SBI Q2 net profit rises 14.3% to ₹23,038 crore as NII hits ₹49,142 crore

What SBI reported on November 3

India’s largest lender, the State Bank of India, published its Q2 FY27 results on November 3. The SBI results showed standalone net profit up 14.3% year-on-year at ₹23,038 crore, beating the CNBC-TV18 poll estimate of ₹22,859 crore by around ₹179 crore.

Net interest income climbed to ₹49,142 crore, and core income grew nearly 15%. Coverage of the SBI Q2 results also described asset quality as stable and improving, while noting that the stock cooled from its highs after the print. The bank also maintained its credit growth guidance at 14-15% in the same results updates.

Q2 FY27 covers July to September in the financial year that began in April. The reported profit is a standalone figure; PAT stands for profit after tax. The same updates said SBI maintained credit growth guidance of 14-15%, so the income line and the loan-book aim should be read together.

What the pre-result forecasts looked like

The estimates around the SBI results were higher than the final profit number. The Economic Times preview cited brokerages forecasting 11-13% NII growth and profit growth of up to 25.2%, with margins, loan growth, deposits and credit cost in focus.

A BusinessLine preview went further, expecting net profit to rise 45% year-on-year on NII growth and gains from the sale of SBI Mutual Fund and NSE shares. One ET Now preview was more measured: profit up about 12% and NII up 13%.

For the income line, the same ET Now preview put NII at ₹48,570 crore, a 13% year-on-year rise from ₹42,984 crore and a sequential jump of 3.36% from ₹46,992 crore. Business Today’s preview estimated provisions at ₹5,559 crore and gross NPAs at 1.45% for the quarter.

The poll estimate SBI beat was ₹22,859 crore. The pre-result NII estimate of ₹48,570 crore and the actual ₹49,142 crore leave a gap of ₹572 crore; measured against the year-ago NII of ₹42,984 crore, that gap is the difference between a roughly 13% estimate and a roughly 14% actual growth rate.

Why NIM and asset quality were being watched

Upstox had said the bank was likely to grow net profit in double digits on higher NII and strong loan growth, with NIM and NPAs in focus. Ahead of the print, Business Today noted SBI shares gaining on Q2 expectations.

The reported numbers give those focus points some context. NII at ₹49,142 crore sits above the ₹48,570 crore pre-print estimate, and against the year-ago base of ₹42,984 crore it is roughly 14% higher. Core income growing nearly 15% lines up with the 14-15% credit growth guidance SBI maintained.

On asset quality, the pre-print estimate had gross NPAs at 1.45% and provisions at ₹5,559 crore. After the results, summaries framed asset quality as stable and improved, which is the NPA side of the same question.

In plain terms, NII is interest earned minus interest paid, NIM scales that spread by interest-earning assets, and NPAs are loans no longer accreting normally. That is why the quarter’s NII, margin and NPA numbers were read together. Separately, The Economic Times share-price liveblog had SBI last traded at 996.

Higher NIM would mean more of each interest rupee turning into profit; rising NPAs would mean that stream is facing stress. SBI’s updates pointed to the first two staying supportive and the third staying stable or improved.

What else was in the November 3 results batch

Dalal Street had several Q2 FY27 results on the same day. The ET Now liveblog noted SBI’s net profit rose 14% year-on-year and Bajaj Finserv’s net profit rose 23% year-on-year, with NSE due to announce its first results after listing.

A BusinessLine liveblog listed Pfizer, Solar Ind, Rane (Madras), Yatharth, Emcure Pharma and Zydus Wellness on the profit-rise side. It put AIA Engineering on the decline side, and it still had NSE, Fortis, Bajaj Holdings, Lloyds Metals, Lupin and MCX to announce.

The BusinessLine headline for the day bundled SBI with Bajaj Finserv and the other profit risers before moving to the names still waiting. That made November 3 less about one bank and more about the breadth of Q2 FY27 reporting.

The concrete date to hold on to is November 3: NSE’s first results after listing were due that day, alongside Fortis, Bajaj Holdings, Lloyds Metals, Lupin and MCX.

About The Author

Rohan Menon

Rohan Menon covers business, personal finance, markets, startups and economic developments. He breaks down complex financial and business topics into clear, easy-to-understand stories for a general audience.

See author's posts