It was yet another strong quarter for CIFC, with disbursements (across segments) and AUM growth (17%) hitting a 15- and seven-quarter high. A 45bps NIM improvement and controlled opex (10% YoY) made way for 25bps QoQ decline in C-AA to 2.9%. Despite Rs 540-mn provision towards the 90DPD shift, net earnings were 23% ahead of estimates. Asset quality, too, improved QoQ led by better recoveries.