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State Bank of India reported a steady quarter, with an earnings beat of 12% on our estimate.
This was aided by controlled provisions despite a challenging environment. Core operating performance was in-line.
Asset quality ratios deteriorated marginally on elevated slippage in retail/small and medium enterprise.
However, SBI’s management clarified that slippage worth ~Rs 48 billion has already been recovered/upgraded in July 2021.
Furthermore, the total restructured book remained in check, while special mention account -I/II (exposure of more than Rs 50 million) was stable QoQ at Rs 113 billion (~0.5% of loans).
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