Any current/future new fundraising through debt or equity?

Board has approved raising ₹10,000 crores through Tier-1 capital and ₹15,000 crores through Tier-2 capital (Page 12). No immediate plans mentioned for equity fundraising beyond these approved Tier-1 and Tier-2 issuances (Page 12). Chairman highlighted ploughing back ₹1.14 trillion over the last 3 years internally to support growth, indicating preference for internal accruals over external equity dilution (Page 14). Bank is also tapping multiple channels for funding growth, including infrastructure bonds worth about ₹60,000 crores and a ₹50,000 crore CD program (Page 20). No specific mention of

Any current/future capex/capital investment/strategic investment?

The bank has approved ₹25,000 crores for Tier-1 and Tier-2 capital raising. Board has approved raising ₹10,000 crores worth of Tier-1 and ₹15,000 crores of Tier-2 capital. SBI is tapping multiple channels for supporting growth, including infrastructure bonds (~₹60,000 crores) – the highest in the industry. Infrastructure loan book is around ₹3 trillion, indicating significant investment in infrastructure sectors. The bank has opened a Certificate of Deposit (CD) program of about ₹50,000 crores to raise resources. With the current capital and liquidity, SBI can grow its book by about ₹6.5 to 7

Future growth expectations in sales/revenue/volumes?

Credit growth target for the bank is around 15% going forward, with broad-based growth across all segments including Retail, Agri, MSME, and Corporate sectors. Domestic advances grew 15.55% YoY in Q1FY25; Retail, Agri, and MSME advances crossed ₹21 trillion. Retail Personal advances growing at 13.60%, Agri at 17.06%, and SME at 19.87%. Corporate segment showing healthy growth close to 16% YoY. CD (Credit-Deposit) ratio expected to be around 70-72% in the near future. Loan growth is backed by robust demand in mortgage, car loans, personal loans, and pension loans sectors. Investment proposals p

Future growth expectations in earnings/operating earnings/profits/EPS?

SBI expects credit growth of around 15% going forward, with broad-based growth across all segments, supporting income growth. (Page 31) Operating profit increased by 4.55% YoY in Q1FY25, indicating improving operational efficiency with a focus on asset quality and technology. (Page 4) Net profit increased modestly by 0.90% YoY in Q1FY25, with sustained RoA above 1% and RoE around 21%, reflecting durable profitability. (Page 4) Cost-to-income ratio improved by 95 basis points YoY, indicating better cost management likely to support profit growth. (Page 4) The bank aims to maintain NIM at curren

Current/ Expected Orderbook/ Pending Orders?

The current order book, including sanctions and proposals pending disbursement, stands at approximately ₹4.62 trillion. About 66% of this order book is expected from the private sector. There has been a significant increase in private sector commitments, which have moved from around ₹10 trillion to about ₹37 trillion. This growth in private sector proposals reflects a positive perception of the Indian economy and expected acceleration in capex. The bank sees ample opportunity in the pipeline, with strong demand across corporate and SME sectors.

SBIQ1 FY25Banks

SBI Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹971.9P/E: 10.7Market Cap: ₹9.0L CrSector: Banks

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Credit growth target for the bank is around 15% going forward, with broad-based growth across all segments including Retail, Agri, MSME, and Corporate sectors.
Domestic advances grew 15.55% YoY in Q1FY25; Retail, Agri, and MSME advances crossed ₹21 trillion.
Retail Personal advances growing at 13.60%, Agri at 17.06%, and SME at 19.87%.
Corporate segment showing healthy growth close to 16% YoY.
CD (Credit-Deposit) ratio expected to be around 70-72% in the near future.
Loan growth is backed by robust demand in mortgage, car loans, personal loans, and pension loans sectors.
Investment proposals pipeline is significant at about ₹4.62 trillion, with 66% from private sector indicating positive economic outlook.
Treasury trading gains from fixed income and equity side expected to remain robust.
Deposit growth is targeted at around 8%, with maintained focus on cost-effective deposit-raising strategies to sustain margins.

Margin guidance

Category 3

SBI expects credit growth of around 15% going forward, with broad-based growth across all segments, supporting income growth. (Page 31)
Operating profit increased by 4.55% YoY in Q1FY25, indicating improving operational efficiency with a focus on asset quality and technology. (Page 4)
Net profit increased modestly by 0.90% YoY in Q1FY25, with sustained RoA above 1% and RoE around 21%, reflecting durable profitability. (Page 4)
Cost-to-income ratio improved by 95 basis points YoY, indicating better cost management likely to support profit growth. (Page 4)
The bank aims to maintain NIM at current levels with variations within ±10 bps, supporting stable net interest income. (Page 31)
Credit cost is expected to stabilize around 0.50%, which should prevent significant pressure on profitability. (Page 32)
With a strong deposit franchise and focus on quality loan growth, the bank expects sustainable earnings growth supported by credit expansion and operational leverage. (Pages 31-32)

See what SBI management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Board has approved raising ₹10,000 crores through Tier-1 capital and ₹15,000 crores through Tier-2 capital (Page 12).
No immediate plans mentioned for equity fundraising beyond these approved Tier-1 and Tier-2 issuances (Page 12).
Chairman highlighted ploughing back ₹1.14 trillion over the last 3 years internally to support growth, indicating preference for internal accruals over external equity dilution (Page 14).
Bank is also tapping multiple channels for funding growth, including infrastructure bonds worth about ₹60,000 crores and a ₹50,000 crore CD program (Page 20).
No specific mention of additional future fundraising through equity; focus remains on capital adequacy and maintaining sufficient capital to grow the book up to ₹6.5 to 7 trillion (Page 12).

Order book

Yes

The current order book, including sanctions and proposals pending disbursement, stands at approximately ₹4.62 trillion.
About 66% of this order book is expected from the private sector.
There has been a significant increase in private sector commitments, which have moved from around ₹10 trillion to about ₹37 trillion.
This growth in private sector proposals reflects a positive perception of the Indian economy and expected acceleration in capex.
The bank sees ample opportunity in the pipeline, with strong demand across corporate and SME sectors.

See what SBI management said on order book — free account, 30 seconds.

Capex plans

Yes

The bank has approved ₹25,000 crores for Tier-1 and Tier-2 capital raising.
Board has approved raising ₹10,000 crores worth of Tier-1 and ₹15,000 crores of Tier-2 capital.
SBI is tapping multiple channels for supporting growth, including infrastructure bonds (~₹60,000 crores) – the highest in the industry.
Infrastructure loan book is around ₹3 trillion, indicating significant investment in infrastructure sectors.
The bank has opened a Certificate of Deposit (CD) program of about ₹50,000 crores to raise resources.
With the current capital and liquidity, SBI can grow its book by about ₹6.5 to 7 trillion.
No immediate plans for listing subsidiaries or merging RRBs; strategic decisions on subsidiaries are still premature.
Regarding YES Bank stake sale, it is premature to comment though developments are being closely watched.

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SBI Q1 FY25 Earnings Call Analysis

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