PNBHOUSI reported a 3QFY21 PAT of INR2.3b (flat YoY; 13% beat). The beat was driven by stronger PPOP (13% above our estimate). Opex fell ~26%/7% YoY/ QoQ. Credit cost stood at INR2.6b v/s our estimate of INR2.3b. In 9MFY21, PPOP/PAT fell 6%/10% YoY to INR15.3b/INR8b....