Asset quality ratios continued to improve, with the GNPA/NNPA ratio declining 43bp/54bp QoQ to 9.13%/2.72%, while PCR increased 406bp QoQ to 72.2%. The bank carries 100% PCR on SREI Infra, while it has a 15% provision on a retail account where it has exposure of INR9b. We revise our credit cost and tax assumptions and expect INBK to deliver FY24E RoA/RoE at 0.8%/14.0% by FY24E. Maintain Buy. PPoP grows 16% YoY; slippage moderates further to 3.1% (annualized) INBK reported 3QFY22 PAT at INR6.9b (34% YoY growth), supported by...