ALBKs 4Q net earnings beat estimate by 14%, although quality of beat was not upto the mark. Growth remains elusive with elevated stressed assets formation. NII was 9% below estimate led by yield pressure. Despite high fee income ( 50% QoQ, seasonal trend) and stable opex, we were disappointed with 190bps QoQ decline in tangible PCR. Higher write-off provided cushion to an otherwise muted asset quality performance. Capital position too remains weak with Tier-1 at 7.8%.