BID released FY2017 results that are largely in line with our expectations. The bank continued to undertake very aggressive and prudent provisioning to continue on track with legacy NPL problem resolution. 2017 TOI increased by 28% Y-o-Y (7.7% above our forecast) thanks to solid growth in net interest income (+30.7% Y-o-Y) and net other income (+88.4% Y-o-Y; we suspect a recovery gain from bad loans accounts for a large portion). Net profit before allowances for credit losses (PPOP) jumped b