is in addition to a Rs.60 billion investment planned for the
year to March 31 and will ensure the banks have a Tier 1 capital ratio of more
than 8 percent, said the official.
State Bank, which has been in talks with the government to
raise capital since at least February 2010, has declined 32 percent this year
as the fastest pace of interest rate increases among major economies and an
economic slowdown trigger concerns that bad debts may mount. Moody's Investors
Service cut State Bank's financial strength rating on October 4, citing deteriorating
asset quality.
"The capital infusion will help in soothing nerves of
investors who have been rattled by the Moody's downgrade," Alex Mathews,
head of research at Geojit BNP Paribas Financial Services, said by telephone.
"The concern raised by Moody's regarding a cushion for absorbing bad loans
will be addressed by this infusion." Bad debts at bank reached a
three-year high of 3.5 per cent of total loans at the end of June, compared to
2.3 per cent for India's financial institutions, Moody's said.
Shares of State Bank fell 0.3 per cent to Rs.1,895. The
stock of SBI has been the second-worst performer on the nation's main gauge for
banking stocks this year.
The cost of insuring State Bank of India's debt against
default slid the most in more than two years in October as policy makers said
they would provide capital to state-run lenders to help them cope with the
threat of bad loans.
Five-year credit-default swaps on the nation's largest
lender declined 87 basis points in October, the biggest drop since May 2009, to
266 basis points, according to data provider CMA.
INDIA'S
STATE BANK OF MYSORE HIKES LENDING RATE BY 0.25 PCT PNTS
02 November 2011
MUMBAI, Nov
2, Asia Pulse - India's State Bank of Mysore (SBM, BSE:532200), an associate of
State Bank of India (SBI, BSE:500112), on Monday increased lending rates by
0.25 percentage points.
The hike in interest rates come within a week of the Reserve
Bank of India raising its key policy rates by 0.25 percentage point to check
high inflation.
The bank has increased the base rate or minimum lending rate
from 10.25 per cent to 10.50 per cent with effect from November 1, SBM informed
the BSE.
With the increase in base rate all kinds of new loans would
become expensive by atleast 0.25 per cent. At the same time, the bank has also
raised the bank's Prime Rate (PLR) from 15 per cent to 15.25 per cent, it said.
The hike in PLR will make exiting loan costlier.
It is to be noted that following rate hike by RBI on October
25, some bank including Yes Bank and IndusInd Bank raised lending rates.
Last week, the RBI raised the short-term lending (repo) rate
by 25 basis points to 8.5 per cent and the short-term borrowing (reverse repo)
rate by a same margin to 7.5 per cent in a bid to check the rate of price rise.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.