State Bank of India (SBIN) Q2 26/27 earnings summary

Executive summary

• Q2FY27 standalone net profit was ₹23,037.95 crore, up 14.28% YoY; operating profit rose 7.28% to ₹34,226 crore. Consolidated net profit was ₹25,741.47 crore.

• Gross advances reached ₹52.08 lakh crore, up 17.84% YoY, while deposits grew 12.27% to ₹62.78 lakh crore.

• Gross NPA fell to 1.39%, the lowest in more than two decades; domestic NIM was 3.11%.

Financial highlights

• Q2 net interest income was ₹49,143 crore, up 14.69% YoY; operating income rose 8.44% to ₹68,209 crore.

• Total income was ₹1,51,084 crore, up 8.25% YoY; non-interest income was ₹19,066 crore, down 4.94%.

• H1 net profit was ₹44,159.17 crore standalone and ₹50,320.51 crore consolidated; H1 net interest income rose 14.78% to ₹96,135 crore.

• Treasury revenue income was ₹6,000 crore versus ₹7,470 crore; excluding one-off items, Q2 recorded a ₹1,277 crore loss versus a ₹2,877 crore gain in the previous quarter.

• Q2 non-interest income included a ₹7,288.47 crore standalone pre-tax gain from the SBI Funds Management stake sale; prior-year comparisons also included a Yes Bank stake-sale gain.

Outlook and guidance

• FY credit growth guidance remains 14%–15%, supported by a ₹7.8 lakh crore corporate pipeline and expected H2 growth.

• Through-cycle guidance remains ROA of 1%, NIM of at least 3% and ROE of 15%; loan repricing may support NIM, with management maintaining conservative guidance.

• Corporate credit growth of 16% is expected to continue in H2; low-yield deals and refinancings were declined to protect advance yields.

• Home-loan focus continues; the home and home-related portfolio exceeded ₹10 lakh crore, although market demand softened in some areas.