AXSB continued its weak performance in 3Q as well. While slippages were elevated at 5.2% ann., the sharp 4x sequential rise in ex-watchlist slippages was disappointing. Business momentum also stumbled with a ~2% sequential decline in loans (led by SME and corp) and deposits (FCNR redemptions of $1.62bn). NIM fell ~20bps QoQ with one off interest reversals on SDR and S4A exposures.