SBI Q1 profit rises 14% to ₹24,113 crore on better core income, lower provisions
State Bank of India (SBI) reported a 13.73% increase in consolidated net profit for the June quarter, driven by improved core income and reduced provisions. The bank aims for 14-15% credit growth in the upcoming fiscal year.
Why it matters
As India's largest lender, SBI's financial performance is a primary bellwether for the health of the Indian banking sector and broader economic growth.
State Bank of India on Friday (August 7, 2026) reported a 13.73% increase in its June quarter consolidated net profit at ₹24,113 crore as core income improved and provisions declined.
On a standalone basis, the bank's net profit grew 10.23% on-year to ₹21,121.22 crore as against ₹19,160.44 crore in April-June 2025, as per an exchange filing.
The bank's core net interest income rose nearly 15% to ₹46,992 crore on the back of a 18.63% increase in gross advances, while the domestic net interest margin contracted to 3%.
The bank, however, was able to expand on the NIM when compared on-quarter, with the number widening by 0.07%.
Its non-interest income dropped 9% at ₹15,293 crore, largely because of a 70% drop in the forex or derivatives income.
Its deposit growth came at 9.73% and the share of the low-cost current and saving advances declined by 0.12% on-year to 39.36%.
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