State Bank of India
F:SID
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State Bank of India
F:SID
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Earnings Calls
Last Earnings Call
Record profit: SBI reported record quarterly net profit of INR 21,121 crores, helped by solid operating performance and tight cost control.
Growth mix: Business growth was broad-based, but management said deposit pricing discipline mattered more than chasing volume in a competitive market.
Margins steady: Domestic net interest margin held at 3%, and management stuck to its full-year margin outlook of 3%.
Asset quality: Fresh slippages rose to INR 7,046 crores, but management said this is normal for Q1 and that there is no sign of broad stress building.
FCNR push: SBI said it has mobilized about $6 billion of FCNRB deposits so far, with total related funding at about $7.3 billion, and expects around $10 billion in total mobilization.
Guidance: Management kept its credit growth guidance at 14% to 15% and said it does not expect to simply pass through future ECL-related costs to customers.