SBI reports 12% spike in net profit for Q1FY26 at Rs 19,160 crore

Largest Public Sector Lender, State Bank of India (SBI) reported a 12 per cent year-on-year (YoY) rise in its standalone net profit for the Q1FY26 at Rs 19,160 crore, compared to Rs 17,035 crore in the same period last year.

Notably, the profit exceeded Street estimates, which had pegged it at Rs 17,095 crore.

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Total income for the quarter rose 10.31 per cent to Rs 1.35 lakh crore from Rs 1.22 lakh crore a year ago.

As per the bank’s result, net interest income stood almost flat at Rs 41,072 crore, down 0.13 per cent year-on-year. Net Interest Margin (NIM) declined 32 basis points to 2.90 per cent, while the domestic NIM fell 33 bps to 3.02 per cent.

Further, the operating profit rose 15.49per cent to Rs 30,544 crore, aided by higher non-interest income, which surged 55.40 per cent to Rs 17,346 crore.

Gross advances stood at Rs 42.54 lakh crore in Q1FY26, up 12 per cent from Rs 38.12 lakh crore. The retail personal loan portfolio jumped 13 per cent to Rs 15.39 lakh crore. The agriculture segment also rose 13 per cent to Rs 3.5 lakh crore, while the SME and corporate segments recorded growth of 19 per cent and 5.7 per cent YoY, respectively.

SBI’s total deposits grew 12 per cent, from Rs 49.01 lakh crore in Q1FY25 to Rs 54.73 lakh crore.

For the quarter, the net NPA stood at Rs 19,908 crore, and additional provisions of Rs 30,345 crore. Gross NPA was 38 bps lower at 1.83 per cent in Q1FY26, compared to 2.21 per cent in Q1FY25. Net NPA declined 10 bps to 0.47 per cent, down from 0.57 per cent in the year-ago period.

The bank’s Provisioning Coverage Ratio (PCR) was reported at 74.49 per cent while the slippage ratio declined by 9 bps to 0.75 per cent against 0.84per cent in the year-ago period.