State Bank of India · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Fresh slippages rose to ₹7,000 crore from ₹5,500 crore in Q4; absolute GNPA/NPA increased for first time in several quarters; SMA-2 doubled. Management attributes Q1 pattern to seasonality but trend warrants monitoring.
Analyst specifically asked for credit cost run-rate impact; management deferred to Q2 results (August 18 IT implementation). Chairman gave qualitative 'no major impact' assurance but no specific basis points or rupee figure.
Express credit growth stuck at 8% as customers migrate to gold loans due to ~300bps interest rate arbitrage. Management acknowledges this is temporary but no timeline for normalization given gold loan demand remains strong at 100% retail growth.
Corporate growth muted as MCLR transition is 'work in progress' with customers renegotiating or moving to alternatives. Management sees this as acceptable trade-off for better yields but acknowledged sequential growth impact.
