Kotak Inst Eqt on SBI : Buy, TP Rs 1250

Reported 15% yoy earnings growth, led by a 7% yoy operating profit growth (stake sale in mutual fund). RoE at 15% was driven by healthy NII growth (~15% yoy), NIM recovering ~10bps qoq and a low credit cost (~30bps). Asset quality remains a minor concern Like franchise given its inexpensive valuation for a superior return profile.

STATE BANK OF INDIA

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