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SBI reported its highest-ever quarterly net profit of INR 21,028 crore, up 24.49% YoY, driven by strong operating profit growth of 39.54% YoY and lower credit costs of 0.29%. Net interest income grew 9% YoY to INR 45,190 crore, with domestic NIM at 3.12%. Credit growth accelerated to 15.14% YoY, led by broad-based expansion across retail, agriculture, SME, and corporate segments. Asset quality improved further, with gross NPA at 1.57% (down 50bps YoY) and net NPA at 0.39%. Management revised credit growth guidance upward to 13-15% for Q4, citing positive economic tailwinds from trade deals and budget measures. The bank remains focused on maintaining ROA above 1% and cost-to-income below 50%. Key risks include potential margin compression from corporate loan growth and deposit repricing lag.
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Guidance to track
- Management raised the earlier 12-14% guidance to 13-15% for the current quarter, driven by strong momentum across all segments.
- Management reiterated NIM guidance of 3% for Q4 exit and long-term, with no significant upside expected.
- Management maintained 1% ROA guidance, emphasizing consistency over cycles despite current outperformance.
- Management reiterated target to keep cost-to-income below 50%, supported by operating leverage and digital initiatives.
Risks flagged
- Corporate loans typically carry lower yields; rapid growth could pressure NIMs despite management's confidence in pricing discipline.
- Management indicated cost of funds may not decline further, and full transmission of rate cuts may not materialize, limiting margin expansion.
- Growth in priority sector lending may fall short, requiring costly PSLC purchases, especially in small and marginal farmer segments.
- Hardening yields could impact MTM on HFT/FVTPL books, though management sees limited impact given small book size.
Key quotes
- Our performance in the third quarter of FY 2026 reflects continuity, consistency and the enduring strength of our franchise.
- We have not compromised on the margins. We have ensured that the NIM guidance, what we have given is maintained despite 13% credit growth coming from the corporate side.
- Our objective is to keep the cost to income ratio below 50. I think that guidance we had earlier given, we are sticking to that guidance.
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