impact of second COVID wave needs close monitoring as slippages have been high. High provisions and utilization of COVID provisions of Rs21.0bn have improved coverage ratio, although buffer is now low at 37bps of loans (created in Q4FY21). Delta from past cut in SA rates and improving mix of retail both on liabilities & assets has led to NIM moving to 5.0%, while recent SA rate cuts should help lower funding cost should help improving earnings profile. We value the bank at 1.3x (from 1.0x) FY23E ABV. Capital raising &...