Lower other income, higher provisions lead to PAT miss: EQUITAS reported PAT of INR619m (+75% YoY), missing our estimate by 15% due to lower other income and higher provisions. Other income declined 6% YoY to INR578m on account of lower fees, as the bank did not sell any PSLC certificates in the quarter. PPoP increased 65% YoY, led by 35% YoY growth in NII (INR3.4b; in-line). Lending spreads/NIM shrank ~20bp/25bp QoQ to 10.5%/8.6%, as the cost of funds increased 10bp QoQ. Total opex increased 15% YoY to INR2.8b, mainly led by higher staff expense (+21% YoY). Cost-income ratio, thus, remained elevated at...