State Bank of India's March quarter numbers fell short of expectations, triggering a sharp sell-off in the stock. Standalone net profit came in at Rs. 19,684 crore — down from Rs. 21,028 crore in the December quarter. Operating profit contracted more starkly, sliding to Rs. 27,704 crore from Rs. 31,286 crore in Q4 FY25, raising questions about near-term earnings momentum.
Other Income Takes A Hit
A steep fall in other income amplified the disappointment. The line item dropped to Rs. 17,314 crore in Q4 FY26 from Rs. 24,367 crore in Q4 FY25 — largely because last year's quarter included an exceptional Rs. 4,593 crore gain from the divestment of SBI's stake in Yes Bank, a one-off that will not recur.
Full-Year Profit Crosses Rs 80,000 Crore
Stepping back, the annual picture remains robust. Standalone net profit for FY2025-26 rose roughly 13% to a record Rs. 80,032 crore from Rs. 70,901 crore in FY25. The board rewarded shareholders with a dividend of Rs. 17.35 per share.
Asset Quality and Capital Position Strengthen
Credit quality continued its steady improvement, with gross NPA falling to 1.49% from 1.82% a year ago and net NPA holding at 0.39%. Capital adequacy under Basel III firmed up to 15.40%.
A landmark year undercut by a weak final quarter — and for markets, timing is everything..
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