SBI Q1 profit rises 12.5% on treasury gains

Margins expected to improve in Q4 Other income zooms

- ABHIJIT LELE & MANOJIT SAHA

State Bank of India (SBI), the country's largest lender, on Friday reported a 12.5 per cent year-on-year (Y-o-Y) rise in net profit to ₹19,160 crore for the April-June quarter of 2025-26 (Q1FY26), driven mainly by robust treasury gains. Sequentially, its profit was up 2.78 per cent from ₹18,643 crore in Q4FY25.

Net interest income (NII) — the difference between interest earned and interest expended — declined 0.13 per cent Y-o-Y to ₹41,072 crore. The net interest margin (NIM) from domestic operations fell to 3.02 per cent from 3.35 per cent a year ago, and from 3.15 per cent in the previous quarter. NII surged 55.4 per cent to ₹17,346 crore, aided by strong revaluation gains from the investment portfolio — up 144.3 per cent to ₹6,326 crore — and a jump in forex income, which rose 352 per cent Y-o-Y to ₹1,632 crore.