Record profit masks deposit stress, asset quality softening

PAT ₹24,579 Cr (+13.7% YoY, +21.9% QoQ); Chairman stated ₹21,121 Cr

No independent verification in delivered results; claim not contradicted

Domestic NIM maintained at 3% per guidance; delivered NIM 13.7% (NPM) consistent

YoY +18% acknowledged; attributed to base effect (Q1 FY26 was muted)

Gold loans ₹3.1 Tr at 100% growth; corporate flat QoQ; Xpress 8%; overall business +1.33% QoQ

Deposits +0.5% QoQ only; CASA growth positive but retail term deposits +14%, retail savings +10% YoY

Corporate segment now 14-15% vs prior 12-14% baseline; pipeline ₹9 Lakh Cr (undisbursed + unutilized + forward)

Deposit growth only 0.5% QoQ vs industry 2-3%; wholesale rates too high; reliance on FCNR $6B mobilized

Fresh slippages ₹7,000 Cr (up from ₹5,500 Cr); SMA 2 doubled; gross/net NPA at lows but momentum reversing

15% of income now; target 20%; gov fees, loan processing, CVE all growing; accrual accounting locked in

CHAKRA center of excellence established; M&A traction emerging; new customer classes (software cos) borrowing

Liquidity management: excess SLR ₹3.06-4 Lakh Cr. Wholesale deposits expensive; treasury decision to skip. Retail strong: savings +10%, term +14% YoY.

Q1 slippages normally higher; compare YoY not QoQ. Already pulled back ₹1,450 Cr. No concern. SMA is very dynamic.

Gov fees: 50% from accounting change (accrual vs cash). Organic growth ongoing. Fee target 20% from 15%. NIM: maintaining 3% for full year; no quarterly guide.

18% is base effect (Q1 FY26 muted). Guidance 14-15% anchored on nominal GDP 12-12.5% + SBI premium 2-3%. Industry internal estimate 15-16%.

Migrating T-Bill linked to MCLR ongoing; customers choosing alternatives but rates being renegotiated. 33% of book is corporate (largest system). Pipeline ₹9 Lakh Cr strong.

Domestic: no significant bulk drag. Overseas: 1/3 book is trade finance (low margin anyway); re-alignment neutral. No NIM impact domestically or bank-wide.

Ticket size ₹2.5-3 Lakh, LTV <56%; customers price-sensitive. Opportunistic, not core. Zero risk-weight makes ROE accretive. Will not go double-digit.

Need collection infrastructure; 99% of Xpress Credit is salaried. Building dedicated collection vertical (6,000 FOS) + AI models to enter self-employed segment. 1-year rollout.

No specific number yet (IT systems push to 18 Aug). Most stock absorbed 1 Apr 2027. Do not foresee major pass-through in year 1 unless credit cycle worsens.

No specific target; based on visibility & customer outreach. Could exceed. Flows will be more spread vs 2013 (70% back-ended). No leverage confusion this time.

Pricing more determined by CP/NCD rates than liquidity. Shift from bonds to bank is very fast now. SBI will stick to pricing expectations; won't deviate.

Market-wide difficult; gov deposits drying up. But non-gov deposits +14% YoY. Penetration in non-gov increasing significantly.

RBI NOP guideline limit $100M + war volatility. Markets normalizing post-Q1. Forex fees bottomed; recovery expected in coming quarters.

Base on nominal GDP 12-12.5% + SBI premium 2-3%. Q1 18% driven by base effect (Q1 FY26 muted). Industry internal estimate 15-16%.

Achieved 3% in Q1. Cost of deposits declining helping. FCNR deployment expected NIM neutral (trade-off between bulk savings and overseas low spread).

6,000 FOS being built; IT infrastructure upgrades (ECL models, analytics). No explicit guidance quantified.

Fresh slippages ₹7,000 Cr (up 27% QoQ from ₹5,500 Cr); SMA 2 doubled; SMA aggregate rising. NPA ratios at lows, but inflection point approaching.

Deposit growth 0.5% QoQ vs industry 2-3%; retail growing but wholesale rates too high. Reliance on FCNR ($6B mobilized) and excess liquidity mgmt suggests deposit vulnerability.

NIM stable at 3% but driven by deposit cost decline (+7 bps from lower costs). Revenue growth 8.4% YoY modest; corporate book flat; gold loan yields only 8.5-8.9%; FCNR spreads thin.

Expected Credit Loss framework effective Apr 2027. Quantification deferred to Q2; most stock absorbed 1 Apr but SMA floor rates (Stage 1/2) will add run-rate cost. Capital augmentation via mutual fund + divestment needed.

Gov fees ₹500 Cr growth YoY; 50% (₹250 Cr) from auditor-mandated accrual vs cash change. Organic growth only ₹250 Cr. Misc income down ₹4,000 Cr YoY. Fee sustainability dependent on accounting normalization.