Merger to boost NIMs, operational impact to be gradual: With the mergerof BHAFIN with IIB, NIMs will improve 30-40bps on immediate basis, taking overall NIMs to ~4.0%. This will be led by accrual on overall yields by 70-80bps. While cost of funds will be up by ~50bps, IIB can re-finance borrowings in order to cut it down, leading NIMs beyond 4.0%- into the league of top private banks. Operationally benefits of the merger will accrue over time especially on opex...