• Domestic Consumption Outlook: Elevated oil prices and inflationary expectations pose the primary risk to domestic consumption, though overall asset quality remains healthy with isolated MSME stress and no corporate or retail defaults.
• Corporate Credit Dynamics: Corporate loan growth has been boosted by top-tier corporates shifting from high-rate bond markets to bank borrowing, while corporate capital expenditure pipelines remain intact without cutbacks.
• Liability Diversification Strategy: Although SBI's retail deposits are growing at 14%, the bank aims to diversify liabilities over the next 5 to 10 years by tapping debt capital markets and exploring mortgage-backed securities.
• Net Interest Margin: SBI achieved its full-year NIM target of 3% and plans to protect margins by renegotiating spreads on short-term, T-bill-linked corporate loan exposures.
• Divestment and Capital: With a CRAR above 15%, SBI plans to list its asset management company, but has ruled out selling its residual 10% stake in Yes Bank in FY27.