“Bullish on SBI with a target price of Rs 1,360. NIM improvement was driven by lower cost of deposits, with management maintaining a 3% full-year domestic NIM guidance. Asset quality is at a multi-decade low, supported by disciplined underwriting. SBI is well-positioned to sustain 1-1.1% RoA due to robust credit growth visibility, a healthy corporate pipeline, and benign credit costs.”

Axis Securities Analysis’s track record: 3 graded calls · 95% CI 21–94%