Maintain BUY with a TP of Rs 1,971 (3.75x Mar-20 ABV of Rs 526). It was a quarter of reversion for IIB as slippages normalised (post the divergence in 4Q) and fee growth returned to normal levels (+20% YoY) after a multi-quarter low. The bank continued to deliver steadily on all other counts with robust loan growth (+28% YoY), strong CASA accretion (+37% YoY) and curtailed opex (up merely 12% YoY). Though NIMs were 5bps lower QoQ at 3.92%, they should rebound as re-pricing (post the recent hikes in MCLR) kicks in.