Maintain BUY with TP of Rs 655. (2.1x Dec-19 ABV) LICHFs 3Q results came in below expectations, owing to pressure on yields, as NIM further declined 5bps QoQ (42bps YoY) to 2.33%. Disbursement grew strongly at 27.1% YoY to Rs 112.3bn. The loan book growth was at 3.1%/15.4% QoQ/YoY. GNPAs shot up QoQ from 0.8% to 0.87%, owing to higher NPAs in the developers book.