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What the record says.
SBI reported a modest 0.9% YoY PAT growth to INR 17,035 crore in Q1 FY25, with operating profit up 4.55% to INR 26,449 crore. Domestic advances grew 15.55% YoY, while deposits grew only 8.18%, widening the gap. Net interest income rose 5.71% YoY, but NIM compressed 11 bps due to deposit cost pressures. Asset quality improved with gross NPA at 2.21% (down 55 bps YoY), though slippages ticked up to INR 7,900 crore, partly seasonal. The cost-to-income ratio improved 95 bps to 49.42%. Management guided for NIM stability within ±10 bps and credit cost around 0.50%. Key risks include deposit growth lagging credit, potential ECL provision impact, and elevated slippages in unsecured retail. The bank's strong capital position (CET1 10.25%) and excess SLR of INR 3.7 trillion provide buffers.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects net interest margin to stay near current levels, with variation not exceeding 10 bps.
- Sustainable credit cost expected to be around 0.50% going forward.
- Credit-deposit ratio expected to be around 70%, potentially rising to 72%.
- Board approved raising INR 10,000 crore Tier 1 and INR 15,000 crore Tier 2 capital.
Risks flagged
- Deposit growth of 8.18% YoY trails credit growth of 15.55%, potentially pressuring liquidity and NIM.
- Slippages in personal loans rose due to delayed salary credits in some states; though partly reversed, trend bears watching.
- RBI's expected credit loss norms remain a consultation paper; management deflected quantification, citing it's premature.
- RBI flagged loan growth exceeding deposit growth; management expects self-regulation but impact on growth is uncertain.
Key quotes
- Our effort and endeavor is to keep it at this level. I don't think it should have any significant change in the numbers.
- We have plowed back about INR 1.14 trillion in the last three years. So that is something which is giving us the natural lever for growth.
- I would be more than happy to grab the deposit provided the deposit is available at a cost which I would like to bear.
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