SBI Q1 FY27 Profit Surges 10% to ₹21,121 Cr

State Bank of India (SBI), India’s largest lender, announced a robust performance for the first quarter of the current financial year. The bank reported a net profit of ₹21,121 crore, marking a 10% increase compared to the same period last year.

This significant growth was underpinned by a strong rise in net interest income (NII) and notable improvements in asset quality, according to the official release.

Key Q1 FY27 Financials

• Net Profit: ₹21,121 crore, up 10% from ₹19,160 crore year-on-year.
• Net Interest Income (NII): ₹46,992 crore, a 12% surge from ₹41,907 crore in the prior year.
• Domestic Net Interest Margin (NIM): 3%, supporting nearly 15% overall NIM growth.
• Whole Bank NIM: 2.86%.

A central highlight of SBI’s Q1 results was the substantial enhancement in asset quality. Provisions for non-performing assets (NPA) saw a significant reduction, contributing to a healthier balance sheet.

• Provisions for NPA: Decreased 32% to ₹3,359 crore, down from ₹4,934 crore year-ago.
• Gross NPA Ratio: Improved to 1.47% at the end of the June quarter, from 1.83% in the same period last year.
• Absolute Gross NPAs: Stood at ₹74,272 crore, a reduction from ₹78,039 crore year-on-year.

The bank’s advances also demonstrated strong upward momentum across various segments. Whole bank advances climbed 19% annually, with domestic advances increasing by 18.15%.

Foreign office advances grew 21.38% year-on-year in rupee terms, while Retail, Agriculture, and MSME (RAM) advances recorded an 18.20% year-on-year growth. Agri advances specifically rose by 25.43%, and SME advances saw a 22.33% increase.

During the quarter, SBI’s total business surpassed ₹111 lakh crore, with deposits exceeding ₹60 lakh crore and advances crossing ₹50 lakh crore. Following the earnings announcement, SBI shares reacted positively, rising as much as 3.64% to hit an intraday high of ₹1,124.50.