Q2FY21 was in-line with expectations with reported PAT at Rs 119cr vs. est. Rs 115cr. While loan growth was flattish, improvement in NIM to 3.08% on lower CoD, led NII growth of 15/7% YoY/QoQ. Deposits growth of 4% was led by CASA, up ~11%. CASA ratio improved to 29.2% from 27.4%, a year ago.