- SBI reported a net profit of ₹21,121 crore for the April-June quarter, marking a 10% increase from ₹19,160 crore in the same period last year, and beating analysts' estimates of ₹19,145 crore.
- SBI shares rose over 3% following the announcement of its quarterly results, reflecting strong investor interest.
- In the previous year, SBI reported a net profit of ₹19,160 crore in the same quarter, highlighting the bank's growth trajectory.
- Credit growth has been robust in India, with corporates borrowing heavily and households driving demand for loans, contributing to SBI's strong performance.
- SBI's net interest income grew nearly 15% to ₹46,992 crore, reflecting the bank's effective management of interest rates and loan growth.
State Bank of India (SBI) reported a net profit of ₹21,121 crore for the first quarter of FY27, marking a 10% increase from ₹19,160 crore a year earlier. This result exceeded analysts' expectations, who had predicted a profit of ₹19,145 crore.12
The bank's net interest income (NII) rose 15% year-on-year to ₹46,992 crore, surpassing the ₹45,800 crore estimate. SBI's gross advances grew 18.6% year-on-year, driven by strong demand from both corporates and households. The net NPA ratio improved to 0.38% from 0.39% in the previous quarter, reflecting enhanced asset quality.
SBI's shares surged 3.21% to ₹1,119.80 following the earnings announcement, indicating strong market confidence. The bank's provisions for non-performing assets rose to ₹5,047 crore, but the credit cost remained stable at 0.27%, down from 0.47% a year earlier. SBI's total business crossed ₹111 lakh crore, with deposits and advances exceeding ₹60 lakh crore and ₹50 lakh crore respectively.
The bank's retail, agriculture, and MSME advances also showed significant growth, with agri advances increasing by 25.43% year-on-year. SBI's digital initiatives have led to over 64% of savings accounts being opened through its YONO application, showcasing its commitment to digital banking.
“The bank's net interest income rose 15% to ₹46,992 crore, while gross NPAs improved to 1.47% from 1.49% sequentially. Credit growth remained robust, with corporate advances up 18.05% and agriculture advances surging 25.43% year-on-year.”
