ICICI Bank continued to surprise negatively on core operating and credit cost front in 1QFY19. Its operating profit excluding exceptional item declined by 9.4% YoY to Rs58.1bn led by lower other income and relatively lower growth in NII. Its NII remained sequentially subdued at Rs61bn (+9.2% YoY and +1.3% QoQ) despite continued revival in domestic loan growth and sustained higher CASA base. Continuing to move southwards, domestic NIMs declined to 3.54% from 3.67% in 4QFY18 despite recognition of one-time interest income on recovery from Bhushan Steel. Further, core fee income remained sequentially flat at Rs27.5bn, which clearly indicates that improving balance sheet metrics are not percolating down to operating profit...