We are not too disconcerted by slower growth this qtr, and our estimates over FY20-22E remain largely unchanged. Stable asset quality is creditable (incl. higher WOs) and reflective of sustainability of improved collection efforts. Oscillation in LLPs and non NIMs continued. Valuations remain attractive at 1.6x FY22E ABV, especially with estimated RoAAs of ~2%+ over FY20-22E. Maintain BUY. 2QFY20 saw slower growth (expected). Stable GS-III (7.2%) was creditable, partly aided by higher WOs. The dip in NIMs (to 6.9%) was disappointing and unexplained. Maintain BUY with a TP of Rs 417 (2.25x Sept-21E core ABV of Rs 178 +Rs 18 for MIBL).