Net interest income for the period under review was Rs 45,190 crore, up 9.04% YoY. Net interest margin was 3.12% for the December 2025 period as against 3.15% for the December 2024 period.

The bank has received a one-time dividend income of nearly Rs 2,200 crore from SBI Mutual Fund during the quarter, along with treasury gains of approximately Rs 3,280 crore.

Operating expenses rose by 21.08% to Rs 30,687 crore in the December 2025 quarter from Rs 28,935 crore in the December 2024 quarter.

Accordingly, the public sector bank registered an operating profit of Rs 32,862 crore in Q3 FY26, up 39.54% YoY.

Total provisions expanded by 77.71% to Rs 11,834 crore in Q3 FY26 from Rs 6,659 crore in Q3 FY25.

Profit before tax in Q3 FY26 stood at Rs 249 crore, up by 22% from Rs 204 crore in Q3 FY25.

Gross NPAs declined to 1.57% as of 31 December 2025, from 2.07% as of 31 December 2024. Net NPAs fell to 0.39% as of 31 December 2025 from 0.53% as of 31 December 2024.

The provision coverage ratio (PCR) (including AUCA) as on 31 December 2025 was at 92.37%. AUCA or advance under collection account (AUCA) is a dummy account maintained by SBI in which written off loan accounts are transferred.

The bank had a deposit base of Rs 57,01,309 crore as on 31 December 2025, up 9.02% YoY. Gross advances of the bank as on 31 December 2025 were Rs 46,83,508 crore, up 15.14% YoY.

Capital adequacy ratio (CAR) as at the end of Q3 FY26 stood at 14.04%.

The bank’s management has reportedly guided for maintaining domestic NIMs above 3% and expects cost-to-income ratio to stay around 50%.

Following the earnings announcement, domestic brokerages have reportedly raised their target prices for this stock.

A domestic research house has reportedly maintained its ‘buy’ rating with a revised target of Rs 1,200 as against the previous target of Rs 1,035, valuing the bank at 1.5x September 2027 adjusted book value.

Another domestic brokerage has lifted its target to Rs 1,300 from Rs 1,035 earlier, citing the bank’s raised credit growth guidance of 13% to 15% for FY26.

State Bank of India is engaged in providing a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers. The Government of India held 55.50% stake in the bank as on 31 December 2025.