1QFY20 PAT of INR3.7b (significantly ahead of estimates), was led by higher treasury gains and lower provisions of INR7.9b (v/s est. of INR10.6b). NII declined 1% YoY to INR17.8b (in-line); however, domestic margins declined 10bp QoQ to 2.9% due to 5bp increase in cost of funds. Other income grew 58% YoY led by treasury gains of INR2.0b. Total income trailed opex growth of 16% YoY, resulting in modest PPoP growth of 6% YoY. C/I ratio stood at 44.6% (v/s 46.6% in 4QFY19). Loan book grew 12% YoY (2% QoQ decline) to INR1.8t while deposits grew...