State Bank of India first quarter net profit rises 10%

State Bank of India (SBI) announced a robust 10.23% year-on-year rise in net profit for the first quarter of FY2026-27, reaching Rs 21,121 crore. This financial performance was bolstered by significant growth in net interest income and advances, alongside an improvement in the bank's asset quality.

The bank's Net Interest Income (NII) saw a substantial increase of 14.88% year-on-year, climbing to Rs 46,992 crore from Rs 40,907 crore in the same period last year. Operating profit also grew by 9.77% to Rs 33,529 crore. While the domestic net interest margin (NIM) slightly improved to 3% from 2.93% in the previous quarter, it was marginally lower than the 3.01% recorded in the year-ago period.

SBI continued to demonstrate strong credit growth, with gross advances expanding by 18.63% year-on-year to Rs 50.47 lakh crore as of June 2026. Domestic advances grew 18.15%, with corporate advances up 18.05%. The retail, agriculture, and MSME segments collectively grew 18.20%, all showing double-digit increases. Deposits also rose by 9.73% year-on-year to Rs 60.06 lakh crore.

Asset quality metrics showed positive movement during the quarter. The gross non-performing asset (NPA) ratio decreased by 36 basis points year-on-year to 1.47%, and the net NPA ratio improved by 9 basis points to 0.38%. The bank also highlighted that over 64% of savings accounts were opened digitally via YONO, and alternate channels handled approximately 98.8% of total transactions.