ICICIBCs 18% GNPA rise was led by elevated slippages of Rs 80.3bn (7.1%). Relapse and slippage from the watch-list contributed ~72% to this. However, net stress (NNPA restr watchlist) declined to 12%, 300 bps lower than Mar-16, owing to watchlist upgrades and rising coverage. ICICIBC utilised its one off stake sale gains (Rs 56.8bn) to boost PCR (~60%, 250bps QoQ).