MAS Financial Services (MASFIN) reported PAT of INR253m (+37% YoY), driven by operating profit growth (+55% YoY). Net income grew 50% YoY and 10% QoQ to INR735m, led by a) strong AUM growth of 5% QoQ and 33% YoY to INR36.6b (ex-housing finance portfolio) and b) NIM (calculated) improvement of 50bp/110bp QoQ/YoY to 8.2%, partially helped by capital raise. Micro enterprises lending (MEL), which constitutes ~62% of overall AUM, was the key driver of growth QoQ (+8%). SME growth remained flat QoQ.On a YoY basis, MEL (25%) and SME (62%) loans were the key drivers.