State Bank of India has informed the Exchange about Transcript
SBIN · price
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Awaiting price reaction for this filing.
SBI reported Q1FY26 net profit of ₹19,160 crore, up 12.48% YoY, with credit growth of 11.61% YoY and deposit growth of 11.66% YoY. Asset quality remained strong with net NPA at 0.47% and slippage ratio at 0.75%, while ROE of 19.7% and ROA of 1.14% were well above the bank's structural targets of 15% and 1% respectively. Management reaffirmed the 3% domestic NIM guidance, describing the trajectory as U-shaped — likely dipping in Q2 before improving in H2 on deposit repricing, savings rate cut benefit, and ₹52,000 crore CRR cut relief. A robust ₹7.2 lakh crore sanctioned pipeline supports confidence in returning to double-digit corporate credit growth, with full-year corporate credit growth guided at 10-11%. Management also addressed the recently concluded ₹1 lakh crore-plus QIP (largest ever, over 60% foreign investors), Project SARAL for operational re-engineering, and noted no systemic asset quality risk from tariff-related supply chain disruptions.
Reaffirmation of strong profitability metrics and forward guidance on margins and credit growth should reassure investors about the bank's earnings durability. The acknowledgment of near-term NIM pressure in Q2 is a watchpoint, but the path to recovery by H2 and sustained double-digit credit growth outlook remain supportive for the stock.