Maintain BUY with a SOTP of Rs 390 (1.9x Dec-19 core ABV of Rs 141 and sub-value of Rs 121. As seen in 2Q, ICICIBC persisted on its road to recovery. Domestic loans grew 16% YoY with retail loans (+22% YoY) being the key driver. Robust CASA accretion (+12% YoY) despite the high base, control on costs (up merely 1% YoY) and slippages (3.55% ann.) at a 9 quarter low were key positives. However, the tepid NIM performance, especially in international operations (NIM of merely 29bps) was a key disappointment.