NIM dropped by 7bps sequentially, management hinted NIMs have bottomed NII as well as PAT is 4% and 34% below our estimates Key Highlights and Investment Rationale Outlook: Management keeps on changing its goalpost in terms of outlook on asset quality. From its earlier guidance on slippages from watch list which they eventually revoked, is now targeting against the pool of assets rated BB & below which is indeed fairly large (Rs161bn). Current pool of watchlist, restructuring and outstanding security receipts stands at 3.6% of loan book. Although slippages are likely to see a...