IIB's net profit print was higher than our estimate by 4.2% but the big deviation was really at NII line which beat our estimate by a strong 7%. So the spreads did yield a positive surprise though the same got diluted a bit due to higher than expected opex (refer page 2 for detailed comparison). The bank's NIMs, which continuously expanded for over eight trailing quarters continued to hold up well at 4% (flat QoQ). The balance sheet momentum however trended inline with our estimates. On balance, the results delivered a partial though a welcome positive surprise. We shall continue to track the growth momentum going forward as well as the core earnings drivers for spreads. We shall review our NIM assumptions post Q4FY17E results when the bank management is likely to present a comprehensive guidance for next planning cycle...