STATE BANK OF INDIA: Treasury drag behind; earnings set to soar (SBIN IN, Mkt Cap USD59.8b, CMP INR531, TP INR625, 18% Upside, Buy) SBIN reported a 14% YoY growth in core PPOP. However, higher treasury losses (INR65.5b) dented earnings, which declined 7% YoY to INR60.7b. NII stood a tad weaker. However, the outlook remains encouraging as the bank benefits from the re-pricing of its floating rate loan portfolio, amounting to 74% of total loans. We expect NII to grow at an average 16% over FY...
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