Maintain BUY with a TP of Rs 198 (1.3x Dec-19 ABV of Rs 152). BOBs robust comeback was blemished by yet another one-off telecom a/c slipping in 3QFY18. However, double digit growth in successive qtrs (+14% YoY), NIM uptick (after adjusting for IT refund) and restricted opex increase led to a large beat (~32%) in PPOP. High provisioning (3.21% of avg loans) on chunky slippages (~Rs 56.3bn, ~5.7% ann.) kept net earnings under pressure (down ~69% QoQ). Better treasury gains and lower MTM provisions (vs. peers) were pleasantly surprising.