ICICIB saw yet another good quarter with core PAT beating PLe by 3.7% due to better asset quality; core PPoP was in-line at Rs166bn. While loan growth was softer at 2.1% QoQ due to pricing pressure and slower system growth, reported NIM adjusted for tax refund of 2bps improved by 14bps QoQ to 4.4% despite tight liquidity. Due to RBI accommodative stance, overall repo rate cut is likely to be between 75-100bps compared to our estimates of 50bps. We revise our repo rate cut assumption to 75bps and trim NIM for FY26/27E by 9/7bps;...