Maintain BUY with a revised TP of 197 (3xFY19E ABV of Rs 66). City Union Bank (CUBK) beat our estimates substantially, despite conservative provisions of Rs 300mn towards SR and increasing coverage (+62%, +100bps QoQ). This was led by a resilient NIM performance (4.47%, +27bps QoQ), healthy fees (+20% QoQ) and moderation in opex growth (16% YoY). Though slippages remain elevated at 2.45% ann, overall stress levels were stable QoQ (net NPA + restructured book) at 2.3%.