State Bank of India, the country's largest lender, reported a net profit of ₹21,121 crore for the first quarter of the 2026-27 financial year, an increase of 10.2% on the same period a year earlier, according to the analyst presentation published on the bank's website.
Net interest income for the quarter rose 15% year on year, while asset quality metrics continued to improve. Domestic net interest margin rose by 7 basis points compared with the fourth quarter of the previous financial year.
NII GROWTH LEADS EARNINGS UPLIFT
Gross advances rose 18.63% year on year to more than ₹50 trillion, with corporate advances up 18.05% and retail personal advances up 15.15%. Domestic net interest margin stood at 3.00%, up 7 basis points on the previous quarter but 1 basis point lower than a year earlier.
Asset quality improved further over the quarter, with gross and net NPA ratios falling to 1.47% and 0.38%, from 1.49% and 0.39% in the previous quarter, which the bank described as its lowest NPA ratios in more than two decades. Credit cost fell to 0.27% from 0.47% a year earlier.
SBI is majority-owned by the Government of India and is a systemically important bank in the country, with a network of more than 22,000 branches and a customer base of hundreds of millions.
GENERAL INSURANCE UNIT GROWS 10.9 PERCENT
The presentation also disclosed that SBI General Insurance had reported a gross direct premium of ₹3,506 crore, growing at 10.9%, indicating continued expansion in the group's non-life insurance business. SBI General's profit after tax fell to ₹166 crore from ₹188 crore a year earlier.
The general insurance subsidiary is part of a broader financial services group that includes SBI Life Insurance, SBI Mutual Fund and SBI Cards, alongside the flagship banking franchise.
SBI's shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India, and it is a constituent of the benchmark Nifty 50 and BSE Sensex indices. The bank is regulated by the Reserve Bank of India, which has designated it as a domestic systemically important bank alongside a small number of other large lenders.
Full quarterly financial results and the analyst presentation were made available on the bank's investor relations website. Management retained its FY27 loan growth guidance of 14-15%.