operating costs (85%QoQ/58%YoY). While it's COVID assessment on asset quality is uncertain, yet 75% developer loans & 35% LAP fall under morat and weak collections stands worrisome. Moreover, LICHF existing asset quality stands appalling led by 17% developer NPA, 1.8% individual book NPAs and ~2% credit costs. FY20 witnessed subdued loan traction (2%CAGR) and doubling of absolute NPAs. Against this backdrop, we expect weak loan growth cycle (6-9%), imminent NIM pressures (1.4-1.7%) and elevated NPAs (3-3.5%) for FY21-22E. Our EPS estimates do not change materially as we...