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What the record says.
SBI reported FY25 net profit of INR 70,901 crore, up 16.08% YoY, driven by strong credit growth of 12% and stable asset quality with slippage ratio of 0.55%. Domestic advances grew 11.56% led by SME (16.86%) and agriculture (14.29%), while corporate growth was impacted by unexpected prepayments from PSUs. Deposit growth was 9.48% with CASA ratio near 40%. The bank maintained ROA above 1% and ROE above 19%. Management guided for 12-13% credit growth in FY26, NIM protection around 3% despite rate cuts, and cost-to-income below 50-51%. Key risks include margin compression from repo rate cuts and potential impact from the Bhushan Power & Steel Supreme Court judgment.
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Guidance to track
- Management expects domestic credit growth of 12-13% in FY26, driven by corporate pipeline and SME/agriculture segments.
- Despite repo rate cuts, management aims to protect domestic NIM at around 3% through deposit rate adjustments.
- Management guided to keep cost-to-income ratio below 50-51% by focusing on income growth and digital efficiencies.
- Board approved raising equity capital up to INR 25,000 crore, contingent on business needs and market conditions.
Risks flagged
- Further repo rate cuts could pressure net interest margins, though management expects to mitigate via deposit rate adjustments.
- Supreme Court ruling on Bhushan Power & Steel could impact recoveries; management is studying the order and potential implications.
- Unexpected prepayments from PSUs impacted corporate credit growth in Q4; similar deleveraging could recur.
- Higher provisions (including PLI and aging provisions) led to a 10% YoY decline in Q4 PAT, which may raise concerns about earnings volatility.
Key quotes
- Our idea is our focus is always to strengthen our balance sheet and also create a consistency in our performance. It's not about one quarter, we try to ensure, but our preference is that if any costs are visualized, let us take them upfront.
- We strongly believe that if SBI has a growth rate of 10-11% on the balance sheet basis, which means that SBI gets doubled every six to seven years.
- Our focus would be mainly on how do we increase the income, while the cost rigidity, particularly on the employee side, will remain.
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