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• As BOR got merged with ICICI Bank during the quarter our 2QFY11E numbers include BOR on proportionate number of days basis while 2QFY10 and 1QFY11 numbers are standalone.
• We expect margins to remain flattish with CASA % maintained at current levels and uptick in margins for international business despite hike in deposit rates.
• Fee income growth is expected to be ~5% YoY in line with improvement in sanctions.
• Advances to grow 2.3% QoQ (decline of 1.2% YoY) due to higher disbursements in retail. Sanctions to remain healthy especially on the infrastructure side providing comfort on the growth going forward.
• Provisions are expected to decline to `6.47bn vs `10.7bn in 2QFY10, primarily due to the unsecured advances book running down.
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