Repco Home Finance Gross stage 3 assets improved to 3.7% vs 4.3% YoY (4.3% Proforma NPA in Q3FY21); Net NPA declined to 2.3% led by higher PCR at 40% YoY. Restructured assets remains stable at 0.3% for FY21 while need to watch out for Restructuring 2.0. Loan growth was lower at 2% YoY (4% YoY Q3FY21) vs 7% YoY (FY20) led by higher balance transfers by banks as well as lower disbursements (up 6% YoY). NII grew by 6% YoY (down 3% QoQ) led by improvement in NIMs; PPoP grew by 9% YoY led by higher other income (up 41% QoQ). PAT grew strongly by 33% YoY led by lower provisions (down 28% YoY). Despite the lower growth it is able to garner a spread of 3.5% with a comfortable liquidity position. We...