SBIN continues to strengthen its Balance Sheet and improve its return ratios. The management's focus has been on building a granular, high-quality loan portfolio, while maintaining a strong focus on underwriting, which has aided a sustained turnaround in operating performance. SBIN remains well positioned to withstand MTM losses in its treasury portfolio as the rate environment hardens further. Retail growth is likely to remain strong. This, along with a pick-up in the SME and Corporate book (as the un-utilized limit continues to moderate to 40% v/s 53% a couple of quarters ago), will support loan growth. Improving margin, deployment...