SBIN (standalone) reported a 7% y-o-y decline in Net Income owing to MTM losses. Core PPOP (+14.4% y-o-y) was 3.6% below our estimate, as a weaker than expected NIM (13bp q-o-q decline) drove weakness in NII (+13% y-o-y, 6% below estimate). Fee income was better (+18% y-o-y), while expenses were controlled (+1.4% y-o-y) resulting in …
