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

Executive summary

• Q2 FY25 net profit rose to ₹18,331 crore, up 27.92% year-over-year, with ROA at 1.13% and ROE at 21.78% for H1 FY25.

• Deposits surpassed ₹51 trillion, growing 9.13% YoY, with a CASA ratio above 40% and over 50 crore customers.

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

• Subsidiaries, including SBI Life, SBI Card, SBI Funds, and SBI General, delivered robust growth and improving digital traction.

• Board approved raising up to ₹20,000 crore in long-term bonds during FY25 via public or private placement.

Financial highlights

• Credit growth reached 14.93% YoY; deposit growth was 9.13% YoY; advances at ₹39.2 trillion.

• Net interest income for Q2FY25 was ₹41,620 crore, up 5.37% YoY; operating profit at ₹29,294 crore, up 50.87% YoY.

• Total income for Q2FY25 stood at ₹1,29,141 crore, up 15.13% YoY; other income was ₹15,271 crore.

• Cost-to-income ratio improved to 48.51% in Q2FY25 from 61.39% in Q2FY24.

• EPS for Q2FY25 was ₹81.49, up from ₹63.88 in Q2FY24.

Outlook and guidance

• Credit growth guidance maintained at 14%-16%, with deposit growth targeted above 10%.

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

• Cost-to-income ratio expected to remain below 50% due to digitalization and operational efficiencies.

• ROA guidance remains at 1%, with any excess seen as a bonus.

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