INBK reported core operating profit (excl. treasury gains) growth of 55% YoY to INR 11.3b. However, PAT of INR3b was 38% below estimates, as provisions of INR9.2b were above estimates (included INR4.7b of provisions for MTM losses). NII grew 30% YoY to INR16.2bn (6% above estimate) led by 22% YoY loan growth and 3bp QoQ improvement in global margins. NII growth was partially offset by other income (8% YoY decline led by 74% decline in treasury gains of INR0.8b). C/I ratio rose sharply by 520bp QoQ to 44.3% mainly led by decline in other income. PPoP growth thus stood at 18% YoY; however, high provisions led to decline in PAT by 19% YoY to INR3b.