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What the record says.
SBI reported a record net profit of INR 80,032 crore for FY26, up 12.88% YoY, driven by strong operating profitability and improved asset quality. Domestic NIM exited at 3.03%, within the guided >3% range, despite a 25bps repo rate cut and a shift in corporate loan mix toward T-bill-linked pricing. Asset quality improved with gross NPA at 1.49% (down 33bps YoY). Management guided for FY27 domestic NIM above 3%, credit growth of 13%-15%, and credit cost of 50bps. Key growth drivers include RAM segments, gold loans (doubled to over INR 1 lakh crore), and emerging sectors like data centers and renewables. Risks include potential stress from the West Asia conflict on MSME clusters and the transition to ECL-based provisioning from April 2027, though management expects a smooth transition.
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Guidance to track
- Management guided for domestic net interest margin to remain above 3% for the full year FY27, supported by stable repo rates and asset mix improvement.
- Management expects credit growth in the range of 13%-15% for FY27, driven primarily by RAM (retail, agriculture, MSME) segments.
- Management reiterated credit cost guidance of 50 basis points for FY27, confident in asset quality despite potential West Asia conflict impact.
- Management aims to keep cost-to-income ratio below 50% for FY27, with efforts to contain overheads and improve operational efficiency.
Risks flagged
- Analyst raised concern about stress in MSME space due to West Asia conflict; management acknowledged impact on clusters like Morbi but said overall exposure is minimal and credit cost guidance unchanged.
- Transition to expected credit loss-based provisioning from April 2027 may impact profitability; management declined to quantify impact but expects smooth transition over four years.
- Shift of well-rated corporates from market to bank loans linked to T-bill has compressed yields; management plans to move loans to MCLR but execution risk remains.
Key quotes
- Our focus remains firmly on delivering consistent risk-adjusted returns, supported by disciplined underwriting, strong asset quality, and robust internal capital generation.
- We are sticking to our credit cost guidance of 50 basis points, even despite whatever happens on the West Asian conflict.
- We are focusing on the relationship value. For instance, this processing fee is not only coming from retail operations... we have readjusted our processing fee, not by way of increasing, but reducing the concessions.
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