Maintain BUY with an SOTP of Rs 362 (1.3x Dec-20E ABV of Rs 192 + Rs 112 sub value). SBIs net earnings grew ~4.2x QoQ, but the bank provided inadequately (+50%) on a large NCLT exposure. Broader improvement was visible. Loans grew 12% YoY, NIM expanded 47bps and core PPOP rose 11%. Cost creep and weak fees, predictably, featured among the misses. We are surprised on the nonchalance with sagging deposit growth, which we believe owes to a relatively low C/D ratio.