Maintain BUY with a TP of Rs 562 (2.0x Sept-20 ABV of Rs 281). Recovery continued into 2Q as expected. Provision reversals and lower G/NNPAs (down ~40bps QoQ each to 3.6/2% resp.) heralded improving asset quality. Revival in disbursal and sanction growth at ~10% each QoQ was promising. Consequently, the book grew ~11/3%. While PPOP remained flat QoQ at ~Rs 970mn, provision reversals drove PBT to ~Rs1bn (+9% QoQ). Declining yields (11.2%, -20bps) and flat CoF (8.2%) led to a 20bps fall in NIMs (4.4%).