Bharat Financial's (BHAFIN) 1QFY17 PAT grew 286% YoY and 180% QoQ to INR2.4b (v/s est. of INR2.0b). Strong AUM growth (76%YoY), improving funding cost (marginal CoF of 9.7%), lower cost-to-income ratio (down 670p YoY at 45.7%) and MAT credit entitlement (INR1.3b) were the key highlights for the quarter. AUM during the quarter grew at a notable pace of 76% YoY and 10% QoQ, driven by 38% YoY growth in customer additions, coupled with a 25% increase in ticket size (INR17k) to income generating loans (IGL). Notably, the RBI revised the regulation allowing for higher ticket sizes, which led to BHAFIN focusing on shortterm loans. Long-term loans constituted 11% of disbursement in the quarter...