Despite sharp QoQ rise in opex, State Bank of India (SBI) once again reported a strong quarter with Q4FY23 PAT at Rs166.9bn and annualised RoA at 1.23%, driven by strong business growth, NIM uptick, strong ‘other income’ and contained credit costs. Both loan and deposit growth was strong (and better than expected) at ~4.6-5.0% QoQ while net slippages turned negative.