We continue to admire AUBANK's growth opportunities and execution capabilities. However, given the steep valuations, we maintain NEUTRAL with TP of Rs 641 (4.5xSept-20E ABV of Rs 142). AUBANKs 2Q performance was encouraging with robust AUM growth (66/17% YoY/QoQ), healthy other income (+19% QoQ) and relatively slower opex growth (13%). As expected, asset quality was stable with lower slippages (Rs 950mn, 2.03% ann.) and higher recoveries (Rs 570mn). While the CASA Ratio dipped QoQ (170bps), the SA accretion (Rs 4.9bn; ~3x QoQ) was promising. Further, the broad based fee growth was an additional positive.