Target: ₹1,000CMP: ₹960.75 State Bank of India (SBI) saw a strong quarter as core PAT beat PLe by 14 per cent since NII/NIM and core fees surprised positively. Despite the estimate of NIM fall, reported NIM increased by 7bps QoQ to 3.09 per cent, led by a decline in deposit cost, partly driven by an increase in daily average CASA. Core fees were more due to a rise in interchange fees, part of which may be sustainable. Loan growth was a bit better at 3.9 per cent q-o-q, which was broad-based. While we have f ...