Bank of Baroda Ltd — Q4 FY26

Bank of Baroda Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=jiMncCVppfs Published: 5 days ago

0:01 1 second Good evening everyone and welcome to the analysts meet for Bank of Beruda's uh financial results for the quarter and 0:07 7 seconds year ended 31st March 2026. Uh thank you all for joining us. We have with us today our MDN CEO Dr. David Chand and 0:16 16 seconds he's joined by the bank's executive directors and our CFO. 0:21 21 seconds uh after brief introductions we have a presentation on the results on with with the highlights of the performance uh 0:28 28 seconds which which our CFO will take you through followed by opening remarks by Dr. Chant and then we will start with the Q&A session. 0:36 36 seconds Ana would request you to begin. 0:39 39 seconds Thanks Foja and all my analyst friend. A very good evening to uh all of you. I think you have a busy day today because 0:47 47 seconds three banks announced their financial today. So uh thank you so much for joining and just to introduce the management team. I'm D Chan MD and CEO of Bank of 0:55 55 seconds Aurora. With me Mr. Litagi he's the executive director. He looks after the corporate credit, the international 1:02 1 minute, 2 seconds banking and uh more importantly the treasury. Uh with him uh we have Mr. 1:08 1 minute, 8 seconds Sanjay Muda. He's the executive director. He looks after the IT function of the bank and including the retail asset which is again a large book as 1:16 1 minute, 16 seconds today apart from couple of other platform function. Then we have Mr. Lal Singh executive director. He looks after 1:23 1 minute, 23 seconds the SMB vertical which is a stress asset management vertical including HR and also the MSME the the the department 1:32 1 minute, 32 seconds also a part of his portfolio. We have Madame Binina. She looks after the 1:39 1 minute, 39 seconds operation of the bank. Uh the CCO reports to her including the risk management many of the platform function 1:47 1 minute, 47 seconds including the compliance and control audit and also the retail liability which is again a large franchisee for the bank and we have the CFO Mr. IVL 1:56 1 minute, 56 seconds Srida. So he has been there for a couple of quarters interacting with all of you. 2:01 2 minutes, 1 second With this uh I hand it over to sir. We will now have the presentation. 2:29 2 minutes, 29 seconds Uh Shida sa I think you may be on mute. 2:36 2 minutes, 36 seconds It's my privilege uh good evening everyone. It's my privilege to present before you the financial highlights of Bank of Ara for the quarter and financial year ended 31st March 2026. 2:46 2 minutes, 46 seconds As at the end of 2026, the bank's global business volume has crossed milestone of 30 lakh cr and stands at 30.78 lakh cr registering a yi growth of 13.9%. 2:58 2 minutes, 58 seconds Our global advances have grown by 16.2% y with the domestic advances growing at 14.5% and international at 24.4%. 3:09 3 minutes, 9 seconds Within the advances book, the bank has continued to focus on RAM advances. Our organic retail book grew by 17.9%, 3:16 3 minutes, 16 seconds agriculture by 20.7% and organic MSME by 15.6%. 3:24 3 minutes, 24 seconds Corporate loans have grown by 11.2% Y. 3:27 3 minutes, 27 seconds Within the return segment, we have seen smart growth across the portfolio with auto loan at by 20.6%, mortgage loans by 3:36 3 minutes, 36 seconds 19.3%, home loans by 14.6% 6% and education loans by 10.9% and personal loans by 8.7% Y1. 3:46 3 minutes, 46 seconds In terms of deposit growth, our total deposits have grown by 12% with the international deposits growing by 7.5% 3:53 3 minutes, 53 seconds and domestic deposits by 12.8%. The domestic deposits have grown by 9.8% and term deposits have reached a growth of 4:01 4 minutes, 1 second 14.8% by as of March uh 31st March 2026. 4:07 4 minutes, 7 seconds The bank's domestic credit uh deposit ratio stands at 83.4%. 4:12 4 minutes, 12 seconds The CASA ratio stands at 38.9% up by 45 bips quarter on quarter. 4:21 4 minutes, 21 seconds With regard to our quarterly profit metrics, our operating profit for the quarter stands at 9,69 cr registering a 4:29 4 minutes, 29 seconds growth of 11.5% YI. The bank has adopted new mortality tables for arriving at the AS-15 uh liability which led to an increase in the employee cost by 520 cr. 4:41 4 minutes, 41 seconds Our net profit for Q4 2026 stands at 5,616 cr registering a growth of 11.2% 4:48 4 minutes, 48 seconds by way which is the highest ever quarterly net profit. Return on assets remain consistently 4:54 4 minutes, 54 seconds above 1% at 1.15% in Q4 2026. Return on equity stands at 17.27% for the quarter. 5:05 5 minutes, 5 seconds For the full financial year FI 2026, our operating profit stands at 32,259 cr. Our net profit for FI 2026 stands at 5:15 5 minutes, 15 seconds 20,21 cr which is the highest our net profit. Return on assets remain above 1% at 1.06% 5:23 5 minutes, 23 seconds in FI 2026. return on equity stands at 15.39% per FI 2026. 5:32 5 minutes, 32 seconds With regard to key ratios, our yield on advances stands at 7.44% for the quarter and 7.71% for 5:40 5 minutes, 40 seconds FI 2026. Bank's cost of deposits for the quarter stands at 4.78%. 5:46 5 minutes, 46 seconds It stands at 4.87% for FI2026 as against 5.10% in FI 2025. With regard to our net 5:55 5 minutes, 55 seconds interest margin, it stands at 2.89% for the quarter, registering a sequential improvement of 10 bibs. It stands at 2.89 for the whole FI 2026. 6:09 6 minutes, 9 seconds Now we come to our asset quality which continues to remain robust. Our G&P ratio has improved by 37 pips by and 6:16 6 minutes, 16 seconds stands at 1.89%. Our net NP ratio is below 1% at 0.45% 45% and improvement of 6:24 6 minutes, 24 seconds 13 bips by Y. Our provision coverage ratio including TWW is comfortable at 93.94%. 6:31 6 minutes, 31 seconds Our slipage ratio for Q4 2026 has reduced by 11 bips Y by Y and stands at 0.89%. 6:38 6 minutes, 38 seconds Slipage ratio for FI 2026 also reduced by 6 bips Y by Y to 7 uh 0.72%. 6:46 6 minutes, 46 seconds Credit cost per Q4 FI 2026 has increased to 0.76% as against 0.44% 6:54 6 minutes, 54 seconds in Q4 FI 2025 due to the provincial floating provision of uh 1,500 cr made by the bank during the quarter. Credit 7:02 7 minutes, 2 seconds cost excluding the floating provision would have been 0.332% for the quarter. Credit cost for the full financial year stands at 0.46%. 7:10 7 minutes, 10 seconds Again the credit cost excluding floating proion would have been 0.34% for the full year. 7:18 7 minutes, 18 seconds Coming to our SMA and collection efficiency our click SMA 1 and2 as a percentage of our standard advances 7:24 7 minutes, 24 seconds reduced to 0.18% as of March 26 as against 0.33% for March 25. Our collection efficiency 7:33 7 minutes, 33 seconds excluding agriculture remains robust at 98.9%. 7:40 7 minutes, 40 seconds In terms of our capital adequacy, our capital position continues to be strong with C1 at 13.16%. 7:47 7 minutes, 47 seconds Tire one at 13.64 and overall CR at 15.82%. 7:53 7 minutes, 53 seconds Our quarterly average NCR remains healthy at approximately 127%. 7:57 7 minutes, 57 seconds Bank has declared a dividend of rupees 8.5 per share subject to requisite approvals. 8:05 8 minutes, 5 seconds Thank you. Thank you sir. 8:15 8 minutes, 15 seconds Uh over to you for your opening remarks. 8:24 8 minutes, 24 seconds You're on mute. 8:30 8 minutes, 30 seconds So uh thanks uh Sidasab and uh I mean to all my analyst friend. Let me make a couple of qualitative comments on the financial that we have announced uh for 8:40 8 minutes, 40 seconds this year and also for the quarter. I think we have a very strong growth both on the balance sheet and also on the profit and loss. Couple of numbers that 8:48 8 minutes, 48 seconds we see on the balance sheet. Uh this year we crossed the the the league of 30 lakhs plus kind of a business and the 8:55 8 minutes, 55 seconds business stands at 30.78 lakhs cr of business as on 31st March. At the same time couple of other milestone that we 9:02 9 minutes, 2 seconds see on the financial is that we cross 20,000 cr of net profit for the standalone entity and the profit becomes 9:09 9 minutes, 9 seconds 20,000 to1 cr for the financial year and the profit for this quarter 5,600 possibly is the highest in any quarter 9:17 9 minutes, 17 seconds for the bank for many years maybe for the decades. 9:21 9 minutes, 21 seconds uh on the advances side uh although our guidance was 11 to 13% but in terms of uh the percentage that we have announced 9:28 9 minutes, 28 seconds is advanced global advanced growth of 16.2%. 9:32 9 minutes, 32 seconds And the domestic advanced growth of 14.5%. 9:35 9 minutes, 35 seconds At the same time uh the deposit side we have seen one of the best quarter which again couple of quarters we we seen a deposit not catching up to 9:44 9 minutes, 44 seconds the growth in advances. So the deposit growth is almost 12% full global deposit with the CASA at 9.8 and the saving 9:52 9 minutes, 52 seconds growth at 9.1. I think these are the numbers which maps very well with regard to our focus on locust deposit and our 9:59 9 minutes, 59 seconds focus to grow on the CASA because we last many years we're focusing on the Kasa deposit and uh we have I mean 10:06 10 minutes, 6 seconds improved on the services side, product side, bundling of products so as to improve on the Kasa product. 10:13 10 minutes, 13 seconds uh both the growth of advances and deposit FIC this is the best quarter in last 10 quarters. 10:20 10 minutes, 20 seconds So uh I mean we have seen the journey of banks the journey of the industry for last 10 quarters in in terms of growth percentage uh but our number the 10:28 10 minutes, 28 seconds percentage growth in this quarter has been the best in last 10 quarters. 10:33 10 minutes, 33 seconds On the profitability front uh the NIA growth has been positive and you would have seen a number saying that the increase in interest uh income has been higher than the interest expenses. 10:44 10 minutes, 44 seconds That's something in earlier quarter slightly it was going negative in terms of the interest income not growing up to the extent of the growth in interest 10:51 10 minutes, 51 seconds expenses. So uh I mean this quarter uh I mean the trend is uh different. Uh the interest income growth has been higher than the interest expenses. 11:02 11 minutes, 2 seconds Uh consequently the NIM the LI is at 12,495 94 cr which is a growth of 8.7%. 11:10 11 minutes, 10 seconds Uh the NIM domestic at 3.04 at the global year 2.89 and this NIM percentage is also higher than that of last quarter. 11:20 11 minutes, 20 seconds uh as uh the CFO said on the on the uh uh employee front because of the hardening of the yield uh the obligation 11:28 11 minutes, 28 seconds on the ES15 has gone down but the same time the bank decided to migrate to the new motility table where there is 11:36 11 minutes, 36 seconds additional require liability requirement of 520 cr which you have provided for so I mean uh the employee cost that you 11:43 11 minutes, 43 seconds would have seen including AS15 the trend is in line with the system what other banks also would have announced 11:51 11 minutes, 51 seconds couple of numbers in terms of the operating profit of more than 7,000 cr. 11:55 11 minutes, 55 seconds I mean we are announcing this more than 7,000 cr on operating profit for last 14 quarters and this quarter it is 9,69 12:03 12 minutes, 3 seconds crit we're announcing more than 4,000 cr for last 13 consecutive quarters. 12:09 12 minutes, 9 seconds Similarly the ROA of more than one that is one of the guidance number we have that we are having more than one for last 15 consecutive quarters. 12:18 12 minutes, 18 seconds um the accent of the book value which is again one of the fundamental factors in terms of what you look as a investor it 12:25 12 minutes, 25 seconds has improved from 148.8 rupees in from March 23 to uh 251.7 rupees in March 12:34 12 minutes, 34 seconds 2026 a increase or incremental addition of book value to the extent of 102.90 rupees asset quality has been one of the 12:42 12 minutes, 42 seconds best as far as the numbers are concerned the G&P at 1.89 89 the net NP at 045 12:49 12 minutes, 49 seconds both in terms of the slippage ratio and also the credit cost the credit cost full year is 46 as compared to 47 both 12:58 12 minutes, 58 seconds well within our guidance range I think the asset quality and in terms of the pre data in terms of SMA 1 and two more than 5 cr also the it has gone down from 13:07 13 minutes, 7 seconds almost from 36 to8 so with this I think the asset quality has been one of the good as far as we are concerned secondly a couple of initiative that I want to 13:15 13 minutes, 15 seconds highlight light before you is that the bank recently raised a 10,000 cr of green infra bond. This is the first in India to raise a green infra bond. Uh 13:23 13 minutes, 23 seconds and the the response was 3x of the amount that we wanted to mobilize. Uh we have outstanding green deposit as on 13:31 13 minutes, 31 seconds today to the extent of 1,899 cr and I think by far is the highest deposit in in the system. uh we have also announced 13:40 13 minutes, 40 seconds this time that u we're going to raise capital in the form of 81 and tier 2 to the action of 6,000 cr in this financial year. I'll also remind you uh a a 13:50 13 minutes, 50 seconds earlier announcement wherein we announced that the bank would be keen to raise 8,500 cr of equity capital over a 13:57 13 minutes, 57 seconds medium term that is up to FI28. So in terms of capital raise it's almost like uh we have the what you can say not 14:04 14 minutes, 4 seconds pipeline but a room to raise 14,500 cr consisting of 8,500 cr pure equity and 14:11 14 minutes, 11 seconds uh 6,000 cr of 81 and tier 2 for this year 26 27 let me recate couple of guidances normally we give the loan uh 14:21 14 minutes, 21 seconds guidance we are upsizing from the earlier guidance of 11 to 13 to 12 to 14% considering our performance subject 14:28 14 minutes, 28 seconds uh The global headwinds doesn't impact big time to the Indian market. The deposit growth is from 9 to 11. Earlier 14:36 14 minutes, 36 seconds it has been upsized to 10 to 12%. The NIM we achieved 2.89 this quarter but uh 14:43 14 minutes, 43 seconds we are slightly looking at a probable repricing of asset liability by projecting at 2.75 to 2.95 for the full year. 14:53 14 minutes, 53 seconds The ROA continue to have more than one and that is what we we had earlier guidance also continue to have the same guidance. The slipage ratio also we 15:00 15 minutes still keep it at the same level of 1 to 1.25 and the credit cost below.60. 15:06 15 minutes, 6 seconds So these are a couple of guidance I think important for you. With this I'm uh close I mean I'm done with my opening 15:13 15 minutes, 13 seconds remarks. We'll open for question and answer. 15:17 15 minutes, 17 seconds Thank you sir. Um if you have a question uh please raise your hand or you may also type your question in the Q&A box. 15:25 15 minutes, 25 seconds Uh we will start the first question with uh Rkin Sha. Ricken if you can please unmute yourself. 15:33 15 minutes, 33 seconds Good evening sir. Uh thanks for the opportunity. Just two questions. Uh first one uh you know on your reported 15:40 15 minutes, 40 seconds uh global yields on advance and cost of deposits both have moved down uh and the cost of deposits have gone up but the margins are higher. So presumably that's 15:48 15 minutes, 48 seconds due to some interest on it refund. So while I do acknowledge that you have called that to be core in the past but if you could just quantify the amount of 15:56 15 minutes, 56 seconds the same that's number one. Uh second question is specifically on cost of deposits. So if the overall sorry the 16:03 16 minutes, 3 seconds global as well as domestic cost of deposits have marginally gone up in this quarter versus the last quarter. So how's the outlook on this? I'm fair to 16:12 16 minutes, 12 seconds say that the TD repricing is already done for us completely and how uh only the cost of deposits move. And the third 16:19 16 minutes, 19 seconds and the final question sir is on the OPEX uh two moving parts as you pointed out. Um now with this mortality rate 16:26 16 minutes, 26 seconds change how should I think about uh the ongoing um uh uh OPEX uh going ahead employee expenses specifically. 16:36 16 minutes, 36 seconds Okay. Thanks again. uh coming on the margin and particularly the yield on advances in the f of deposit I think the b the denominator for both the things 16:45 16 minutes, 45 seconds are different right whereas the n takes care of the full uh on the on the asset side so the spread and margin are 16:54 16 minutes, 54 seconds different so we should not compare the spread and margin because that would give a different picture at the same time I do agree there is a line item 17:01 17 minutes, 1 second with regard to the the IT refund and also I said because since we have a large I mean uh the provision on the it 17:09 17 minutes, 9 seconds we keep on getting this as a normal flow it can be higher or lower in a particular year and precisely for that reason although we had a 2.89% 89% NEM 17:18 17 minutes, 18 seconds for this quarter we projected at 2.75 to 2.95 so that accounts for any volatility that may be because of the IT refund but for 17:26 17 minutes, 26 seconds me the name is one that's a core name and what we announced the name is the core name so that is with regard to uh I mean we should not get confused with the spread and margin because margin 17:35 17 minutes, 35 seconds computation is different than the spread fair but would you like to quantify sir the interest on it refund in this quarter I think last quarter it was 17:43 17 minutes, 43 seconds about uh uh 300 or 400 crores No actually we don't have a number I don't have a number you can offline can 17:50 17 minutes, 50 seconds I get a number but again on the same thing I reiterate because there are refunds significant refunds coming every 17:57 17 minutes, 57 seconds year that we have seen and the amount can be higher and lower and precisely for that reason actually I have given a guidance lower guidance at 2.75 18:05 18 minutes, 5 seconds got it sir but the whatever amount that's a very insignificant to the overall I have a income base of almost 1 lakh 26,000 cr so in 18:14 18 minutes, 14 seconds that way that's not very significant tend to impact on the margin uh cost of deposit you are right I think it's 18:21 18 minutes, 21 seconds getting sticky at this point of time so if I compare March over December uh although the cost of deposit for as far 18:29 18 minutes, 29 seconds as we are concerned is one of the lowest in the market right at 4.78 I think we are one of the lowest in the market uh 18:36 18 minutes, 36 seconds on the cost of deposit but going by the liquidity scenario prevailing because suddenly in the March quarter the geopolitical issue came big time and 18:44 18 minutes, 44 seconds which is still position interesting. So in that way my sense is that the I mean the cost of deposit is going to sticky. 18:53 18 minutes, 53 seconds Maybe there is a scope of realigning on the asset side but as in today I don't see a cost of deposit further going down at the current scenario if the liquidity 19:01 19 minutes, 1 second continue to be the same like it is as today. So in that way slightly mindful of the repricing effect of the asset uh 19:10 19 minutes, 10 seconds rather than the deposit because deposit whatever has been fully repriced as today based on the current level. uh on the mortality uh I think the CFO would 19:19 19 minutes, 19 seconds be the right person but before that madam may anything you want to say on the cost of deposit uh 19:27 19 minutes, 27 seconds sir because I think it is likely to remain at the same levels because it'll be elevated March quarter we saw a slight increase in the cost of deposits 19:34 19 minutes, 34 seconds and it is likely to continue for this quarter as well cuz we don't see it coming down in uh anytime at least for the next 3 months. 19:47 19 minutes, 47 seconds So uh Mr. CFO can you just address the modality table and what is the benefit? 19:50 19 minutes, 50 seconds Yeah sir actually the uh one time impact that we have taken due to mment in immortality is 520 crores this is one 19:58 19 minutes, 58 seconds time going forward the recurring impact will be very negligent. Got it. So perfect. Thank you. And sir if I can just add on one more question. uh you 20:07 20 minutes, 7 seconds know in the SBI call just prior to overall uh they were alluding to some u scope to improve the yields on advance 20:14 20 minutes, 14 seconds as the corporate borrowing moves from the T bill to the MCLR is this something that we can also possibly do or is that 20:22 20 minutes, 22 seconds a likelihood or a positive kicker on yields on loan going ahead that's why I said actually when I said the deposit is sticky that means the 20:30 20 minutes, 30 seconds only scope for us to realign the asset pricing right uh when the rates are really low any MCLR linked loan got 20:38 20 minutes, 38 seconds replaced with the external benchmark more particularly TB uh with the elevated I mean the rate structure which is prevailing because of 20:46 20 minutes, 46 seconds the geopolitical issue I think there is a scope for realigning that portfolio and that is what actually our strategy 20:52 20 minutes, 52 seconds to look into those pricing very closely got it sir thank you 20:59 20 minutes, 59 seconds the next question is from Jen Karut Okay. 21:06 21 minutes, 6 seconds Uh thank you for the opportunity sir. Uh my question is on the ECL uh guidelines that have come through. Uh you have been 21:13 21 minutes, 13 seconds in the past transparent about the impact. I think you've called out around 18 bits sort of a steady state impact. 21:20 21 minutes, 20 seconds Uh is the final guideline to your uh uh earlier calculation telling with it? Is it better than that or or could it be 21:28 21 minutes, 28 seconds higher than that? That's the first question. Yeah. Thank you very much for that. 21:32 21 minutes, 32 seconds Actually earlier it was a draft guidelines. So it was possible to uh estimate or guesstimate those impact right. So now there is a final 21:39 21 minutes, 39 seconds guidelines. So what is our I mean stance is that unless and until we compute fully on that it's not proper to quantify that at this stage. But my 21:48 21 minutes, 48 seconds sense is that whatever guidance we had given earlier it is not going to it would be aligned to those numbers. So I'm not expecting any significant change 21:56 21 minutes, 56 seconds with service the earlier I mean although that was a more of a uh tentative calculation in that manner but we want to see the real impact and then possibly 22:04 22 minutes, 4 seconds articulate better and that would be a proper to articulate rather than giving any number at this stage. So that's what actually I said in the media meter also and I'm seeing it 22:13 22 minutes, 13 seconds understood. The second question is on the trajectory of margins while I understand your fullear guidance is in that 2.75 22:20 22 minutes, 20 seconds uh range. Uh is it fair to assume it will first move down and then uh move up in the second half given the near-term pressure on deposits and given the asset 22:29 22 minutes, 29 seconds repricing strategy that you're trying may take a while before it shows up on yields. 22:35 22 minutes, 35 seconds You are right. One thing that we are assuming for this quarter at least that the cost structure is going to be sticky. I mean as I said the cost of deposit further moderation uh going by 22:44 22 minutes, 44 seconds the current scenario we're not looking at so the only way the name we can manage with regard to realigning the asset pricing and that would be one of 22:51 22 minutes, 51 seconds the key focus as far as our I mean management uh work is concerned but at the same time why slightly we give a 22:59 22 minutes, 59 seconds conservative number because this refund is a flow which is although a continuous one but it can go up and down in every quarter and that depends upon the refund 23:08 23 minutes, 8 seconds order that we Right. So keeping everything in mind so we have given a slightly conservative guidance on the 23:16 23 minutes, 16 seconds the lower side not necessarily it would happen in the Q1 maybe at the later quarter but that all depend upon how do 23:23 23 minutes, 23 seconds you do all these what you can say math together so as to protect the margin and I assume sir that 2.75 is is the 23:30 23 minutes, 30 seconds lowest number x of IT refund that's why you kept that that all four quarters together I think we should not be breaching this lower threshold of 275 23:38 23 minutes, 38 seconds even zero IT refund that's why you are confident it won't be zero I never said no I'm saying that's why you are trying to uh guidance of we have some estimate 23:48 23 minutes, 48 seconds of the IT refund for the full year based on the orders and the seasonal or whatever the past trend so based on that is the 23:55 23 minutes, 55 seconds understood so lastly uh on on the incremental opex um I I do understand uh 24:02 24 minutes, 2 seconds is there any uh revision on on on uh employee uh wage uh because of the yield movement that that you have taken in this quarter. 24:11 24 minutes, 11 seconds No, the AS15 impact already articulated by CFO. I think CFO can you just go ahead with the AS15 impact. So there is the only opex that maybe slightly you may be interested to know. 24:22 24 minutes, 22 seconds Actually the mortality tables which we have adopted are the latest tables with that the one time increment in the A15 obligation is around 520 crores that we have fully observed in this quarter. 24:32 24 minutes, 32 seconds Going forward the recurring impact will be negligible. Regarding your question, I think it pertains to the base settlement which is still not at due. 24:42 24 minutes, 42 seconds Thank you very much and all the best for the Thank you. You uh next question is from Kunal Cha. 24:53 24 minutes, 53 seconds Yeah. Uh hi am I audible? You're audible Kunal. Please go ahead. Yeah. Uh thanks for taking the question. 25:01 25 minutes, 1 second uh so firstly uh when we look at it uh the increase in the bulk deposits which have been there and I think the earlier 25:08 25 minutes, 8 seconds question on cost of deposits I think it would be also the factor of bulk deposits uh getting raised which was 25:15 25 minutes, 15 seconds almost like say 14% quarteron quarter and 25 26% year on year maybe few quarters back we had seen an incident 25:23 25 minutes, 23 seconds wherein all of a sudden we reduced both the bulk deposits as well as the wholesale portfolio at one point in time 25:31 25 minutes, 31 seconds and we saw a significant uh uh reduction in the balance sheet size at any point in time would again we be pursuing that 25:40 25 minutes, 40 seconds in terms of the margin management or ROA management exercise uh if you can just clarify that so that's the uh first 25:48 25 minutes, 48 seconds question uh second question is on floating provisions 1500 odd cres uh uh so this would be towards ECL 25:56 25 minutes, 56 seconds transitioning I believe and uh how much more do we plan to create it further? Is it like maybe so obviously credit cost 26:05 26 minutes, 5 seconds was much higher uh during the quarter including this floating but would we see that uh continuing for couple of more 26:14 26 minutes, 14 seconds quarters and on recoveries from return off again compared to our guidance of 750 850 odd cres we saw a substantial 26:22 26 minutes, 22 seconds increase that seems to be some one-off account out there uh but otherwise in terms of the guidance for FI27 do we 26:30 26 minutes, 30 seconds continue to maintain uh 750 5850 crores you alluded to most of the other parameters in guidance but this time you had not given it for recoveries so just 26:38 26 minutes, 38 seconds would want to uh reconfirm that as well so thanks Kunal you said right with regard to we said earlier maybe two 26:46 26 minutes, 46 seconds three years back that we want to reduce the dependency on full deposit when I said depend dependency at that time bulk used to be almost like I'm talking about 26:54 26 minutes, 54 seconds the total deposit as a percentage was almost 23 24% and we went down to almost the level of 17% at some point of time maybe two three quarters prior to this. 27:04 27 minutes, 4 seconds Having said so, uh because of B deposit dependency uh here the balance rate size has not uh actually was uh I mean deg 27:12 27 minutes, 12 seconds growth I mean the balance continue to grow strong. The strategy was to replace the bulk with the low cost deposit and there we have been doing consistently 27:20 27 minutes, 20 seconds well for last many quarters and this quarter also you would have seen our saving growth is 9.1% and you can compare with many banks who have declared and what is the growth they do 27:29 27 minutes, 29 seconds have. So the strategy has really worked in terms of focusing on the saving and that's why we have one of the highest casa percentage within the pure banks. I 27:38 27 minutes, 38 seconds mean currently also it is almost at 39% and you have the comparison available so you can make it out how the strategy work on the balance sheet we have grown 27:46 27 minutes, 46 seconds significantly but in the same time we could able to change the the bulk percentage from bulk to low cost side uh 27:54 27 minutes, 54 seconds for the March quarter particularly the geopolitical what has happened uh there was a liquidity possibly the the loan 28:01 28 minutes, 1 second growth has been very at 16.2%. So you need to be there in terms of managing both your liquidity at the same time. 28:08 28 minutes, 8 seconds Maybe you need to mobilize bit of a deposit both from the bulk and CD together. We have a component of CD in the bulk the number that we see three 28:16 28 minutes, 16 seconds lakh 20 or 3 lakh 21. So CD as you know these are again slightly the duration less with the cost also lower than that of B deposit because typically B deposit 28:24 28 minutes, 24 seconds is a one year deposit. So in that way the bank is managing the liability I mean the liability profile in a manner 28:32 28 minutes, 32 seconds which is again optimal in terms of liquidity optimal in terms of pricing optimal in terms of margin so that we have been doing since long and I think 28:40 28 minutes, 40 seconds that's something uh a pro positive trajectory of the bank for last many uh quarters and years now on the floating 28:48 28 minutes, 48 seconds provision the provision has been created typically to buffer the balance sheet for any extraordinary scenario not for 28:55 28 minutes, 55 seconds tagging with any uh ECL provision per say in this floating provision cannot be touched unless and until there is a regulatory approval for that. So it's 29:04 29 minutes, 4 seconds basically buffering the balance sheet strength to create floating provision rather than tagging with any particular ACL impact. If ACL impact is to be taken 29:13 29 minutes, 13 seconds in the books directly we'll take it in the books directly without touching the floating provision. So uh I mean these two are not linked with that but 29:20 29 minutes, 20 seconds obviously yes um any headwinds that can create both globally also any such headwinds I mean because of the 29:28 29 minutes, 28 seconds geopolitical issue we are mindful of buffering the balance sheet in terms of creating balance sheet strength. Third with regard to uh you said right uh the 29:37 29 minutes, 37 seconds TWWO this time has been uh I mean higher as compared to because normally we give a normalized guidance of around 750 800 29:45 29 minutes, 45 seconds cr this time obviously March quarter is always a productive quarter in terms of slightly making your efforts more in terms of recovery and that has resulted 29:53 29 minutes, 53 seconds into a higher recovery particularly from TWW and I'll continue to have the same normalized guidance of 750 to 800 cr my 30:01 30 minutes, 1 second TW book is almost 62,000 So uh estimating any such recovery quarter to quarter is I think it's a 30:10 30 minutes, 10 seconds appropriate number. So these are couple would there be? 30:14 30 minutes, 14 seconds Yeah. So but would there be chunky account of 500 700 crores in recoveries this quarter? 30:20 30 minutes, 20 seconds There are many actually it all depends upon when the resolution happened and when you recover money there are legal processes NCD processes multiple such 30:28 30 minutes, 28 seconds things. So purely pinpointing that it can happen in a quarter it's not possible but then we are hopeful because the kitty is quite 62,000 is quite a large number. 30:37 30 minutes, 37 seconds No no I'm I'm saying in Q4 was there any chunky account of 500 700 not not not any chunky one it is I mean 30:45 30 minutes, 45 seconds midsize some of the exposure which has midsize maybe maybe 200 250 cr couple of such accounts there. Okay got it perfect. Yeah thank you. 30:54 30 minutes, 54 seconds Thanks and all the best. Yeah, thanks. 30:58 30 minutes, 58 seconds Thank you. Uh, next question is from Part Ga. Part if you can please unmute yourself. 31:05 31 minutes, 5 seconds Uh, yeah. Hi sir. Uh, sir, what was the LCR as of the March end? It is 127. 31:14 31 minutes, 14 seconds Okay. And uh, of this recovery from TWW of,400 cr has some amount gone to the interest income line item. It is Sophia. 31:25 31 minutes, 25 seconds So accounts with the interest income and also on the recovery uh on that. So roughly interest income on this. 31:36 31 minutes, 36 seconds Sorry sir, I missed missed the amount 100 cr has gone to the interest income part. Okay. Okay sir. Okay sir. Thanks a lot. 31:44 31 minutes, 44 seconds Okay. Uh next question is from Ankit Bihani. 31:56 31 minutes, 56 seconds Yeah, thank you for the opportunity. So my first question is on the growth and deposit growth guidance. So still we are expecting loan growth to continue to 32:05 32 minutes, 5 seconds outpace the deposit growth going ahead and uh given that now now how much buffer do we have on the LCR front now 32:12 32 minutes, 12 seconds and what would be the comfortable LCR that we would like to maintain and my second question is again on the interest of IT refund while you call out it as 32:21 32 minutes, 21 seconds core you know contribution to core NIMS but uh this number is very volatile and do you expect this to sustain 32:28 32 minutes, 28 seconds perpetually because uh somewhere this has to come around right because uh in our calculation I think it is contributing around about 10 to 15 bit 32:37 32 minutes, 37 seconds towards your RO. So what is this uh so how long your interest in IT refund can continue. 32:46 32 minutes, 46 seconds Okay. So, first thing you talked about LCR I answered uh secondly uh on the IT refund. Let me uh growth outpacing uh 32:55 32 minutes, 55 seconds deposit. Look uh uh a sustained basis you have the capital right. So you have lot of other alternative resources where 33:02 33 minutes, 2 seconds you can take refinance you can raise bonds. So we as a bank clearly focus on uh creating a uh stable uh resource 33:10 33 minutes, 10 seconds base. I not say deposit base. So uh while maintaining uh even you would have seen the CD ratio almost at domestic around 83 point something on that we 33:18 33 minutes, 18 seconds improved service last quarter anyway on the CD ratio. So the growth percentage the the base of deposit is a larger base 33:26 33 minutes, 26 seconds as compared to the base of advances that is 0.1. Secondly, in a in a scenario where banks are holding like a bank like 33:34 33 minutes, 34 seconds us holding more excess SLR any deposit we raise need not be put that into SLR because the entire money can go to deposit and that is what a scenario we 33:42 33 minutes, 42 seconds are seeing in many last couple of years where because you are holding excess SLR the money incremental deposit you are raising a straight going into the 33:49 33 minutes, 49 seconds advances so in that way I think this gap of 2 and a half 3% is sustainable one in terms of growth of advances and growth 33:56 33 minutes, 56 seconds of deposit so that covers your the advances outpace in deposit at the same time obviously bank would like to 34:03 34 minutes, 3 seconds augment the resource base and you want to grow higher on deposit interest on IT refund earlier also I said yes it's a 34:10 34 minutes, 10 seconds line item which is as for the clearly as per the accounting but can be volatile yes so I do not estimate with regard to 34:17 34 minutes, 17 seconds what is the year this year what is going to be a year next year these are all I mean based on the actual tax refund so 34:24 34 minutes, 24 seconds that's why accounting for estimate we give a margin guidance and that's That's why having achieved 2.89 89 also I'm 34:31 34 minutes, 31 seconds giving a guidance of 2.75 to 2.95 accounting for the same amount of money which you got this year possibly may or may not be in the next year based on the 34:41 34 minutes, 41 seconds available what is the refund that we expect and that your issue is I mean covered in the margin guidance that is what my uh we typically don't get into 34:49 34 minutes, 49 seconds quantifying because it's a line item always there in the income as per the normal accounting norms then why should I segregate that amount as a different 34:57 34 minutes, 57 seconds amount yes it is volatile I do agree but then we account this estimate in terms of how much we get in this year in the margin. 35:07 35 minutes, 7 seconds Lastly, how long that can continue for like 1 year, 2 year, 3 year, four year whatever you can say. 35:14 35 minutes, 14 seconds I mean look at look at the tax rate it is uh yeah I'll give next year again. So as far as this year guidance I'm very clear 35:21 35 minutes, 21 seconds that there is going to be good amount coming right. So next year suppose I see there won't be any money then I possibly won't account this and give a different 35:28 35 minutes, 28 seconds guidance. So my guidance for tax refund is based on this only one year. So perpetuality we'll discuss maybe in the next year. 35:37 35 minutes, 37 seconds Okay. And so lastly on the ECL front uh uh so I think I missed out on the answer of yours there. So any quantification on 35:45 35 minutes, 45 seconds what could be the impact and uh how how could a credit cross credit cost run rate move uh on implementation of ECL? 35:53 35 minutes, 53 seconds So that is what we said earlier actually look when the draft guidelines was there actually it was able to estimate or guesstimate with regard to the likely impact and that we articulated in terms 36:01 36 minutes, 1 second of actually absolute number also in terms of percentage both on the CR and also on the credit cost but having issued the final guidelines 36:10 36 minutes, 10 seconds it won't be proper to without really running transaction wise difficult to say with regard to any quantification we'll do 36:18 36 minutes, 18 seconds that but we'll do it slightly once we implement and then have a number possibly one quarter number coming very 36:25 36 minutes, 25 seconds clear on that. So I'm not articulating any number but my sense agent today when I look into the final guidelines and the 36:31 36 minutes, 31 seconds draft guidelines will not be off track from the number that we estimated earlier it will be aligned to those numbers but actual uh I mean once we 36:40 36 minutes, 40 seconds slightly implement at transaction level and get a clear picture at least for one quarter will be a question to quantify everything on the ACL impact. 36:49 36 minutes, 49 seconds The last question did you guide that the run rate credit cost run rate could increase by 18 bits. Uh if I am able to recolct correctly 36:56 36 minutes, 56 seconds I mean possibly you have to recolct I can't recolct but whatever we said I think my sense is that is not going to overshoot significantly. 37:06 37 minutes, 6 seconds Okay. Thank you for answering my question. 37:11 37 minutes, 11 seconds Thank you. Uh if anybody has any questions uh I'll just repeat please raise your hand or you may type your question in the Q&A box. Uh the next question is from uh Ricksha. 37:24 37 minutes, 24 seconds Hey thanks for you know taking my follow on question. So this is u relating to the SLR right. So we do disclose the 37:31 37 minutes, 31 seconds domestic SLR which is about 3 trillion on our balance sheet right now which has just not changed in the last 3 four years. So as a proportion of the NDTL it 37:41 37 minutes, 41 seconds has come off very sharply and it's about 17% right now because I have only the total NDTL not the domestic NDTL. Uh my 37:48 37 minutes, 48 seconds question to you here is that how much scope do we have further to you know uh or how much excess SLR is still left on the balance sheet for us to keep 37:56 37 minutes, 56 seconds optimizing. That's number one. Uh the number two is uh you know until now we were able to you know bring down the SLR access SLR while surrendering lot of the 38:05 38 minutes, 5 seconds securities in the OMO or the switches the likelihood of the same is probably low going ahead so even in the event if 38:13 38 minutes, 13 seconds there is no OMO would you be willing to liquidate it in the market and thirdly uh just as a philosophical level um 38:20 38 minutes, 20 seconds isn't it a better idea to lock in bonds at the higher yields right now sir rather than lending to the corporates and home loans at the similar rates 38:28 38 minutes, 28 seconds where of course there will be some amount of capital charge and the uh uh uh credit risk also involved. 38:36 38 minutes, 36 seconds So you're right the treasury management the bank is running one of the largest book actually we are amongst the top three or four in terms of holding so at 38:45 38 minutes, 45 seconds some point of time the SLR holding was almost 26 27% but subsequently as today it is around 20 22.5% or 23%. it goes on 38:53 38 minutes, 53 seconds floating but while managing this SLR it is not one way that we surrender I mean we sell or we put that on we keep on 39:01 39 minutes, 1 second buying at different level as part of the market condition so whenever we feel the levels are elevated we get into the market so it's a churn happening maybe 39:10 39 minutes, 10 seconds one two% on the SLR is a continuous ch that happening in terms of buying and sell so in that way it's always optimization game rather than a single 39:17 39 minutes, 17 seconds selling that seller and make profit so in that way I think we are managing treasury well in that way and I think uh 39:25 39 minutes, 25 seconds that's something is part of the treasury management because the trading profit comes out of all this churn it's not necessarily you sell only your book and make profit you have to buy and sell and 39:34 39 minutes, 34 seconds then only you can make profit so our strategy on that would continue but in terms of a comfort range you want because see the advantage of excess is 39:43 39 minutes, 43 seconds that generate liquidity right that's that's the very uh potent important purpose of running excss and that helps 39:50 39 minutes, 50 seconds in liquidity right so that's that's very here. So bank would like to now as against 18% you are at 22 that means you are almost running 4 and a half% excess 39:59 39 minutes, 59 seconds SLR we like to operate at a safety I mean a threshold of maybe three three and a half% at all all point of time 40:06 40 minutes, 6 seconds because the purpose is not only on investment in terms of generating profit the purpose is also generate liquidity at the right time in case you required to so I think that would be one of the 40:15 40 minutes, 15 seconds strategy as far as the bank is concerned Mr. anything want to add on this? Um yeah so sir actually apart from this we 40:22 40 minutes, 22 seconds also wish to have a comfortable LCR and that's where the XSSLR also helps us in maintaining our comfortable LCR posting. 40:33 40 minutes, 33 seconds Yeah. 40:34 40 minutes, 34 seconds So the choice between, you know, locking in the long-term bond deals at uh reasonably decent rates right now versus 40:42 40 minutes, 42 seconds growing aggressively in the home loan, corporate and auto loan where, you know, the risk adjusted NIMS or more importantly even uh adjusted for the 40:50 40 minutes, 50 seconds capital RWA. Um how do you think about it? Yeah, Mr. 40:56 40 minutes, 56 seconds So thank you very much. So sir actually u uh reen the both uh instruments or both markets are different. So 41:04 41 minutes, 4 seconds investment yield, investment holding uh achieve different objectives and uh remaining in uh in the loan market whether it is home loan, whether it is 41:12 41 minutes, 12 seconds corporate book, whether it is MSME, they are different and loan books give gives us loan customers gives us uh deposits also other cross-ell opportunities also. 41:22 41 minutes, 22 seconds So it's not straight through interest rate we look upon when we land in home loan, car loan or corporate segment. We also look at the holistic relationship 41:31 41 minutes, 31 seconds and also we expand the bank's various product profile. So u I mean and you know different liability profile meets these different asset book objectives. 41:44 41 minutes, 44 seconds Perfect. Thank you sir and chanc. Thank you. 41:50 41 minutes, 50 seconds Thank you. The last question that we we'll be able to take today is from J Mundra. 41:58 41 minutes, 58 seconds Hi, good evening sir uh and congratulations on your uh term extension. Uh sir I wanted to check uh 42:06 42 minutes, 6 seconds on your capital raising plans uh is that on track and how soon can this be done? 42:14 42 minutes, 14 seconds Thanks J. Thank you very much. Uh uh the capital already we have announced actually uh 81 and tier 2 for this year. 42:23 42 minutes, 23 seconds I mean I'm talking about 26 27 uh we have announced that we'll be raising 6,000 cr but in case you don't 42:31 42 minutes, 31 seconds raise then it can also go to the subsequent uh year because we have used a word if expedient on that earlier we announced a equity raise of almost 8,500 42:40 42 minutes, 40 seconds cr to be as a enabling provision to raise by FY20 2028 so we can raise that money in any year up to 28 so almost 42:49 42 minutes, 49 seconds 14,500 cr is the the the plan raise of capital both from the equity and also on the 81 tier 2 uh which is slightly I 42:58 42 minutes, 58 seconds mean uh it can be on this year or subsequent year. So we have taken a medium-term plan of FI28 beyond this capital also we normally 43:07 43 minutes, 7 seconds keep raising uh infra and other those are also part of the resources where we have to announce to the exchange. So those if there is a requirement to do 43:15 43 minutes, 15 seconds that because sometimes we look at the duration of your liability book as a whole and somewhere we find that because we compute the duration of asset also 43:23 43 minutes, 23 seconds and the gap between duration of asset full book I'm not talking about only investment in case you want to tweak something as a asset liability management purpose we keep raising 43:31 43 minutes, 31 seconds long-term resources also so it's all the ALM management that would decide whether we need to raise long-term resources in 43:39 43 minutes, 39 seconds the form of infra and other burn if that be So that was announced to the market at that point of time but is already announced approved by the board is 43:47 43 minutes, 47 seconds enabling 8,500 equity 6,81 right sure sir and uh sorry the the 43:57 43 minutes, 57 seconds capital raise plan of 8,500 cr that is also on track right I mean uh you have a decent 44:04 44 minutes, 4 seconds very strong CT1 but still despite that that plan is on right yes it is on it is always on table and it would depend upon the time at is we 44:13 44 minutes, 13 seconds really want to tap it actually based on the market conditions and the requirement of capital for the bank for different uh I mean any any scenario 44:22 44 minutes, 22 seconds going forward maybe a geopolitical or anything if there is a need we will raise it immediately but then it's a enabling that is applicable till FI28 44:31 44 minutes, 31 seconds right sure and sir do you have a number for blended bulk deposit cost for last quarter because I believe bulk deposit 44:39 44 minutes, 39 seconds rate would have started to cool off uh or qualitatively if you can comment you know how much uh let's say the blended 44:48 44 minutes, 48 seconds bulk deposit rate would have come down for you. 44:52 44 minutes, 52 seconds Yeah, I don't have a I mean data on this in case you want we can offline and provide you but the issue is that actually I was just giving a context in 45:00 45 minutes one of the ear audio conversation wherein uh in two three years back we had a larger percentage of bulk as a percentage of total deposit mind the 45:08 45 minutes, 8 seconds denominator because people compute in different way then get confusion this so it was almost 24 25% at uh some time and 45:17 45 minutes, 17 seconds we we we reduced that to 17% of total deposit couple of quarters high now as you know the liquidity scenario in March 45:24 45 minutes, 24 seconds quarter is always a different scenario because of the geopolitical inducing bit of a liquidity I mean tightness so then 45:31 45 minutes, 31 seconds from 17 it went to 19% but still below 20% which is my normal what you can say the guidance with regard to multiposit 45:40 45 minutes, 40 seconds so we'll continue to optimize based on the need for liquidity need for the growth on the asset at the same time uh 45:48 45 minutes, 48 seconds the pricing impact also we'll be mindful while doing this so it's overall uh concept of liquidity management, 45:55 45 minutes, 55 seconds meaning management that decide how much bulk we need to have go for products. 46:03 46 minutes, 3 seconds Right sir and sir do you suspect any increase in the term retail term deposit rate in the near term because I think a 46:11 46 minutes, 11 seconds few bank have started to increase uh retail TD rate but what is your sense on that? See I'm not predicting any 46:19 46 minutes, 19 seconds increase in deposit rate but one thing I have said that the cost of deposit which we are one of the lowest in the system if you look at the numbers of 4.78 there 46:27 46 minutes, 27 seconds is going to be sticky uh in the kibone sticky in the sense I'm not expecting that to go down further I think 46:35 46 minutes, 35 seconds that number may not be very comparable because we have a 20% plus share of overseas right which is no I'm talking about the domestic 46:42 46 minutes, 42 seconds domestic timeline right okay perfect okay perfect okay perfect 46:45 46 minutes, 45 seconds okay perfect okay perfect okay perfect 46:53 46 minutes, 53 seconds so in that way I mean sticky means uh I'm not expecting to go down actually going up would depend upon the liquidity 47:01 47 minutes, 1 second scenario in the market all right have you made any PLI provision for this year in the quantum of that 47:10 47 minutes, 10 seconds the performance link incentive PL I'll check response second email Yeah, we have made provision for that actually. We have made provision. 47:21 47 minutes, 21 seconds Sorry sir, how much is the quantum and you follow this? 47:32 47 minutes, 32 seconds I'm sorry sir if I could get the quantum of for this 500 500 500 C. Okay. 47:41 47 minutes, 41 seconds Sure. And this this is now you I mean where is it in staff cost or this is in some other provisions because I think there still under litigation right? 47:53 47 minutes, 53 seconds So it is under staff cost. 47:57 47 minutes, 57 seconds Thanks a lot. And very last question is from Kunal Chan. 48:10 48 minutes, 10 seconds Uh thanks thanks for the followup. Uh so particularly on uh the overseas exposure almost two 60 or,000 crores of a book. 48:18 48 minutes, 18 seconds So maybe if you can just clarify in terms of the profile particularly two aspect one is uh directly middle east 48:26 48 minutes, 26 seconds exposure and second is how much is trade related and there has been there have been trade disruptions which have been 48:33 48 minutes, 33 seconds there so any risk because today it's almost zero NPA in overseas exposure do we see any risk of uh the NPA coming up 48:43 48 minutes, 43 seconds over two to three odd quarters look overseas is I mean um the trade is 48:50 48 minutes, 50 seconds normally up to 20% because we don't allow trade book to significantly go up because there is a the trade has a fine pricing because that's also impact your 48:59 48 minutes, 59 seconds need so I think on a on a on a on a percentage basis the trade is below 20% exactly if a number I can give you 49:06 49 minutes, 6 seconds because that's what we we prescribe for overseas to continue doing business the remaining exposure are most mostly uh on 49:14 49 minutes, 14 seconds a local syndication that particularly some of the markets were very big over like US even Gib City has a big market and these are all global syndication 49:22 49 minutes, 22 seconds where we participate with high street bank in terms of taking those exposure big books in US, Australia, 49:30 49 minutes, 30 seconds even Singapore for that matter and all those. So I think as of today there is no impact in terms of their asset quality on this particularly middle east 49:38 49 minutes, 38 seconds yes we do have exposure because middle east we have a large retail operation over there and then the outstanding can be in the range of around 50 60,000 as 49:46 49 minutes, 46 seconds today but that's again spread over multiple countries which are again some of the countries are a rated as today so 49:53 49 minutes, 53 seconds the direct impact of this I mean all those country right the regulator also they have announced some kind of a 50:00 50 minutes measures like the done in India uh so it will sustain their operations. So real impact we will not get to know once and until we just see but as of today there 50:08 50 minutes, 8 seconds is no concern with regard to asset quality because these are the corporates having quite a strong balance sheet and our large percentage of exposure are 50:16 50 minutes, 16 seconds local syndication which are global local syndication where market names in the book and uh they are very big some of them are fortune 500 so I don't think 50:24 50 minutes, 24 seconds any challenge as today with regard to the global international book but yes particular operation we need to be slightly watchful for a couple of quarters Sure. 50:34 50 minutes, 34 seconds And how much ECLGs uh 5.0 withdrawal are we expecting maybe the draw down benefit which we might uh 50:42 50 minutes, 42 seconds uh take up. So we participated last time also quite actively. 50:46 50 minutes, 46 seconds So I think the our book is 1 lakh 60 is the MSM book and roughly 55 60% is the working capital and uh taking almost 50:54 50 minutes, 54 seconds like everybody won't go up to 20% maybe on a 15% scale. I think 12,000 plus would be amount that we'll be disposing on the rec. 51:04 51 minutes, 4 seconds Got it. And one last question. Uh if you look at auto loan, the growth is quite strong. We are seeing many of the PSU banks offering a very longer tenor 51:13 51 minutes, 13 seconds product 7 years, 9 years and that too at a very competitive rate. Okay. Do we see some risk coming up because obviously 51:21 51 minutes, 21 seconds there is a depreciation which happens after four five years there would hardly be any value left out there. So why so 51:28 51 minutes, 28 seconds much of aggression from PSUs on auto and same with home loan in terms of competit competitive rates when do we see PSUs 51:35 51 minutes, 35 seconds lowering the aggression in these two segments on the rate side? 51:41 51 minutes, 41 seconds Yeah, I don't see a PSU outlook here but as far as the bank is concerned we'll continue to grow uh on auto loan. Reason being look uh auto loan is not a like 51:50 51 minutes, 50 seconds it's not a productive asset who generates revenue. I mean it based on the cash flow a person is having from which he pays the money. So our selection of borrower in terms of auto 51:58 51 minutes, 58 seconds loans are morely looking into cash flow salid class where we have done a bulk transaction means bulk tie offs. So I 52:06 52 minutes, 6 seconds think in that way the growth has been good and as today whether I track the stress book or the the G&PA percentage I 52:14 52 minutes, 14 seconds think these are all benign and very very small at this point of time because the the possibly the ability of the cash flow to support the payout is still 52:22 52 minutes, 22 seconds continuing the same way. So uh going forward in case there is anything that we see uh at at a at a elevated uh uh 52:30 52 minutes, 30 seconds level of risk over there actually we do portfolio review every quarterly on all the books and these are all being done at a very s senior level board level 52:38 52 minutes, 38 seconds committee and all. So anything we see a cipientness in this sector which I don't see as of today and then possibly we'll have a look but as in today my guidance 52:46 52 minutes, 46 seconds will continue the same way like we're continuing on. 52:51 52 minutes, 51 seconds Okay, thanks. Thanks for patiently answering all the questions. Thank you and all the best. 52:58 52 minutes, 58 seconds I would now request uh CFO third to please give the vote of thanks. 53:07 53 minutes, 7 seconds I would like to extend my sincere gratitude to all of you for joining us today for the announcement and discussion of our financial results. 53:15 53 minutes, 15 seconds Should you have any further question, please feel to reach us uh uh to me or to our investor relation team. Thank you once again for your time and continuous 53:23 53 minutes, 23 seconds support. Have a good a great evening ahead. Thank you. 53:27 53 minutes, 27 seconds Thank you very much. Thanks. Thanks a lot. Thank everyone.