KMB delivered an in-line operating performance though lower provisions resulted in standalone PAT coming in at INR20.32b (12% beat). Consolidated PAT remained flat YoY while the securities, prime and life insurance businesses witnessed a strong earnings growth. Loan book grew sharply by 8% QoQ (up 15% YoY) to INR2.35t, led by a pickup across the secured and unsecured retail as well as corporate banking segments. On the liability front, CASA growth remained steady and took the CASA mix to 60.6% (40bp QoQ increase; highest in the industry). Asset quality improved with fresh slippages at INR12.9b (annualised 2.3% of...