IndusInd Bank reported muted operating performance during Q2FY20 on a sequential basis (YoY numbers are not comparable due to Bharat Financial merger). Weak PPoP growth and higher provisions leading to sequential decline of 2% in consolidated (IIB + Bharat Financial) net profit to Rs 1,433 cr. NII of the bank grew marginally by 2% QoQ to Rs 2,844 cr vs. our estimate of Rs 2,952 cr. Soft growth in NII and other income leading to lower PPOP growth of 1% sequentially. Due to accelerated provisioning of Rs 355 cr, PCR of the bank jumped to 50% vs. 43% QoQ...