Near-term outlook: Pickup in CV cycle, favorable margin environment and normalisation of slippages will keep the stock buoyant. Over the last three planning cycles (PC), IIB has delivered superior performance in all business metrics. We believe that with every growth engine revving up (network, CRAR, diversified book and innovation), constantly improving liability franchise, favourable margin environment, improving efficiencies and impeccable asset quality, IIB is set to deliver superior return ratios (RoA of ~1.8% by FY19E). Maintain BUY with a TP of Rs 1,663 (3.75xFY19E ABV of Rs 443).