Loan growth is healthy at 27% YoY is driven by granular segments. NII growth of 14% YoY (in line with our expectations) accounts for 7bps sequential and 39bps YoY compression in NIMs. Improvement in operational efficiency and lower provisions has partly offset impact of NIM compression and dip in treasury profits. PAT has grown by 25% YoY (5% below expectations). Asset quality has been stable and has been one of the best among mid cap banks. We retain our BUY rating with a TP of Rs210 valuing the...