State Bank of India posted a solid Q1 performance with net profit rising 10.2% to ₹21,121 crore compared to ₹19,160 crore last year. Net interest income grew 15% to ₹46,992 crore from ₹40,907 crore. Asset quality improved as gross NPA fell to 1.47% from 1.49% sequentially, while net NPA eased to 0.38% from 0.39%. Provisions rose to ₹5,047 crore versus ₹2,872 crore last quarter and ₹4,759 crore last year.
Domestic net interest margin stood at 3% in Q1, while overall bank NIM improved 5 basis points sequentially to 2.86%. Credit cost remained steady at 0.27%, down from 0.47% a year ago. Gross advances grew 18.6% year-on-year and 2.3% quarter-on-quarter, reflecting strong lending momentum. Slippages increased to ₹7,359 crore compared to ₹5,548 crore last quarter.
The results highlight SBI’s steady profitability, healthy loan growth, and stable asset quality despite higher provisions and slippages. Improved margins and controlled credit costs supported earnings, while advances growth underlines demand resilience. Overall, SBI maintained its leadership position with balanced performance across profitability, asset quality, and growth metrics in the first quarter.
