State Bank of India (SBIN) Q3 24/25 earnings summary

Executive summary

• Net profit for Q3 FY25 rose to INR 16,891 crore, up 84% year-on-year, with ROA at 1.09% and ROE at 21.46% for 9MFY25.

• The bank surpassed INR 52 trillion in deposits, with term deposits up 13.47% and current account deposits up 14.22% year-on-year.

• Digital banking expanded, with over 8.5 crore YONO users and 64% of new savings accounts opened digitally in Q3.

• Asset quality improved: gross NPA at 2.07%, net NPA at 0.53%, credit cost at 0.24%, and PCR at 74.66%.

• Subsidiaries and international operations contributed strongly, with international book exceeding INR 6 trillion and comprising 15% of advances.

Financial highlights

• Net profit for Q3 FY25 was INR 16,891 crore, up 84% year-on-year; total income for Q3 FY25 was INR 1,28,467 crore, up 15% year-on-year.

• Whole bank credit growth reached 13.49% year-on-year; domestic credit growth was 14.06%.

• Total deposits grew 9.81% year-on-year to INR 52.29 trillion; CASA ratio at 39.2%.

• Operating profit before provisions for Q3 FY25 was INR 46,347 crore, up from INR 39,766 crore in Q3 FY24.

• Cost-to-income ratio improved to 50.95% for 9MFY25; operating expenses for 9MFY25 declined 5.84% year-on-year.

Outlook and guidance

• Credit growth guidance remains at 14%-16% year-on-year, with deposit growth targeted at 10%.

• NIM is expected to remain above 3%, with ROE guidance above 15%.

• Management expects medium-term ROE to remain above credit growth and is open to raising growth capital if required.

• Repricing benefits from MCLR hikes will be reflected in the next quarter.

• The bank is confident in achieving its internal targets for corporate and retail credit growth, supported by a strong pipeline and digital initiatives.