LIC Housing Finances (LICHF) 3Q core earnings beat was driven by steady NIM and loan growth. With higher competition, individual loan repayments were at a multi-quarter high. Rising proportion of high-yielding LAP and project finance, along with the decline in CoF, supported steady spread/NIM. While project loan disbursements continued their steady run, the growth in individual loans was led by the LAP segment. Asset quality, too, remained stable.