IIB's NIMs in FY16 were to an extent also supported by the deployment of ~Rs52bn equity raised and deployed post Q2FY16. However, almost a year post the equity raising exercise, the NIM momentum has continued to build up highlighting the bank's strengthening franchise on liability as well as asset side. IIB's NIMs expanded 3bps QoQ to 3.97%. We agree with the bank management assessment that there clearly is a headroom available to continue expanding the NIMs if the bank forays more aggressively into unsecured retail credit (currently ~1.5% of total credit with an internal cap to not grow beyond 5%). With the current mix of loans continuing and an ~100bps uptick in CASA each year FY17E-FY18E, we do believe there is enough...