India’s large banks are entering a stronger credit cycle, but BofA Securities sees the recovery playing out differently across State Bank of India, ICICI Bank, HDFC Bank and Kotak Mahindra Bank. The brokerage remains positive on all four, with growth, funding strength, margins and asset quality shaping the case for each bank. BofA expects the improving liquidity environment to support loan demand. Its latest research points to ICICI Bank’s ability to outgrow the industry, SBI’s funding advantage, HDFC Bank’s improving fundamentals and Kotak Mahindra Bank’s recovery-led growth opportunity. The brokerage has a ‘Buy’ rating on all four stocks.