State Bank of India (SBIN) Q2 25/26 earnings summary

Executive summary

• Total business surpassed ₹100 trillion, with deposits at ₹55.9 lakh crore and advances at ₹44.2 lakh crore as of Q2FY26, and net profit reached ₹20,160 crore, up 9.97% YoY, driven by higher non-interest income.

• Achieved strong credit growth of 12.73% YoY, with robust performance across retail, SME, and agriculture segments, and maintained domestic market share above 22%.

• Digital adoption remains high, with 98.6% of transactions through alternate channels and 9.35 crore YONO users.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved, with a limited review and unmodified auditor opinion.

• Focused on digital transformation with Project SARL and upcoming YONO 2.0 platform.

Financial highlights

• Standalone net profit for Q2 FY26 was ₹20,159.67 crore, up from ₹18,331.44 crore in Q2 FY25; H1 FY26 net profit was ₹39,320.11 crore, up from ₹35,366.60 crore YoY.

• Net interest income for Q2FY26 was ₹42,984 crore, up 3.28% YoY; operating profit at ₹31,904 crore, up 8.91% YoY.

• Non-interest income grew 30.44% YoY to ₹19,919 crore, including a one-time profit from a Yes Bank stake sale.

• Exceptional income from Yes Bank stake sale: ₹4,593 crore (standalone), net of tax ₹3,386 crore.

• Core fee income up 25% YoY, driven by debit card spends and interchange fees.

Outlook and guidance

• Credit growth guidance raised to 12-14% for FY26, with a strong pipeline of ₹7 lakh crore in corporate credit.

• NIM expected to remain above 3% in Q3 and Q4, with tailwinds from CRR benefit and deposit repricing.

• The capital buffer post-QIP supports credit growth of approximately ₹12.4 lakh crore.

• Sustained improvement in ROE and ROA trends, with ROE at 20.21% and ROA at 1.15% for H1FY26.

• Deposit and credit growth for scheduled commercial banks projected at 11-12% for FY26.