UNBK saw a weak quarter owing to lower fees/NII which led to core PPoP being a miss by 17.5%. PSLC income opportunity was not available in Q1'26 due to change in gold loan regulations. Hence, we cut fees for FY26/27E by ~10%. With RBI tweaking back gold loan regulations, agri growth may improve supporting fees. Reported NIM declined by 11bps QoQ to 2.76% due to fall in loan yields by 22bps QoQ despite a decline in corporate and increase in retail. As a result, we trim NIM for FY26/27E by 7bps/8bps to 2.53%/2.61%. Asset quality remains a...