AXSB reported a healthy 4QFY16 led by lower slippages, CASA accretion, uptick in margins and strong loan growth. But the bank is not out of the woods, as the management guided for elevated stress in FY17/18E. Making additional disclosures, AXSB quantified the corporate stressed book at Rs 226.3bn (6.7% of loans). The bank expects 60% of these to flow into NPAs in the next eight quarters.