continue to keep faith in its strong brand franchise, while high PCR of +75%, strong CASA & pricing power will help it to mitigate adverse impact from COVID-19. We are unable to foresee hits on asset quality as yet but see high probability of rising stress, hence conservatively build 2.5% slippage ratio and 180bps of credit cost in FY21 with residual flow in FY22 as well. We retain BUY with revised TP of Rs436 (from Rs509) based on 1.8x (from 2.0x) FY22...