Maintain BUY with a TP of Rs 206 (1.3x Sept-19ABV of Rs 159). Despite a couple of underwhelming quarters, we persist with our faith in BOB as the future seems bright. Our recent interaction with the BOB mgt indicates (1) Double-digit growth in the domestic book, led by Retail and Corp. segments, (2) Multiple tailwinds for NIM improvement, (3) Confidence on GNPA guidance for FY18E (Rs 465-475bn vs. Rs 462bn in 1QFY18), despite the slip in 1Q, (4) Lower exposures in RBIs 2nd NCLT list (18 a/cs amounting to Rs 45bn), (5) Conservative provisioning despite higher PCR of 66%, (6) Diminishing possibility of consolidation in FY18 due to timeline constraints (possible in FY19) and (7) A book accretive fund raise in the next few qtrs with visibility on growth.