Equitas sustained its industry-leading profitability within the SFB space – evident in its RoA at ~2% in Q2FY24 driven by contained credit cost at 83bps. While NIM receded 33bps QoQ to 8.4%, management highlighted that this is transitory in nature and expects NIM expansion in H2FY24. Asset yields have already started reflecting in lending rate hikes that Equitas implemented over the past one year – as it expanded 28bps QoQ.