Strong recoveries/upgrades help asset quality but slippages still remain high PNB continued to reel under losses but loss was lower than expected at Rs9.4bn (PLe: Rs19.2bn loss) with strong NII growth of 22% YoY (partly from interest recognition from NPL recovery) and much lower opex which helped report lower losses. Asset quality was better on strong recovery/upgrades (2 major a/c from NCLT) but headline slippages still remained high for the bank. Management mentioned slippages largely have been granular in segments...