24 June 2020 BOB reported mixed 4QFY20 operating performance as moderation in NII was supported by lower opex and higher treasury income. While elevated provisions led to PBT loss, higher tax reversal resulted in the bank reporting profits. Lower slippages were aided by asset classification benefit resulting in an improvement in asset quality ratios. However, higher moratorium book of 55% (as at end-May20) should keep asset quality under pressure. We cut our EPS estimate for FY21/FY22E by 34%/5%, as we increase our credit cost projection and fine-tune our margin/growth estimates. BOB reported PBT loss of INR17.2b, impacted by higher provisions of INR68.4b while tax reversal of INR22.3b resulted in net profit of INR5b. NII increased 5% YoY to INR68b (in-line). Global NIMs declined by 13bp QoQ to 2.67% while domestic NIMs dipped 10bp QoQ. Total net revenue grew 3% YoY.