Disbursements witnessed a growth of 15% YoY while Net Interest Income de- grew by ~3.5%YoY on account of higher interest expenses (11%YoY). PAT growth remained flat (~3%) as Net Interest Margin was down by 48bps at 2.49% YoY in Q4FY18. Asset quality deteriorated with a higher GNPA of 0.78% (+35bps YoY) and NNPA of 0.43% (+29bps YoY). ROE de grew by 200bps while ROA remained flat on account of lower provisioning. We expect loan growth to sustain due to strong mix of salaried class in the clientele and factor a loan-book growth of 16% CAGR over FY18-20E. We factor NII and earnings to grow at a CAGR of 15% and 17% respectively for FY 18-20E....