SBI Q2 results today: Analysts expect a flattish quarter from PSU bank

SBI Q2 results preview: While credit growth is seen in-line with industry growth, SBI may see margin pressure in Q2.

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SBI Q2 results preview: State Bank of India (SBI) may see a flattish growth in the quarterly earnings for the three months ended September 2025, on a high base, expect analysts. 

 

They expect the state-owned bank’s net profit to fall anywhere between 3 per cent and 17 per cent year-on-year (Y-o-Y), up to ₹15,282 crore, compared to a profit of ₹18,331 crore seen in the corresponding quarter of the previous fiscal (Q2FY25). 

 

While credit growth is seen in-line with industry growth, SBI may see margin pressure in Q2. 

 

SBI Q2 results 2025: Date, time

A meeting of the Board of the Bank will be held on Tuesday, November 4th, 2025, to consider the financial results of the bank for the quarter ended 30.09.2025.

 

SBI Q2 results expectations

 

Nomura

Global brokerage Nomura has profit expectations towards the higher end of the estimates, at ₹17,730 crore. This is barely 3 per cent lower than the reported profit of Q2FY25 and 7 per cent compared to Q1FY26 profit of ₹19,160 crore. 

 

Pre-provision operating profit (PPOP), too, is seen falling 3 per cent Y-o-Y and 7 per cent Q-o-Q to ₹28,300 crore. PPOP was ₹29,290 crore in Q2FY25 and ₹30,540 crore in Q1FY26. 

 

“We expect loan and deposit growth trends to remain healthy, but estimate NIM decline of 8 basis points Q-o-Q. Credit cost, meanwhile, may remain contained at 0.5 per cent,” Nomura said in its Q2 results preview report.

 

It sees loan growth of 12 per cent Y-o-Y and 3 per cent Q-o-Q, at ₹43,22,100 crore, and deposit growth of 9 per cent Y-o-Y and 2 per cent Q-o-Q at ₹55,82,700 crore.

 

NIM is projected at 2.8 per cent vs 2.9 per cent Q-o-Q.

 

On the outlook front, margins and loan/deposit growth trajectory will be monitored.

 

Axis Securities

The domestic brokerage, too, expects SBI’s Advances and Deposits to grow at 12 per cent and 9 per cent Y-o-,Y respectively. 

 

Margin pressures, it said, may be visible, dampening net interest income (NII) growth. It anticipates NII at ₹40,499 crore, down 3 per cent Y-o-Y and 1.4 per cent Q-o-Q.

 

By comparison, NII was ₹41,620 crore in the year-ago period, and ₹41,072 crore in Q1FY26.

 

It, further, said lower treasury gains would hurt PPOP growth, lowering it by 12.3 per cent Y-o-Y and 16 per cent Q-o-Q to ₹25,703 crore. 

 

Slippages will likely be under control, with no challenges visible on the asset quality front. Provisions, however, may rise 14 per cent Y-o-Y and 8 per cent Q-o- to ₹5,138 crore in Q2FY26.

 

On the whole, net profit is seen at ₹15,282, down 16.6 per cent Y-o-Y and 20.2 per cent Q-o-Q. 

 

InCred Equities

InCred Equities, too, estimates a double digit drop in State Bank’s net and operating profit.

 

It sees SBI’s Q2 net profit falling 13 per cent on year and 17 per cent over the previous quarter to ₹16,000 crore. PPOP, meanwhile, is seen falling by the similar percentage to ₹25,500 crore.

 

NII may register a mild dip of 2 per cent Y-o-Y and 0.6 per cent Q-o-Q to ₹40,800 crore with credit costs falling to 39bps from 46 per cent Q-o-Q.  

 

Motilal Oswal Financial Services

MOFSL analysts, too, project a flattish quarter for SBI. It sees NII at ₹40,580 crore (down 2.5 per cent Y-o-Y), PPOP at ₹26,940 crore (down 8 per cent Y-o-Y), and net profit at ₹16,730 crore (down 9 per cent Y-o-Y).

 

Loan growth may come at 11.6 per cent Y-o-Y, and deposit at 9 per cent. Asset quality, meanwhile, may stay steady with gross non-performing asset (GNPA) ratio flat at 1.8 per cent and NNPA at 0.5 per cent.

 

“We expect cost ratios to increase sequentially, amid improvement in asset quality. Margin, too, is expected to see a single digit moderation. Business growth trajectory will be a key monitorable,” it said.