SCUFs results were a mixed bag, with earnings below estimates & asset quality largely stable. NII/PAT was 4/6% below estimates largely driven by sequential NIM decline and higher than estimated opex. Ex-gold, disbursements/AUM grew ~6/13% YoY, while gold disbursements jumped ~15% QoQ. SME & 2W segments continued the strong growth trajectory. GNPA increased ~7% QoQ largely driven by ex-gold portfolios.