State Bank of India (SBIN) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly net profit of ₹21,028 crore in Q3 FY26, up 24.49% year-over-year, driven by higher operating profitability, net interest and non-interest income, and lower credit costs at 0.29%.

• Total business surpassed ₹103 trillion, with deposits at ₹57.0 lakh crore and advances at ₹46.8 lakh crore, both up 15.14% YoY, and robust growth across all segments.

• Digital transformation initiatives, including YONO, continue to scale, with 98.6% of transactions through alternate channels and YONO users reaching 9.65 crore.

• Subsidiaries contributed significantly, with SBI Mutual Fund, SBI Life, and others showing strong growth and digital focus.

• Asset quality at two-decade lows: GNPA at 1.57%, NNPA at 0.39%, and credit cost at 0.29% for the quarter.

Financial highlights

• Net interest income for Q3FY26 grew 9.04% YoY to ₹45,190 crore; domestic NIM at 3.12%.

• Operating profit increased 39.54% YoY to ₹32,862 crore.

• Non-interest income surged 66.28% YoY to ₹18,359 crore, including a one-time profit from a stake sale.

• Total deposits grew 9.02% YoY; retail term deposits up 14.54%.

• Credit growth reached 15.14% YoY, with corporate credit up 13.37%.

• Gross NPA at 1.57% (down 50 bps YoY), net NPA at 0.39% (down 14 bps YoY); PCR improved to 75.54%.

• Capital adequacy ratio improved to 14.04%, up 101 bps YoY; CET-1 at 10.99%.

• Cost-to-income ratio improved to 48.29% in Q3FY26 from 55.13% a year ago.

Outlook and guidance

• Credit growth guidance for FY26 revised upward to 13%-15% from 12%-14%, with secular growth across all segments.

• NIM guidance maintained at 3% for Q4 and through cycles; ROA guidance at 1% through cycles.

• Cost-to-income ratio target remains below 50%.

• Sustained focus on digital transformation and expanding digital banking footprint.

• No near-term changes expected in MCLR or deposit rates.