State Bank of India (SBIN) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 net profit reached ₹18,331 crore, up 28% YoY, with ROA at 1.13% and ROE at 21.78% for H1 FY25.

• Deposits surpassed ₹51 trillion, growing 9.13% YoY; advances at ₹39.2 trillion, up 14.93% YoY.

• Asset quality improved, with gross NPA at 2.13%, net NPA at 0.53%, and PCR at 75.66%.

• Over 98% of transactions conducted through alternate channels; YONO users at 8.13 crore, with 61% of new savings accounts opened digitally.

• Subsidiaries, including SBI Life, SBI Card, SBI Funds, and SBI General, delivered strong results.

Financial highlights

• Net interest income for Q2 FY25 was ₹41,620 crore, up 5.37% YoY; operating profit at ₹36,865 crore, up from ₹30,525 crore YoY.

• Total income for Q2 FY25 stood at ₹1,29,141 crore, up 15.13% YoY; non-interest income rose 41.52% YoY.

• CASA ratio maintained above 40%; current account deposits grew 10% YoY.

• Cost-to-income ratio improved to 48.51% in Q2 FY25 from 61.39% in Q2 FY24.

• EPS for Q2 FY25 was ₹81.49, up from ₹63.88 in Q2 FY24.

Outlook and guidance

• Credit growth guidance maintained at 14%-16% for FY25; deposit growth targeted at 10%-11%.

• Board approved raising up to ₹20,000 crore in long-term bonds for FY25.

• Focus remains on supporting incremental credit growth with incremental deposits and strengthening liability franchise.

• ROA guidance at 1% with any excess as a bonus; cost-to-income ratio targeted below 50%.

• No deviation or variation in the use of funds raised during the quarter; all proceeds used as intended.