SBIN appears well positioned to report strong uptick in earnings as the uncertainty brought about by the pandemic has receded significantly. While collection trends have improved to ~97%, restructuring of up to 1% of loans is expected. Further, legacy issues in the corporate NPA cycle is now largely behind. SBIN carries healthy PCR of ~88% on corporate NPA. We expect credit costs to normalize from FY22E. SBIN's focus has been on building a granular and high-quality portfolio. With retail growth back to pre-COVID levels and improving trends in Home loans, Auto loans, Gold loans, etc. we expect gradual deployment of excess liquidity toward...