Maintain BUY with a SOTP of Rs 352 (1.3xSept-20E ABV of Rs 181 + Rs 112 subs value) Although SBINs 2Q earnings were higher than estimates, they lacked quality. The bank would have reported a loss for the 4th consecutive qtr had it not been for exceptional items of ~Rs 10.87bn and under provisioning (Rs 53bn) for one NCLT case. Consequently, it reported a PAT of ~Rs 9.4bn.