UNKB’s stress addition remained elevated with slippages of 5.4% ann. and incremental 5:25/SDR of Rs 10.2/13.5bn. G/NNPA jumped ~13% to hit 10.2/6.2%. Loan growth was flat, even as the focus segments (Retail, Agri and MSME) grew 8-19% to form ~51% of loans. CASA ratio at 31.5% (+300bps YoY) was led by 15% SA growth. Net earnings were lower than estimates with NIM decline and higher provisions (2.1x YoY), despite controlled opex and higher treasury and Fx. income (+26% QoQ).HDFC Securities Maintain NEUTRAL with TP of Rs 137 (0.9x FY18E ABV of Rs 152).Trendlyne has 7 reports on UNIONBANK updated in the last year from 3 brokers with an average target of Rs 168. Brokers have a rating for UNIONBANK with 1 downgrade,2 price downgrades and 2 price upgrades in past 6 months.