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@ bank.sbiq +91 22 ?z74o$4t I 49q +91 22 Z?741476 I 74 I 37q +91 22 22742842& +91 22 2285 5348& +91 22 22740527

The Executive DirectorBSE Ltd., Phirojere JeejeebhoyTowers 25th FloorDalal Street,Mumbai-400001

Dear Sir/Madam,

The Managing DirectorNational Stock Exchange of lndia Ltd.Exchange Plaza,Sth Floor, Plot No. C/1,G-Block, Bandra-Kurla Com plex,

Bandra (East), Mumbai - 400051

.ilrdq €e,firqrdq*fuSTATE BANKOF INDIA

10.08.2018CC/S&B/SN788

Shares & Bonds Dept,

Corporate Centre,l4thFloor, State Bank Bhavan,

Madame Cama Road,

Mumbai - 400021,lndia

Sub: woRKlNG FINANCIAL RESULTS FoR THE QUARTER ENDED 30.06.2018

ln terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 (the "listing regulations"), we fonrvard herewith copy of the workingfinancial results of the Bank along with the Limited Review Report for the quarter ended30.06.2018 approved by the Central Board of the Bank at its meeting held at Mumbaion 10.08.2018.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

e>Sanjay M AbhyarrkarVice President Compliance- Company Secretary

Encl: as above

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Notes:

The financial r,esults have been drawn from financial statements prepared in accordancewith Accounting standards (AS-25) on 'lnterim Financial Reporting'.

The above financial results have been reviewed by the Audit Committee of the Board attheir meeting held on August 9, 2OL8 and approved by the Board of Directors at theirmeeting held on August 10, 2018. The results have been subjected to a limited review bythe Statutory Central Auditors.

The financial results for the quarter ended June 30, 2018 have been arrived at afterconsidering nr-sc€ssdry provisions for N PAs, Standard Assets, Standard DerivativeExposures, restructured assets and lnvestment Depreciation/provision on the basis ofprudential norrns and directions issued by the RBl. Provisions for Contingencies, EmployeeBenefits inclucling provision for wage revision, Direct Taxes (after adjustment forDeferred Tax) and for other items / assets are made on estimates.

The above resurlts for the quarter ended June 30, 2018 have been prepared, following thesame accounting Policies as followed in the annual financial statements for the year endedMarch 31, 201ti.

RBI circular D,BOD.No.BP.Bc.tl2L.o6.20L/2015-16 dated July 01, 2015 on 'Basel ntCapital Regulations' read together with RBI Circular No. DBR.No.Bp"8C.80/21.06.20U20L4-15 dated March 37, 2Ot5 on ',Prudential Guidelines on capitalAdequacy and l-iquidity Standards Amendments' requires Banks to make applicable pillar 3Disclosures inc:luding leverage ratio and liquidity coverage ratio under the Basel lllframework. These disclosures as of June 30, 201.8 are placed on the Bank's Websitehttp ://www. sbi, co. i n.

The Capital adequacy ratio is computed on the basis of RBI guidelines applicable on therelevant reporl.ing dates and the ratio for the corresponding previous periods is notcomparable to r:onsider the impact of subsequent changes, if any, in the guidelines.

RBI vide letter DBR BP. 973012L.04.078120L7-18 dated April27,2018 permitted to spreadthe additional liability on account of the enhancement in gratuity limits to INR 20 Lakhsover four quarters beginning with the quarter ended March 31, 2018. Accordingly, theBank had during the quarter ended 31.03.2018, availed the relaxation permitted and hadprovided an amount of INR 902.50 Crores being one-fourth of the total additional liabilityof INR 3,610 Crores. Out of the remaining unamortized liability of INR 2,707.50 Crores, anamount of INR 902.50 Crores have been recognised in profit anclloss account for thequarter ended June 30, 2018 and the unamortised liability as on 3 2018 is INR 1805

rfr IlXt AA c: L %Crores.

tV M

h-

10

RBI vide Circular no. DBR.No.BP.BC.108/27.04.048/20L7-L8 dated June 6, 2018 permittedbanks to continue the exposures to MSME borrowers to be classified as standard assetswhere the dues between September L,2O!7 and December 31, 2018 have not been paidnot later than .180 days from their respective original due dates. Accordingly, the Bank hasretained advatrces of INR tL26.29 Crores as standard asset as on June 30, 2018. lnaccordance with the provisions of the circular, the Bank has not recognized interest onthese accounts and is maintaining a standard asset provision of INR 59.63 Crore as on June30, 2018 in respect of such borrowers.

RBI Circular DBR.No.BP.BC.LL3l2t.04.048l20t7-78 dated June L5, 2018, has permittedbanks an option to spread provisioning on mark to market (MTM) losses on investmentsheld in AFS and HFT for the quarters ended June 30, 2018. The circular states that theprovisioning for this quarter may be spread equally over up to four quarters, commencingwith the quart,er in which the loss was incurred. The Bank has not availed the said optionand has recognized the entire net mark to market loss on investments of INR 5893 Croresin the current quarter.

During the quarter, the Bank, having regard to legal advice, has appropriated an amount ofINR 1952.94 Crores in one case in accordance with the resolution plan approved by theNational Com;rany Law Tribunal (NCLT), against which appeals are pending before theNCLAT.

LL As per RBI Circular no. DBR.No.BP.t5799/27.04.O48/2016-L7 and

DBR.No.BP.79Ct6/27.04.04812077-t8 dated June 23, 2017 and August 28, 2Ot7respectively, fclr the accounts covered under the provisions of lnsolvency and BankruptcyCode (lBC), the Bank is holding total provision of INR 37,235 Crores (67.O5% of totaloutstanding) as on June 30, 2018.

12 The bank has made a provision of INR 2655.4t Crores till June 30, 2018 (lNR 1659.41

Crores till March 31, 2018) towards arrears of wages due for revision w.e,f November 1,

2017.

Exceptional items in the previous year represents net profit of INR 5,436.L7 Crores on sale

of partial investments in our subsidiary SBI Life lnsurance Company Limited.

Provision Coverage Ratio as on June 30, 2018 was 69.25 %

Number of lnvr:stors' complaints pending at the beginning of the quarter was Nil. The Bank

13

L4

15

has received 95 lnvestors' complaints during the quarter ey'Q June 30, 2018. 95

complaints ha're been disposed off during the quarter. There \re \tit pending lnvestors'

il"';;";;'";";"L v *,Y A'",J' Y+'

lyv Lt, Mq-

8

16 The Comparative figures for the quarter ended March 31, 2018 are the balancing figuresbetween auditr:d figures in respect of the financial year 2ot7-L8 and the published year todate figures upto December 31, ZOL7.

L7 Previous period/year figures have been regrouped /conform to current period classifications.

Managing Director(Commercial Clients Group & !T)

Managing Director(Global Banking & Subsidiaries)

Firm Regn. No. 004i;32 S

For GSA & AssociatesChartered Accountiants

/'=-*"*>SunilAggarwal

Partner : M No.083899Firm Regn. No. 0001257 N

For Manubhai & Shah LLPChartered Accountants

@^ft rHitesh M. Pomal

Partner: M.No.106137FirmRegn.No. 106041 WWI 00 I 36

For Chatterjee & Co.Chartered Accountants

Partner : M No.060855Firm Regn. No.302l l4 E

ForSLChhajed&Co.Chartered

.shaffiPartner:MNo.071224

Firm Regn. No.000709 C

Chartered,64ccountants

-DR D.S. Rawat

Partner: M.No.083030FirmRegn.No.00 I I I 3NA{500079

For Mittal Gupta & Co.Chartered Accountants

\l\rY\^\\i\""

For M Bhaskara Rao & Co.Cftrtered Accountants

UM*^,^rk-,M V Ramana MurthyPartner: M.No.206439Firm Regn. No.000459 S

For Bansal & Co LLP

Akshay Kumar GuptaPartner: M.No. 070744

Firm Regn. No. 001874 C

necessary, to

P K GuptaManaging Director

(Retail & Digital Banking)

For Varma

: M.No.025854

For Amit Ray & Co.

Firm Regn. No. 000483 C

C

asudeb4fanerjPartner : M No.07U468

For Rao & Kumar.Chartered Accounlants

K. Ch. S. Guru Pra.sad

Partner : M.No.2l:i652Firm Regn. No. 003089 S

For Chaturvedi & Shah

Vitesh D. GandhiPartner:MNo. 110248Firm Regn. No. 101720 W

Place: MumbaiDate : August 10,2018

For Brahmayya & CoChartered Accountants

/, [t{"1"t,.o (c'^ {K. Jitendra Kumar

Partner : M No.201825Firm Regn. No.00051 1 S

ForSKMittal&Co

Firm Regn. No. 001135 N

For Ray & RayChartered Accountants

.,t[l,tr"ii-- t\.^n{ni;it Neogi

Partn\J: M No. 61380Firm Regn. No. 301072 F.

ToThe Board of DirectorsState Bank of lndia,State Bank Bhavan,Madame Cama Road,Mumbai- 400021

1.

LtMITED REVIEW REPORT ON UNAUDITED FINANCIAL RESULTS

OF STAT'E BANK OF INDIA FOR THE QUARTER ENDED JUNE 30, 2018

We have reviewed the accompanying statement of unaudited standalone financial results ('the

Statement') of State Bank of lndia ('the Bank') for the quarter ended June 30, 2018, attached

herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the

SEBI (Listing bOtigations and Disclosure Requirements) Regulations, 2015 except for the

disclosure relating to'Consolidated Pillar 3 Disclosure as at June 30, 2018 including leverage

ratio and liquidity coverage ratio under Basel lll Capital Regulations' as have been disclosed on

the Bank,s websiter and in respect of which a link has been provided in the aforesaid financial

results not reviewe,d by us. This statement is the responsibility of the Bank's Management and

has been approverJ Oy tne Board of Directors. Our responsibility is to issue a report on these

financial results based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE)

2410, ,,Review of lnterim Financial lnformation performed by the lndependent Auditor of the

Entity", issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we

plan' and perfoim the review to obtain moderate assurance as to whether the financial

statements are fr€re of material misstatement. A review is limited primarily to inquiries of the

Bank,s personnel and analytical procedures applied to financial data and thus provides less

assurance than arr audit. We have not performed an audit and accordingly, we do not express

an audit opinion.

The financial results incorporate the relevant returns of 42 branches reviewed by us, 42 foreign

branches out of vvhich 18 reviewed by the Local Auditors of the foreign Branches and 24

certified by respective branch managers and unreviewed returns in respect o122347 branches'

The financial results also incorporate the relevant returns of Central Accounts Offices and

Global Market Units. ln the conduct of our review we have relied on the review reports in

respect of non-performing assets certified by the Branch Managers of the bank of 1664

branches and 46 lnternai Concurrent Auditors. These review reports cover 62.130/o of the

advances portfolio of the bank and 88.52o/o 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

received from the unreviewed branches of the bank.

Based on our review conducted as above and subject to the matters mentioned in Para 3

above, nothing has come to our attention that causes us to believe that the accompanying

statement of unaudited financial results including notes thereon prepared in accordance with

applicable accounting standards and other recognized accounting practices and policies has

noi disclosed the inf6rmation required to be disclosed in terms of Regulation 33 of the SEBI

(Listing Obligatiorrs and Disclosure Requirements) Regulations, 2015 including the manner in

whichlt ls tobe disclosed, or that it contains any material misstatement or that it has not been

prepared in accordance with the relevant prudential norms issued by the Reserve Bank of lndia

in respect of incorne recognition, asset classiflcation, provisioning and other related matters'

2.

3.

4.

N,*, a w v/rs1 D\ tA 1x a te"tort

5. Emphasis of Matteg

We draw attention to:a) Note no 7, rergarding unamortized balance of INR 1,805 Crores on account of

additional liabilities towards Gratuity;

b) Note no 10, regarding an amount of INR 1,g52.g4 Crores taken credit for as perresolution plan approved by National Company Law Tribunal (NCLT), which is subjectto outcome of appeal before National Company Law Appellate Tribunal (NCLAT).

Our conclusion is not modified in respect of the above stated matters.

Partner : M.No.025854Firm Regn. No. 0045.]2 S

For GSA & AssociatesChartered Accountants

/ =-'.*:--2,/\)'--f'Sunil Aggarwal

Partner : M No.083899Firm Regn. No. 000257 N

Partner : M No.0702168

Firm Regn. No. 00041i3 C

Partner : M.No.215ti52Firm Regn. No. 003Ct89 S

For Ray & RayChartered Accountants

,['il^it t\-;fAbhijit Neogi

Pahher:MNo.61380Firm Regn. No. 301072E

For Manubhai & Shah LLPChartered Accountants

Hitesh M. PomalPartner: M.No.106137

FirmRegn.No. I 0604 I W/Wl 00 I 36

For Chatterjee & Co.

Partner : M No.060855Firm Regn. No.302114 E

ForSLChhajed&Co.Chartered Accountants

Partner:MNo.071224Firm Regn. No.000709 C

For Brahmayya & CoChartered Accountants

@Je=*t La.sFor M Bhaskara Rao & Co.

Chartered Accountants

M V Ramana MurthyPartner : M.No.206439Firm Regn. No.000459 S

DR D.S. RawatPartner: M.No.083030

FirmRegn.No.O0 I 1 I 3N4I500079

For Mittal Gupta & Co.Chartered Accountants

'$1^^^r\/Akshay Kumar GuptaPartner: M.No. 070744

Firm Regn. No. 001874 C

6 [r.LlnJ.^"'-Co,-^'^'K. Jitendra Kumar

Partner : M No.201825Firm Regn. No.00051I S

!

For Varma

For Bansal & Co LLPChartered^ Accountants

For Amit Ray & Co.

s.N.stuilu---

For Rao & Kumar.

Page 2 of3

VarrnaLtarts

P R Frasanna VarnrLa

For Chaturvedi & Shah

Vitesh D. GandhiPartner:MNo. 110248Firm Regn. No. 101?r20 W

Place: MumbaiDate : August 10,2018

ForSKMittal&CoCharteled Accountants

I. K. Junejar:MNo.013317

egn. No. 001135 N

Page 3 of3

%*r"rogr%r*?o0Chartered Accountants

LIMITED REV]EW REPORT

The Board of Directors,State Bank of lnriia,State Bank Bhar,,anMadam Cama Road,Mumbai - 40002:1

LIMITED REVIEW REPORT ON THE UNAUDITED CONSOLIDATED FINANCIAL RESULTSOF STATE BANK OF INDIA FOR THE QUARTER ENDED JUNE 30, 2018

1. We have reviewed the accompanying statement of unaudited consolidated financialresults of State Bank of lndia (the'Bank') forthe quarter ended June 30, 20jB whichincludes:a) Results of the Bank which have been reviewed by all the Central Statutory Auditors

including us;b) Results of 10 Subsidiaries reviewed by other Auditors;c) Result of 1 Subsidiaries audited by other Auditor; andd) Un-revieured results of 18 Subsidiaries, 8 Joint Ventures and 20 Associates

(including 1B Regional Rural Banks).

The above entities together with the Bank are referred to as the 'Group'. This statementis the responsibility of the Bank's management and have been approved by the Board ofDirectors. Our responsibility is to issue a report on these financial statements based onour review.

Scope of Review:We conducted our review in accordance with the Standard on Review Engagement(SRE) 2410, "Review of lnterim Financial lnformation Performed by the tndLpindentAuditor of the Entity", issued by the lnstitute of Chartered Accountints of tnO'ia. tnisStandard requires that we plan and perform the review to obtain moderate assurance asto whether the financial statements are free of material misstatement. A review is limitedprimarily to inquiries of bank personnel and analytical procedures applied to financialdata and thus provide less assurance than an audit. We have not performed an auditand accordinl3ly, we do not express an audit opinion"

ln respect of the unaudited consolidated financial results we did not review:

a) the statement of reviewed financial results of 10 Subsidiaries of the Group, as wellas staternent of audited financial results of 1 subsidiary whose financial resultsreflecttheGroup'sshareof total assetsof INR 1,45,810croresasatJune30,201Band the Group's share of total revenues of INR 8,910 crores for the quarter endedJune 30,2018 as considered in the consolidated financial results. These financialresults have been reviewed/audited by other auditors whose reports on thestandalorre financials results and on the information and adjustments required forconsolidation have been furnished to us, and in our opinion, in so far as it relates tothe amounts/information included in respect of such subsidiaries in the consolidatedfinancial results, is based solely on such reports of the other auditors;

the financial results of 18 Subsidiaries and 8 Joint ventures whose financial resultsthe Group's share of total assets of INR s4,682 crores as at June 30, 2o1g

the Group's share of total revenues of INR 1,439 crores for the quarter ended130, 2018 are not reviewed by their auditors and have been included in the

ted financial results on the basis of management certified information;

Unit No. 101, Option Primo, Plot No. X-21, MIDC Road No. 21, Andheri East, Mumbai- 400093

Tel: +91+22 2839 5837 Email: mumbai@varma'andvarma.@m

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Place: MumbaiDate: August 10,2018

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Unit No. 101, tf,p661 Primo, Plot No. X-21 , MIDC Road No. 21 , Andheri East, Mumbai- 400093

Tel : +91+222839 5837 Email: mumbai@varmabndvarma.com

PartnerM. No 025854

Chartered Accountants

c) The finarrcial results of 20 Associates (including 18 Regional Rural Banks, whosefinancial results reflect the Group's share in profit from associates of INR 279 croresfor the quarter ended June 30, 2018 are not reviewed by their auditors and havebeen inc uded in the consolidated financial results on the basis of managementcertified information.

We have relied on the intra group balances and transactions pertaining to the variouscircles/ units of the bank as certified by the respective joint auditors of the Bank for thepurpose of elimination of intragroup balances and transactions.

Based on c)ur review conducted as above and subject to limitations in scope asmentioned in paras 1 and 4 above, nothing has come to our attention that causes us tobelieve that the accompanying statement of unaudited consolidated financial resultsprepared in accordance with applicable accounting standards and other recognizedaccounting practices and policies has not disclosed the informatlon required to bedisclosed in terms of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 including the manner in which it is to be disclosed, orthat it contains any material misstatement or that it has not been prepared inaccordance with the relevant prudential norms issued by the Reserve Bank of lndia inrespect of ncome recognition, asset classification, provisioning and other relatedmatters.

Emphasis o,f Matter

We draw attr-.ntion to:

a) Note no 6, regarding unamortized balance of INR 1,805 Crores on account of

additional liabilities towards Gratuity;

b) Note no 8, regarding an amount of INR 1,952.94 Crores taken credit for as perresolution plan approved by National Company Law Tribunal (NCLT), which issubject to outcome of appeal before National Company Law Appellate Tribunal(NCLAT)

Our conclusion is not modified in respect of the above stated matters.

For VARMA & VARMA

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