IndusInd Bank (IIB) posted stellar results once again across all business parameters. NIM improvement (20bps QoQ), strong loan growth (31%) and superior fee income traction ( 24%) led to PPOP beat of ~7%. Despite reduction in savings rate, SA accretion (Rs 10.3bn QoQ) remains healthy leading to CASA of ~35%. Headline asset quality was stable with a marginal rise in slippages (1% vs. 0.75% QoQ) and the sale of assets worth Rs 410mn to ARC.