SBI Q1 Results: Standalone profit rises 10% YoY to Rs 21,121 crore, beats estimates

India's largest public lender, State Bank of India (SBI) reported a 10% year-on-year (YoY) growth in its standalone net profit at Rs 21,121 crore in the first quarter. The profit beat the Street estimate of Rs 19,052 crore. It was Rs 19,160 crore in the last year quarter.

Net interest income in the reporting quarter rose 15% YoY to Rs 46,992 crore. NII was also higher than the estimates of Rs 46,214 crore.

Operating profit rose 10% YoY to Rs 33,529 crore. Domestic net interest margin stood at 3%, improving 7 basis points from Q4FY26. Whole bank NIM improved 5 basis points sequentially to 2.86%.


The margin improvement will be watched closely, as analysts had expected funding cost pressure and term deposit repricing to weigh on SBI’s profitability in the quarter.

Business crosses Rs 110 trillion
SBI said its total business crossed Rs 110 trillion during the quarter. Deposits were above Rs 60 trillion, while advances crossed Rs 50 trillion. Whole bank advances grew 19% YoY, while domestic advances rose 18.15%. Foreign office advances increased 21% in rupee terms and 10% in dollar terms.

Growth was broad-based across retail, agriculture, SME and corporate loans. RAM advances rose 18.20% year-on-year, with all segments growing in double digits.

Agriculture advances grew 25%, followed by SME advances at 22%. Retail personal advances rose 15%, while corporate advances grew 18%.

Deposits grew at a slower pace than loans. Whole bank deposits rose 10% YoY, while CASA deposits grew 9%. The CASA ratio stood at 39.24% as of June 2026.

Asset quality improves
SBI's asset quality improved during the quarter. Gross NPA ratio stood at 1.47%, better by 36 basis points from a year earlier. Net NPA ratio improved 9 basis points to 0.38%. Provision coverage ratio stood at 74.2%, while PCR including accounts under collection account stood at 91.82%.

The slippage ratio improved by 18 basis points YoY to 0.57%. Credit cost for the quarter stood at 0.27%. Capital adequacy remained comfortable, with capital to risk-weighted assets ratio at 15.67% at the end of first quarter.

SBI continued to see strong digital adoption. More than 64% of savings bank accounts were opened digitally through YONO during the quarter. The share of alternate channels in total transactions increased to about 98.8% in Q1 from about 98.6% a year earlier.