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What the record says.
SBI delivered a strong Q2 FY26 with domestic NIM improving 7 bps QoQ to 3.09%, driven by disciplined liability management and operating leverage. Credit growth reversed negative trend to 7.1% QoQ, with a robust corporate pipeline of INR 7 lakh crore. The bank raised INR 25,000 crore via the largest-ever QIP, oversubscribed 4.5x. Management guided NIM above 3% for H2 and credit growth of 12-14% for FY26. Key risks include potential ECL impact from new SMA provisioning norms and volatility in treasury income. Overall, SBI's structural advantages in low-cost deposits and pricing discipline support sustained outperformance.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects domestic NIM to stay above 3% in Q3 and Q4, supported by CRR cut benefits and continued deposit repricing.
- The bank aims to achieve 12-14% credit growth for the full year, driven by corporate and retail segments.
- The bank continues to target INR 2,000 crore per quarter in recovery from written-off accounts.
- First tangible benefits from the simplification and centralization project are expected from Q1 FY27.
Risks flagged
- Proposed ECL guidelines may require higher provisioning on SMA-1 and SMA-2 accounts, though management expects limited impact due to a four-year phase-in.
- Treasury profits fell ~50% QoQ due to absence of OMO operations; future income depends on market conditions.
- Industry deposit growth remains sluggish at 9.5%, which could constrain credit growth if the trend persists.
- An analyst noted a sharp rise in GNPA for Xpress Credit; management downplayed it, citing portfolio growth, but absolute NPA levels bear watching.
Key quotes
- State Bank of India is compounding on durable structural advantages. Scale with discipline. Growth with quality. Returns with resilience.
- Our guidance still stands good that we will be above 3% in Q3 and Q4.
- We are serious about listing them. The respective boards will take a call in terms of the timing, quantum.
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