Operationally was strong with NPA recovery benefitting performance SBI's earnings of Rs55.8bn (PLe: Rs30.0bn) was better on one-off expected benefits from the strong NPA recoveries. Bank also moved to new tax rate by adjusting DTA impact (net Rs13.0bn). Adjusting to one-offs operationally NII was very marginally weak but fee income was quite good coupled with strong control on opex. Key positive was fresh slippages (excluding the HFC A/c)...