Maintain NEUTRAL with a TP of Rs 504 (2x Sept-19 ABV of Rs 252). After mild hopes of recovery in the last couple of quarters, AXSBs 2Q performance was abysmal. Slippages shot up to ~9% ann., an all time high led by RBI reclassification, LLP spiked 60% QoQ, even as PCR dipped 500bps (after utilising contingent provisions), and NIMs fell 18bps QoQ. Further, an additional Rs 158bn (3.9% of loans and 9% of corp loans) is still below the investment grade (BB and below). On the positive front, loan growth (16% YoY) revived and was broad-based, CASA (+24%) trends remain positive and fee growth was healthy QoQ (+8%).