Slippages + restructuring to remain within the guided range SBIN reported strong performance, with healthy NII growth (excluding one-time interest recovery during 3QFY20) and strong recovery in retail credit growth. On the asset quality front, controlled pro forma slippages (INR20.7b) and low restructuring request (0.8% of loans) underscores an encouraging asset quality outlook. Pro forma GNPA/NNPA ratio stood at 5.44%/1.81% (v/s 5.88%/2.08% in 2QFY21). We believe the earnings normalization cycle for SBIN has begun as the...