State Bank of India (SBI) reported Q2FY24 PAT of INR 143.3bn (up 8% YoY; 5% beat), led by 8% YoY decline in operating earnings, but offset by negligible provisioning. While NII growth was healthy at 12% YoY (NIM broadly stable YoY / QoQ), the bank saw massive 47% YoY rise in staff costs as it beefed up wage bipartite provisions (now providing at 14% wage hike vs 10% earlier).