1. Opening Hook
SBI just became India’s first₹100 trillion bank, and the Chairman couldn’t resist reminding everyone — multiple times. While the street debates whether the PSU dinosaur deserves a private-bank valuation, the bank quietly dropped a ₹25,000 crore QIP and called it “oversubscribed by 4.5x.” Who knew investors had such a soft spot for khaki-scale discipline?
But wait — margins rose, CASA grew, and the treasury tantrum didn’t kill profits. Oh, and YONO 2.0 is coming soon to an app store near you. Buckle up — this ride gets delightfully bureaucratic and bizarre as it goes on.
2. At a Glance
- Credit growth 7.1% QoQ:Chairman calls it “secular,” analysts call it “finally moving.”
- Deposits ₹56 lakh crore:CASA ratio at 39.6% — proof Indians still love free savings accounts.
- NIM at 3.09%:Chairman flexes “pricing discipline,” not luck.
- QIP ₹25,000 crore raised:Oversubscribed 4.5x; India’s biggest. SBI flex level = infinite.
- Profit aided by Yes Bank stake sale:Because even old investments deserve one last encore.
3. Management’s Key Commentary
“SBI is compounding on durable structural advantages, scale with discipline, growth with quality.”(Translation: We’re huge, and somehow it’s working. Don’t ask how.)😏
“We are positioned to grow faster than industry at this scale.”(Translation: Size isn’t slowing us down — yet.)
“YONO 2.0 will be a leap forward in digital banking.”(Translation: Prepare for a prettier app that still might crash on 1st April.)
“Our CASA market share is 23% versus 22% overall deposits.”(Translation: You all still park your salary here, no matter what you say on Twitter.)
“Valuations are a conundrum, but they’ll catch up.”(Translation: Market cap envy is real, but we’ll cope with dividend therapy.)
“Project SARAL will simplify operations.”(Translation: We’re automating paperwork so employees can ignore you more efficiently.)🫡
“Fairness to all stakeholders is at the crux of our culture.”(Translation: Unless you’re an impatient customer or
a shareholder waiting for re-rating.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Commentary |
|---|---|---|---|
| Total Business | ₹100 trillion | +11% | SBI enters the 12-zero club. Fireworks imminent. |
| Credit Growth | 7.1% QoQ | +10% YoY | Retail & corporate both firing again. |
| CASA Ratio | 39.63% | –70 bps | People love free banking, not fixed deposits. |
| NIM (Domestic) | 3.09% | +7 bps | Miracle of deposit repricing and CRR cut. |
| Net Profit (adj.) | ₹17,000 cr est. | Flat | Yes Bank gains disguised the treasury hit. |
| Treasury Income | ₹4,011 cr | –50% | When RBI stops OMO candy, traders sulk. |
| GNPA | 1.7% | ↓ | Asset quality remains saintly. |
| LCR | 143.8% | ↑ | Because who doesn’t love excess liquidity? |
Note:Even without Yes Bank gains, ROA > 1%. That’s PSU gospel now.
5. Analyst Questions
Ajmera (Ajcon):“We’re undervalued!”Chairman:“We agree. But the market’s ghosting us.”
Mahrukh (Nuvama):“Why did expenses spike?”Finance DMD:“Because GST on expenses doubled. It’s circular — like our answers.”
ICICI Sec:“Margins are strong; can it last?”Chairman:“Assuming no December rate cut — yes. Assuming one — we’ll improvise.”
CLSA:“Project SARAL timelines?”Chairman:“You’ll know by April.
