General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
State Bank of India reported consolidated revenue of ₹1,36,240 crore for the three months to June 2026. That was 8.36% higher than the same quarter a year earlier. Net profit after minority interest was ₹24,113 crore, up 13.73% on the year. The group balance sheet closed the quarter at ₹84,03,229 crore.
The quarter also carried a run of paperwork. SBI Funds Management listed on 21 July 2026, after a public offering subscribed 41.66 times. Sunil Ramgopal Agrawal joined as chief financial officer on 15 July and took the chair on 1 August. The board approved raising up to ₹60,000 crore of debt instruments in the year to March 2027. A five-year note of USD 500 million was concluded under Regulation S, which covers bonds sold to buyers outside the United States. The rate on it was 5.25%. For an institution past its second century, July held a listing, a new finance chief and a bond sale.
At the standalone level, gross advances stood at ₹50,47,222 crore and total deposits at ₹60,05,805 crore. The bank reported gross non-performing assets at 1.47% and net non-performing assets at 0.38%. Non-performing assets are loans where the borrower has stopped paying to schedule. The Reserve Bank of India directed in May 2026 that the Investment Fluctuation Reserve be discontinued. ₹11,522.30 crore moved out of that reserve and into the General Reserve during the quarter.
2 — Introduction
State Bank of India is a public sector banking and financial services group headquartered in Mumbai, and a Fortune 500 company. It is a statutory body, an entity set up under its own law rather than registered like an ordinary company. It is the oldest and largest bank in India, with more than 200 years behind it. That is long enough for the phrase “legacy systems” to be doing considerable heavy lifting.
Per its own disclosure, the bank holds about 22% of deposits in India and 20% of net advances. The President of India is the promoter, which is the controlling shareholder. That holding stood at 55.47% in June 2026. The bank runs 241 overseas offices across 29 countries, among them Canada, Brazil, Russia and Germany. France and Turkey are on the list as well. The consolidated results roll up 27 subsidiaries, five joint ventures and 12 associates. Nine of the associates are Regional Rural Banks. The auditors’ report names every one of them, which makes that passage read less like an opinion and more like a census.
Recent developments trace to the filings. On 9 July 2026 SBI sold 2.88 crore shares in SBI Funds Management to 30 investors. That sale raised ₹1,655 crore. A pre-IPO transfer of 1.4156% of the same company, also for ₹1,655 crore, completed on 10 July 2026. The company listed on 21 July. After divesting a stake of 6.3007%, SBI’s holding in SBI Funds Management stands at 55.56%. Management described the listing as a milestone in unlocking group value. Management also said SBI General Insurance is the next candidate for listing, with no timeline attached.
Three senior executives superannuated on 30 June 2026, among them Nand Kishore, managing director and chief executive of SBI Funds Management. Shri Sanjay Lohiya was nominated to the Central Board with effect from 11 June 2026, replacing Shri Nagaraju Maddirala. Shri Ratna Teja Dinakara Akella was appointed Group Chief Risk Officer on 5 June 2026.
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3 — Business Model: WTF Do They Even Do?
SBI takes deposits from roughly half the country and lends them back to the other half. The scale is such that the arithmetic starts to look like geography.
In the three months to June 2026, retail banking accounted for 36% of the segment mix and corporate banking 21%. Insurance matched corporate banking at 21%. Treasury operations took 18% and the remaining businesses 5%. Domestic advances of ₹42,76,648 crore split across four books. Retail personal lending is 41.46% of that and corporate 33.22%. Small and medium enterprises take 15.11% and agriculture 10.21%.
Inside retail, home loans are ₹9,59,369 crore, or 54.11% of the retail personal book. Xpress Credit stands at ₹3,75,348 crore and auto loans at ₹1,36,556 crore. Personal gold loans are ₹1,25,406 crore, up 97.54% over the year. Management disclosed total gold loan outstandings above ₹3.1 lakh crore, at yields of roughly 8.5% to 8.9%. Management put the average
