19 July 2018 RBL's 1QFY19 PAT grew 7%/35% QoQ/YoY to INR1.9b (in-line). NII grew 46% YoY to INR5.5b, helped by 36% advances growth and 6bp QoQ NIM expansion to 4.04%. Total income grew 27% YoY, led by fee income growth of 59% YoY (driven by 145% growth in distribution/CC fees). Opex growth trailed income growth sequentially (CI ratio of 50.8% v/s 52.8% in 4Q), leading to PPoP growth of 13%/39% QoQ/YoY. Absolute GNPA increased 5% QoQ (1.4% of loans, flat QoQ). Fresh slippages stood at INR1.5b (1.9% annualized), while recoveries and write-offs came in at INR570m and INR610m, respectively. NNPA rose 1% QoQ to INR3.