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SBI’s YONO doubles user-base, digital personal loan disbursement up 60% YoY

SBI, state bank of India

State Bank of India’s (SBI) YONO super app has helped the bank grow its retail lending and deposit business significantly during the pandemic. The flagship mobile banking and lifestyle app of the country’s largest bank nearly doubled its user base to over 32 million at the end of December 2020, compared to 17 million in the previous year.

Through the app, which will be hived-off into a separate entity, the bank disbursed a total of Rs 15,996 crore personal loans, through over 1 million YONO loan accounts, between April and December 2020, according to its investor presentation. This is around 60% higher compared to the same period of the previous year wherein the bank disbursed Rs 10,000 crore worth of personal loans through YONO. It is important to note, that personal loans under YONO are a part of the SBI’s wider ambit of personal loan products.

“The alternate channels have assumed greater significance. In the last quarter, we have underwritten about Rs 5,300 crore pre-approved personal loans with the help of YONO. In the quarter ending September, that number was Rs 5,100 crore so that is a reflection of the convenience built-in. With the help of YONO we have significantly enhanced our capacity to underwrite such loans,” said Dinesh Khara, chairman, SBI during a media interaction on Thursday. Around 41% of all retail loan accounts and 60% of liability customers were on-boarded through its digital channels during the quarter, the bank said.

Digital banking highlights

  • YONO App: 32.77 million registrations in Q3FY21 compared to 17 million in Q3FY20
  • New YONO users: 4.2 million in Q3FY21
  • YONO Cash: 6.9 million transactions in Q3FY21
  • Digital personal loans: disbursed Rs 5,301 crore worth of loans in Q3FY21
  • Marketplace: Gross Merchandise Value sold Rs 228.5 crore in Q3FY21
  • Credit cards: 132,000 new credit cards sourced through YONO
  • Savings bank accounts: 1.56 million new accounts through YONO
  • Around 90.7% of eligible SBI retail customers have now migrated to YONO
  • Internet banking users: 85 million in Q3FY21 compared to 70 million in Q3FY20
  • Mobile Banking users: 19 million compared to 16.2 million in Q3FY20
  • Digital payment transactions: 67% of all transactions in Q3FY21 compared to 58% in Q3FY20
  • Unified Payments Interface: 135 million users processing 3.63 billion transactions in 9MFY21 with marketshare of 24.4%

Financial Snapshot

  • Net Interest Income: Rs 28,820 crore in Q3FY21, up by 3.75% YoY and 2.27% QoQ
  • Operating Profit: Rs 17,333 crore in Q3FY21, down by 5% YoY and up by 5.31% QoQ
  • COVID-19 provisions: Rs 12,976 crore, added around Rs 3,000 crore this quarter
  • Total Deposits: Rs 35.35 lakh crore, up by 13.6% YoY and 1.9% QoQ
  • Total Advances: Rs 24.56 lakh crore, up by 6.7% YoY and 3% QoQ

The bank has received restructuring requests worth Rs 18,125 crore, of which it has restructured Rs 4,506 crore loan accounts to date. Around Rs 11,707 crore worth restructuring requests are from corporate borrowers, Khara said. While the bank had expected around Rs 60,000 crore worth of slippages by the end of this financial year, as of Q3FY21 it had recorded around Rs 41,216 crore worth of slippages and restructuring.

  • Gross NPA ratio: 4.77% in Q3FY21, compared to 5.28% in Q2FY21 and 6.94% in Q3FY20
  • Net NPA ratio: 1.23% in Q3FY21, compared to 1.59% in Q2Fy21 and 2.65% in Q3Fy20
  • Proforma GNPA: 5.44% in Q3FY21
  • Proforma NNPA: 1.81% in Q3FY21

Download: Financial Results | Investor Presentation

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