Maintain BUY with a SOTP of Rs 1,179 (4.5x Sept-19 core ABV of Rs 220 + sub value of Rs 187) Clarity of mgt intent coupled with yet another strong show reaffirms our belief in KMBs growth story. Healthy NIMs (4.33%, despite relatively higher SA rates), strong loan growth (+21%), fee traction (+29%), controlled opex (flat QoQ) and stable asset quality, with a miniscule exposure to stressed/IBC a/cs, led to 22% growth in net earnings.