State Bank of India (SBIN) Q1 24/25 earnings summary

Executive summary

• Net profit for Q1 FY25 reached ₹17,035 crore, up 0.90% year-over-year, with operating profit at ₹26,449 crore, and ROE at 20.98%.

• Whole bank advances crossed ₹38 trillion, growing 15.39% YoY; deposits rose 8.18% YoY to ₹49.02 trillion.

• Asset quality improved: Gross NPA at 2.21%, Net NPA at 0.57%, and credit cost at 0.48% for Q1 FY25.

• Over 98% of transactions conducted through alternate channels, with YONO registrations at 8 crore.

Financial highlights

• Net interest income for Q1 FY25 was ₹41,125 crore, up 5.71% YoY; operating profit at ₹26,449 crore, up 4.55% YoY.

• Deposits grew 8.18% year-over-year, with term deposits up 12.20% and CASA deposits up 2.59%.

• Non-interest income declined 7.47% YoY to ₹11,162 crore; fee income grew 4.48% YoY.

• Cost-to-income ratio improved to 49.42% from 50.37% YoY; cost to average assets at 1.67%.

• Earnings per share for Q1 FY25 stood at ₹76.56.

Outlook and guidance

• Credit growth target set at 15% with broad-based growth across all segments.

• NIM expected to be maintained at current levels, with possible variation of ±10 bps.

• Cost-to-income ratio is expected to remain below 50%, establishing a new normal.

• Credit cost guidance is around 0.50 going forward.

• Figures for Q1 FY25 are not directly comparable to previous periods due to changes in investment classification and valuation policies effective April 2024.