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State Bank of India — Q4 FY26
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.
bullish
high
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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.
SBI ने वित्त वर्ष 2026 में 80,032 करोड़ रुपये का रिकॉर्ड शुद्ध लाभ कमाया, जो पिछले साल से 12.88% अधिक है। यह मुनाफा बैंक की मजबूत कमाई और कम खराब कर्ज (NPA) की वजह से हुआ। बैंक की ब्याज आय (NIM) 3.03% रही, जो उसके लक्ष्य 3% से ऊपर है। खराब कर्ज (ग्रॉस NPA) घटकर 1.49% हो गया, जो पिछले साल से 0.33% कम है। अगले साल के लिए बैंक ने NIM 3% से ऊपर, कर्ज वृद्धि 13-15% और क्रेडिट कॉस्ट 0.50% रहने का अनुमान जताया है। ग्रामीण, कृषि और एमएसएमई (RAM) क्षेत्रों, गोल्ड लोन (1 लाख करोड़ रुपये से अधिक) और डेटा सेंटर जैसे नए क्षेत्रों से वृद्धि की उम्मीद है। पश्चिम एशिया संघर्ष से एमएसएमई पर दबाव और 2027 से नए प्रावधान नियम (ECL) लागू होने का जोखिम है, लेकिन बैंक को आसान बदलाव की उम्मीद है।
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West Asia conflict impact on MSME clusters
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Gross NPA
1.49%
-33bps YoY
Gross NPAs improved to 1.49%, a two-decade low, reflecting strong underwriting.
CASA Ratio
39.46%
+33bps QoQ
CASA ratio improved quarter-on-quarter, sustaining low-cost funding advantage.
YONO Users
10 crore+
+4 crore in 3 months
New YONO crossed 4 crore registrations within 3 months of launch, total users above 10 crore.
Credit Growth
16.87% YoY
+16.87% YoY
Domestic credit grew 16.87% YoY, driven by double-digit growth across all segments.
What Changed vs Last Quarter
NEW
Domestic NIM above 3% for FY27
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.
NEW
Credit cost guidance of 50bps for FY27
Management reiterated credit cost guidance of 50 basis points for FY27, confident in asset quality despite potential West Asia conflict impact.
UPDATED
Credit growth of 13%-15% for FY27
Management expects credit growth in the range of 13%-15% for FY27, driven primarily by RAM (retail, agriculture, MSME) segments.
UPDATED
Cost-to-income ratio below 50%
Management aims to keep cost-to-income ratio below 50% for FY27, with efforts to contain overheads and improve operational efficiency.
DROPPED
Exit NIM of 3% for FY26 and 3% through cycles
Management reiterated NIM guidance of 3% for Q4 exit and long-term, with no significant upside expected.
DROPPED
ROA guidance of 1% through cycles
Management maintained 1% ROA guidance, emphasizing consistency over cycles despite current outperformance.
NEW RISK
West Asia conflict impact on MSME clusters
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.
NEW RISK
ECL provisioning transition
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.
RISK GONE
Deposit repricing lag and cost of funds stability
Management indicated cost of funds may not decline further, and full transmission of rate cuts may not materialize, limiting margin expansion.
RISK GONE
PSL shortfall and PSLC costs
Growth in priority sector lending may fall short, requiring costly PSLC purchases, especially in small and marginal farmer segments.
RISK GONE
Treasury income volatility from yield movements
Hardening yields could impact MTM on HFT/FVTPL books, though management sees limited impact given small book size.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25, Q3 FY26
Hardening yields could impact MTM on HFT/FVTPL books, though management sees limited impact given small book size.
Mentioned in Q1 FY25, Q2 FY25
Efforts to mobilize deposits through data analytics and branch-level focus aim to push deposit growth above 10%.
Mentioned in Q2 FY25, Q3 FY25
SMA-2 loans increased to INR 7,424 crore from INR 1,840 crore, though management attributed most to one account that has been regularized.
Mentioned in Q1 FY25, Q4 FY25
Board approved raising equity capital up to INR 25,000 crore, contingent on business needs and market conditions.
Mentioned in Q1 FY26, Q3 FY26
Management reiterated NIM guidance of 3% for Q4 exit and long-term, with no significant upside expected.
Fast read
Guidance and risk preview
Management guided for domestic net interest margin to remain above 3% for the full year FY27, supported by stable repo rates and asset mix improvem...
Analyst raised concern about stress in MSME space due to West Asia conflict; management acknowledged impact on clusters like Morbi but said overall...
View Risks →