Over last six quarters, YES' CASA has moved up ~700bps (to 30.5% in Q2FY17) contributing +50% of deposit growth over this period but it is yet to coax NIMs to continue improving. NIMs have stayed flat at 3.4% (+10bps over Q1FY16) clearly showing a resistance to structural improvement we have been hoping would continue to happen. YES added 70bps to structural NIMs when it expanded it's CASA base from 10% to 23% between FY12-FY15. However, thereafter the expansion has halted. The fall in cost of funds over this period has mostly been neutralized by the decline in loan and investment yields. The management stated the term deposits have headroom to re-price downwards by 70bps, which we believe is a bit tough. A...