Axis Bank' asset quality improved (surprised positively) sequentially with GNPA declined to 3.7% vs 4.55% QoQ (as per IRAC norms) led by higher write offs (Rs.55.5bn vs 42.6bn QoQ) and decline in slippage ratio (3.4% vs 5.5% QoQ). BB & below book declined by 10% QoQ and restructured assets stood at 0.3% of customer assets as against earlier estimates of 1.7% are key positives during the quarter. PAT grew by 140% QoQ (vs loss of Rs.13.9bn YoY) led by lower provisions (down 28% QoQ). NII grew by 11% YoY led by slight improvement in NIMs at 3.56% (3.55% YoY). PPoP grew by 17% YoY (up 13% QoQ) led by decline in cost to income ratio (44% vs 46% YoY). With management change behind, strong capital in place and focus on secured retail portfolio,...