Maintain BUY with a revised TP of Rs 227 (3.0x Sept-20E ABV of Rs 75.5). CUBKs 2Q performance was in line with our estimates and was consistent across parameters sequentially. Growth was steady and broad based at 17% with a tilt towards the trader segment. Surprisingly, NIMs inched up 8bps QoQ with a drop in CoD. The QoQ dip in fees, after it rose sharply for 2 qtrs was expected.