BOB reported improved operational performance with higher NII growth (9% y-o-y & q-o-q) and controlled opex (5% y-o-y & q-o-q) leading to PPOP growth of 13% y-o-y & 15% q-o-q. Loan book growth was 9% y-o-y & 3% q-o-q to INR 3.9tn on a lower base. Highlight for the quarter was lower slippages of INR 25.9bn vs. 37.6bn (average fresh slippages for last 5 quarters). Credit cost continued to be higher (30% y-o-y & -1.6% q-o-q) due to ageing provisions which resulted in a PAT of INR 3.6bn (-36% y-o-y & 75% q-o-q). We recommend a HOLD on the stock with a TP of INR 175 in 16 months, implying...