SBI's September-quarter profit rises 14.3% to Rs 23,038 crore on lower provisions

State Bank of India reported a standalone net profit of Rs 23,037.95 crore for the quarter ended 30 September 2026, up 14.3% from Rs 20,159.67 crore a year earlier, in unaudited results approved by its board on Tuesday. The rise came from lower provisions, not from stronger core earnings: operating profit before provisions slipped slightly.

We could not open SBI's stock-exchange filing (the BSE site blocked automated access), so the figures below come from PTI's report, which says it is based on the regulatory filing, and from summaries of the results by InvestyWise and the Dalal Street Investment Journal (DSIJ).

Key numbers (standalone)

• Net profit: Rs 23,037.95 crore, against Rs 20,159.67 crore a year earlier.
• Total income: Rs 1,43,796.01 crore, against Rs 1,34,979.47 crore. Interest income rose 10.5% to Rs 1,32,018.55 crore.
• Operating profit before provisions: Rs 26,917.24 crore, against Rs 27,310.92 crore.
• Other income: Rs 11,777.46 crore, against Rs 15,462.60 crore. Operating expenses rose 9.6% to Rs 33,983.07 crore.
• Provisions: Rs 4,216.86 crore, against Rs 5,400.12 crore; provisions for bad loans fell to Rs 2,759.10 crore from Rs 4,132.34 crore.
• Deposits: Rs 62.78 lakh crore, up 12.3%. Advances: Rs 51.54 lakh crore, up 18.2%.

Asset quality and capital

Gross non-performing assets were Rs 72,529.08 crore, or 1.39% of advances (1.73% a year earlier, PTI said), and net NPAs were 0.36%. The provision coverage ratio was 74.43%. The Basel III capital adequacy ratio was 16.09%, including a common equity tier-1 ratio of 13.34%, according to DSIJ.

Consolidated profit

PTI, citing the regulatory filing, reported consolidated net profit of Rs 25,361 crore, up 20% from Rs 21,137 crore a year earlier, on total income of Rs 1,87,756 crore (against Rs 1,75,898 crore). That is internally consistent: Rs 25,361 crore on Rs 21,137 crore is a rise of about 20%. Two other summaries give different consolidated figures, Rs 25,741.47 crore (InvestyWise) and Rs 25,351.16 crore (DSIJ), so we use PTI's number and flag the discrepancy; the filing itself should settle it.

The stake-sale gain

DSIJ reported that the half-year numbers include a pre-tax exceptional profit of Rs 7,288.47 crore from the sale of a 6.30% stake in SBI Funds Management through a pre-IPO transaction and an offer for sale, which cut SBI's holding in the asset manager to 55.56% at 30 September. It added that gains from stake sales in the National Stock Exchange and ARCIL were credited to capital reserve under revised Reserve Bank of India investment-portfolio rules and did not pass through the profit and loss account.

Market reaction

At 1.51 pm on 3 November, SBI shares traded at Rs 992.00, up 0.51% from the previous close and about 19% below the 52-week high of Rs 1,227.80, DSIJ reported. Pre-results estimates cited by Upstox's live blog had put profit at around Rs 22,619 crore, so the reported figure was higher than expected.

Pre-results estimates cited by Upstox's live blog had put profit at around Rs 22,619 crore.

What to watch

The mix of lower provisions and a fall in other income is the main point for investors: profit growth of 14% sits alongside flat-to-lower operating profit. Loan growth of 18.2% against deposit growth of 12.3% also means the bank is lending faster than it is raising deposits.