Finshots Daily SBI's best quarter ever?
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Feb 14, 2026 Analysis of a major bank’s blockbuster quarter and whether headline profits tell the whole story. Discussion of one-time items that boosted earnings and how margins shift after adjustments. Deep dive into low-cost deposit trends and why CASA levels matter for funding costs. Examination of scale, branch network and strategies the bank uses to hold on to deposits.
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Record Profit And Strong Asset Quality
- SBI reported its highest-ever quarterly profit of Rs 21,000 crore driven by business growth and higher income.
- Gross and net NPA ratios improved to multi-decade lows, reassuring on asset quality.
One-Offs Inflated This Quarter
- Much of the profit jump included one-offs like a Rs 2,200 crore special dividend and tax refund interest.
- Adjusting for these weakens reported NIM, which has trended down 17 bps since Q3 FY25.
Margins Showing Gradual Erosion
- Reported NIM rose 2 basis points QoQ to 2.95%, but is 17 bps lower year-on-year.
- After excluding one-offs, NIM is actually one basis point weaker than reported this quarter.