Maintain BUY with a revised TP of Rs 1,889 (3.75x Dec-19 ABV of Rs 504). Barring the optical blip in asset quality, it was business as usual for IIB. Loans grew at ~25% YoY which led to a ~20% growth in core earnings. NIMs were stable (~4%) even as yields witnessed downward pressure. The drop (~17% YoY) in provisions and sustained momentum in fees (+22%) led to a jump (+25%) in net earnings. The uptrend (+68% YoY) in SA deposits and strong CV disbursals (+39%) were positive surprises.