Core Viewpoint - Brokerages are divided on the extent of net profit moderation for State Bank of India (SBI), with estimates ranging from a decline of 4% to double-digit declines, indicating a bottom line range of ₹17,190 crore to ₹19,430 crore [1][7][12]. Financial Performance Estimates - **Profit After Tax (PAT)**: - Nuvama expects PAT of ₹17,190 crore, up 2% YoY but down 15% QoQ [6] - YES Securities estimates PAT at ₹17,209 crore, reflecting a 2% YoY rise and a 15% QoQ decline [7] - Emkay Research forecasts PAT of ₹19,430 crore, up 15% YoY but down 4% QoQ [7] - Elara Capital projects PAT at ₹17,853 crore, up 6% YoY and down 11% QoQ [7] - **Net Interest Income (NII)**: - Nuvama estimates NII at ₹44,270 crore, up 7% YoY and 3% QoQ [8] - YES Securities expects NII at ₹44,536 crore, up 7% YoY and 4% QoQ [8] - Emkay Research pegs NII at ₹44,162 crore, up 7% YoY and 2.7% QoQ [8] - Elara Capital forecasts NII of ₹44,599 crore, reflecting 8% YoY and 4% QoQ growth [8] - **Pre-Provision Operating Profit (PPoP)**: - Nuvama sees PPoP at ₹27,640 crore, up 17% YoY but down 13% QoQ [9] - YES Securities estimates PPoP of ₹27,350 crore, up 16% YoY and flat sequentially [9] - Emkay Research expects PPoP at ₹29,756 crore, up 26% YoY and 9% QoQ [9] - Elara Capital pegs PPoP at ₹28,367 crore, up 20% YoY and down 11% QoQ [9] - **Net Interest Margins (NIMs)**: - Nuvama expects NIMs at 2.95%, down 6 bps YoY and 2 bps QoQ [10] - YES Securities anticipates margin pressure due to declining yields on advances [10] - Emkay Research forecasts NIMs at around 3%, down 6 bps YoY and 2 bps QoQ [10] - **Loans and Deposits**: - Nuvama estimates advances at ₹45.58 lakh crore, up 14% YoY and 4.5% QoQ, with deposits at ₹57.59 lakh crore, up 10% YoY and 3% QoQ [11] - YES Securities expects sequential loan growth of around 3.5% [11] - Emkay Research believes overall growth remains strong, supporting operating metrics [11] - **Slippages and Provisions**: - Nuvama expects slippages at ₹4,200 crore, up 1.3% YoY but down 16% QoQ, with provisions at ₹4,510 crore, up sharply YoY but down 17% QoQ [12] - YES Securities anticipates lower sequential slippages due to seasonality [12] - Emkay Research flags a possible sequential uptick in slippages due to seasonal agricultural stress [12]