Maintain affected by higher provisions (INR59.7b), as the bank made COVID-19 provisions of INR27.25b, higher than the requirement as per RBI NII grew 17% YoY to INR89.3b, led by ~16% YoY growth in retail loans and 10bp QoQ expansion in margins to 3.87%. As a prudent measure, the bank has made additional provisions of INR27.2b toward COVID-19-related stress; furthermore, lower exposure to the SME segment (3.5% of loans) and high granularity in the BB and below book provides some comfort. The domestic margin improved 10bp QoQ to 4.14% (v/s 4.04% in 3QFY20), while overseas NIMs declined to 0.28% v/s 0.38% Overall loan growth moderated to ~10%/1.5% YoY/QoQ to INR6.5t, driven by a 16% YoY increase in retail loans. As a prudent measure, the bank has made additional provisions of INR27.2b toward COVID-19-related stress; also, lower exposure to the SME segment (3.5% of loans) and high granularity in the BB and below book provide some comfort.