AUBANK reported a weak 4QFY21, with earnings impacted by one-offs in the form of higher interest reversals and increase in opex, led by ESOPrelated expenses. However, business momentum was robust, with retaildeposit mix improving further. Asset quality developments: GNPA/NNPA increased to 4.3%/2.2%, led by tagging of customers who are less than 90dpd and paying, but was once NPA ('ONAN') during prior quarters. However, CE and customer activation rate moved higher than pre-COVID levels. We remain watchful of asset quality in the near term and cut our FY22E/FY23E earnings by 20%/17% to factor in higher credit cost. Maintain Buy....