Maintain BUY with a TP of Rs 418 (2.0x Sept-20 core ABV of Rs 158 and sub-value of Rs 103). Barring the tepid profitability, it was a quarter full of positives for ICICIBC as the uptick in growth (domestic loans grew ~16% YoY) and NIMs (3.33%, +11bps QoQ) sustained. Robust fee growth (+17% YoY), curtailed costs (Core C-I ratio flat YoY/QoQ) and lower provisions led to a strong operating performance despite the treasury loss.