Maintain BUY with a TP of Rs 138 (2x Dec-19 ABV of Rs 69). Asset quality mishaps dragged FBs 3Q performance, even as the bank continues to deliver on most operational metrics. Core earnings (+20%) were in line with estimates led by stable NIM (3.33%) and sustained loan growth. Controlled cost escalation (+7% YoY), healthy fee growth (22%) and a drop in provisions (-8% QoQ) led to a net earnings beat (7%). CASA ratio was steady at ~33%, despite the higher base.