21 July 2026 | 10:37AM GST Equity Research We think the share price reaction to this set of results would be neutral to slightly negative given weaker-than-expected NII, driven by NIM contraction (loan growth is in line) during the quarter. Credit costs came in 31% above consensus expectations with GS-calculated cost of risk at 46bps during the quarter. The focus will now shift to the earnings call on July 28 (Link) where we expect the bank to discuss reason for higher credit costs during the quarter and th ...