In spite of the sequential rise in GNPAs and deceleration in growth, our constructive stance remains (and estimates largely) unchanged. We build slightly slower growth and higher slippages on a/c of deterioration in macros. We like CUBK for its strong regional focus, customer franchise and calibrated credit filters. These are contributors to a steady RoAA (~1.6% over FY20-21E) In line operating performance led by seasonal deceleration in growth (+14% YoY) and dip in NIMs (-29bps QoQ). Lower recoveries drove GNPAs. Treasury gains and MTM reversals negated higher LLPs. Maintain BUY with a TP of Rs 246 (3x Jun-21E ABV of Rs 82)