Maintain NEUTRAL. TP of Rs 542 (2x Mar-20 ABV of Rs 271). While AXSBs headline numbers seem encouraging, a deeper assessment suggests otherwise. Growth lagged comparable peers (domestic growth for ICICIBC at ~15% and BOB at ~20%) while margins expanded owing to a one-off (adjusted NIM down 9bps). Though overall fees (up merely 6% YoY) were lacklustre, retail fee growth (+20% YoY) saved the day.