SBI reported all-around strong Q3 performance before QIP, with better loan growth (up 12% yoy), healthy NIMs (up 3bps qoq to 2.76%), and a sharp reduction in the GNPA ratio to 8.7% (9.95% in 2Q). Although PPoP growth was dragged down by higher opex/subdued fees, the heavy investment provision write-backs of Rs80bn led to the bank reporting a strong profit of Rs38.9bn. The bank reported lowest slippages in the past 13 quarters at Rs65bn and expects contained slippages going forward, which coupled with heavy NPA resolutions (incl. Essar Steel/some power accounts) to help in further NPA reduction. The IL&FS; holdco...