CMP Rs2,597, Target price Rs3,232, Upside 24.5%
± Loan growth ahead of expectations; CASA and C/D ratios improve
± NIM improvement came as a positive surprise; improvement in C/D ratio, YoA and CASA drive margin expansion
± Core fee income decline substantially; however, C/I ratio improve on lower opex
± Improvement is asset quality was heartening; capital adequacy remains comfortable
± Upgrade to BUY; include SBI within our top picks in the sector 
