Maintain BUY with a TP of Rs 364 (1.8x Sept-19 core ABV of Rs 142 + subs-value of Rs 107). After quite a few uninspiring quarters, ICICIBC showed evidence of recovery in 2QFY18. Loan growth resumed (+13% QoQ in the domestic book), costs crawled (+3% QoQ) and NIM was stable (3.3%). Slippages, mercifully, were at an 8-qtr low. Management utilised profits from the subsidiary stake sale to beef up coverage (59.3%, +410bps QoQ) and provided for NCLT a/cs two quarters in advance.