moving to better rated assets, renewed underwriting & credit delivery and mining of existing franchise strength. This has led to strong loan & low cost deposit growth leading to better risk-adjusted led profitability. Asset quality has been steady with much low corporate stress, while strong growth in retail in last 2-3 years is seasoning the book which should continue ahead. Strong provision buffer of 100bps & PCR maintained at 77% should help credit cost normalize much faster leading to ROEs moving to 15% by FY23 from 13% currently. We retain BUY with revised TP of Rs700 (from Rs630) based on 2.2x...