Maintain BUY with SOTP of Rs 340 (1.3x Mar-20E core ABV of Rs 170 + Rs 119 subs value). Though SBIN reported a 3rd consecutive quarterly loss, the improvement in business metrics was heartening. NII (+9% QoQ) was ahead of estimates as NIMs saw a sharp uptick (2.80%, up 30bps). Asset quality actually improved (G/NNPAs down ~5/11% QoQ) as stress accretion eased (slippages at ~3% ann. vs. ~7% QoQ) and 2 NCLT resolutions materialized. Despite the humongous base of 44%+, sequential SA growth of 3% indicates strong liability franchise. The 3% sequential dip in loan book was seasonal.