Maintain NEUTRAL with a TP of Rs 103 (1.5x FY20E ABV of Rs 69). After several asset quality stumbles, FBs 2% slippage in 1QFY19 was a mild surprise. Higher write-offs capped GNPAs at 3%, even as slippage was not exactly inspiring (incl. relapse of ~Rs 1.63bn). Other metrics were heartening (book growth +23.6% YoY, stable NIMs at 3.12% and opex down ~2% QoQ, despite the one time gratuity hit of Rs 536mn). Ex-tax provisions fell 46.4% QoQ as FB utilised RBIs relaxation on MTM provisioning (deferred a hit of Rs 442mn) and incurred lower credit cost, leading to a massive 43% earnings beat.