Maintain NEUTRAL with a TP of Rs 93 (1.3x Dec-20E ABV of Rs 71.3). FBs impressive and sustained business growth (24/5% YoY/QoQ) failed to meaningfully impact core operating performance (PPOP remained sequentially flat); due to flat NIMs and a significant jump in opex (+10%). Opex was driven by higher staff costs (+15%) and CSR spends. Although slippages (~1.69% ann.) moderated due to lower Corp delinquencies, stress persists in the SME book, even after additional restructuring during the qtr.