The bank's various tech initiatives are likely to contribute to B/S growth, higher granularity and profitability. However, our estimates are unchanged as incremental benefits will be discernible only over time. A high yielding fixed rate book will contribute to robust RoAAs (1.94% over FY20-22E). Management transition and asset quality are near term risks. Maintain BUY with a TP of Rs 1,904 (3.0x Sept-21E ABV of Rs 635). We visited IIBs microfinance field operations and attended its analyst day. The presentations made were representative of ~65% of the banks demand deposits and retail TDs, 75% of its loan book and nearly half its fee income. Broad strategies included a sharp focus on IT (particularly to ramp up synergies in microfinance and improve risk management), building retail credit beyond Vehicle Finance and improving deposit granularity (IIB has lagged peers for a while) by strengthening its CB (consumer banking) franchise.