Healthy pace in branch network with ~300 new branches since FY11, we anticipate 100 new branches over the next two years. Loan book is expected to grow at a healthy CAGR of 15% over FY16-19E, while asset quality to improve from FY18E onwards. Net Interest Margins (NIM) would improve by 58bps led by lower cost of funds, while PAT to grow by CAGR of 19% over FY16-19E. CUB has superior ROE among mid-sized private banks which justifies a premium valuation over its peers. We value CUB at 2.3x FY19E Adj.BV with a...