Maintain Outperform with Target Price of Rs 9,200
Headwinds slowly receding
Headwinds to NIM, fees nearing end, final hurdle is credit costs
Fee income to improve in Q2, while NIM to stabilise from Q3
Credit cost to improve in H2; see minor EPS So cuts if guidance raised to 2%
Trading at 4x price-to-book for 23% ROE and 25% growth
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