OBCs results were a mixed bag with net earnings higher than estimates despite elevated slippages. Key positives were (1) NIM expansion of ~7bps QoQ, (2) Infra book decline QoQ, (3) stable CASA ratio at 24% and (4) stable PCR despite asset quality spikes. However, OBC disappointed with a sharp rise in slippages (Rs 16bn) driven by delinquencies from the restructured book, higher restructuring (Rs 10bn) & refinancing (Rs 14bn) under the 5:25 scheme and faster RWA growth vs. loan growth.