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Q1FY27 result update - State Bank of India

11 Aug 2026, 11:33AM

NII growth was aided by a rise in domestic NIM; operating profit rose 9.8% y-o-y/21.0% q-o-q, ahead of our estimate by ~5%, helped by healthy NII, steady fee income and a q-o-q drop in opex.
PAT rose 10.2% y-o-y/7.3% q-o-q to a record Rs. 21,121 crore, despite a q-o-q rise in provisions.
Advances growth remained robust at 19% y-o-y while deposit growth trailed at 9.7% y-o-y, pushing credit-deposit ratio to 83.1%.
Overall, Q1 was strong across most parameters. We maintain a Buy with a revised PT of Rs. 1,265.

Particulars	Q1FY27	Q1FY26	y-o-y	Q4FY26	QoQ
Net Interest Income	46,992	40,907	14.9%	44,380	5.9%
Other income	15,923	17,511	-9.1%	17,314	-8.0%
Net Income	62,915	58,418	7.7%	61,694	2.0%
Opex	29,386	27,874	5.4%	33,990	-13.5%
Operating Profit	33,529	30,544	9.8%	27,704	21.0%
Provisions	5,047	4,759	6.0%	2,872	75.7%
PBT	28,482	25,785	10.5%	24,832	14.7%
Tax	7,361	6,625	11.1%	5,148	43.0%
PAT	21,121	19,160	10.2%	19,684	7.3%

Advances	49,92,004	41,96,205	19.0%	48,77,895	2.3%
Deposits	60,05,805	54,73,254	9.7%	59,75,642	0.5%

NIMs %	2.86	2.89	-3 bps	2.81	5 bps
GNPA %	1.47	1.83	-36 bps	1.49	-2 bps
NNPA %	0.38	0.47	-9 bps	0.39	-1 bps
PCR %	74.2	74.5	-28 bps	74.4	-16 bps