Rajeev Jain

We are a credit business. We want to make sure credit first and then growth. We'll fix that. We are pretty confident of that.

Loan losses have begun to stabilize, or have rather stabilized. Came in flat in terms of percentage points virtually between Q2 and Q3.

We are well on course to cross 100 million customer franchise. It'll be a big milestone, I would say, for us as a firm.

We have pruned businesses. We've talked about it over the last two quarters. Three businesses I would flag out. The largest increase in contribution was two-wheeler. That's a winding down book.

Between managing risk and managing growth, we'll choose credit.

We are cautiously optimistic that loan loss to average AUF has hopefully peaked, and we estimate it to go down to 2% or so by Q4.

The NIM is now stabilized at these levels from here on.

We expect FY 25, the way we see it at this point in time, to be a year of normalization to pre-COVID metrics.

Rural B2C, growth actually came down from 25% on a AUM growth basis to 6% in March 2024. So clearly, we still don't have a full handle on rural B2C.

If I may use the word in a lighter vein, the madness in terms of competitive activity in the mortgage space.

Rural B2C continues to be a inside-out problem. I've said this in previous calls as well, and between risk and data, call is always risk, and that's why the growth rates of the business has constantly been brought down until such time that we can start to see gross flow rates in that portfolio improve.

Growth and risk, margin and growth margin. The fortunate thing for us is the tailwind is that there is strong growth. So that means we have the latitude, if you want, to calibrate between these three dimensions of risk, growth and margin, to ensure we deliver what we call the optimized return on asset and return on equity.