SBI keeps growth steady with Rs 21,500 cr Q2 profit

Mumbai: India’s largest lender, State Bank of India (SBI), on Tuesday, reported a 6.4 per cent year-on-year (YoY) increase in its consolidated net profit to Rs21,504.49 crore for the second quarter (Q2) of FY26.

The bank had reported a profit of Rs20,219.62 crore in the same period last financial year (Q2 FY25), according to its stock exchange filing. On a standalone basis, SBI’s net profit rose 10 per cent YoY to Rs 20,159.67 crore, compared to Rs 18,331.44 crore in Q2 FY25, driven by steady loan growth and improved asset quality.

The bank’s net interest income (NII) -- the difference between interest earned and interest paid -- grew 3.28 per cent YoY to Rs 42,984 crore from Rs 41,620 crore in the same quarter last year.

However, its domestic net interest margin (NIM) declined to 3.09 per cent, down 18 basis points from 3.27 per cent a year ago, as per its regulatory filing.

SBI’s operating profit for the quarter stood at Rs31,904 crore, up 8.91 per cent YoY from Rs 29,294 crore in Q2 FY25. The bank continued to see healthy loan growth, with total advances rising 12.73 per cent YoY, while domestic advances increased 12.32 per cent.

Within this, retail advances grew 15.09 per cent, supported by strong growth in SME loans (up 18.78 per cent), agriculture loans (up 14.23 per cent), and personal loans (up 14.09 per cent).