YES Bank reported 50% YoY growth in PAT to Rs3.11bn (down 15% QoQ) in line with our estimate. Positively, earnings momentum primarily flowed from core business stabilisation with: 1) slippages being contained at <2.2%, credit cost at <40bps and net labelled exposure moderating a tad to 5.0%; 2) loanbook gathering pace with 14% YoY growth and retail + SME advances mix improving to 50.9% (towards target of 60%); 3) capping of treasury loss at Rs370mn.