YES Bank has reported profit in line with our estimate primarily led by strong growth in core operating income. Its NII grew by 27.1% yoy and 7.3% qoq in 4QFY16 led by 30% yoy and 16.4% qoq growth in loan book along with stable NIMs of 3.4%. The Bank's Other Income grew by 36% yoy and 7.6% qoq to Rs8.1bn led by 26.2% sequential growth in corporate banking fee income and 19.9% sequential growth in retail banking fee income. Its asset quality deteriorated during the quarter (with fresh slippages of Rs3.3bn v/s Rs2.9bn in 3QFY16) as the Bank completely recognised necessary impairment and ensuing provisioning...