sBr - London Stock Exchange

11
sBr BSE Limited The Listing Department, Phoiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai- 400001 cTlrdq €e fffr .ilrdq €e d-o. STATE BANKOF CC/S&B/SAI120 10 05 2019 The National Stock Exchange of lndia The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai- 400051 Dear Sir/Madam, LISTING REGULATIONS 2015: OUTCOME OF BOARD MEETING FINANCIAL RESULTS FOR THE YEAR ENDED 31,03.2019 & DECLARATION OF DIVIDEND ln terms of Regulation 33 of the SEBI (LODR) Regulations 2015, we foruuard herewith a copy of the Audited Standalone and Consolidated Financial Results of the Bank for the financial year ended 31.t March 2019 which have been taken on record by the Central Board of the Bank at its Meeting held on date. 2. Further, we advise that the Central Board of the Bank, at its Meeting held on date, has not declared any Dividend for the financial year ended 31't March 2019. The Board Meeting commenced at 10.30 a.m. and concluded at 13.45 p.m. Please take the above results and information on record. V P Compliance (Company Secretary) Encl. as above @ bank.sbi q +91 22 22740847 / 49 g +912222741476/74137 q +91 22 22742842 & +91 22 22855348 & +91 22 22740527 twGd"< frqTrr. ai{tc }-d, t4?r 116l, +c n-6 {ffi{, qRTq o,rqr trs, 1i{$ - uooo?9, ur(fl !Iq{ orTFI m'€ frrTrrr. orqdle b-q. raej Tf,, €:e t'o rcn, q-qrq orrfl i-s, ljv{ - Yooo19, ,{t{fl Shares & Bonds Dept, Corporate Centre, l4thFloor, State Bank Bhavan, Madame Cama Road, Mumbai - 4OOO21,lndia ----- I (Sanjay M. Abhyankar)

Transcript of sBr - London Stock Exchange

Page 1: sBr - London Stock Exchange

sBr

BSE LimitedThe Listing Department,Phoiroze Jeejeebhoy Towers,Dalal Street, Fort,Mumbai- 400001

cTlrdq €e fffr.ilrdq €e d-o.

STATE BANKOF

CC/S&B/SAI12010 05 2019

The National Stock Exchange of lndiaThe Listing Department,Exchange Plaza,Bandra Kurla Complex,Mumbai- 400051

Dear Sir/Madam,

LISTING REGULATIONS 2015: OUTCOME OF BOARD MEETINGFINANCIAL RESULTS FOR THE YEAR ENDED 31,03.2019& DECLARATION OF DIVIDEND

ln terms of Regulation 33 of the SEBI (LODR) Regulations 2015, we foruuard herewith a

copy of the Audited Standalone and Consolidated Financial Results of the Bank for the

financial year ended 31.t March 2019 which have been taken on record by the Central

Board of the Bank at its Meeting held on date.

2. Further, we advise that the Central Board of the Bank, at its Meeting held on date, has

not declared any Dividend for the financial year ended 31't March 2019.

The Board Meeting commenced at 10.30 a.m. and concluded at 13.45 p.m.

Please take the above results and information on record.

V P Compliance (Company Secretary)

Encl. as above

@ bank.sbiq +91 22 22740847 / 49g +912222741476/74137q +91 22 22742842& +91 22 22855348& +91 22 22740527

twGd"< frqTrr.

ai{tc }-d,t4?r 116l, +c n-6 {ffi{,qRTq o,rqr trs,

1i{$ - uooo?9, ur(fl

!Iq{ orTFI m'€ frrTrrr.

orqdle b-q.raej Tf,, €:e t'o rcn,q-qrq orrfl i-s,

ljv{ - Yooo19, ,{t{fl

Shares & Bonds Dept,Corporate Centre,l4thFloor, State Bank Bhavan,

Madame Cama Road,

Mumbai - 4OOO21,lndia

----- I(Sanjay M. Abhyankar)

Page 2: sBr - London Stock Exchange

STATE BANK OF ]NDIACORPORATE CENTRE, MUMEAI .4OO 021

AuDrrED nNANcrAr. REsur.Ts FoR IHE QuARTER AND yEAR ENDED 3r sI

MARcH, 2or 9

s.No,

ln

Podlculqr!

tdl(bl

lnleretl/ dltcounl on qdvoncot/ blllr

(Audlledl

2A 97(t 2A

34,234.86 I .44.958.591A.824.4t 14.27436 7 4.40lr.l A 70.337.61 80.243.51 7s.o3A.A2

306.31(dt 2.O44.94 6.5L4.3)

12.645.12 4.035-23 76.494.74Olher lncome

3C qAq l, 35.967.00

olhort

1.84.519.74 1.45.645.60

rdl

1.46.602.941A705AA

6

7

I

tA 6n4 An AO AA7 7A 49 9r3 A4 r-?l 9A 1EA EEmployge cotl 1o,477.99 43 795 r)rOlhqoperqllng gxpenro.rbl a.)27.87 7 331 7t

lox expen56/ (c.adll)

Exqepllonql llem!

,A 7AA 77 7t.005.30 AO 7139lJt ,a tna q1

Shore ln proffl ol orsocloles

, d( 449 n4 t at 717 cn

Shore ol mlnodly

1t Ara 94 16 tA3 1A

't8

r920

4n 731 9lot wrllo

NEI P

r6,501.89 6.006.22 28.O96.O7 53.828.55

ol ldx

75.039.r 9 54,799.1tosr€r,

76.015.08

fi|

)73?4R1 s4.329.06 71.525.999

t0lt12

't3

l4't5

l617 I

I 560.55 s 434.17

Percenlqge ol shore! held by Govenmonl ol lndlq

6 314 73 1r 11, A9 1 AA7 AA

Copllql odequqcy rollo (Bdsel lll)

1A grAta 12 2/,'4912,663.92

(o) CEI I rqllo

7 45.25 ) 151 ttAlt in

!) At7 75

.7.714.17 3 019 07

3 95r' al .7 71l.17

(b) Addlllonql ller I rollo

-A EA1 A1

1.050.9r

t7.9t3.74

807.O43 9(d A1

398.9t

-^ EiA t9492.46 492.44 892.46

| ,93,388. I 2 2,04,58r.50

Sotlc ond dllulod EPS belore Exlrdordlndry llems (nel olldx expenre)

57.t3q s7 7001

(b) Eqtlc qnd dllulod EPS oll€r Exlrqo.dlndry llemr (n€l ol lox expense)

(lv)

37 t3C: 58.039 57.13q(|D t2.727, 12.777\

io ntl qa

12.609, 12.72q 12.6(9,

(Quorler numbers nol onnuollied)

9 A'E

0il)

4.43

humbers nol

lo) Amounl ol gro3t non.pedormlng osielt I .87 .7 64.57 t.72.750.3465.494.74 ao 9r'3 sl 65.894.7 4(b) Amounl ol nel non-perlormlng or3ek l. t0.854.70

lo.91a) 10.9193 9SE

L325.39

3.O17,

(c) % ol groti NPA!

o.o9% -o.927,

EA 747 al

o.ow,

(d) % ol nel NPAr

le 933 09

Relurn on ossel3 {Nel Asseli boili'Annudlkedt

1A 1/l1 '7I t,t7t.93

1,.9t9.34

3.172.t7

67 IAA R9

-aol tn

1.61.640.23

t197nA'

9,254.17

aAudltedl

.5.643.19

4' tqt na

838 'O

t,41.363.r 7

892.46

24.080.05

41.O54.71

tA Aa3 0t

-4,494.72

{1 A7{ 'A

9.1r2E

1.AA Itt SA

492.46

1.037,

33.1 78.68

L324.7A5.629.29

-7 714 17

\Ad7A7A

I 56 8r7 'l

9.5701

1,72.750.36

o.97?/<

70.640.24

AAt ta

4.43

58 039

7.33%

-8.980.79

3.Ol%

a62.23

| ,95,367.42

9 AA9,

492.44

o.687,

55)Aa 67

35.41O.62

-4.92

466.44

a.7l%

-6.547.45

-4.92

2.23.427.46

o.4s%

1 10 ASt 70

l-0301,

5.036-21

2a1.Aa

-8,057.50

s 7aq

2,08,949.26

9.681

.64

o.649,

438.r 6

7.532

2.23.4)7.46

492.46

5A O39

-5.34

A

4"

Al

-o lgq

-5.34

Page 3: sBr - London Stock Exchange

s,No.

I

b Coporote/Wholesole Bonklng opsrolions

d

R€ldll Eohklng oporolioh3

o

lnsurdnce Bu!lnels

Unollocol€d (belore €xceplionol llems)

L6!3:

2

flld lll'

Iroo3ury opordllonr (b€loro €xcepllohol llem!)

Porl A: Bu3lnesl

SIAIE BANK OF INDIACORPORATE CENTRE. MUMBAI - 4OO 02I

AUDITED SEGMENTWISE REVENUE, RESUITS, ASSEIS & IIAEITITIES

Porllculo6

b

31.03 2019 31.12 20lE 3l oS rolA

Corporote/ lvholetol6 Bonklnq op6rollohs

3l 03 ?ola

d

Tr€osury op6rollon3 (balore 6xc€pllonol il6m!) r9.r 19.18 1995510

lhsuaoncc Bu5ln€!!

17.177 4l

Olher Bohklhg operoliohs

Olher Bonklng op€rollon.

808.0/

Unollocdled (belore exceplionol Ilems)

i 179 3)

Add: Exc€pllonol il€ms

48.05

5,436.17

Unollocoi6d (dller exceplionol llem!)

Jreosury operollon3 (dller €xcepllondl llemsl i t79 it-t 'lA1 AO

Lo33: Exlrdordlndry Prolil/ (Loss)

Iil)

Less: Shore ol mlho.ily

-3 tst AiI illlI riil) L924 34

3

12212.49Les$ Tox exp6n3e / (credll) -4.494.72 -a o57 50

interesl -a 1a7 tt

o

3 ocr Ar 2.299.64

b

-a aa6.29

t0.64.886.79iieq5ury operolion! 10,85,909.92Colporole/Wholesol€ Bonklng operolions 10.17.035.18

L53.35s 50 1.27.|0.66

22.04139

Olher Eonklnq operollons 33.?7t.01

d

I s3.t24.96

Reloll Bohklng operollons

31.320 18 31,434.87

33.661.86

4

0,044.02b

lnruronce luslne!i

11.77 A5A01

Ended

r0,63,520.4r

Tox

t 3.49 .432 .24 r3,r r,4B8.36I d3 955 ?9

Iolol

uhollocoled

Unollocqled

68.0a4.44 56 09? 38

2,34,495.6634 EA 752.OO

sldndolone

3A An d47 0e

31.03.20r8 3r.03.2019 31.03.2018 3r.03.20r9

20.1 55.05

31.03.20r8

IA '14

A) t1 10, t7 t7no 299

75 ^70.EO

-7 3 937 A) 862.23

30,69,761.21 3.95,t23.25 3,84,990.79

Colporole/ Whole!ole Eonklng op€rollons

36.80,91 4.25

d

30.64.877.18 28.50.632.65 3r' 60 000 r'3

Reloil Bonklng op6rolion!

1t i\ A)3 ta

1457A)9 3,30,220.88-2.t5t.64

lnsuaqnce Bualnett

I I Aod i634.50.717.a4 32.O4.207.99 4.12.?34 5A 36,t 6,444.57

29.78.279.99 4.3t.4t5 67

Olh€r Bonklng oporoliohs

4.O7 Al) Ai 3^ 53 971 r'O 3iAA tt2 42

tn

892.46

o

892.46 agt tE2.20.02t.36

s.9m8nl N.l

2.)9.471.23 2.t8.)36 tO ) 33 AO3 )O ) )9 t)9 49

a A1St5

ln

tl ot tot9 3t 03 rol8 31.Os.2019

77 651 1l a2.o)o.7 6 77,713.33

80,139.68

?9 ?O? 33 l,2t,2s0.27

).552.68

70 3l | 8rt AA d3a OA , c9 At3 C3

6,831.l 7

473.12I A7) 7R -3,350.46 7,304.29

-5 495 A0

3 693 8i 3,586.57

-)93 )3

10,02,841.57

14.91.676.59

Copilol ond Reserye3 & Sorplu5

arc ddvcd oltcrlqkng tr. efiecb otTron{er Pdclng.

s.

No,

I

Assek!Uobllltles"

2

l-loblllllet"

J or ol 3l d Mdrch,2olt

)30471

9 A7) 7R

2.too.92

-?93 23

7A 599 7A

| )o.964)4

431.2D

-407.20

-3.350.46

o

-t 09 )a

b

8,13 8d

Net Profil'

t3 525 r'O

-t 05) )a

| 7C OA' 99

d

6.618.73

n3n ro

2,663.92

r 1.33.271.13

bRevehue

I O7A AO

cNel Protll'

Porllculqr!

)6,262.12

Asselss

toTAtn

)7 ?2 174)A3.72.352.95

L45.597.30

5.49.662.0',| 3A 5A7S7.OO

lhveslmehl! 9 A7 0)l 9s lo 3) o70 5t 10.60.986.72)t 958749)

Flxed or5el5

Olher or!els3t no 0lr r5

2.48.254.10

43.417.32

ll.Ad3 rl

14.22.805.7a

64.365.45

8.637.67

903.s4 2.s71 .O2

3.0r a9r.d6

6.593.12 16 83

466.48 5 036 2l5,484.22 7.059.60 5.01 9 38

19,412.16 12,837.52

2,I 14.8r

2,290.57

-3.192.67

-) tAs)o -3,t92.67.15 S2A.2A

745.25 -8.980.79 2.t5t.41

-7 714 17 .45

10.02.84r.57 I 0.89.s53.s1

10. I L026.98 I 1.33.27t.13 r0. I r.026.98

13.22.851.33 14.91.t76.59 r3.22.85r.33

44.934.26 53.124.9 6

I 1.69

ll,64.572.02 10.49.543.49 to.48.664.62

13.89.432.28 12.38.633.73 t3.t Lt34.s7

56.092.38

3 t.03.2019

-3.075.19

3? 85 791 00

s.

No.Porliculors

Cdpllol

b

Mlhorlly lhlere5l

Borowings

Olher liobililies ond provisloni

Toldl

I 087 43

-38.498.98

4.446.40

LI1.963.6t

I 607.d8

34.088.37

i0.89.553.51

I

68.084.44

I 925 AA

2.20.9t3.82

r 5.889.3s

) )9R Aa

Reseryes & surplui

3l.320.r8

d D€posils

70.466.57

2.20.3t3.69

-38.31 d.7 l

3a

Cosh ond bolonc6! wllh Res€de Bonk ol lndid

L680 ?3

golonces wilh bonks ohd money ol coll dnd 5horl nolice

SIATE BANK OF INDIACORPORATE CENIRE, MUMBAI .4OO 021

SUMMARISED STAIEMENT OF ASSETS & I.IABII.ITIES

d

?.19.1?A SA

'AI AR

L050.91

I

3.t3.646.59

10.00 r0s r2

t ag3Al 3A

I L54 958 3r'

14.93. r39 r?

10.4A.664.6)

).to9t1Rt

ao7 0a

I

53 A37 A7

10.24.s06.47

r3,r9,933.76

t t9 l)a sA

3.9 5.123.2s

l4 or' gio 5l

)7 5AA A9

3A 1A Att 17

24,650.44

4.37.749.22

4.451 2A

7A 3)7 tS

I 3dr' 3a

3.8d.990 79

29.r r.386.0r

r,r9, r08.58

l? a3t 93

4.03.017.t2

21,136.24

tn

60,825.0t

2.30.32t.95

492.4t

1.7 6.93? 4)

24.30.537.74

45.557 A9

2.59.663.83

3A AA 4A7 0A

1 .24 AO7 Ai

t t99 AA

-6,547.45

34.54.752.00

39 t97 57

2,66,327.70

I 45 A740A

27.06.343.29

3,01,491.46

3.62.tA2.O7

20,47.778.99

I A7 t3A 0A

39,329.76

A9) AA

I 50 397 ta

6.036 99

4t.50t.46

4.13.747 AA

r9,34,880.r9

38 88 4i{7 0A

39,992.25

2.26.994.20

|,77.362.74

48,t49.52

3 A9 079 34

t 90 )aq 75

1.50,769.46

44.5t9.65| 1,19,247 .77 I l.83,794.24

2.36.0r6.89

A

22,26,853.67

3A 1A inA 47

40,703.05

2.76. r 50.31

gl-

19.60.1 18.s4

41.225.79

Page 4: sBr - London Stock Exchange

Notes:

L

2

3

The above financial results have been reviewed by the Audit Committee of the Board attheir meeting held on May 09, 2OL9 and approved by the Board of Directors at theirmeeting held on May L0, 2019.

The figures for the last quarter are the balancing figures between the audited figures inrespect of the full financial year and the published year to date figures up to the thirdquarter of the current financial year.

The financial results for the quarter and year ended March 31,,20L9 have been arrived atafter considering necessary provisions for NPAs, Standard Assets, Standard DerivativeExposures, restructured assets and lnvestment Depreciation/provision on the basis ofprudential norms and directions and approval issued by the RBl. Provisions forContingencies, Employee Benefits including provision for wage revision, Direct Taxes(after a djustment f or Deferred Tax) and for other items / assets are made on estimatedbasis.

There are no material changes in the Significant Accounting Policies adopted during thequarter/ year ended March 3I,2079 as compared to those followed in the previousfinancial year 2Ot7 -1.8.

RBI Circular DBoD.No.BP.Bc.I/2t.06.2o7/2o15-16 dated July 01, 2oL5 on 'Basel iltCapital Regulations' read together with RBI Circular No. DBR.No.BP.BC.8O/2L.06.201/2014-1-5 dated March 3L, zOtS on 'Prudential Guidelines on CapitalAdequacy and Liquidity Standards Amendments' requires Banks to make applicable Pillar 3

Disclosures including leverage ratio and liquidity coverage ratio under the Basel lllframework. These disclosures as of March 3I, 2019 are placed on the Bank's Websitehttp ://www.sb i. co. i n.

RBI vide Circular no. DBR.No.BP.BC.108/2L.04.048/20I7-t8 dated 6th June 2018 permittedbanks to continue the exposures to MSME borrowers to be classified as standard assets.Accordingly, the bank has retained advances of T 242.32 crores as standard asset as on3L't March 2OL9. ln accordance with the provisions of the circular, the bank has notrecognized interest on these accounts and is maintaining a standard asset provision of<72.12 crores as on 3lst March 2019 in respect of such borrowers

As per RBI Circular no. DBR.No.BP.15L99/2L.04.O48/20L6-I7 andDBR.No.BP.L9O6/2L.O4.Q48/20L7-LB dated June 23, 2OL7 and August 28, 2OL7

respectively, for the accounts covered under the provisions of lnsolvency and BankruptcyCode (lBC), the Bank is holding total provisiooutstanding) as on March 3!,2OL9.

{34,554 Crores (89.66% of total

4

5

6

7

TA

Page 5: sBr - London Stock Exchange

9

8 As per RBI circular No. DBR.BP.BC.No.32/21,.04.01,8/20L8-19 dated 1't April,2019, in case theadditional provisioning for NPAs assessed by RBI exceeds LO% of the reported profit beforeprovisions and contingencies and/or additional Gross NPAs identified by RBI exceeds 15% ofpublished incremental Gross NPAs for the reference period then banks are required todisclose divergences from prudential norms on income recognition, asset classification andprovisioning.

Accordingly, no separate disclosure is made in respect of divergence for the financial year

20L7-t8 as the same is not beyond the above-mentioned thresholds.

The bank has made a provision of T 3,984 Crores (Total t 5,6+3.qt Crores) for the year

ended March 31,,2OI9 towards arrears of wages due for revision w.e.f November I,2OI7.

10 Exceptional items for the year ended March 3I,201,9 includes

a) Net profit of <473.12 Crores on sale of partial investments in our subsidiary SBI General

lnsurance Company Limited.

b) Net profit of TL,087.43 Crores on transfer of the bank's merchant acquiring business

(MAB) to a wholly owned subsidiary SBI Payment Services Private Limited (SBIPSPL)

pursuant to a business transfer agreement dated September 29,2OL8 for a considerationof {L,250 Crores.

1,L Provision Coverage Ratio as on March 3I,2019 was78.73%

12 Number of lnvestors'complaints pending at the beginning of the quarter was NlL. The

Bank has received 2L2 lnvestors' complaints during the quarter ended March 31,,2019.201 Complaints have been disposed of during the quarter. There are l-0 pending lnvestors'complaints at the end of the quarter.

L3 Previous period/year figures have been regroup ed / reclassified, wher r necessary, toconform to current period classifications.

Igir#rurn"r KharaAnsh a Kant

Managing Director(sARc)

t Basu

Managing Director(ccc & rr)

D pta

naging Director(R&DB)

Managing Director(GB & s)

Ra um

Page 6: sBr - London Stock Exchange

Audjtors'Report on Standalone Quarterly Financial Results and year to Date Resultsof the State Bank of India pursuant to the Regulation 38 of the sEBI (Listingobligations and Disclosure Requirements) Regulat'ions, 201,5

We have audited the standalone quarterly financial results of State Bank of India (,theBank') for the quarter ended March 37,20ig and year to date standalone financial resultsfor the period from Aprill,2018 to March g7,2}7gattached herewith, being submitted bythe Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing obligationsand Disclosure Requ_irements) Regulations,-2O15 except for the disclosure relating to"Consolidated Pillar III Disclos,rt"ir at March g1,2019 " as have been disclosed on theBank's website and in respect of which a link has been provided in the aforesaid financialresults (Note No. 5) which has not been reviewed or urrdited by us,

These quarterly standalone financial results as well as the year to date financial resultshave been prepared on the basis of the reviewed standalone financial results for the nine-month period ended December 37, 2078, the audited annual standalone financialstatements as at an_d for the year ended March 31,2019 and the relevant requirement ofthe Banking Regulation Act 1949, the state Bank of India Act 1955, the Accountingstandards issued by Institute of Chartered Accountants of India (ICAD as applicable tobanks, other accounting. principles generally accepted in India, the guidelines issued bythe Reserve Bank of India and the Regulationr, *hi"h are the responsibility of the Bank,smanagement and have been approved by the Board of Directors of the Bank. Ourresponsibility is to express an opinion on these financial results.

we conducted our audit in accordance with the auditing standards generally accepted inIndia' Those standards require that we plan and perfo.* the audit to obtain reasonableassurance about whether the financial reiults are f.ee of material misstatements. An auditincludes examining, on a test basis, evidence supporting the amounts disclosed asfinancial results' An audit also includes assessitrg th" accounting principles used andsignificant estimates made by management. we believe thar 8u'r

""ara provides areasonable basis for our opinion.

These financial results incorporate the relevant returns of 42branches audited by us,14'796 branches including 38 foreign branches audited by the other auditors speciallyappointed for this purpose and unaudited returns in respect of g447 branches. Theseunaudited returns cover 3 percent of advances.

ToThe Board of DirectorsState Bank of IndiaState Bank BhawanMadame Cama RoadMumbai - 400021

N * F3P ,LYU DtY l[' v'{ 'V il\

Page 7: sBr - London Stock Exchange

In our opinion and to the best of our information and according to the explanations givento us these standalone quarterly financial results as well as the"year to dlte results:

i' have been presented in accordance with the requirements of Regulation 33 ofthe sEBI (Listing obligations and Disclosure Requirements) Regulations, 2015in this regard; andii' give a true and fair view of the net profit and other financial information forthe quarter ended March 37,2019 u.rd fo, the year ended M,arrch j1,2019.

Further' we report that the figures for the quarter ended March gL,2llgrepresent thederived figures between the audited figures;" ."rp;;f the finan"iut yu* ended March31'2079 and the published year to datekgurer rrpto December gl,2lIg,being the date ofthe end of third quarter of the current finilcial y"u., *ni"h were subject to limited reviewas required under regulation 33 of the of the "srnI

(Listing obligations and DisclosureRequirements) Regulations, 2015.

For J.C. Bhalla & Co.red Accountants

w,Rajesh Sethi

Partner : M. No. 095669Firm Regn. No. 001111 N

For Chaturvedi & Shah tlpChartered Accountantsw

Vitesh D. GandhiPartner: M. No. IIOZ49

Fi rm Regn. N o. LOLT 2OWIW100355

For O.P. Totla & Co.Chartered Accountants

/221^-/

S. R. TotlaPartner : M. No. 071774

For Rao & KumarChartered Accountants

\

n falPartner: M. No. 2t4glgFirm Regn. No. 003089 S

For S. K. Mittal & Co.Cha d Accountants

K. JunejaP er: M. No. 013117Firm Regn. No.001135 N

For N.C. Rajagopal & Co.Chartered Accountants

\-V. andraseka n

For Brahmayya & Co.Chartered Accountants

K. Jitendra KumarPartner : M. No. 2OL12SFirm Regn. No.000511S

For Ray & RayChartered Accountants

/.0.^-U,^-t ^-\

.lt4trl- N\.^$ni;it Neogi

Partner: M. No.0613g0Firm Regn. No. 30j.072 E

For K. Venkatachalam Aiyer & Co.Chartered Accountants

{A Gopalakrishnan

Partner: M. No. 01g159Partner : M. No. 024944

Page 8: sBr - London Stock Exchange

Firm Regn. No, 000734 C

For S. K. Kapoor & Co.Chartered Accountants

Firm Regn. No. 23044g S

For Karnavat & Co.Cha

B. DoshiPa M. No. tt7987

Firm No. 104863 W

For Kalani& Co.Chartered Accountants

Firm Regn. No. 004G10 S

For G. P. Agrawal & Co.Chartered u nts

Ajay Kumar AgrawalPartner: M. No. 17643

Firm Regn. No. 3020g2 E

rPartner : M. No. 70487Firm Regn. No.000745 C

For De Chakraborty & SenChartered Accountants

D. K. Roy owdhuPartner : M. No.053Og7Firm Regn. No.303029 E

Bhupender MantriPartner: M. No. 109170Firm Regn. No.000722 C

q*

Place: MumbaiDate : May 1O 2019

Page 9: sBr - London Stock Exchange

J C. BHALLA & CO.CHARTERED ACCOUNTANTS

HEAD OFFICE :B-17, MaharaniBagh, New Delhi- 110065

Tel. : +91-11-41551155

E-MAIL : [email protected]

Auditor's Report on the audit of the Consolidated Annual Financial Results of State Bank ofIndia Group with the last quarter financial results being balancing figures Pursuant to theRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015

ToThe Board of Directors ofState Bank of India.

We have audited the accompanying Statement of Consolidated Financial Results of State

Bank of India("the Bank") and its subsidiaries (the Parent and its subsidiaries togetherreferred to as "the Group"), its jointly conkolled entities and its share of the netprofit/(loss) after tax of its associates for the year ended 31,/03/2019 ("the Statement"),being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, exceptfor the disclosures relating to "consolidated Pillar III disclosure" as at31" / 03 /2019, as havebeen disclosed on the Bank's website and in respect of which a link has been provided inthe Statement and have not been reviewed/audited by us.

This Statement, which is the responsibility of the Parent's Management and approved bythe Board of Directors, has been compiled from the related consolidated financialstatements which has been prepared in accordance with the provisions of Section 29 ofthe Banking Regulation Act, 1949, Accounting Standard 21-"Consolidated FinancialStatements", Accounting Standards 23- "Accounting for Investment in Associates inConsolidated Financial Statements " and Accounting Standards 27 - Financial Reportingof Interest in Joint Venture" issued by the Institute of Chartered Accountants of India, therelevant provisions of Banking Regulation Act, 1949, the circulars, guidelines anddirections issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines")and other accounting principles generally accepted in India. Our responsibility is toexpress an opinion on the Statement based on our audit of such consolidated financialstatements.

3. We conducted our audit in accordance with the auditing standards generally accepted inIndia. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Statement is free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Statement. The procedures selected depend on the auditor'sjudgmen! including the assessment of the risks of material misstatement of the Statementwhether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the Parent's preparation and fair presentation of the Statementin order to design audit procedures that are appropriate in the circumstances,

7

2

BRANCH OFFICE: B-5, SECTOR-6, NOIOA - 20l 30l (U.P.) ITEL. +9 I - 120- 4241OOO, FAX I +9 1-12O'4241OA7

Page 10: sBr - London Stock Exchange

the purpose of expressing an opinion on the Parent's internal financial control withreference to Statement. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by theManagement, as well as evaluating the overall presentation of the Statement.

We also performed procedures in accordance with the circular issued by the SEBI underRegulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations,2015, as amended, to the extent applicable.

We believe that the audit evidence obtained by us and the audit evidence obtained by thebranch auditors and other auditors in terms of their reports referred to in paragraph 6below, is sufficient and appropriate to provide a basis for our audit opinion.

4. In our opinion and to the best of our information and according to the explanations givento us, and based on the consideration of the reports of the other auditors on separatefinancial statements and the other financial information of branches of the Group,subsidiaries, jointly controlled entities and associates referred to in paragraph 6 below,the Statement:

a) includes the results of the entities mentioned in note 1 of Notes to Accounts;

b) is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended, except for the disclosures relating to consolidated Pillar 3 disclosure asat3L/03/2019, including leverage ratio and iiquidity coverage ratio under BaselIII Capital Regulations as have been disclosed on the Bank's website and in respectof which a link has been provided in the Statement and have not beenreviewed/audited by us; and

c) gives a true and fair view in conformity with the recognition and measurementprinciples laid down in the aforesaid Accounting Standards, RBI Guidelines andother accounting principles generally accepted in India of the consolidated netprofit and other financial information of the Group for the year ended 31, / 03 / 2019.

5, We did not audit the financial statements of 28 (twenty eight) subsidiaries and B (eight)jointly controlled entities included in the consolidated financial results, whose financialstatements reflect total assets of Rs. 2,25,286 crores as at 31st March, 2019, total revenuesof Rs. 57,143 crores, total net profit after tax of Rs. 3,605 crores and cash flows (net) of Rs.921' crores for the year ended on that date, as considered in the consolidated financialresults. The consolidated financial results also include the Group's share of net profit ofRs. 241 crores for the year ended 31st March,2019, as considered in the consolidatedfinancial results, in respect of 17 (Seventeen) associates, whose financial statements havenot been audited by us. These financial statements have been audited by other auditorswhose reports have been furnished to us by the Management and our opinion on theconsolidated financial results, in so far as it relates to the amounts and disclosures

based

a?:

included in respect of these subsidiaries, jointly controlied entities and

:tv

Page 11: sBr - London Stock Exchange

solely on the reports of the other auditors and the procedures performed by us as statedin paragraph 3 above.Our opinion on the Statement is not modified in respect of the above matters.

6. The consolidated financial results includes the unaudited financial statements of L (one)subsidiary whose financial statements reflect total assets of Rs. 5,766 crorcs as at 31stMarch, 20'1,9, total revenue of Rs. 238 crores, total net profit after tax of Rs. 63 crores andcash inflows (net) of Rs. 39 crores for the year ended on that date, as considered in theconsolidated financial results. The consolidated financial results also includes the Group'sshare of net profit after tax of Rs. 41 crores for the year ended 31"st March,2019, as

considered in the consolidated financial results, in respect of 3 (three) associates, whosefinancial statements have not been audited by us. These financial statements areunaudited and have been furnished to us by the Management and our opinion on theStatement, in so far as it relates to the amounts and disclosures included in respect of thesesubsidiaries, jointly controlled entities and associates, is based solely on such unauditedfinancial statements / ftnancial information. In our opinion and according to theinformation and explanations given to us by the Management, these financial statementsare not material to the Group.

Our opinion on the Statement is not modified in respect of the above matter

7 . The Statement includes the results for the quarter ended 31, / 03 / 2019 being the balancingfigure between audited figures in respect of the full financial year and the publishedunaudited year to date figures up to the third quarter of the current financial year whichwere subject to limited review by us

For J. C. Bhalla & Co.Chartered AccountantsFirm's Registration No. 001111N

\ v'Rajesh SethiPartnerMembership No: 085669

Place: MumbaiDate: 10th May,2079