However, given valuations, we maintain our NEUTRAL stance with a TP of Rs 550 (5.2x FY20E ABV). AUs 2QFY18 performance exceeded our estimates. The loan book grew by 12.8% QoQ (29.5% YoY) on the back of higher growth in the Wholesale book. Traction in CASA was also good, with QoQ growth of 31%. Operating cost increased 48.1% QoQ, owing to full quarter performance.