Maintain NEUTRAL with a TP of Rs 596 (2x Mar-20 ABV of Rs 298). AXSBs 3Q reported profits rose 25% YoY, but a deeper assessment suggests otherwise. Better asset quality (G/NNPA -62/56bps QoQ) owes more to higher write-offs (Rs 28.2bn) and NPA sale (~Rs 20bn). Retail and SME slippages shot up, too. NIMs, surprisingly, dipped to 3.38% (11bps QoQ) despite robust loan growth (+21% YoY), CD ratio (~103%, +440bps QoQ) and slippages moderating to 4.26% ann. (-460bps QoQ). Stagnant SA deposits disappointed vs peers.