Provision write-backs and healthy NII helped KMB to report strong 3QFY19 PAT of INR12.9b (+23% YoY, marginally ahead of our estimate). NII grew 23% YoY to INR29.4b, led by healthy loan growth of 23% YoY/6% QoQ and margin expansion of 13bp QoQ to 4.33%. For 9MFY19, PPoP 21 January 2019 grew 18.0%, while PAT increased 17% YoY. led by strong growth in retail loans (+25% YoY) and corporate loans (+22.5% YoY), while deposits grew 18% YoY (CASA deposits up 28.5% YoY). SA deposits continue growing strongly by 31% YoY (SA cost of 5.67%). Core deposit mix (CASA + TD < INR50m) stood at 80% of total deposits.