KMB earnings were inline with expectations with Cons PAT of Rs16.2bn & StandalonePATofRs10.5bn.Loangrowthimprovedby23%YoYpartlyduetobase effect and strong growth in retail & corporate segments. Margins came off by 13bpsQoQto4.2%whichwereanegativesurpriseandshowedpressureonyields asreiteratedbyuspreviously.Managementexpectsloangrowthtoremainstrong and margin trajectory to improve/stabilize from hereon. We continue to see productivity gains, improvement in CASA and better subsidiary performance to helpoverallearningsgrowth.WeretainAccumulatewithrevisedTPofRs1,165...