Cc/S&B/S 411248

qT{frq €e {qt ilo- 'rT{Sq dc OSBI 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 *cs\E qtasftIFT & Dopt.

@ bank.sbi q +91222274}a4r/49 *qr gttirc Aqnr, iq{ snFr fr-€ RqFr, Shares & Bonds Dept, q +912222747476174137 o]fte b-d, ond\e b-q, Corporate Centre, $ *gt zz 22742842 14qr qr6r, t}e d-o qcc, ras: Tm, t}e *'o r+c, l4thFloor, State Bank Shavan, & +91 22 2285 s348 qrqrq qrqr ts. qRTq orqr r}s, Madame Cama Road, tlr{q & +972222740527 Ii{$ - Booo?9, t[tf, 1j+$ - uooo?i, Mumbai - 400021, lndia STATE BANK OI INDIA CORPORAIE CENIRE, MUMBAI - 4OO O2I UNAUDITED FINANCIAI. RESUTTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 3I- 20I9

s. PorliculoB 3I.l I 3r.t2.rcta 31.12.20tt 3r.r2.2018 3t.03201 9 I lUndudiledl (Unoudiledl I 67 l,l I 12.4 18,824.41 9.492.8 lhlered t8_952-34 55.939 7l 80_2€-51 736.11 306.31 td) otheE 780-t6 777.15 362.46 2 077 05 1.325 39 't.325.26 2 3 598.25 1.726.O2 a.5g-39 a da5, 25.659.73 D Sr9 ta 3 35.2t4.s 2197a 2t,99l.67 19 179-A 51.14-66 7A BA'A .91 1.84 4 -91 2,64.O10.27 5 .36 ts t tot-27 relded I t8 I r.866.06 37 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 11 8.193.06 13,970.42 n.aa) 9 n 54.5n.06 i t.396.87 11 11374 37.740.m 3,4a4.30 1.560-$ 10 3 190 97 3.19097 466.4 5_O59-A 20.ov)-72 ll Iox e) 7.As?-97 ,725-5i s.n.a 12 .73 23.a l3 of ldx I l4 9g.al l5 2383 l6 135.2C 247.54 l7 245.85 1.050.9l 1.73 23-& ta 17 892.46 l9 492.46 492.4t 492.46 20 licol rolio3 ril held 569% 57.70q 569% (i0 57.13t s69T 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 moiths 14.40 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 'OO UNAUDITED SEGMENTWISE REVENUE, RESUtTS, ASSETS & TIABII.IIIES

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

20,07 4.O5 58,53t.93 b 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 Revenue 96,0t5.05 .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 l 3.693.83 52 561-76 3€.84 1.57 6.49 2, i t4.8 I tfi) 499.87 853 s56_86 2.677 62 2.bo.57 - s,455.21 2.959.10 tfiil - 12n27 - t-013.25 -3 47 t7 3.192.67 r,087.13 1.243.65 1 19t 79 1.052.24 -3 155 71 Paof .97 -2 16520 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 olsocioleS 3.6215.&, l.5la.g 5.m - t-46 247.54 277.93 400.50 2857 1,008.63 711.10 3,954.8r 3 aaz23

t_s4.05 .34 14.22 n5 7A I d 139. I 2 1.79.917 A .66 1.79.917.54 1,53.355.50 t 42 34 36 3t.343.55 42 316 36 33.27101 15,192.74 41 934 26 $aI rA 44.934.26 g 1219A 55,315.48 45 059 a] 45_059.8r s3 637 A7 'l 37 t2.l 5 37 I t2.t 5 o b tl 107.63 .63 8. .452.m I o6 1.57.7A2A6 l_36.478-S I 43 9.55 r( 31.743.57 30 $o 36 31.743.57 21.522.11 I 05-43 86.105.83 93.749.11 81 173 69 93.749.1 | 76 601 m 2 32 StO A7 26,O75.26 2.20 363.69 ? 3? 520 A7 2.20.913.A2 2 4 350 -59 2.3237431 2 € 350-59 2.34.495.66 37 .li .192.1 S 37Am59 37 .19 .1i2.1 S { a9 6A207 3t.96.525.11 ! 39.G&7-S 37.&.901.96 ss470a $gmcnl N.l R.rulh orc otr.d d.r toking h. .n ch ot T.orjd pilcing. v {b STATE BANK OF INDIA CORPORAIE CENTRE, AAUAABAI . 4OO O2I SUMMARISED STATEMENI OT ASSETS & I.IABITIIIES

ln s. Porliculors No. 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

't c lnveslmenls I 0, i 2.1 00.68 10,32,070.s4 9,67,021 .95 1 ,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

(

Bdsu 4- Khoro P Selty iingh-Kumor Monoging Dhector (SA) Director (CCG&lT) Monoging Director (GB&S) (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 cumulative till December 31, 2019 < 8237.4I rds wages revision from November OL,2Ot7. * $" IJ 1(- \^. - \ t \ 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 Particulars (Rs in crorel

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) L2,036 862 1_0 Re ed Net Profit after Tax PA for the r ended March 3 2019 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. \e v 4r V) L YV ry ilr k \ P ) L7 Previous period/year figures have been regrouped/reclassified, wh necessary, to conform to current period classifications.

Sreen lu Setty Arrj su ffi^ 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 san 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\ &dfal' 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 €-"-- \ tJ l- /"2 J4 l- 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.

For J.C. Bhalla & Co. For Chaturvedi & Shah LIP ForSKMittal&Co. ch Accounta nts Chartered Accountants Cha Accountants \l fi, Rajesh Sethi wVitesh D. Gandhi Juneja Partner : M. No.085669 Partner: M. No. 710248 Pa r: 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 r**t Siva ma Krishna Prasad Gabbita 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. ,) SBICAP Securities Ltd. 16. SBI-SG Global Securities Services Pvt. Ltd. 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. 2 1 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*/ of Joint Venture Sr Name of Joint Venture Sr Name no. no. Macquarie SBI Infrastructure Trustee Ltd I C - Edge Technologies Ltd. 5 6 Oman India Joint Investment Fund 2. SBI Macquarie Infrastructure Management - Pvt. Ltd. Pvt. Ltd. 7 Oman India Joint Investment Fund - Trustee ComPanY PW. Ltd. Jio Payments Bank Ltd. 4. Macquarie SBI Infrastructure Management 8

Pte. Ltd.

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

ended December 31, 2019 have 6. The consolidated financial results for the quarter and nine months Standard Assetso Standard been arrived at after considering necessary provisions for NPAs, 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 are made on estimated basis' Taxes (after adjustment for Defened Tax) and for other items / assets

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 August 28' 2017 respectively' for DBR.No.BP .1906121.04.04812017-18 dated June 23, 2017 and' 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 below:- KM h/ V New Name Sponsor Sponsor Bank after Bank of Effective Date of Name of transferor of transferor RRBs Amalgamation transferee Amalgamation RRBs ofRRBs RRBs 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 Gramin United Bank Vikash Bank India Assam April0l ,2019 2 Langpi Dehangi State Bank of Vikash Bank of India Rural Bank India

2019 and By virtue of Department of Financial Services (DFS) letter dated February 06, value ofthe shares February 14,21lgthe transfer ofstake ofSponsor Banks has taken place at face INR 207 crore has and as a result during the nine months ended December 3I, 2019 a loss of '93 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 Date of Name of Sponsor Bank of after Bank of Effective transferor RRBs transferor RRBs Amalgamation transferee Amalgamation of RRBs RRBs Bank of India ]harkhand Gramin Jharkhand State Bank of Bank Rajya Gramin April0l ,2019 State of India Vananchal Gramin Bank Bank Bank India

quarter and nine months ended 15. While recognizing provision for income tax for the under Section December 31, Z0lg, SBI has exercised the option of lower tax rate permitted (Amendment) Act,2019' l 15BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws on the tax rate Accordingly, SBI has re-measured its Defened Tax Assets at March 31,2019 based it. The impact prescribed in the said section and has reversed the MAT credit no longer to 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

1 0 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 figures up to September 30, 2019 K a- 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. C. BHALLA & CO. CHARTERED 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. 2 1 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 I 3 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 performed as stated in paragraph 3 above and 5 Based on our review conducted and procedures 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 required to be disclosed in generally accepted in India, has not disclosed the information and Disclosure Requirements) terms of Regulation 33 of the SEBI (Listing Obligations in which it is to be disclosed' except for Regulations ,2015,as amended, including the manner as have to consolidated Pillar 3 disclosure as at Decembet 3l'2019' the disclosures relating-Bank's which a link has been provided in the been disclosed on the website and in respect of contains any material misstatement' Statement and have not been reviewed by us, or that it

of 54 branches included in the standalone 6 we did not review the interim financial information 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 December 31,2019 and for the Rs.26,554 Crores and Rs.58,113 Crores for the quarter ended considered in the respective period from April l, 20Ig to Decembe r 31, 2019 , respectively, as entities included in the Group' The standalone unaudited interim financial information of the by the branch auditors' interim financial information of these branches have been reviewed 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 auditors and other auditors and these branches, is based solely on the report of such branch above' the procedures performed by us as stated in paragraph 3

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 at December 31, 2019 and financial information reflect total assets of Rs.2,23,700 crores as and total net profiv (loss) after tax of total revenues of Rs.18,661 crores and Rs.48,420 crores December 31,2019 and for the Rs.1,143 crores and Rs.3,008 crores for the quarter ended considered in consolidated period from April l,2llgto Decembet 3l,zilg,respectively, as results also includes the unaudited financial results. The consolidated unaudited financial Rs'77 crores for the quarter Group's share of net profit/ (loss) after tax of Rs.23 crores and 20lg to December 3l' 2019' ended December 3I, 20lg and for the period from April I' financial results, in respect of 1 respectively, as considered in the consolidated unaudited have not been reviewed/audited associate, based on their interim financial information which 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 based solely on the reports of the subsidiaries and jointly controlled entities & associates, is in paragraph 3 above' Our other auditors and the procedures performed by us as stated above matters' conclusion on the Statement is not modified in respect of the 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