Axis Bank PAT grew by 5% YoY to Rs.17.57bn led by lower tax rate; PBT de-grew by 8% YoY led by higher provisions (up 14% YoY). NII grew by 15% YoY led by improvement in NIMs at 3.57% (highest in last 10 quarters). PPoP grew by 4% YoY (down 3.5% QoQ) led by decline in non- interest income and higher operating expenses as bank frontloaded expenses of Rs.1.2bn during the quarter. Gross slippages came in as a key negative, given the quantum was a 6-Qtr high figure at Rs62.14bn; however decline in BB & Below book was positive. With most of the asset quality issues behind and senior management in place, we remain confident of the structural growth story of the bank. Hence, we retain our BUY rating on the...