Given the strong loan book growth supported by increasing customer acquisition, a solid balance sheet and improved asset quality, we reiterate our BUY rating on the stock with a rolled forward target price of Rs. 2,208 based on 3.5x FY24E BVPS. Margins improve as cost of funds decline In Q3FY22, the Bank reported a Net Interest Income of Rs. 5,707cr registering a healthy growth of 13.8% YoY, on the back of lower cost of funds leading to a lower interest expense of Rs. 2,919cr (6.5% YoY). Net Interest margin (NIM) stood at 4.62% (vs....