IndusInd Bank's (IIB) 4QFY18 PAT grew 27% YoY to INR9.53b (in-line). NII rose 20% YoY on stable margins and robust advances growth of 28% YoY. Total income grew 12% YoY due to relatively low other income, as treasury gains stood at a modest INR0.95b v/s INR2.15b in 4QFY17. However, controlled opex growth of 9% YoY (CI ratio declined 100bp QoQ to 45%) led to PPoP growth of 13% YoY (+6% QoQ). Advances growth was led by robust growth in large and small corporates, driving 30% YoY growth (+16% QoQ) in the corporate advances portfolio. Consumer portfolio grew 26% YoY (+8% QoQ), led by strong traction in the CV loans, equipment financing and credit card segments. Retail book stood at 39.5% of total advances (46% after including the business banking segment).