Religare Institutional Research has maintained 'Buy' on State Bank of India (SBI) with revised target price of 3,250 from Rs 3,100 in its report.

Commenting on the investment rationale, the stock broker said, ''SBI reported a stellar Q4 with a marked improvement in asset quality (on lower slippages), a pick-up in fee income (CEB: +15.3% YoY) and consolidation in the SME/mid-corporate books - both high NPL sources.

While PAT at Rs 30.4 billion was partly aided by high other income, balance sheet trends have been encouraging. We maintain our bullish stance on SBI given an improving macro, its strong capitalization levels and robust liabilities franchise. Buy with a revised TP of Rs 3,250 (Rs 3,100 earlier).''

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