** Net total income -1% yoy (+1% qoq) to Rs14.4bn – in line with estimates
** Opex -22% yoy (+4% qoq) to Rs3.0bn
** Operating profit +6% yoy (flat qoq) to Rs11.4bn
** Provisions +6% yoy (+49% qoq) to Rs9.1bn – during the quarter the company has migrated to 120-dpd NPL recognition, which has resulted in higher provisions. Excluding which the profit before tax would have been higher by Rs2.5bn
** PAT +4% yoy (-57% qoq) to Rs1.5bn – 50% lower than our as well as Bloomberg estimates
Details about AUM growth and asset quality awaited.
At Rs1,050, the stock trades at 1.7x FY19E P/BV and 11.5x FY19E P/E. We currently have a REDUCE rating on the stock.