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Key Rationale:

Building growth momentum in high yielding segments to support margin

NIM expected remain above 4% on the back of high yield on consumer book (>14%) and contained CoF

High standard assets provisioning provides comfort from assets quality risks

Bank is focusing on strengthening liability franchise

Slippages and credit cost ratios are expected to decline over the next two fiscals

We assign ADD rating to stock with revised target price of Rs1,100 per share valuing bank at 1.5x FY24E P/Adjusted Book Value.

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