MMFS numbers disappointed once again. Sharp NIM compression (led by portfolio mix and interest reversals) and higher provisions (ageing of NPLs and additional provisions from shift to 135DPD) resulted in a sharp drop in net earnings (Rs 672mn, -54% QoQ and 60% below estimates). With 14% rise in new NPL contracts (146k), GNPAs jumped ~13% QoQ to Rs 40bn (10%).