Moody's affirms SBI Baa3 deposit ratings, stable outlook
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Moody's affirmed SBI's long-term deposit ratings at Baa3 with stable outlook. BCA and Adjusted BCA also affirmed at baa3. Key metrics: TCE/RWA improved to 12.7% from 11.2% in FY26, capital raise of INR 250 billion, total assets INR 83.2 trillion, deposit market share around 23%, LCR at 124.3%. Net income to tangible assets at 1.1% in FY26. Asset quality expected to remain stable, though some moderation likely in agriculture and MSME lending. Ratings capped at sovereign level.
Ratings affirmation with stable outlook signals continued credit strength. No upgrade likely since ratings are capped at India's sovereign level. Neutral for shareholders.