Given the stress we have been expecting, the profit miss came hardly as a surprise. Nevertheless, a few points have to be noted: a) there was an interest income reversal on a SDR account to the extent of Rs3.16bn, so adjusted for this AXSB would have reported NII in-line with our estimate. The reversal was a one-time occurrence and therefore NII could normalise' in Q4FY17E, b) the massive other income jump was driven by a jump in trading profits to Rs15.3bn, hence, this too should normalize in Q4FY17E, c) lower slippages (Rs45.6bn) did not stop AXSB management from provisioning higher, thereby converting a better than estimated...