KMB delivered yet another broad-based, strong performance with (1) Sequential loan growth of 5%, (2) Fee uptick of 24% YoY, (3) Healthy CASA expansion ~200bps, (4) Fat NIM of 4.6%, 10bps, (5) Opex growth curtailed at 2%, with C-I ratio down 220bps to ~46% and (6) Superior asset quality, despite the marginal GNPA rise. Lending subs (KMP and KMI) reported strong growth.