MUMBAI: State Bank of India’s Q2FY27 net profit rose 14.3% to Rs 23,038 crore, driven by a 14.7% increase in net interest income to Rs 49,143 crore and lower loan loss provisions. Net interest margin improved to 3.1% from just over 3% a year ago, while loan loss provisions fell 33% to Rs 2,759 crore as asset quality improved.However, the bank’s shares fell 1.8% to Rs 969 as investors were disappointed with the 7.3% growth in operating profit to Rs 34,226 crore. The increase was held back by a 24% decline in other income to Rs 11,777 crore.Addressing newspersons, SBI chairman CS Setty reiterated the bank’s guidance of 10-11% deposit growth and 14-15% credit growth. The bank has a corporate loan pipeline of Rs 7.8 lakh crore, he said.“If nominal GDP growth is around 12 to 12.5%, normally the SBI credit growth rate is 3 to 4% over that and that is where the guidance of 14 to 15% is coming from,” explained Setty.
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The bank does not face any immediate compulsion to raise deposit rates, given its comfortable liquidity position. SBI had excess statutory liquidity ratio (SLR) holdings of more than Rs 4 lakh crore as of Sept 30, providing adequate headroom to fund credit growth, he said.
