Disbursement

New loans written during a period, as opposed to the outstanding book, which is disbursements less repayments.

The distinction matters because the book can grow while new lending falls, if repayments slow, and it can shrink while new lending is strong, if the older book is running off quickly.

Disbursement growth is the leading indicator of both revenue and future credit cost, since this year's lending is next year's interest income and the year after's provisioning.

Ask what was disbursed, to whom, and at what loan-to-value.