RBL Bank (RBL) reported a weak set of results with a sharp ~40bps QoQ dip in NIM, double-digit NII de-growth and unchanged slippages. Reported PAT of INR 2bn (RoA of 0.5%) was supported by massive treasury gains (INR 2.7bn or ~0.7% of assets), INR 2.3bn utilisation of buffer and 500bps QoQ dip in PCR.