A new avatar but near term upside limited; Maintain accumulate IIB (merged with Bharat Financial) reported a profit of ` 14bn (growing 38% YoY adjusted growth of 17% YoY). The key positive was the higher NIM of the MFI book. Advance growth remained at 28% YoY, with a material contribution from retail. The advance share between wholesale and retail is now equal. The merger ensures that its regulatory allocation to PSL and sub segments and branch distribution are met. We, therefore, believe this is likely to increase the flexibility for the bank to capture more profitable growth opportunities although, we do...