Attractive valuations underpin our stance our BUY rating with a TP of Rs 112 (1.3x FY22E ABV). The continuation of the incumbent CEO is a monitorable. At FBs recent analyst day, like with most banks, the focus was on technology, growth (in high yielding segments) and the way for RoAA improvement. Certain aspects of the strategy and guidance presented appear achievable. We too continue to expect an improvement in return ratios at the bank (albeit slower vs. guidance).