RBL bank's asset quality remained well under control and improved sequentially on the back of controlled slippages coupled with higher upgrades. Hence, Gross/Net NPA ratios declined by 16/19 bps QoQ to 1.4%/0.8%. Total stressed assets (including GNPAs) declined by 26 bps QoQ to 1.5% of the total loan book. Notably, the bank has little exposure to large NPA accounts including the IBC/NCLT cases etc. We expect asset quality to continue to show broadly stable trend (Gross/Net NPA ratios of 1.5%/0.6% by FY20E) given the bank's...