The bank reported its numbers in consolidation with that of Bharat Financial for the first time in Q1FY20. Strong growth can be clearly seen in its headline numbers with core business growth and impact of acquisition of BFIL. NII beat our forecast and grew significantly by 34% YoY along with a 22% growth in its core fee income. Ex-BFIL, NII growth was a little weak at 14% YoY. Consolidated PAT growth is at 38% YoY. Momentum in balance sheet continued with a loan/ deposit growth of 28%/26% driven by growth across segments. GNPA/NNPA remained flattish sequentially at 2.1%/1.2%. NIMs stood at a healthy 4.1%. Bank's aggregate exposure net of provisions to Zee/ADAG/DHFL is at 1.7% of loan book. Large part of this could potentially slip...