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Nirmal Bang Report
State Bank of India delivered an in‑line operating performance for Q3 FY26 as per Nirmal Bang's estimates, but significantly outperformed expectations at the pre-provision operating profit and PAT levels—beating projections by 23.4% and 32.4%, respectively—driven by a sharp rise in non‑interest income.
Non‑interest income surged 66.3% YoY and 19.8% QoQ, helping the bank post a 24.5% YoY and 4.3% QoQ rise in net profit to Rs 21,030 crore.
Net interest margin improved marginally by 2 bps QoQ to 2.99%. SBI reported 15.1% YoY growth in advances, with broad‑based traction across segments. However, deposit growth continued to lag, rising only 9% YoY, highlighting ongoing pressure on liability mobilisation.
On the asset‑quality front, SBI reported its best performance in nearly two decades, with GNPA at 1.57% and NNPA at 0.39%, reinforcing the strength of its credit underwriting and recoveries.
Nirmal Bang noted that the strong non‑interest income performance and superior asset quality were key positives for the quarter, even as deposit momentum remains an area to monitor.
Nirmal Bang remains positive on SBI, maintaining its ‘Buy' rating as it expects steady loan growth, strong profitability and resilient asset quality to drive long‑term performance.
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