Loan growth is healthy at 22%, driven by retail segment. NII and PAT growth of 15% and 18% respectively is almost in line with our expectations. Fee income has grown by 23%. Bank did not avail RBI dispensation and made entire MTM depreciation of Rs3.9bn during the quarter. Core PBT growth (excluding treasury) is 29%. Asset quality has been stable and has been one of the best in the sector. Given all regulatory approvals in place, we have factored equity issuance of Rs240bn. We retain our BUY rating with a TP...