Maintain BUY with a TP of Rs 129 (2x FY19E ABV). After a heart-warming and broad based recovery over FY17, FBs 1QFY18 saw a minor blip in slippage (a one-off, in our view). This led to lower margins (despite sustained growth) and higher provisions (to keep PCR at 70%+). The quarter saw higher Corporate segment slippages (mostly relapse) and demonet/farm waiver impact on Retail and Agri segments. Encouragingly, SME slippages fell QoQ.