Net interest income (NII) grew at a robust pace of 28% YoY (in line with our expectation) supported by 35 bps expansion in net interest margin (NIM) to 7.8% in Q2FY19. NIM improved as improving asset quality helped the company to outweigh rise in cost of funds. Cost to income (C/I) ratio declined by 453 bps YoY to 35.1% as operating efficiency kicked in. As a result, pre-provisioning profit increased at a faster pace of 38% YoY. Net profit jumped by 4.9x YoY mainly due to low base of Q2FY18. Going forward, we expect net profit to increase at a CAGR of 35% over FY18-20E on the back of improving NIM (~8.2%) and declining provisioning expenses....