State Bank of India (SBIN) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly net profit of ₹21,028 crore in Q3 FY26, up 24.49% year-over-year, driven by higher operating profitability, net interest and non-interest income, and lower credit costs at 0.29%.

• Total business surpassed ₹103 trillion, with deposits at ₹57.0 lakh crore and advances at ₹46.8 lakh crore, both up 15.14% year-over-year.

• Maintained domestic market share above 22%, with current account balances rising 10.32% year-over-year.

• Asset quality at two-decade lows: GNPA at 1.57%, NNPA at 0.39%, and credit cost at 0.29% for the quarter.

• 98.6% of transactions conducted through alternate channels; YONO registered users reached 9.65 crore, with digital transformation initiatives targeting 20 crore users in 2-3 years.

Financial highlights

• Net interest income for Q3FY26 grew 9.04% year-over-year to ₹45,190 crore; domestic NIM at 3.12% for the quarter.

• Operating profit increased 39.54% year-over-year to ₹32,862 crore.

• Non-interest income surged 66.28% year-over-year to ₹18,359 crore, including a one-time profit from a stake sale.

• Total deposits grew 9.02% year-over-year; retail term deposits up 14.54%; credit growth at 15.14% year-over-year.

• Cost-to-income ratio improved to 48.29% in Q3FY26 from 55.13% a year ago.

Outlook and guidance

• Credit growth guidance revised upward to 13%-15% for the current quarter, with full-year guidance to be provided in Q1 FY27.

• NIM guidance maintained at 3% for Q4 and through cycles; ROA guidance at 1% through cycles.

• Sustained focus on digital transformation and expanding digital banking footprint.

• Cost-to-income ratio target remains below 50%.

• Continued emphasis on asset quality, liability franchise, and business growth across segments.