KMB's bank earnings of Rs15.9bn (PLe: 16.9 bn) was lower than estimates on back of miss in NII and higher provisioning on few lumpy corporate slippages. NII growth has been reflected from lower growth trajectory in-line with macroeconomic factors and similar to peer banks. A strong liability built-up (CASA + Retail TDs) in last few years is reflecting in rapid lowering in cost of funds and is now equivalent to some of the large banks in the sector leading to all time high NIM of 4.69% and also has opened up opportunities for new product penetration and drive growth ahead. Small setback has been increased slippages from corporate & unsecured retail leading to moderate...