While AUBANK's growth and execution capabilities as well as its ability to quickly garner retail deposits are nothing short of spectacular, steep valuations compel us to maintain our NEUTRAL rating with a TP of ~Rs 658 (4.5x Dec-20E ABV of Rs 146). AUBANKs robust growth continued into 3Q (62/8% YoY/QoQ) driven by the retail book, as wholesale disbursals slowed. The CoF increased ~25bps sequentially while yields rose by a meager ~10bps, resulting in NIM compression. Asset quality slipped, with a 13% rise in G/NNPAs sequentially. The mgt conservatively continues to classify assets of ~Rs 940mn that are less than 90 DPD as GNPAs. Term deposit traction was inspiring (~20% QoQ), but SA was sequentially flat.