However, given valuations, we maintain our NEUTRAL stance with higher TP of Rs 585 (5.5x FY20E ABV). AUs 3QFY18 performance was in line with our expectation. The loan book grew by 10.6% QoQ (37.6% YoY) on the back of higher growth in the Wholesale book. Traction in CASA was very encouraging, with QoQ growth of 110.6%. Operating cost increased 17.6% QoQ, as it scaled up branch operations.