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SBI reported a record net profit of ₹8,032 crore for Q4 FY26, up 12.88% YoY, driven by strong operating profitability and improved asset quality. Domestic NIM stood at 3.03%, meeting the bank's guidance of above 3%. Total business crossed ₹109 trillion, with credit growth of 16.87% YoY and deposit growth of 11.03%. Asset quality improved further with gross NPA at 1.49% and net NPA at 0.39%. The bank maintained ROA above 1% and ROE at 18.5%. Management guided for FY27 domestic NIM above 3%, credit growth of 13-15%, and credit cost of 50 bps. Key risks include potential impact from the West Asia conflict on MSME clusters and the transition to ECL provisioning from April 2027, though management expressed confidence in a smooth transition.
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Guidance to track
- Management reiterated guidance for domestic net interest margin to remain above 3% for the full year FY27.
- Bank guided for credit growth of 13-15% in FY27, with corporate growth expected at 12-13% and RAM driving the rest.
- Management maintained credit cost guidance of 50 basis points for FY27, confident in asset quality despite West Asia conflict.
- Bank aims to keep cost-to-income ratio contained below 50% for FY27.
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 remains unchanged.
- Transition to expected credit loss-based provisioning may require additional provisions; management declined to give a specific number but said transition will be smooth and not impact capital or credit growth.
- Q4 saw MTM loss of ₹4,522 crore vs ₹143 crore in Q3 due to sharp bond yield movements; management expects yields to stay in 6.75-6.9% range but geopolitical risks could cause further volatility.
- Shift of corporate loans from MCLR to T-bill linked pricing has compressed yields; management plans to move loans back to MCLR but execution risk remains.
Key quotes
- Our FY26 performance reflects a consistency born out of a calibrated multi-year shift in how we run the bank.
- We are sticking to our credit cost guidance of 50 basis points even despite whatever happens on the West conflict.
- We are focusing on the relationship value... we are encouraging our field staff to be more proactive in terms of negotiating on that.
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