Stable show; soft topline a temporary blip IIB's 3QFY18 profits grew 25% YoY and asset quality remained in fine fettle. However, core operating income growth was 20.6% YoY and slower than recent trends. While margins were maintained at 4%, overall asset growth was at 20% YoY (vs loan growth of 25% YoY) dragging NII growth lower. Slower opex growth meant that core PPoP growth was still robust at 26% YoY. Management also indicated that the Bhafin merger remains on-track as per earlier communicated timelines. We expect IIB to resume its topline momentum in the next couple of quarters and continue to like the name for its diversified portfolio mix, clean...