Structural changes at the bank are increasingly evident, as the bank continues to re-orient itself towards retail lending (~60% of the book). Shrinking pools of identified stress and low rated corporate loans will insulate the bank from asset quality shocks. A consistent improvement in core operating parameters (growth, NIMs, CASA) give us confidence that the bank is put, on its revival (of sorts) trajectory. The spurt of credit downgrades, may throw only a temporary spanner in its works. Its creditable franchise and reach gives it an edge over its peers. While slippages for the qtr were higher vs. expected, the overall stress declined, keeping the banks prospects remain largely unchanged. Maintain (2.0x Mar-21 core ABV of Rs 172 and sub-value of Rs 109).