State Bank of India to unveil Q2 earnings on Nov 3, analysts eye margins and loan growth

State Bank of India will release its July‑September quarter results for FY 2026‑27 on Tuesday, 3 November, putting its share price under close watch. Analysts expect net interest income to rise by double‑digits, driven by an 18% jump in loan advances. Operating profit is projected to be about 5% higher year‑on‑year, after last quarter’s boost from selling its stake in Yes Bank. Net interest margins are likely to stay flat quarter‑on‑quarter, as lower FCNR(B) fund mobilisation eases pressure. Fee income is seen slowing, though gains from the recent sale of the bank’s NSE stake should help other income. Slippages are forecast at roughly 1.1% of the loan book, indicating a gradual return to normal, with no fresh asset‑quality worries. Advances are expected to grow 17‑18% year‑on‑year, while deposits should be buoyed by FCNR(B) inflows. Credit costs may edge up slightly, but overall asset quality remains under control. Senior Research Analyst Seema Srivastava of SMC Global Securities rates the stock a Hold, citing strong fundamentals, broad credit growth across retail, agriculture, MSME and corporate, and stable asset quality, while warning that incremental FCNR(B) deposits and a shifting funding mix could weigh on margins. Mahesh M Ojha of Kantilal Chhaganlal Securities sees upside potential, recommending a stop‑loss at ₹958 and targets of ₹1,005, ₹1,020 and ₹1,035+. ## Context The quarter’s performance will test whether SBI can sustain its loan‑driven earnings growth without letting margins slip, a key issue for India’s biggest lender as the banking sector adapts to new credit‑loss accounting rules.