Our revised TP is Rs 231 (3x FY20E ABV of Rs 77). Our recent interaction with the City Union Bank (CUBK) reaffirms our consistently bullish view. CUBK has repeatedly quashed apprehensions around growth (23% loan CAGR over FY06-17) and delivered stable asset quality across cycles. Its relatively weaker liability franchise is more than compensated by a flourishing asset profile. We believe CUBKs balance of deep customer relationships, employee motivation and rock steady astute top management will propel the bank to greater heights.