Q1FY26 Highlights: Net Profit ₹19,160 Cr (+12.48% YoY), driven by robust deposit (11.66% YoY) and credit (11.61% YoY) growth. Net NPA declined to 0.47%. While QoQ credit growth was soft due to prepayments, a strong ₹7.2 lakh Cr corporate pipeline signals future expansion. SBI maintains a 3% domestic NIM outlook (U-shaped, improving H2) and targets a sub-50% cost-to-income ratio via its 'SARAL' project. No major asset quality concerns; Xpress Credit slippages are primarily a base effect. Management is confident of 12%+ credit expansion, supported by ample capital and liquidity.