Credit Growth: 14-15% for FY27
Anchored to nominal GDP expectations of 12-12.5%; SBI typically grows 2-3% above nominal GDP. 18% growth this quarter is base-affected (Q1 FY26 was muted for industry).
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State Bank of India · forward-looking guidance across the available source record.
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growth
Domestic NIM: 3% for FY27
Full-year guidance maintained. 7bps sequential NIM improvement in Q1 came from deposit cost reduction. FCNR flows of ₹1 lakh crore will not materially impact margins.
Fee Income: Potential to reach 20% of total income
Currently ~15%; focus continues on loan processing charges, government business (CAG activities), and cross-sell across segments. ₹500 crore quarterly government fee improvement includes accounting change to accrual basis.
ECL Implementation: Q2 FY27 numbers
IT systems update pushed to August 18; management confident of 'no major impact' citing capital augmentation from MF listing, planned divestment, and regulatory transition dispensation.
Credit Growth: 13-15% for FY26
Upward revision from earlier 12-14% guidance, driven by robust Q3 performance with 15.14% YoY growth. All segments including corporate (13.37%) contributing to double-digit growth trajectory.
NIM: 3% exit rate for FY26 and 3% through cycles
Domestic NIM at 3.12% for Q3. Long-term guidance of 3% through economic cycles maintained. December rate cut impact on yields estimated at ~₹800 crore with 1bp NIM effect for full year.
ROA: 1% through cycles
ROA consistently above 1% at scale (advances ~₹47 lakh crore). Q3 ROE at 20.68%. Management conscious of RWA density and maintains 1% ROA guidance for long-term sustainability.
CV Income Target: $1 billion
Customer Value Enhancement (cross-sell) income target set at $1 billion (currently tracking towards this milestone). Driven by life insurance, mutual fund trail income, and expanded product offerings on YONO.