The Bank focuses on increasing loan book in low-ticket Retail, SME & AIB segments and augmenting its footprint both on physical and digital front. Despite near-term impact of this aggressive expansion strategy on return ratios, it is beneficial in the long-term, in our view. Further, the Management focuses on increasing efficiency of existing network to improve cost to income ratio in the long-term, which will lead to sustained earnings growth. We expect further improvement in Bank's performance due to GST roll-out, as creditworthiness of its core client group from SME/MSME segment will improve substantially. Introducing our estimates for FY20E, we expect earnings growth to gain momentum leading to improvement in RoA and RoE...