Maintain BUY with a TP of Rs 1809 (3.75x Sept-19 ABV of Rs 482). IIB has been a master in execution across planning cycles, despite weak macros. We derive confidence from the mgts ability to beat ambitious targets consistently across parameters. The bank is making all the right moves on either side of the B/S, to deliver best-in -class return ratios (1.8% over FY18-20E) for the foreseeable future.