- SBI reported a 14.3% YoY rise in net profit to Rs 23,038 crore in Q2FY27
- Net profit included Rs 7,288 crore from selling 6.30% stake in SBI Funds
- Net interest income grew 15% YoY to Rs 49,143 crore, beating estimates
State Bank of India (SBI) reported a 14.3% year-on-year (YoY) increase in net profit at Rs 23,038 crore in the September quarter of FY27, aided by a one-time gain from the sale of a stake in its subsidiary.
The lender had reported a net profit of Rs 20,160 crore in the corresponding quarter last year (Q2FY26).
SBI's bottom line was boosted by a one-time gain of Rs 7,288 crore following the divestment of a 6.30% stake in its subsidiary, SBI Funds Management Limited, through an offer for sale (OFS). Following the transaction, the bank's stake in the asset management company stood at 55.56% as of September 30, 2026.
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Excluding the one-time gain, SBI's profit stood at Rs 15,750 crore, considerably below the Street's estimate of Rs 22,619 crore.
Meanwhile, Net interest income (NII), the difference between interest earned and interest expended, rose 15% YoY to Rs 49,143 crore in Q2FY27, compared with Rs 42,847 crore in the year-ago period. NII also topped the Street's estimate of Rs 48,570 crore.
SBI's operating profit declined 1.4% YoY to Rs 26,937 crore, compared with Rs 27,311 crore in the corresponding quarter last year.
Meanwhile, provisions declined to Rs 4,217 crore in Q2FY27, compared with Rs 5,400 crore in the year-ago period and Rs 5,047 crore in the preceding quarter.
On the asset quality front, Gross non-performing assets (NPAs) stood at 1.39% in Q2FY27, compared with 1.47% in the preceding quarter (Q1FY27). Net NPAs declined to 0.36% from 0.38% quarter-on-quarter (QoQ).
The bank's gross NPA ratio was also better than the estimated 1.45%, while the net NPA ratio came in below the Street's estimate of 0.37%.
The slippage ratio stood at 0.50%, while domestic net interest margin (NIM) came in at 3.11%.
Following the results, SBI shares fell but soon recovered, trading 0.15% higher at Rs 988.45.
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