ICICI Bank (IBL) reported its 2QFY20 results with the key pointers being: (1) Slippages continued to decline further and were mostly in line with expectations (2) NIM improved to 3.64% (+3 bps QoQ) on the back of improving yields and cost of funds and (3) Employee expenses growth, adjusted for retirals, was 20% YoY on the back of increments and employees addition (See comprehensive conference call takeaways on page 2 for significant incremental colour). Per se, on the key P&L items, IBL posted NII growth of 26% YoY at Rs80,574mn, PPOP growth of 31% YoY at Rs68,741mn while the PAT declined 28%YoY to Rs6,550mn. We have revised our estimates for FY20/FY21/FY22 and retained Buy rating on IBL, revising our target price to Rs584 (from Rs563 earlier), valuing the stock at 1.8x H1FY22E standalone P/BV and ascribing a value of Rs 171 for subsidiaries.