ICICI Bank reported a net loss of INR 1.1bn in 1QFY19, against our estimates of INR 16.8bn of profit as management opted to increase provision coverage on NPLs by c.640bps to 54.8% (provisions of INR20.4bn above estimates). ICICI Bank also disclosed Rs246bn of BB&below; exposures in the loan book, which comprise of ~INR125bn of loans that were part of the earlier disclosed drilldown list, restructured loans as well as loans under various dispensations. The new disclosures, worth Rs121bn, are exposures to non-stressed sectors and more granular in nature. As a result, we do no expect significant changes to our provisioning estimates for FY19-20. Given the upfronting of provisions, the haircuts to...