Despite adverse operating environment, the Bank continues to deliver healthy performance on operating and assets quality front. Management is gradually infusing confidence through major changes in the operating structure, which has started yielding desired outcomes. It is relatively better placed as compared to its PSU peers in terms of managing the cleaning-up of current loan book effectively. Moreover, as it is adequately capitalized (Tier-I ratio of 12.2%), it would not need any adverse dilution below book value dilution in the near-term, which is a key positive for the longterm investors. Hence, we maintain our BUY recommendation on the stock with an...