SBICARD's Q3FY21 earnings was characterized by sharp improvement in asset quality (proforma GNPAs fell 295bps QoQ, credit costs declined ~430bps, recoveries surged 29%QoQ) and continued business traction (QoQ growth in CIF of 5%, new accounts acquisition at 33% and spends 27%). However, the RBI RE book expanded 11%QoQ to Rs23.4bn, but ~50% of such stock exhibited almost full repayments and only 33% lie under stress. With this 3% stock (Rs7.7bn) carrying 65% provision, ECL at 65% and Rs11bn additional provisions (between Q4FY20-Q3FY21) coupled with improving...