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What the record says.
SBI reported a strong Q1 FY26 with net profit of INR 19,160 crore, up 12.48% YoY, driven by robust retail growth and cost containment. Domestic credit grew 11.06% YoY, with home loans up 15% on a large base. Net NPA improved to 0.47%, down 10bps YoY. Management reiterated NIM guidance of 3% for FY26, expecting a U-shaped trajectory with improvement from Q3. The bank completed a landmark INR 25,000 crore QIP, boosting CET-1. Key risks include potential asset quality stress in Xpress Credit (GNPA rising to 1.2% on a flat book) and uncertainty from global tariff disruptions, though direct exposure is minimal. Overall, the bank remains confident of delivering ROE above 15% and ROA above 1%.
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Guidance to track
- Management expects domestic NIM to be around 3% for the full year, with a U-shaped trajectory—declining in Q2 and improving from Q3 onwards.
- The bank expects overall credit growth of around 12%, with potential upside to 13% as uncertainties clear.
- Management aims to keep the cost-to-income ratio below 50% through the cycle, supported by productivity initiatives like Project SARAL.
- Structural targets of return on assets above 1% and return on equity above 15% through the cycle are reaffirmed.
Risks flagged
- GNPA in Xpress Credit rose to 1.2% on a flat book, though management attributes it to base effect and expects stabilization.
- Supply chain disruptions from US tariffs could affect working capital and credit quality in export-oriented sectors, though SBI's direct exposure is minimal.
- NIM may decline further in Q2 before recovering, driven by deposit repricing lag and CASA ratio decline.
- Prepayments of INR 12,000 crore and shift to CP market by corporates indicate pricing pressure, potentially limiting corporate credit growth.
Key quotes
- We combine skill with agility, innovation with prudence, and growth with inclusivity.
- Our ambition is not merely to grow, but to grow profitably and sustainably.
- The NIM trajectory will be U-shaped. It probably will come down in Q2... it will definitely improve from Q3 to Q4.
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