Bandhan Bank has delivered a stellar set of numbers in 4QFY19, ahead of our expectation. It has reported strong numbers on all fronts asset quality, AUM growth, profitability and margin. PAT jumped substantially by 68% YoY to Rs 651 cr, supported by strong topline growth. Strong AUM growth of 33% YoY, led to 46% YoY growth in NII resulting into sharp uptick in NIM. Robust growth in other income and higher margin with normal credit costs enabled Bandhan to deliver +5% RoA during the quarter. Asset quality trend continued to improve as GNPAs declined by 37bps QoQ to 2% (Ex-IL&FS; 1%), and PCR was...