AXSB’s Net Interest Income (NII) grew 9.5% YoY/ 0.3% QoQ to INR 134,832 Mn in Q2FY25. NII was in line with our estimates. PPOP (Pre-Provisioning Operating Profit) for the quarter was INR 107,125 Mn, a growth of 24.1% YoY (+6.0% QoQ) led by higher non-interest income.