State Bank of India reported a 10% year-on-year rise in Q2 net profit to ₹20,160 crore, aided in part by gains linked to a Yes Bank stake sale, while Net Interest Income grew 3.3%. Management focus remained on asset-quality preservation and calibrated loan growth as funding costs normalize. Investors will parse credit costs, deposit accretion mix, and margin trajectory for clues on earnings durability through FY26. With India’s system liquidity and competitive deposit markets evolving, SBI’s ability to sustain spreads and maintain steady fee engines will likely anchor medium-term valuation resilience.