Not out of the woods yet; Asset quality remains a key monitorable YES Bank reported profit marginally higher than our estimate primarily due to strong growth in corporate banking fees along with healthy growth in core fee income and NII. Other Income grew by 39% yoy and 20.7% qoq to Rs7.5bn led by 63.3% yoy and 73.1% qoq increase in corporate banking fees. Slippage came in high at Rs2.8bn (annualized ratio of 1.4%) v/s Rs1.5bn (0.7%) in 2QFY16 and Rs0.7bn (0.4%) in 3QFY15. Non performing investments (NPI) increased by 36.6% qoq to Rs661mn, which now stands at ~8% of the debenture and bond...