State Bank of India
NII growth eases as NIM declines: Interest income increased 3% to Rs 123097.67 crore, while interest expenses moved up 2% to Rs 78717.77 crore in Q4FY2026. NII improved 4% to Rs 44379.90 crore in Q4FY2026.
Margins eases: The bank has shown 7 bps YoY decline in cost of deposits to 5.04%, while yield on advances declined 48 bps YoY to 8.50% in Q4FY2026. Thus, the NIM has eased 19 bps YoY to 2.81%, while fell 18 bps qoq to 2.81% in Q4FY2026.
Non-interest income declines: The non-interest income of the bank declined 29% to Rs 17314.10 crore in Q4FY2026. Bank has posted 8% growth in core fee income to Rs 10852 crore, while recoveries and other income jumped 46% to Rs 6675 crore. However, the treasury segment witnessed loss of Rs 1471 crore and forex income dipped 56% to Rs 1258 crore in Q4FY2026.
Expense ratio deteriorates: The operating expenses of the bank declined 5% to Rs 33989.82 crore, as other expenses were flat at Rs 17774.57 crore, while employee expenses fell 10% to Rs 16215.25 crore in Q4FY2026. Cost to income ratio deteriorated to 55.1% in Q4FY2026 compared with 53.3% in Q4FY2025. Operating Profit fell 11% to Rs 27704.18 crore.
Provisions and contingencies decline: The bank has shown 55% decline in provisions to Rs 2872 crore. The loan loss provisions fell 21% to Rs 3140 crore, while investment provisions declined 75% to Rs 109 crore. The bank has reversed standard asset provisions of Rs 11 crore and other provisions Rs 366 crore in Q4FY2026.
PBT was flat at Rs 24832.02 crore in Q4FY2026. Effective tax rate declined to 20.7% in Q4FY2026 from 25.0% in Q4FY2025. Net Profit increased 6% YoY to Rs 19683.75 crore in Q4FY2026.
Asset quality improves: The bank has improved asset quality in Q4FY2026.
The fresh slippages of loans stood at Rs 5548 crore in Q4FY2026 compared with Rs 4860 crore in previous quarter and Rs 4319 crore in the corresponding quarter last year. The recoveries and upgradations of NPAs stood at Rs 1526 crore and upgrades were at Rs 0 crore, while the write-off of loans was at Rs 4206 crore in Q4FY2026. Provision coverage ratio was steady at 91.97% at end March 2026 compared to 92.37% a quarter ago and 92.08% a year ago. The capital adequacy ratio of the bank stood at 15.4% with Tier I ratio at 13.3% at end March 2026. The risk weighted assets of the bank has increased 9% YoY to Rs 3962442 crore end March 2026.| Asset Quality Indicators: State Bank of India | |||||||
| ? | Mar-26 | Dec-25 | Sep-25 | Jun-25 | Mar-25 | Variation | |
| QoQ | YoY | ||||||
| Gross NPA (Rs Crore) | 73452.46 | 73636.76 | 76243.04 | 78039.68 | 76880.20 | 0 | -4 |
| Net NPA (Rs Crore) | 18830.14 | 18012.10 | 18459.92 | 19908.42 | 19666.92 | 5 | -4 |
| % Gross NPA | 1.49 | 1.57 | 1.73 | 1.83 | 1.82 | -8 | -33 |
| % Net NPA | 0.39 | 0.39 | 0.42 | 0.47 | 0.47 | 0 | -8 |
| % PCR | 91.97 | 92.37 | 92.29 | 91.71 | 92.08 | -40 | -11 |
| % CRAR - Basel III | 15.40 | 14.04 | 14.62 | 14.63 | 14.25 | 136 | 115 |
| % CRAR - Tier I - Basel III | 13.33 | 12.07 | 12.67 | 12.45 | 12.11 | 126 | 122 |
| Variation in basis points for figures given in percentages and in % for figures in Rs crore | |||||||
Business Highlights:
Business growth improves: The business of the bank has increased at an accelerated pace of 14% YoY to Rs 10908269 crore end March 2026, as advances growth improved to 17% to Rs 4932627 crore and deposits growth improved to 11% to Rs 5975642 crore at end March 2026. With the faster growth in advances, the credit to deposit ratio rose to 82.5% at end March 2026 from 78.4% at end March 2025.
CASA deposits ratio improves qoq: The CASA deposits of the bank increased 10% YoY to Rs 2262011 crore at end March 2026. The current account deposits moved up 5% to Rs 381101 crore, while saving account deposits increased 11% to Rs 1880910 crore end March 2026. The CASA ratio eased to 37.9% at end March 2026 compared to 38.4% at end March 2025, while increased from 37.5% at end December 2025. The term deposits have increased 12% to Rs 3470948 crore end March 2026.
Strong loan growth: Within the loan book, the retail loans increased 15% YoY to Rs 1735778 crore at end March 2026, while credit to agriculture increased 20% to Rs 417097 crore and MSME credit increased 21% to Rs 612222 crore. The corporate credit has also increased 15% to Rs 1424589 crore end March 2026. The overseas credit has increased 20% to Rs 742941 crore end March 2026. The share of retail, agriculture and MSME (RAM) improved to 56.1% at end March 2026 compared to 55.9% at end March 2025.
Investment book of the bank increased 7% YoY to Rs 1727468 crore at end March 2026. The SLR book moved up 11% to Rs 1470519 crore, while non SLR book slipped 13% to Rs 256949 crore at end March 2026. The AFS book galloped 20% to Rs 268276 crore, while HTM book rose increased 5% to Rs 1277463 crore at end March 2026. The duration of the AFS investment portfolio stood at 2.61 years end March 2026 compared with 2.40 years at end March 2025.
Branch expansion: The bank has added 140 branches and added 1200 ATMs in Q4FY2026, taking overall tally to 23265 branches and 64200 ATM`s end March 2026.
Book value of the bank stood at Rs 552.6 per share at end March 2026, while the adjusted book value (net of NNPA and 10% of restructured advances) was Rs 529.6 per share at end March 2026.
Financial Performance FY2026:
Bank has posted 19% increase in net profit to Rs 84625.22 crore in the year ended March 2026 (FY2026). The net interest income increased 4% to Rs 173120.47 crore, while non-interest income moved up 18% to Rs 73443.50 crore, leading net total income to increase 8% to Rs 246563.97 crore in FY2026. The operating expenses increased 5% to Rs 123548.80 crore, while provision and contingencies jumped 15% to Rs 17538.40 crore. PBT increased 11% to Rs 105476.77 crore in FY2026. The cost-to-income ratio improved to 50.1% in FY2026 compared to 51.6% in FY2025. An effective tax rate eased to 23.1% in FY2026 compared to 25.6% in FY2025. The net profit has increased 19% to Rs 84625.22 crore in FY2026.| State Bank of India: Standalone Results | ||||||
| Particulars | 2603 (3) | 2503 (3) | Var % | 2603 (12) | 2503 (12) | Var % |
| Interest Earned | 123097.67 | 119509.39 | 3 | 482797.16 | 461864.25 | 5 |
| Interest Expended | 78717.77 | 76891.55 | 2 | 309676.69 | 295524.22 | 5 |
| Net Interest Income | 44379.90 | 42617.84 | 4 | 173120.47 | 166340.03 | 4 |
| Other Income | 17314.10 | 24366.67 | -29 | 73443.50 | 62308.15 | 18 |
| Net Total Income | 61694.00 | 66984.51 | -8 | 246563.97 | 228648.18 | 8 |
| Operating Expenses | 33989.82 | 35698.47 | -5 | 123548.80 | 118069.02 | 5 |
| Operating Profits | 27704.18 | 31286.04 | -11 | 123015.17 | 110579.16 | 11 |
| Provisions & Contingencies | 2872.16 | 6441.69 | -55 | 17538.40 | 15307.90 | 15 |
| Profit Before Tax | 24832.02 | 24844.35 | 0 | 105476.77 | 95271.26 | 11 |
| EO | 0.00 | 0.00 | - | 4593.22 | 0.00 | - |
| PBT after EO | 24832.02 | 24844.35 | 0 | 110069.99 | 95271.26 | 16 |
| Provision for tax | 5148.27 | 6201.76 | -17 | 25444.77 | 24370.64 | 4 |
| PAT | 19683.75 | 18642.59 | 6 | 84625.22 | 70900.62 | 19 |
| EPS*(Rs) | 85.3 | 83.6 | ? | 87.9 | 79.4 | ? |
| Equity | 923.1 | 892.5 | ? | 923.1 | 892.5 | ? |
| Adj BV (Rs) | 529.6 | 438.0 | ? | 529.6 | 438.0 | ? |
| * EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Re 1, Figures in Rs crore | ||||||
| Source: Capitaline Corporate Database | ||||||
| State Bank of India: Consolidated Results | ||||||
| Particulars | 2603 (3) | 2503 (3) | Var % | 2603 (12) | 2503 (12) | Var % |
| Interest Earned | 131080.12 | 126840.21 | 3 | 514932.58 | 490312.69 | 5 |
| Interest Expended | 79953.43 | 78227.05 | 2 | 315004.81 | 300943.34 | 5 |
| Net Interest Income | 51126.69 | 48613.16 | 5 | 199927.77 | 189369.35 | 6 |
| Other Income | 49998.90 | 52722.11 | -5 | 194684.37 | 173030.63 | 13 |
| Net Total Income | 101125.59 | 101335.27 | 0 | 394612.14 | 362399.98 | 9 |
| Operating Expenses | 71388.69 | 66968.93 | 7 | 262650.44 | 236573.51 | 11 |
| Operating Profits | 29736.90 | 34366.34 | -13 | 131961.70 | 125826.47 | 5 |
| Provisions & Contingencies | 3661.39 | 7469.52 | -51 | 20960.29 | 19461.17 | 8 |
| PBT | 26075.51 | 26896.82 | -3 | 111001.41 | 106365.30 | 4 |
| P&L of Associate Company | 346.68 | 438.07 | -21 | 1497.20 | 1505.47 | -1 |
| PBT before EO | 26422.19 | 27334.89 | -3 | 112498.61 | 107870.77 | 4 |
| EO | 0.00 | 0.00 | - | 3026.57 | 0.00 | - |
| PBT after EO | 26422.19 | 27334.89 | -3 | 115525.18 | 107870.77 | 7 |
| Provisions for tax | 5914.21 | 6955.43 | -15 | 28859.51 | 27348.14 | 6 |
| Net Profit before minority interest | 20507.98 | 20379.46 | 1 | 86665.67 | 80522.63 | 8 |
| Minority Interest | 865.11 | 779.00 | 11 | 3366.89 | 2961.29 | 14 |
| Net profit | 19642.87 | 19600.46 | 0 | 83298.78 | 77561.34 | 7 |
| EPS*(Rs) | 85.1 | 87.8 | ? | 90.8 | 86.9 | ? |
| Equity | 923.1 | 892.5 | ? | 923.1 | 892.5 | ? |
| Adj BV (Rs) | 585.6 | 489.2 | ? | 585.6 | 489.2 | ? |
| * EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Rs 1, Figures in Rs crore, | ||||||
| Source: Capitaline Corporate Database | ||||||
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