Maintain BUY with a revised TP of Rs 743 (2.5x Dec-20E ABV of Rs 297). Axis remains our top pick among larger banks. AXSBs 3Q vindicates our belief in its sustainable recovery, driven by a transformational leader. The evidence is broadbased: (1) Uptick in domestic loan growth: 18% vs. 15% in 2Q, (2) NIM expansion 11bps QoQ, (3) Fee growth of 10% QoQ led by retail, (4) Stable asset quality, with slippages mostly confined to the rapidly falling BB and below portfolio, and (5) Rising coverage, now at 75%.