SBICARD's Q4FY21 earnings stood mixed as business cyclicality dampened spends traction but asset quality held up. Asset quality continues to show signs of improvement in the nature of 1) mere 48bps spike in GNPAs at 4.99% for Q4FY21 as against our expectations of 5.7%. 2) perceivably stressed book declines from 13.8% in Q3FY21 to 12.6% in Q4FY21 3) RBI RE book at Rs19bn (7.6% of overall receivables) stood down 19% QoQ 4) 36% of RBI RE book (Rs6.9bn) carry 80% provision cover and has already slipped into NPA 5) 51% of RBI RE book exhibiting >2 EMI repayments 6) recoveries surged 10% QoQ;...