25 January 2019 INBK reported PAT of INR1.5b, significantly below our estimate of INR3.2b due to lower other income of INR4.4b (25% miss). NII grew 6% YoY (-1% QoQ) to INR17.2b (6% below our estimate) due to higher interest reversals of INR1.8b. Margins shrank 9bp QoQ to 2.88% in the quarter. Fee income declined 10.2% QoQ to INR2.6b, while forex income was also down 8% QoQ. This, along with treasury profits of INR575m, led to a -19%/ 4% YoY/QoQ decline in other income. Loan book grew 15.4% YoY to INR1.