SBIN Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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SBI reported its highest-ever quarterly net profit of ₹21,028 crore, up 24.49% YoY, driven by robust NII growth of 9% (₹45,190 crore), strong fee income from cross-sell and government business, and lower credit costs at 29%. Operating profit surged 39.54% YoY to ₹32,862 crore. Credit growth accelerated to 15.14% YoY, prompting an upward revision of full-year guidance from 12-14% to 13-15%. Asset quality remains best-in-class with GNPA at 1.57% (improved 50bps) and Net NPA at 0.39% (improved 14bps). Capital adequacy strengthened to 14.04%, up 101bps. The bank maintained 3% NIM guidance through cycles and 1% ROA sustainability. Key risks include PSL achievement pressure on small/marginal farmers (7.5% of book), incomplete deposit rate transmission (only 75-80% passed through), and margin headwinds from working capital growth. YONO digital platform scaled to 9.65 crore users with new registrations crossing 3 crore in one month, supporting the target of doubling to 20 crore users in 2-3 years.
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Guidance to track
- 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.
- 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 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.
- 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.
Risks flagged
- Small and marginal farmer segment represents 7.5% of portfolio and creating imbalance in PSL targets. Bank frontloaded PSLC purchases in Q2 and virtually avoided Q3 purchases to manage premium costs. New PSL guidelines being evaluated for impact.
- Only 75-80% of RBI rate cuts have transmitted to deposit repricing. December rate cut has not resulted in deposit rate reduction; retail term deposit rates remain elevated. Full repricing will take another 6-8 months, limiting NIM expansion.
- Gold loan portfolio grew 95% YoY to ₹2.30 lakh crore. While current LTVs are modest (51%) with only 20-30 auctions in large portfolio, gold price volatility represents a structural risk if prices correct significantly.
- Analyst Chintan Joshi questioned why 3.2% LDR increase in Q3 did not result in NIM improvement. Management attributed this to working capital draws (low yield pickup) and corporate growth at maintained margins through ecosystem banking. RWA not significantly enhanced.
Key quotes
- Our ROA consistently greater than 1% and ROE at 20.68% at the end of Q3. SBI is among the very few global financial institutions capable of sustaining a ROA of over 1% at this scale with an advances book of approximately 47 trillion rupees.
- Scaling Yono from 10 crore registered users to 20 crore over the next 2 to 3 years is expected to support operating leverage and ROA sustainability.
- We had given the guidance that we would be having a double-digit corporate credit growth in Q3 and we hope to continue that double digit growth in the corporate side in Q4 also. We are revising our credit growth estimate to 13 to 15%.
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