FB recorded PPoP growth of -4%/18% QoQ/YoY (INR5.6b; 4% miss), driven by a5% miss on total income (24% beat on other income, which declined 20%/13% QoQ/YoY to INR2.29b). The impact, however, was partly offset by a 5% beat on opex, which grew 2%/4% QoQ/YoY to INR6.2b, as employee expenses fell4%/6% QoQ/YoY. Core PPoP growth was strong at 5%/37% QoQ/YoY. NII growth came in at 6%/20% QoQ/YoY (1% beat), aided by 22% YoY loan growth and a stable NIM of 3.33% (+2bp QoQ). Other income fell 20%/13% QoQ/YoY, driven by sharp moderation in treasury gains (-61%/-66% QoQ/YoY). Loan growth of 5%/22% QoQ/YoY was driven by corporate book growth of30% YoY. Retail/agri and SME loans also maintained strong traction (up 18%and 20% YoY, respectively)