The bank would realise BHAFIN merger synergies beginning next fscal onwards. However, proftability for the next 1-2 quarters is expected to remain subdued. We are stll bullish on the long term outlook of the bank. Currently, it is trading at 3.8x and 3.1x FY19E and FY20E ABV resp. We expect ROE & ROA of 14.8% and 1.5% in FY19E and 18.4% and 1.7% in FY20E. Retain BUY with revised TP of ₹ 1950 (discountng FY21E ABV by 3x).