State Bank of India (SBIN) Q1 26/27 earnings summary

Executive summary

• Net profit for Q1 FY27 reached ₹21,121 crore, up 10.23% year-over-year, with operating profit at ₹33,529 crore, supported by strong operating performance and disciplined cost management.

• Asset quality improved, with gross NPA at 1.47% and net NPA at 0.38%, the lowest in over two decades.

• Total business surpassed ₹110 trillion, with deposits over ₹60 trillion and advances above ₹50 trillion.

• Digital transactions accounted for 98.8% of total transactions, with over 10.5 crore registered YONO users.

• Return on Assets (RoA) stood at 1.11% and Return on Equity (RoE) at 17.87% for the quarter.

Financial highlights

• Net Interest Income rose 14.88% YoY to ₹46,992 crore; operating income up 7.70% YoY to ₹62,915 crore.

• Retail term deposit growth at 14% YoY; savings bank balances grew 10%.

• Cost-to-income ratio improved to 46.71% from 47.71% YoY.

• Fee income increased 20.83% YoY, while forex/derivatives income declined 69.57% YoY.

• Interest on income tax refund was ₹220 crore in Q1 FY27, down from ₹1,100 crore in Q4 FY26.

Outlook and guidance

• Full-year NIM guidance maintained at 3%; credit growth guidance revised to 14%-15%, anchored on nominal GDP expectations.

• Management emphasizes continued focus on digital transformation, asset quality, and sustainable growth.

• Focus remains on balancing profitability, asset quality, capital efficiency, and customer franchise.

• No significant NIM impact expected from FCNRB flows; total FCNRB deposit mobilization targeted at ₹1 trillion.

• Forward-looking statements highlight potential uncertainties due to market and regulatory factors.