Maintain BUY with a TP of Rs 1,966 (3.75x Mar-20 ABV of Rs 524) Divergence in asset quality coupled with subdued fees (+12% YoY, a multi-quarter low) marred an otherwise robust show for IIB. Broad based growth (+28%), controlled opex (11/2% YoY/QoQ) and robust CASA accretion (CASA Ratio +870bps YoY) were heartening. The sequential uptick in corp yields (+11bps, a pleasant surprise) balanced out the retail drop (17bps) and kept NIMs stable at 3.97%.