NIM witnessed marginal compression of ~20 bps from 4.3% in Q2FY18 to 4.1% in Q2FY19 due to faster decline in yields. CASA ratio of KMB improved by 240bps to 50.2% against 47.8% YoY. GNPA/NNPA ratios improved to 1.91%/0.73% against 2.14%/1.08 % on YoY. Earnings are expected to sustain a healthy growth of 23% CAGR on the back of robust loan growth at 19% CAGR. With a stable earnings outlook, we value KMB at 3.9x and maintain our...