NII (excluding assignment income) grew 7% YoY to INR42.8b. Reported spreads stood at 2.26% and were down 2bp YoY. Assignment income was lower than expected and stood at INR2.25b Gross Stage 2 + Stage 3 (combined, 30+dpd) declined to 7.85% v/s 8.67% a quarter ago. GS3% increased to 2.7% v/s 2.5% in 2QFY22 driven by classification of ~INR28b loans under Stage 3 which were otherwise less than 90dpd. ECL/EAD declined 11bp QoQ to 2.45% We have largely maintained our estimates. We model AUM growth of...