Axis Bank' asset quality deteriorated sequentially with GNPA inched up to 4.55% (as per IRAC norms) vs 4.28% led by higher slippage ratio (4.6% vs 1.1% QoQ); however, GNPA improved as against 5.0% YoY led by higher write offs (Rs42.6bn vs Rs27.9bn YoY). BB & below book declined by 5% QoQ and restructured assets stood at 0.42% of customer assets as against earlier estimates of 1.7% are key positives during the quarter. PAT declined by 37% YoY (down 34% QoQ) led by higher provisions (up 33% YoY) and employee expenses (up 23% YoY). NII grew by 14% YoY led by improvement in NIMs at 3.59% (3.57% YoY). PPoP grew by 6% YoY (down 12% QoQ) led by increase in cost to income ratio (45% vs 44% YoY). With management change behind, strong...