Another stellar performance reported by Indusind Bank (IndusB) on both financial and operational fronts for Q4FY18, in line with our expectations. Strong NII growth at 20.4% YoY, healthy NIM (at ~4.0%) and controlled OPEX helped to maintain over 25% growth in the bottom line. IndusB reported divergence of Rs13,500 mn, however adjusting for repayment, NPA classification and ARC sale, the net impact remained at ~Rs1,860 mn which was recognized as NPA during the reporting quarter. Overall, GNPA stood at 1.17% v/s 1.16% in previous quarter even after considering the impact of divergence showed persistence of strong assets quality...