2QFY18 PAT declined 3% YoY to INR2.0b. Operating profit rose 20% YoY (3% beat), driven by strong loan growth and controlled opex. However, a sharp increase in credit costs (+71% YoY) weighed on the bottom line. Recovery has been slow post demonetization and rollout of GST. In the last four quarters since demonetization, non-gold disbursements grew at an average of only 4% YoY. Total disbursements were largely driven by MSME (+8% QoQ) and gold (4% QoQ). Disbursement growth in 2Ws was 3% QoQ. We forecast 12%/18% disbursements growth in FY18/19....