The consolidated PAT grew 18%YoY to Rs79.7bn (we do not estimate consol. PAT). Individual loan book (gross of sell downs) grew a robust 23%YoY, though a shade lower than 25%YoY in Q2FY17. Net of sell downs, the growth was 15.6%YoY (unchanged QoQ). Overall spreads expanded 6bps QoQ to 2.34%. This was supported by a faster re-pricing of bank liabilities while lending yields stayed unchanged. Gross NPAs expanded 5bps QoQ to 81bps with a 4bps and 5bps uptick each in individual...