Repco Home Finance's Q1FY19 results have come slightly above our expectations. NII has grown by ~8% YoY led by loan growth of ~12%, but NIM declined by 10bps to 4.6% on the back of higher interest expenses( a shift in the borrowing profile). GNPA remained stable at 3.96% whereas, NNPA declined by 30bps on the back of increased provision coverage ratio on a YoY basis. While the loan growth is modest at 12%, sanctions and disbursements have grown by 22% and 28% respectively. The comparison has been done mostly on a YoY basis due to a shift in the company's accounting system to IND AS with Q1FY18 numbers available accordingly. Given that the company is going...