Earnings in positive zone (ex of one off) SBI reported positive earnings (ex one off profit on hive off of segment principally led by improved credit costs. In other positives, NIMs marginally expanded and advances grew 11% YoY. The bank is well placed amidst a healthy corporate recovery cycle, increasing pricing power and strong low cost fund base. We are factoring a favorable metrics towards margins and credit costs in H2FY19 with NIM improving ~200 bps to 2.9% and credit costs at 2.9%/2.4% in FY19/20E. The downside risk is its investments in...