IndusInd Bank (IIB) delivered a robust 3QFY16. Loans grew 29%, led by consumer finance (CF), NIM remained healthy at 3.9%, fees grew 39%, CI was stable at ~47% and CASA inched up to ~35% (albeit marginally). Despite a decline in CF yields and higher provisions, net earnings were 5% ahead of estimates. Headline asset quality was stable with sale to ARC of Rs 530mn, while slippages were marginally higher (1.3% vs. 1% QoQ), led by the corporate segment (94bps vs. 66bps).