KMB's s'lone earnings of Rs12.4bn (PLe: Rs15.7 bn) was a miss on back of slightly higher provisions and lower other income (as bank did not book any treasury gains). NII growth of 18% YoY stood out despite loan growth being flattish YoY as bank has been materially benefitting from lowering cost of funding (150bps SA rate cut in 3 months). Moratorium has come off to 9.65% v/s 26% in May with certain collections to be made from Morat 1.0, but could add to stress eventually from H2FY21 onwards. We continue to build 80100bps of credit cost and 150bps of slippages in FY21/FY22E respectively. In our view, the bank has a very resilient balance sheet to any shock with strong...