20 July 2018 1QFY19 PAT grew ~12% YoY to INR10.2b 9% miss due to higher provisions (investment provisions of INR2.1b). However, operating profit grew 27.4% YoY to INR20.3b (6% beat), led by 15% YoY NII growth. Margins shrank 5bp QoQ to 4.3%, as incremental loan growth was led by corporate, while borrowings increased 70% YoY/33% QoQ. CASA deposits grew 33% YoY, led by 51% YoY growth in SA deposits (SA cost of 5.61%). CASA ratio declined 50bp QoQ to 50.3%. GNPLs increased by 1.9% QoQ, but management sounded cautious on the SME/business banking segment and cited risks from inflated collateral value that is being used by banks as a basis for extending loans. KMB made additional provisions (apart from investment provisions of INR2.