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OSBI 'rT{Sq
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STATE BANK OF INDIA

31.01 .2020
cc/s&B/s 411248

The Executive Director The Managing Director

BSE Ltd., Phirojee Jeejeebhoy National Stock Exchange of lndia Ltd.
Towers 25th Floor Exchange Plaza,Sth Floor, Plot No. C/1,
Dalal Street, G-Block, Bandra-Kurla Complex,
Mumbai-400001 Bandra (East), Mumbai - 400051

Dear Sir/Madam,

WORKING FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS]ENDED

31.12.2019: OUTCOME OF BOARD MEETING

We refer to our letter no. CC/S&B/NJ/1188 dated 13.01 .2020 and in terms of
Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015 (the "listing regulations"), we fonrvard herewith copy of the working financial
results of the Bank along with the Limited Review Report for the quarter and nine
months ended 31.12.2019 approved by the Central Board of the Bank at its meeting
held today on 31 .01.2020 at Mumbai.

The Board meeting started at 10.30 a.m. and concluded at13:5p,m

Kindly take the same on your record

Thanking you,

Yours faithfully,

A,Y
(Sanjay M Abhyankar)
Vice President Compliance- Company Secretary

Encl: as above
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 STATE BANK OI INDIA
CORPORAIE CENIRE, MUMBAI - 4OO O2I
UNAUDITED FINANCIAI. RESUTTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 3I- 20I9

s.
PorliculoB
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18,824.41 9.492.8 t8_952-34 55.939 7l 80_2€-51
736.11 306.31 780-t6
td) otheE 777.15 362.46 2 077 05
1.325 39 3 598.25 1.726.O2 't.325.26
2
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4 -91 2,64.O10.27
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ts t tot-27
relded I t8 I r.866.06
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7 121 66 2t.t ta.t4 2),405.)6 28.ffi.02
ond 4.470.64 7 905 41 23.761.14
136-32 t a6-a9 t_65.470-ll 75.m6-n 2.16.121.75 I
14.711.4 46.1S3.r t 14.29.98 .421,42
t3.138 93 n.571.77 53.828.55 7677% 6.396_01 38.165.7 I 54799
9
8.193.06 13,970.42 n.aa) n 54.5n.06 i t.396.87 11 11374 37.740.m
11

3,4a4.30 1.560-$ 3 190 97

10 3.19097 466.4
5_O59-A 20.ov)-72
ll Iox e) 7.As?-97 ,725-5i s.n.a
12
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.73 23.a I
l4
9g.al 2383
l5
l6 135.2C 247.54
l7 245.85 1.050.9l
1.73 23-&
ta 17
892.46 492.46 492.4t
l9 492.46
20 licol rolio3
ril held 569% 57.70q 569% 57.13t s69T
(i0
137s 12.77% 13 739 12.77' 12-7n
CEI I rdtio Io-GX 9 57% 9.57' 96n
(iii)
Bosic EPS beiore expense) 6.26 12.22 14.40
moiths
diluted EPS dtler (nel ot tq expenie) 4.13 I o.97 7 5.24 l4n
NPA rotios

t-61.636.05 1.47 761 57 1 .4,- .7 64.57 1727936

59.99 22 s943 5l 80.9€.51 63 A17 4
6.94% 7.19* 6.94% 4]19
NPAs 2.65* 2 79% 2.65* 3 95C
omq o 399

V $" 4{&
 STATE BANK OF INDIA
CORPORAIE CENTRE, MUMEAI - O2I
UNAUDITED SEGMENTWISE REVENUE, RESUtTS, 'OO
ASSETS & TIABII.IIIES

s.
PorticuldB
I 31.03.20tt s.o9.2019 t

b 20,07 4.O5 58,53t.93 19.324.0r 29,209.98 56 055 07 77 713 33

24.42331 20. I 5s.05 56_518-39 24.AU.56 20.$9.n ,559.39 mt39a
87_56:a 33.232.4 30.t73_91 a7.592.31
15077 31 l1 s5 r? 29.392.79
f 3,592.47 3 121 9, l0 8.386 ?9 l4
.79 69 3-5 863 a6 5.10 l5 20 105.76 903.54
-44 2.0i2.112.n 96,0t5.05
Revenue .03
Nel Sc 710 77 873.08 lsoT 3.n4.76
2 -4 14
o
4.225.91
d fiil ilehs 17 I9-al 3.722A7
d tiiil 473.12 466.8
b ,386.65
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52
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r,087.13
1.243.65 1 19t 79 1.052.24 -3 155 -2 16520
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71 .97 I _197.35 -IOt3rs 3,457.17 2 920 22
Tq L17t-% I 2,500.2r 24.O12-&
2,O4a.lO 2 663 9t t. t52.6 5.702.96 3_Ot6-S t0_393.46 2.151.41

3-954.81 23,8it
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93.749.11 93.749.1 | 76 601 m
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 STATE BANK OF INDIA
CORPORAIE CENTRE, AAUAABAI . 4OO O2I
SUMMARISED STATEMENI OT ASSETS & I.IABITIIIES

ln
s.
No.
Porliculors 31.12.2019 3r.r2.20r8 31.03.20r9 31.12.2019 3l.l 2.2018 31.03.2019

qnd
o Copilol 892.46 892.46 892.46 892.46 892.46 892.46
b Reserves & surplus 2.31.628.21 2,19,471.23 2,20,021.36 2,47.458.13 2,31,485.85 2,33,603.20
c Minority inleresl 7.367.15 5,502.24 6,036.99
d Deposlls 3r,r r,228.s8 28,30,537.74 29.r r.386.01 31.44.280.37 28.60.149.93 29 1.06
e Bonowings 2,62,548.6s 3,72,352.95 4.03,017.12 2,80,185.77 3.82.048.00 4.13.7 47 .66
f Olher llobllilies ond provisions 1,42,894.25 1,26,407.63 1,45.597.30 3,16,344.56 2,66,823.48 2.93.645.69
Totql 37.49.192.15 38.49.662-01 36.80.9r4-25 39 9t E2A.aA 37.46.901.?6 38.88.467.06
2
o Cosh ond bqlonces wilh Reserve Bonk ol lndio |,44,598.74 1.45.674.04 1.76.932.42 1 .44.929.a7 1.45.983.2s 1,77,362.74
b Bolonces wilh bonks ond money of coll and shorl nolice 1,00.344.69 36,554.58 45,557.69 r.03.326.1 I 39.44 t.31 48.149.52
c lnveslmenls I 0, i 2.1 00.68 10,32,070.s4 9,67,021 .95 1 't ,9 4,021 .69 11,76, t91.50 t 1 .19 .292.77
d Advonces 2t .99 .916.92 20.47.778.99 2t,85,876.92 22.48.715.51 20,87,82570 22,26,853.67
e Fixed ossets 38.573.97 39.329.76 39.197 .57 40.214.49 40,795.44 40,203.05
Olher qssels 2.53.657 .15 2.48.254.10 2.66.327.70 2.65.270.77 2.56.664.76 2]6,10s.31
Iotol 37 A9 192 1S as a9 aL, 01 3A aO 9rd 25 a9 9A qr* Ai -17 !A 9nl 9A

The obove tesulls hove been opproved by lhe Cenlrol Boord ol lhe Bonk ot lhe meeling held on Jonudry 31, 2020 dnd were subjecled lo "[miled Review' by lhe Bonk's Sloluiory

Monoging Dhector (SA)

Selty Bdsu
Director (CCG&lT)
4-
iingh-Kumor Khoro
Monoging Director (GB&S)
P
(R&DB)

Kumor

Pldce: Mumboi
Dole: Jonuory 31, 2020
 Notes on Standalone Financial Results:

1 The above financial results for the quarter and nine months' period ended on December
31,, 20L9 have been drawn from financial statements prepared in accordance with
Accounting Standards (AS-25) on 'lnterim Financial Reporting'.

2 The above financial results have been reviewed by the Audit Committee of the Board at
their meeting held on January 30, 2O2O and approved by the Board of Directors at their
meeting held on January 3L,2020. The results have been subjected to a limited review by
the Statutory Central Auditors.

3 The financial results for the quarter and nine months ended December 31", 2019 have been
arrived at after considering necessary provisions for NPAs, Standard Assets, Standard
Derivative Exposures, Restructured Assets and lnvestment Depreciation/provision on the
basis of prudential norms and directions and approval issued by the Reserve Bank of lndia
(RBl). Provisions for Contingencies, Employee Benefits including provision for wage
revision, Direct Taxes (after adjustment for Deferred Tax) and for other items / assets
are made on estimated basis.

4 The above results for the quarter and nine months ended December 3L,2OL9 have been
prepared, following the same Accounting Policies as followed in the annual financial
statements for the year ended March 3t,20L9.

5 RBI Circular DBOD.No.BP.BC.L/21.06.201./2015-16 dated July 01, 2015 on ',Basel ilt

Capital Regulations' read together with RBI Circular No. DBR.No.BP.
BC.8O/2L.06.20L/20L4-15 dated March 3I, 2OLS on 'Prudential Guidelines on Capital
Adequacy and Liquidity Standards Amendments' requires Bank to make applicable Pillar 3
Disclosures including Leverage Ratio and Liquidity Coverage Ratio under the Basel lll
framework. These disclosures as of December 3L, 20L9, are placed on the Bank's Website
http ://www.sbi.co.in.

6 As per RBI Circular no. DBR.No.BP.LSL99/21.04.048/2OL6-I7 and

DBR.No.BP.1906/21,.04.048/20t7-L8 dated June 23, 2OI7 and August 28, 2077
respectively, for the accounts covered under the provisions of lnsolvency and Bankruptcy
Code (lBC), the Bank is holding total provision of < 1025L Crore (79.96 % of total
outstanding) as on December 3L,20!9.

7 The bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular
DBOD.No.BP.Bc.85/21.06.2o0/2013-t4 dated January 15,20t4 and is holding a provision
of { 101.17 Crore as on December 31, z}tg.

8 The bank has made a provision of t 602 Crore for quart nded December 3L, 2019 (Total
cumulativetill December 31, 2019 < 8237.4I rds wages revision from
November OL,2Ot7.
*
1(-
t \ $" IJ

t'",/Y $- \^. P -
vlr- .K v J{ \ rr)
 11
(
Exceptional items for nine months' period represent Net profit of 3484.30 crore on sale of
certain portion of investment in Bank's subsidiary SBI Life lnsurance Company Limited.

t2 While recognising provision for income tax for the quarter and nine months ended 3L't
December ZOL},the Bank has exercised the option of lower tax rate permitted under Section
11.5BAA of the lncome-tax Act, L96L as introduced by the Taxation Laws (Amendment) Act,
2OLg. Accordingly, the Bank has re-measured its Deferred Tax Assets at 31st March, 2019
based on the tax rate prescribed in the said section and has reversed the MAT credit no
longer available to it. The impact of these changes is a one-time charge of Rs. 3392.3L crore'

13 The disclosures made by the Bank to Stock Exchange on LOth Dec 20L9 in respect of
divergence in asset classification and provisioning in terms of Risk Assessment Report (RAR)
of RBI for FY 2OI8-I9 is as under:

ce in Asset Classification and Provisioni for NPAs

(Rs in crorel
Particulars
1 Gross NPAs as on March 31, 2019 as re rted the bank r,72,750
2 Gross NPAs as on March 3L, 2019 as assessed bY RBI 1,84,682
3 Dive ce in Gross NPAs (2-1 1,r,932

4 Net NPAs as on March 3 2019 as re rted the bank 65 ,895

5 Net NPAs as on March 3 20L9 as assessed RBI 77,827

6 Dive nce in Net NPAs LL,932

7 Provisions for NPAs as on March 31, 2019 as by the bank L,06,856

8 Provisions for NPAs as on March 3L,20L9 as assessed RBI t,!8,892

9 Divergence in rovisioni (8-7) L2,036

1_0 Re ed Net Profit after Tax PA for the r ended March 3 2019 862
t'J. Adjusted (notional) Net Profit after Tax (PAT) for the year en ded -6,968
March 31,,2019 after taking into account the divergence in
provisionin I _
The Bank has made full provision against the said divergence as at December 3L, 2019

1,4 Provision Coverage Ratio as on December 31-, 2019 was 8L.73 %

15 Number of lnvestors' complaints pending at the beginning of the quarter was Nil. The Bank
has received 27 lnvestors' complaints during the quarter ended on December 31", 2019 while
25 Complaints have been disposed off during the quarter. There are 2 pending lnvestors'
complaints at the end of the quarter ended December 3I,20L9.

L6 The figures for the quarter ended December 3L, 20L9 ar balancing figures between
reviewed figures in respect of the nine months ended 3L,2019 and the published
year to date figures up to September 30, 2019.
h.
V) L YV
v 4r
\e ry ilr k \ P )
 L7 Previous period/year figures have been regrouped/reclassified, wh necessary, to
conform to current period classifications.

ffi^
C

Sreen lu Setty Arrj su

Managing Director Managing Director Managing Director Director
(sA) (ccc & rr) (GB & sl (R&DB)

mar
Chairman

For J.C. Bhalla & Co. For Chaturvedi & Shah LtP ForSKMittal&Co.
charqSd Accountants Chartered Accountants Cha Accou ntants

Ite
Rajesh Sethf D. Gandhi K. Juneja
Partner: M. No.085669 Partner: M. No. 1L0248 Pa :M. No. OL3LL7
Firm Regn. No.001111 N Fi rm Reg. N o .1OL7 zOW /W100355 Firm Regn. No.001135 N

For Ray & Ray For O.P. Totla & Co. For N.C. Rajagopal& Co
Chartered Accountants Chartered Accountants Chartered Accountants

t{. t- s
K.K. G S. R. Totla V. Chandrasekaran
Partner : M. No.0059781 Partner: M. No. 071774 Partner: M. No.024844
Firm Regn. No. 30L072 E Firm Regn. No. 000734 C Firm Regn. No. 003398 S

For K.Venkatachalam Aiyer & Co For S. K. Kapoor & Co. For Karnavat & Co.
Chartered Accountants Chartered Accountants Charte d Accountants

-Fp *
A Gopa akrishnan Doshi
Partner: M. No.018159 Partner: M. No. Pa M. No. LI7987
Firm Regn. No.004610 S Firm Regn. No.000745 C Firm . No. L04863 W
 For G. P. Agrawal& Co. FoTSCV&Co. [[P For Shah Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
/) /
V \J
Pradeep Kumar Samal s an s n{M"r"r
Partner: M. No.61353 P o.090989 Partner: M. No. 1-L4103
Firm Regn. No.302082 E Firm .No.000235N/Ns00089 Firm Regn. No. 1-09574 W

For Umamaheswara Rao & Co. For KhandelwalJain & Co.

c rtered Accountants Chartered Accountants

r\
&d fal'
Sivarama Krishna Prasad Gabbita Alpesh Waghela
Partner: M, No. 024860 Partner: M. No. 142058
Firm Regn. No.004453 S Firm Regn. No. 105049 W

Place: Mumbai
Date : January 3L,2O2O
 lndependent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone
Financial Results of State Bank of lndia pursuant to the Regulation 33 of the SEBI (tisting Obligations
and Disclosure Requirements) Regulations, 2015, as amended

To
The Board of Directors,
State Bank of lndia,
State Bank Bhavan,
Madame Cama Road,
Mumbai- 4OOO2I

1. Introduction
We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of
State Bank of lndia ("the Bank") for the quarter and nine month period ended December 3L,
2019 ("the statement") attached herewith, being submitted by the Bank pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("the Regulations"). The disclosure relating to 'Consolidated
Pillar 3 as at December 31., 20L9 including leverage ratio and liquidity coverage ratio under
Basel lll Capital Regulations' has been disclosed on the Bank's website and in respect of which
a link has been provided in the aforesaid financial results and have not been reviewed by us.
The Statement is the responsibility of the Bank's Management and has been approved by the
Board of Directors. Our responsibility is to issue a report on the Statement based on our
review.

2. Scope of Review
We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 24L0, "Review of interim Financial information Performed by the
independent Auditor of the Entity", issued by the institute of Chartered Accountants of lndia.
This standard requires that we plan and perform the review to obtain moderate assurance as
to whether the Statement is free of material misstatement. A review is limited primarily to
inquiries of the Bank's personnel and analytical procedures applied tofinancial data and thus
provides less assurance than an audit. We have not performed an audit and accordingly, we
do not express an audit opinion.

3. The financial results incorporate the relevant returns of 42 domestic branches reviewed by us
and 38 foreign branches out of which 15 were reviewed by the Local Auditors of the Foreign
Branches. The financial results also incorporate the relevant returns of Central Accounts Office
and Global Market Unit reviewed by us. Our review reports cover 38.03% of the advances
portfolio of the bank and 56.06% of the non-performing assets of the bank,

Apart from these review reports, in the conduct of our review, we have also relied upon
various returns ofother L784 branches such as advance portfolio, non-performing assets and
provision duly reviewed by Branch Managers of the Bank which are also incorporated in the
financial results. The Branch Managers' reports cover 2333% of the advances portfolio of the
bank and 20.73% of the non-performing assets of the bank.

4. Conclusion
Based on our review conducted as above and subject to limitations as mentioned in Para 3
above, nothing has come to our attention that causes us to believe that the accompanying
statement of unaudited standalone financial results including notes thereon prepared in
accordance with applicable accounting standards and other recognized accounting practices
and policies has not disclosed the information required to be disclosed in terms of the
Regulations, including the manner in which it is to be disclosed, or that it contains any material

tt'Lh N* ,tvp \
J4
l- l- /"2 €-"-- tJ
 misstatement or that it has not been prepared in accordance with the relevant
guidelines/prudential norms issued by the Reserve Bank of lndia in respect of income
recognition, asset classification, provisioning and other related matters.

ForSKMittal&Co.

w
For J.C. Bhalla & Co. For Chaturvedi & Shah LIP
ch

\l fi,
Accounta nts

Rajesh Sethi
Partner : M. No.085669
Chartered Accountants

Vitesh D. Gandhi
Partner: M. No. 710248
Cha

Pa r:
Accountants

Juneja
M. No. 01,3Lt7
Firm Regn. No.001111 N Fi rm Reg. No .1017 zOW lW 100355 Firm Regn. No.001135 N
UDIN : 200856694AAAA11020 U Dl N : 201 10248AAAA4G4257 U Dl N : 20013117AAAAA83905

For Ray & Ray For O.P. Totla & Co. For N.C. Rajagopal& Co.
Chartered Accountants Chartered Accountants Chartered Accountants

.{.2,
K.K. h S. R. Totla
Partner: M. No.0059781 Partner: M. No. 07L774 Partner: M. No. 024844
Firm Regn. No.301072 E Firm Regn. No.000734 C Firm Regn. No.003398 S
U DIN : 20059781AAAAA14525 UDIN : 20071774AAAAAG5458 U Dl N : 20024844AAAAAC4095

For K.Venkatachalam Aiyer & Co. For S. K. Kapoor & Co. For & Co.
Chartered Accountants Chartered Accountants Cha Accou

y'--
A Gopalakrishnan r B. Doshi
Partner: M. No.018159 Partner: M. No Pa r: M. No. 1,17987
Firm Regn. No. 004610 S Firm Regn. No.000745 C Fi No. 104863 W
U Dl N : 20018159AAAAAC4774 UDIN:20070487AAAAAA5324 UDIN:20117987AAAAAG7010

For G. P. Agrawal & Co. For SCV & Co. LLP For Shah Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
I
doJ///'
Pradeep Kumar Samal Heneel K Patel
Partner: M. No. 61353 Pa No.090989 Partner: M. No. 174103
Firm Regn. No.302082 E Firm No.000235N/N500089 Firm Regn. No. 109574 W
UDIN:20061353AAAAAG6960 UDIN:20090989AAAAAA8978 U Dl N: 20114103AAAAAC2452

For Umamaheswara Rao & Co. For Khandelwal Jain & Co.
Chartered Accountants Chartered Accountants

Siva ma Krishna Prasad Gabbita

r**t
Alpesh Waghela
Partner: M. No. 024860 Partner: M. No. L42058
Firm Regn. No. 004453 S Firm Regn. No. 105049 W
U Dl N : 20024860AAAAAC7959 UDlN : 20142058AAAAAH9938

Place: Mumbai
Date : January ,L,2O2O
 Notes on Consolidated Financial Results

l. The consolidated financial results have been prepared following the provisions / guidelines of
Accounting Standards (AS) 21 "Consolidated Financial Statements", AS 23 "Accounting for
Investments in Associates in Consolidated Financial Statements", AS 25 "Interim Financial
Reporting" & AS2TooFinancial Reporting of Interests in Joint Ventures".
2. The above financial results have been reviewed by the Audit Committee of the Board at their
meeting held on January 30,2020 and approved by the Board of Directors at their meeting held on
January 31, 2020. The results have been subjected to a limited review by the Statutory Central
Auditor of the Bank.

3. In accordance with SEBI regulations, for the purpose of consolidated financial results of the nine
months ended December 31,2019 minimum eighty percent of each of consolidated revenue, assets
and profits have been subject to limited review/audit.

4. The audited financials of 2 Subsidiaries, Limited reviewed financials of I I Subsidiaries,

1 Joint Venture and 1 Associate are included in the consolidated financial results.

5 The Unaudited Consolidated Financial Results of State Bank of India (SBI), include the results of
the following 28 Subsidiaries, 8 Joint Ventures and 17 Associates including 15 Regional Rural
o'Group"
Banks, referred to as the :

Sr Name of Subsidiary Sr Name of Subsidiary

no. no.
I SBI Capital Markets Ltd. 15 SBI Cards and Payment Services Limited.
,) SBI-SG Global Securities Services Pvt. Ltd.
SBICAP Securities Ltd. 16.
3. SBICAP Trustee Company Ltd. t7 SBI Funds Management P\4. Ltd.
4 SBICAP Ventures Ltd. 18. SBI Funds Management (International)
Private Ltd
5 SBICAP (Singapore) Ltd. 19. Commercial Indo Bank Llc , Moscow
6 sBrcAP (uK) Ltd. 20. Bank SBI Botswana Limited
7 SBI DFHI Ltd. 21 SBI Canada Bank
8 SBI Global Factors Ltd. 22 State Bank of India (California)

9 SBI Infra Management Solutions Pvt. Ltd. 23 State Bank of India (UK)
1 0. SBI Mutual Fund Trustee Company Pvt Ltd. 24 State Bank of India Servicos Limitada
1l SBI Payment Services Pvt. Ltd. 25 SBI (Mauritius) Ltd.
12. SBI Pension Funds Pvt Ltd. 26 PT Bank SBI Indonesia
l3 SBI Life Insurance Company Ltd. 27 Nepal SBI Bank Ltd.

14. SBI General Insurance Company Ltd. 28 Nepal SBI Banking Limited

l*/
 Name of Joint Venture Sr Name of Joint Venture
Sr
no. no.
C - Edge Technologies Ltd. 5 Macquarie SBI Infrastructure Trustee Ltd
I
2. SBI Macquarie Infrastructure Management 6 Oman India Joint Investment Fund -
Pvt. Ltd.
Pvt. Ltd.
7 Oman India Joint Investment Fund -
Trustee ComPanY PW. Ltd.

Macquarie SBI Infrastructure Management 8 Jio Payments B ank Ltd.

4.

Pte. Ltd.

Name of Associate Sr Name of Associate

Sr
no. no.
Andhra Pradesh Grameena V ikas Bank 10 Utkal Grameen Bank
Arunachal Pradesh Rural Bank l1 Uttarakhand Gramin Bank
2
Chhattisgarh RajYa Gramin Bank t2. Jharkhand Rajya Gramin Bank
J
13 Saurashtra Gramin Bank
4. Ellaquai Dehati Bank
Meghalaya Rural Bank l4 Raj asthan Marudhara Gramin Bank
5.
15. Telangana Grameena Bank
6 Madhyanchal Gramin Bank
Mizoram Rural Bank I6 The Clearing Corporation of India Ltd.
7
Nagaland Rural Bank I7 Bank of Bhutan Ltd.
8.
9 Purvanchal Bank

ended December 31, 2019 have

6. The consolidated financial results for the quarter and nine months
been arrived at after considering necessary provisions for
NPAs, Standard Assetso Standard
on the basis of
Derivative Exposures, Restructured assets and Investment Depreciation/provision
Bank of India (RBI)'
prudential norrns and directions and approval issued by the Reserve
provision for wage revision' Direct
Provisions for contingencies, Employee Benefits including
Taxes (after adjustment for Defened Tax) and for other items
/ assets are made on estimated basis'

31, 2019 have been prepared'

7. The above results for the quarter and nine months ended December
financial statements for the year
following the same Accounting Policies as followed in the annual
ended March 3I,2019

8. AsperRBICircularno.DBR.No.BP.|5|991211404820]16.17and
and' August 28' 2017 respectively' for
DBR.No.BP .1906121.04.04812017-18 dated June 23, 2017
Bankruptcy code (IBC)' SBI is
the accounts covered under the provisions of Insolvency and
as on December 31,
holding total provision of INR 10,251 crore (79'960/o of total
2019 ){D-
),'l
g. SBI has made a provision of INR 602 qore for quarter ended December 31,2019 (Total cumulative
till December 31, 2019 INR 8,237.4I crore) towards affears of wages due for revision w.e.f
November L,2017.

10. As per NCLT order pronounced on June 04,2019 SBI Business Process Management Services
Private Limited (a subsidiary) has been amalgamated with SBI Cards and Payment Services Private
Limited (a subsidiary) w.e.f. April0l, 2018 with the latter being the surviving entity. SBI's stake in
SBI Cards and Payment Services Limited remains unchanged at74.00oh.

The name of SBI Cards and Payment Services Private Limited has changed to SBI Cards and
Payment Services Limited w.e.f 20.08.2019.

ll. During the month of June 2019, SBI Capital Markets Limited. (a subsidiary) has infused share

capital of GBP 2 lakh equivalent to INR 1.77 crore in SBICAP (UK) Limited (a step down
subsidiary) . The stake of SBI Group in SBICAP (UK) Limited remains the same.

During the month of August 2019,the board of SBICAP (UK) Limited approved the winding up of
the operations of SBICAP (UK) Limited and surrender its license to Financial Conduct Authority
(FCA) in UK. The operations of SBICAP (UK) were closed on 30.11.2019.

12. During the month of August 2019, SBI Capital Markets Limited. (a subsidiary) has infused share
capital of INR 10.40 crore in SBICAP Ventures Limited (a step down subsidiary) . The stake of
SBI Group in SBICAP Ventures Limited remains the same.

13. During the period, SBI has infused additional capital of INR 49.92 crore in Utkal Grameen Bank
(an associate). The stake of SBI Group in Utkal Grameen Bank remains the same.

14. In accordance with notification issued by Govt. of India, the following amalgamations have taken
place in between the Regional Rural Banks (RRBs) sponsored by SBI and RRBs sponsored by
other banks :

The details of amalgamation of RRBs, where the transferee RRBs are not by SBI are as

KM
below:-

h/
V
 New Name Sponsor
Sponsor Bank after Bank of Effective Date of
Name of transferor of transferor
RRBs Amalgamation transferee Amalgamation
RRBs RRBs
ofRRBs
Pragathi Krishna Canara Bank
Gramin Bank Kamataka April0l
I Canara Bank ,2019
Kaveri Grameena State Bank of Gramin Bank
Bank India
Assam Gramin United Bank of
Vikash Bank India Assam Gramin United Bank April0l ,2019
2 State Bank of Vikash Bank of India
Langpi Dehangi
Rural Bank India

By virtue of Department of Financial Services (DFS) letter dated February 06, 2019 and

face value ofthe shares

February 14,21lgthe transfer ofstake ofSponsor Banks has taken place at
and as a result during the nine months ended December 3I, 2019 a loss
of INR 207 '93 crore has
ooOther Income"'
been recognized in the consolidated financial statements under the head

by sBI are as
The details of amalgamation of RRBs, where the transferee RRB is sponsored
below:-

New Name Sponsor

Name of Sponsor Bank of after Bank of Effective Date of
transferor RRBs transferor RRBs Amalgamation transferee Amalgamation
of RRBs RRBs
]harkhand Gramin Bank of India
Jharkhand
Bank State Bank of April0l
Rajya Gramin ,2019
Vananchal Gramin State Bank of India
Bank
Bank India

15. While recognizing provision for income tax for the quarter and nine months ended
December 31, Z0lg, SBI has exercised the option of lower tax rate permitted under Section
(Amendment) Act,2019'
l 15BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws
based on the tax rate
Accordingly, SBI has re-measured its Defened Tax Assets at March 31,2019

prescribed in the said section and has reversed the MAT credit no longer
to it. The impact

of these changes is a one-time charge of INR 3,392'3t crore'

{h-
V
L
16. The disclosures made by SBI to Stock Exchange on December 10,2019 in respect of Divergence

in asset classification and provisioning in terms of Risk Assessment Report (RAR) of RBI for FY

2018-19 is as under:

Divergence in Asset Classification and Provisioning for NPAs

(INR in
Particulars crore)
I Gross NPAs as on March 31,2019 as reported by SBI 1,72,750

2 Gross NPAs as on March 3I,2019 as assessed by RBI 1 ,84,692

J Divergence in Gross NPAs (2-1) lr,g32
4 Net NPAs as on March 3I,20I9 as reported by SBI 65,895
5 Net NPAs as on March 3I,20I9 as assessed by RBI 77,827
6 Divergence in Net NPAs (5-4) Il,g32
7 Provisions for NPAs as on March 31,2019 as reported by SBI 1,06,856

8 Provisions for NPAs as on March 31,2019 as assessed by RBI 1,1 8,892

9 Divergence in provisioning (8-7) 12,036

10 Reported Net Profit after Tax (PAT) for the year ended March 3L,2019 862
Adjusted (notional) Net Profit after Tax (PAT) for the year ended
1 I March 3I,2019 after taking into account the divergence in -6,968
provisioning

SBI has made full provision against the said divergence as at December 31, 2019.

17. Exceptional items represent net profit of INR 3,190.97 crore on sale of partial investments in SBI

Life Insurance Company Limited (a subsidiary). Consequently, the holding of SBI in the subsidiary

has reduced to 57.60Yo from 62.10%o.

18. The figures for the quarter ended December 31,2019 are the balancing figures between reviewed

figures in respect of the nine months ended December 31, 2019 and the year to date

K a-
figures up to September 30, 2019

t D
19. Previous period / year figures have been regrouped/reclassified, wherever necessary, to conform to

current period classifications.

c Setty Kumar Khara

Managing Director Managing Director Managing Director Director
(sA) (ccc & rr) (GB & S) (R&DB)

In terms of our Report of even date

For J.C. Bhalla & Co.
Chartered Accountants

\ -#-.
Raiesh Sethi
Partner
M. No.085669
(Firm Regn. No. 001111N)
Place: Mumbai
Date: ]anuary 31,2020
 J. CHARTERED
C. BHALLA & CO.
ACCOUNTANTS

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

Tel. : +91-11-41551155
E-MAIL : [email protected]
Independent Auditor's Review Report On quarterly and year to date Unaudited Consolidated
Financial Results of State Bank of India pursuant to the Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015

To
The Board of Directors
State Bank of India,
State Bank Bhavan,
Madame Cama Road,
Mumbai- 400021

We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results

of State Bank of India ('the Parent" or 'the Bank') and its subsidiaries (the Parent and its
subsidiaries together referred to as "the Group"), its jointly controlled entities and its share of
the net profiV(loss) after tax of its associates for the quarter ended December 31,2019 and for
period from April 1,2079 to December 31,2019 ("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, except for the disclosures relating
to consolidated Pillar 3 disclosure as at December 31, 2019, as have been disclosed on the
Bank's website and in respect of which a link has been provided in the Statement and have not
been reviewed by us.

2 The Statement, which is the responsibility of the Parent's Management and approved by the
Parent's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting"
("AS 25") prescribed under Section 133 of the Companies Act,2013, the relevant provisions
of the Banking Regulation Act, 1949, the circulars, guidelines and directions 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 to express a conclusion on the
Statement based on our review.

J We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India.
A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

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

-F4rr

BRANCHOFFICE:B-5, SECTOR-6, NOIDA-20l 30t (U.P.)lTEL.: +91 - 12O'4241OOO. FAX:+9 l-l2O'4241OO7

 4. The Statement includes the results of the following entities:
I. Subsidiaries

1 SBI Capital Markets Ltd. 15 SBI Cards and Payment Services Ltd.
2 SBICAP Securities Ltd. I 6. SBI-SG Global Securities Services Pvt.
Ltd.
J SBICAP Trustee Company Ltd. 1 7 SBI Funds Management Pvt. Ltd.
4 SBICAP Ventures Ltd. 1 8. SBI Funds Management (International)
Private Ltd.
5 SBICAP (Singapore) Ltd. 1 9 Commercial Indo Bank Llc , Moscow
6 sBrcAP (uK) Ltd. 20. Bank SBI Botswana Limited
7 SBI DFHI Ltd. 21 SBI Canada Bank
8 SBI Global Factors Ltd. 22. State Bank of India (Califomia)
9 SBI Infra Management Solutions Pvt. Ltd. 23 State Bank of India (UK)
I 0. SBI Mutual Fund Trustee Company Pvt 24. State Bank of India Servicos Limitada
Ltd.
It SBI Payment Services PW. Ltd. 25 SBI (Mauritius) Ltd.
I 2. SBI Pension Funds P\4 Ltd. 26 PT Bank SBI Indonesia
13. SBI Life Insurance Company Ltd 27 Nepal SBI Bank Ltd.

1 4. SBI General Insurance Company Ltd. 28 Nepal SBI Merchant Banking Limited

II. Joint Ventures:

I C - Edge Technologies Ltd. 5 Macquarie SBI Infrastructure Trustee Ltd.

2 SBI Macquarie Infrastructure Management 6. Oman India Joint Investment Fund
Pvt. Ltd. Manasement Company Pvt. Ltd.
3 SBI Macquarie lnfrastructure Trustee Pvt. 7 Oman India Joint Investment Fund
Ltd. Trustee Company P\4. Ltd.
4 Macquarie SBI Infrastructure Management 8. Jio Payments Bank Ltd
Pte. Ltd.

UI. Associates:

1 Andhra Pradesh Grameena Vikas Bank I 0. Utkal Grameen Bank

2 Arunachal Pradesh Rural Bank l1 Uttarakhand Gramin Bank
J Chhattisgarh Rajya Gramin Bank 1 ) Jharkhand Rajya Gramin Bank
4 Ellaquai Dehati Bank I3 Saurashtra Gramin Bank
5 Meghalaya Rural Bank I 4. Rajasthan Marudhara Gramin Bank
6 Madhyanchal Gramin Bank 1 5 Telangana Grameena Bank
7 Mizoram Rural Bank 16. The Clearing Corporation of India Ltd.
8 Nagaland Rural Bank 17. Bank of Bhutan Ltd.
I Purvanchal Bank
 as stated in paragraph 3 above and
5 Based on our review conducted and procedures performed
other auditors refened to in paragfaph
based on the consideration ofthe review reports ofthe
us to believe that the accompanying
6 below, nothing has come to our attention that causes
and measurement principles laid
Statement, prepared in accordance with the recognition
and other accounting principles
down in the aforesaid Accounting Standard, RBI Guidelines
in
generally acceptedin India, has not disclosed the information required to be disclosed
and Disclosure Requirements)
terms of Regulation 33 of the SEBI (Listing Obligations
except for
Regulations ,2015,as amended, including the manner in which it is to be disclosed'
as have
to consolidated Pillar 3 disclosure as at Decembet 3l'2019'
the disclosures relating-Bank's
provided in the
been disclosed on the website and in respect of which a link has been
Statement and have not been reviewed by us, or that
it contains any material misstatement'

included in the standalone

6 we did not review the interim financial information of 54 branches
included in the GrouP, whose results
unaudited interim financial information of the entities
31, 2019 and total revenues of
reflect total assets of Rs.14,91,261 Crores as at December
ended December 31,2019 and for the
Rs.26,554 Crores and Rs.58,113 Crores for the quarter
as considered in the respective
period from April l, 20Ig to Decembe r 31, 2019 , respectively,
the entities included in the Group' The
standalone unaudited interim financial information of
reviewed by the branch auditors'
interim financial information of these branches have been
been furnished to us or other auditors'
other auditors and branch managers whose reports have
and disclosures included in respect of
and our conclusion in so far as it relates to the amounts
these branches, is based solely on the report of such
branch auditors and other auditors and
3 above'
the procedures performed by us as stated in paragraph

and 1 jointly
we did not revieilaudit the interim financial information of 13 subsidiaries
financial results, whose interim
controlled entity included in the consolidated unaudited
as at December 31, 2019 and
financial information reflect total assets of Rs.2,23,700 crores
total net profiv (loss) after tax of
total revenues of Rs.18,661 crores and Rs.48,420 crores and
December 31,2019 and for the
Rs.1,143 crores and Rs.3,008 crores for the quarter ended
as considered in consolidated
period from April l,2llgto Decembet 3l,zilg,respectively,
unaudited financial results. The consolidated unaudited
financial results also includes the
and Rs'77 crores for the quarter
Group's share of net profit/ (loss) after tax of Rs.23 crores
ended December 3I, 20lg and for the period from April
I' 20lg to December 3l' 2019'
financial results, in respect of 1
respectively, as considered in the consolidated unaudited
associate, based on their interim financial information
which have not been reviewed/audited
by other auditors
by us. These interim financial information have been reviewed/audited
and our conclusion on the
whose reports have been furnished to us by the Management
included in respect of these
statement, in so far as it relates to the amounts and disclosures
subsidiaries and jointly controlled entities & associates,
is based solely on the reports of the
other auditors and the procedures performed by us as stated
in paragraph 3 above' Our
the above matters'
conclusion on the Statement is not modified in respect of
7. The consolidated unaudited financial results includes the interim financial information which
have not been reviewed/audited of 23,574 branches included in the standalone unaudited
interim financial information of the entities included in the Group, whose results reflect total
assets of Rs.62,47,045 Crores as at December 31, 2019 and total revenues of Rs. 57,495
Crores and Rs.1,80,194 Crores forthe quarter ended December 31,2079 and for the period
from April 1,2019 to December 31, 2019 respectively, as considered in the respective
standalone unaudited interim financial information of the entities included in the Group.
According to the information and explanations given to us by the Management, these interim
financial information are not material to the Group.

The consolidated unaudited financial results includes the interim financial information of 15
subsidiaries and 7 jointly controlled entities which have not been reviewed/audited by their
auditors, whose interim financial information reflect total assets of Rs.46,8ll crores as at
December 31,2019 and total revenue of Rs.651 crores and Rs.1,954 crores and total net
profit/(loss) after tax of Rs.62 crores and Rs.278 crores for the quarter ended December 31,
2019 and for the period from April l, 2079 to December 3I, 2019, respectivelyo as considered
in the consolidated unaudited financial results. The consolidated unaudited financial results
also includes the Group's share of net profiV(loss) after tax of Rs.1l2 crores and Rs.l71
crores for the quarter ended December 3I,2019 and for the period from April 1,2019 to
December 31, 2019, respectively, as considered in the consolidated unaudited financial
results, in respect of 16 associates, based on their interim financial information which have
not been reviewed/audited by their auditors. According to the information and explanations
given to us by the Managemento these interim financial information are not material to the
Group.

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

For J.C. Bhalla & Co.

NEWDELHI

Partner: M. No. 085

Firm Regn. No. 00111lN
UDIN: 20085669ArqArML7 97 7

Place: Mumbai
Dated: January 31,2020