Business growth stood robust, with advances growing 35% YoY to INR1.48t and deposits increasing 23% YoY to INR1.58t. CASA deposits maintained strong traction and reported 51% YoY growth, resulting in a 40bp QoQ increase in the CASA mix to 37.2%. Margins held stable at 3.7%. Cost-income ratio declined 290bp QoQ to 39.2%, and we believe that opex growth for YES will continue to trail revenue growth, as the bank goes slow on branch expansion and focuses on improving productivity. Asset quality deteriorated sharply, affected by the divergence of INR63.55b...