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Shares of State Bank of India ended 0.5% higher on Tuesday, recovering from the lows of the day at ₹954.6.

The stock was down as much as 0.7% before the earnings announcement.

– House view is that we will not have any rate cuts till March

– Believe double digit corporate growth is feasible

– Stock surges to the highs of the day, currently trading 0.8% higher at ₹957.

– Have adequate time to work on ECL provisioning

– Dont think there’ll be any major impact due to ECL

– Seen phenomenal pickup in auto loans post GST reforms

– Double digit credit growth for the bank as well as for the system is possible

– Have been focusing on improving non-government current accounts

– Growth in current accounts is from non-govt current accounts and the daily avg balances are also going up in current accounts

SBI Chairman CS Setty said that loan growth for the full year is likely to be between 12% to 14%.

The earlier guidance for this metric was between 12% to 13%.

SBI Chairman CS Setty said that loan growth for the full year is likely to be between 12% to 14%.

The earlier guidance for this metric was between 12% to 13%.

SBI Chairman CS Setty said in its post-earnings interaction that he expects demand for credit to continue in the second half as well.

He expects credit growth to be between 11% to 12% for the full year.

– Return on Assets (RoA) expanded by 2 basis points to 1.15% from 1.13%

– Return on Equity fell by 157 basis points to 20.21% from 21.78%

– Both numbers are compared for H1FY26 Vs H1FY25

– RAM advances for the quarter increased by 15% from last year to ₹25,03 lakh crore

– Term Deposits up 9.9% to ₹32.36 lakh crore

– Corporate advances up 7.1% year-on-year to ₹12.39 lakh crore

– Whole bank advances crossed ₹4.4 lakh crore

– Advances grew by 12.7% from the same quarter last year

– Retail advances growth was robust led by SME, Agri and Retail PER business

– Whole bank deposits crossed ₹5.5 lakh crore

SBI’s Credit Costs improved by eight basis points from the June quarter to 0.39%.

The figure is also better than the CNBC-TV18 poll, which had pegged the figure at 0.43%

SBI’s Net Interest Margins during the quarter saw marginal compression to 2.97% from 3.14% last year, but the figure was better compared to the 2.9% reported in June.

SBI’s slippages improved to ₹4,754 crore at the end of the September quarter, compared to ₹7,945 crore in June, while recoveries and upgrades stood at ₹2,279 crore at the end of the September quarter, compared to ₹3,253 crore in June and also better than the ₹2,600 crore figure last year.

The one-time gain during the quarter came from SBI’s stake sale in Yes Bank, which contributed to ₹4,593.22 crore, and its stake in Jio Payments Bank, which was worth ₹25.46 crore.

– Gross NPA At 1.73% Vs 1.83% in June

– Net NPA At 0.42% Vs 0.47% in June

– Gross NPA At ₹76,243 Crore Vs ₹78,039.7 Crore in June

– Net NPA At ₹18,460 Crore Vs ₹19,908 Crore in June

On a year-on-year basis, SBI’s Net profit grow by 10%, while its Net Interest Income grew by 3.3%, contrary to expectations of a decline from last year.

– Net profit at ₹20,160 crore, higher than CNBC-TV18 poll of ₹17,048 crore

– Net Interest Income at ₹42,985 crore, also higher than CNBC-TV18 poll of ₹40,766 crore

I think we are going through one of the most benign asset quality life cycles in the financial services. And I’m sure with lot of improvement in underwriting and the way we are looking at and the data availability, the asset quality cycle will continue for some more time. I think the balance sheets of the banks are good and profitability has improved. And as far as credit growth is concerned, it’s not appropriate to say that credit growth is not happening. Some sectors are doing extremely well, obviously. And when we talk about corporate credit, it is waiting for sustained consumer demand in the in the in the country, and we see that a visible uptick on the consumption side.

Shares of SBI are back to the lowest point of the day, currently trading 0.7% lower at ₹943.

The results for the quarter will be reported in a few minutes from now.

50 analysts have coverage on State Bank of India

41 of those have a “buy” rating, while eight others have a “hold” recommendation.

Only one analyst (Macquarie) has a “sell” or equivalent rating on India’s largest lender.

The consensus estimate of analysts tracking the stock implies a potential upside of only 1.5% from current levels.

Brokerage firm CLSA is anticipating SBI’s Net Interest Income (NII) to decline by 3% from last year to ₹40,360 crore.

Unlike Kotak, CLSA expects SBI’s operating profit to decline by 12.5% from last year and 16.1% sequentially to ₹25,640 crore.

CLSA expects SBI’s balance sheet growth to be modest but healthy asset quality.

Kotak Securities expects SBI’s operating profit to grow by 6% from last year as it factors in pressure on NIMs for the quarter.

Despite hopes of a 12% loan growth from last year, the brokerage expects SBI’s NII to remain flat due to the higher cost of funds and a pass through of the recent rate cuts.

Treasury gains are likely to be strong due to the recent Yes Bank stake sale.

Shares of SBI are currently trading 0.3% lower ahead of the results announcement at ₹947.

The stock at the lowest point of the day was down 0.5%.

Shares continue to remain near their 52-week high.

SBI remains PL’s top PSU bet, supported by strong credit growth, ₹25,000 crore capital raise and superior provisioning. Core earnings expected to grow 22% YoY in FY27.

– SBI’s core income or NII may see some pressure due to some pressure in interest expenses

– SBI’s NIMs or Net Interest Margins may moderate by 6 basis points to 2.84% from 2.9% last year

– Net Interest Income seen 2% lower from last year and 1% lower sequentially to ₹40,766 crore

– Net profit seen 7% lower from last year and 11% lower sequentially to ₹17,048 crore

– Pre-Provisioning Operating Profit seen 6% lower from last year and 10% lower sequentially to ₹27,517 crore

Shares of SBI are up 19% so far in 2025, having gained 24% in 2024 as well.

This will be the fifth straight year of positive annual returns for India’s largest lender.

Shares of SBI have opened lower on Tuesday ahead of its results announcement.

The stock currently trades 0.5% lower at ₹944.65.

Shares had hit a 52-week high of ₹953.4 on Monday.

SBI’s advances are likely to grow by 10% from last year and 3% sequentially to ₹43 lakh crore.

SBI’s deposits are likely to grow by 9% from last year and 2% sequentially to ₹55 lakh crore.

A CNBC-TV18 poll is expecting a 2% drop in its Net Interest Income (NII) to ₹40,766 crore, while its net profit may see a decline of 7% to ₹17,048 crore from ₹18,331 crore last year.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.