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SBI posted a slightly soft quarter, as credit growth moderated to 12.4% YoY due to pre-payments in the corporate book, while higher opex (staff cost + deposit insurance) and provisions (std assets + investment + PLI incentive) caused a 5% earnings miss, with PAT at Rs186bn/1.1% RoA.

Q4 numbers were a mixed bag. NII at Rs. 42,775 crore (in line) grew by 3% y-o-y/ 3% q-o-q. NIMs were stable, declined marginally by 1 bps q-o-q to 3.0% although outlook on NIMs remains negative. Core fee income growth was healthy at 13% y-o-y/ 36% q-o-q.

Black & White

Underpromise, overdeliver

Resilient Recovery: How Asset Quality Reforms Revived

Strong capital adequacy a lever for growth Gaurav Jani gauravjani@plindia.com | 91-22-66322235 Aditya Modani adityamodani@plindia.com | 91-22-66322257...

SBI is expected to sustain healthy performance in terms of growth and profitability in the near to medium term. Loan growth guidance is intact at ~14-15% y-o-y and deposit growth at 10% y-o-y.

Slow & steady wins the race

A CASA Powerhouse, But Is It Enough?