Bernstein on SBI ; Market Perform, TP Rs 1300

Headline earnings growth masked a softer underlying quarter, with lower credit costs & stake-sale gains supporting profitability. Healthy loan growth & an 8 bps QoQ NIM recovery failed to lift underlying PPoP, which declined 1% YoY amid weaker other income and rising expenses. Excluding one-offs, EPS grew a more modest 5% YoY, while RoA declined 21 bps QoQ to 0.90%, compared with reported EPS growth of 13% and RoA of 1.19%

STATE BANK OF INDIA

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