Maintain BUY. Our SOTP is Rs 328 (1.3x Mar-20E core ABV of Rs 175 + Rs 100 subs value). SBIN posted a second consecutive quarterly loss in 4QFY18 (Rs 77.2bn), driven by NPA provisioning (+36% QoQ to ~Rs 241bn). Asset quality worsened as fresh slippages shot up to ~7.2% in line with the RBI circular mandating accelerated recognition. The decision to take MTM provisions at one go added to the pressure. An uptick in loan growth (+6% QoQ), steady NIMs (2.50%), the seasonal spike in fee income and controlled opex (+4% YoY, despite additional gratuity ~Rs 9bn) drove sequential PPoP growth.