Q1FY18 was subdued marked by 15 bps QoQ decline in margin to 4.4% and marginal deterioration in asset quality. GNPAs increased ~19 bps QoQ at 2.6% and coverage ratio remained flat at ~34%. PAT was lower than expected at Rs 13 bn (down 8.4% YoY) due to lower NII (down ~9% YoY) and higher provisions.