Net Interest Income (NII) for Q1FY25 increased by 5.7% YoY (-1.3% QoQ) to INR 411,255 Mn. NIMs stood at 3.2% in Q1FY25 vs. 3.3% in Q1FY24 (vs. 3.3% in Q4FY24). NII was a miss of 5.1% as against our estimates.