BOBs 3Q earnings were a mixed bag. The key disappoints were (1) higher slippages, (2) sharp drop in NIM, (3) dip in Tier I and (4) below estimates core and net earnings. However, on the positive front (1) PCR further improved to 65% (best amongst peers), (2) watch-list (-27%) and SMA II (-32%) significantly dropped QoQ, (3) net stressed were assets stable at 9.4% and (4) CASA surged 25% (33%, 560bps QoQ).