YES reported robust PPoP growth of 38% YoY/5% QoQ to INR20.02b (2.5%beat), led by strong overall revenue growth of 32% YoY and controlled opex.However, higher provisions of INR4.21b- partly led by INR1b requirement toward NCLT-referred assets ??? led to lower 22% YoY growth in net profit. Advances growth accelerated to 46% YoY at INR1.71t, while deposits grew30% YoY to INR1.72t. CASA deposits maintained strong traction, growing by48% YoY, and thus, resulting in an 80bp QoQ increase in CASA mix to 38%(470bp improvement over FY18YTD). Margin shrunk 20bp QoQ to 3.5%, led by (i) INR15b/INR54.15b of Tier-2/AT-1 bond raising and (ii) sale of a standard account to ARC, which led to anINR4.2b increase in SR portfolio. However, management guided to achieve4% margin by FY20. Core cost-income ratio declined 143bp QoQ (employee count declined by 1,656, while the bank opened only 10 branches), and management guided for a 37-38% C/I ratio in the medium term.