KMB's s'lone earnings of Rs12.6bn (PLe: Rs13.2 bn) stood lower on back of higher provisions both on overdue loans opting moratorium and enhancing PCR towards 70%, where other large peer banks are standing at. Loan growth remained challenging at 6-7% with conservative lending amongst segments, although deposit franchise continued to show a traction with strong SA inflow. Bank has used this opportunity to cut SA rates and benefit itself from lower deposits costs with further cuts in Apr'20 to bridge the gap on cost of funds with peers, thus helping NIMs move higher to 4.72%. Management...