Punjab National Bank — Q4 FY26

Punjab National Bank Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=O7qMPEgV_wM Published: 8 days ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Punjab National Bank Q4 FY26 earnings call hosted by Lera Securities. 0:12 12 seconds As a reminder, all participants line will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:21 21 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on a touchstone phone. 0:31 31 seconds Please note that this conference is being recorded. I now hand the conference over to Miss Pile Shaman. 0:39 39 seconds Thank you and over to you. 0:42 42 seconds Hello everyone and welcome to Q4 FI26 earnings conference call of Punjab National Bank. Today we have with us the management of the bank headed by Mr. 0:51 51 seconds Ashok Chandra MD and CEO Mr. Parma 7 executive director Mr. Bhu Prasad Mahapatra executive director Mr. D Surendran executive director and Mr. 1:02 1 minute, 2 seconds Amit Kumar Shvasta executive director with this introduction I would like to hand over the call to Mr. Ajay Kumar 1:09 1 minute, 9 seconds Singh strategic management and economic advisory to read out the disclaimer statement post which the MD sir will address the conference. Thank you and over to you sir. 1:26 1 minute, 26 seconds Please go ahead. 1:28 1 minute, 28 seconds Uh good afternoon ma'am. Just 2 minutes uh time is required. Uh just give us 2 minutes. 1:42 1 minute, 42 seconds Ma'am, there is just 5 minutes delay. Please, please. 2:33 2 minutes, 33 seconds [music] 2:38 2 minutes, 38 seconds Yeah. Come. 2:41 2 minutes, 41 seconds [music] 2:47 2 minutes, 47 seconds [music] 2:52 2 minutes, 52 seconds [music] 2:56 2 minutes, 56 seconds [music] 3:06 3 minutes, 6 seconds So please go ahead. 3:10 3 minutes, 10 seconds Yeah, at the outset uh let me read the disclaimer. Uh this representation contains certain forward-looking 3:18 3 minutes, 18 seconds statements apart from historical information. These forward-looking statements involve a number of risks or 3:26 3 minutes, 26 seconds sent uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. 3:35 3 minutes, 35 seconds Punjam National Bank undertakes no obligation to update forward-looking statements to reflect events or 3:42 3 minutes, 42 seconds circumstances after the present date. Uh now I request MD sir to address the uh 3:49 3 minutes, 49 seconds analyst. MD sir please. Good afternoon ladies and gentlemen. 3:54 3 minutes, 54 seconds Welcome to the Q4 and financial year 2526 analyst meet of the bank. During FY26, 4:04 4 minutes, 4 seconds the bank delivered broad-based sustainable performance across all core dimensions, customer service, business 4:11 4 minutes, 11 seconds growth, asset quality, profitability, and operational efficiency. 4:16 4 minutes, 16 seconds We met or exceeded our stated guidance for 202526 financial year across most key parameters. 4:26 4 minutes, 26 seconds The only areas of variance were the CAFA ratios and margins which were largely influenced by liquidity and interest rate dynamics. 4:36 4 minutes, 36 seconds To drive growth, the bank is sharpening its focus on retail, agriculture and MSME segments through targeted outreach 4:45 4 minutes, 45 seconds campaigns. A calibrated network expansion is complementing this. We added 144 branches in FY26 4:55 4 minutes, 55 seconds and plan to open 250 more in current financial year. 5:00 5 minutes These branches will be primarily in the southern and western regions. A new journal office in Bangaloo has already 5:08 5 minutes, 8 seconds been operationalized to strengthen our presence and execution in the southern region. We are also leveraging digital 5:16 5 minutes, 16 seconds enablers to accelerate growth and enhance operational efficiency. A key 5:23 5 minutes, 23 seconds initiative is the DG MSME prime schemes launched on our 132nd foundation day 5:30 5 minutes, 30 seconds offering end to end digital MSME loan up to 10 cr. 5:36 5 minutes, 36 seconds We remain highly vigilant on asset quality delivering a sharp reduction in both GNPA and NNPA. Our sustained focus 5:45 5 minutes, 45 seconds on profitability has driven sequential growth in operating and net profit reaching their highest ever levels. 5:54 5 minutes, 54 seconds Now I will touch upon the segment wise business figures profitability asset quality. First business the bank's 6:02 6 minutes, 2 seconds financial performance for the period ending March 2026 reflects STD growth coupled with ongoing strategic 6:10 6 minutes, 10 seconds realignment. Our gross global business reached 29.7 lakh cring healthy 10.7% 6:18 6 minutes, 18 seconds Yi growth. On the asset side, advances grew by 12.7% YI to 12.59 6:27 6 minutes, 27 seconds lakh cr despite a 18,231 cr reduction in IDPC exposure which we have done concently. 6:36 6 minutes, 36 seconds Excluding the IBPC book, underlying average growth remains strong at 15% YUI, reflecting robust core business 6:46 6 minutes, 46 seconds momentum. Our retail book excluding IBPC grew by 18.2%. MSME by 19.9%. 6:55 6 minutes, 55 seconds Agri priority sector witnessed growth of 16.2%. 7:01 7 minutes, 1 second Future credit growth remains well supported by a strong pipeline. The bank sanctioned over 4 lakh cr in corporate 7:08 7 minutes, 8 seconds credit lines during financial year 2526 with rupees 1.18 lakh cr is still 7:16 7 minutes, 16 seconds pending for dispersement. Global deposits of the bank have reached to 17.11 lakh cr up by 9.2% on a y basis. 7:26 7 minutes, 26 seconds CD ratio of the bank is at comfortable level of 73.6% 6% which gives us comfort to grow in advances while being mindful of raising high cost deposits. 7:39 7 minutes, 39 seconds On account of various customer centric initiatives and revamped products the kafa ratio of the bank has stabilized at 7:45 7 minutes, 45 seconds around 37% and was consistent around 37% in all the four quarters of the financial year. In strategically focused 7:55 7 minutes, 55 seconds on enhancing our individual saving account balances over 35% of our customers are under 30 years of age 8:03 8 minutes, 3 seconds giving us a strong foothold in the next generation segment. We are focusing on serving them across their financial life 8:10 8 minutes, 10 seconds cycle with tailored digital first solutions driving long-term relationship value. 8:17 8 minutes, 17 seconds Coming to the profitability, our domestic stood at 2.61% 61% for Q4 whereas global name stood at 2.47%. 8:27 8 minutes, 27 seconds In Q3 the impact of the December rate cut was limited to 26 days whereas in Q4 it played out over the full quarter. 8:36 8 minutes, 36 seconds While we had anticipated an offset through moderation in deposit rates, deposit rates remained sticky and did not fully compensate for the compression in yield on advances. 8:49 8 minutes, 49 seconds We expect the margins to improve moving forward and our NE to witness QoQ increase from the level of Q4 20 20 25 8:57 8 minutes, 57 seconds 26 we expect our global NE to remain in the range of 2.6 6 to 2.7 for financial 9:03 9 minutes, 3 seconds year 26 27. Operating profit of the bank increased on sequential basis. Operating 9:11 9 minutes, 11 seconds profits for the Q4 are 7,500 cr as against the 6,776 cr for Q4 of 2025. 9:21 9 minutes, 21 seconds This is witnessing a growth rate of 10.7% for the full year. There is a 9.2% growth well above the guidance of 8 to 9:29 9 minutes, 29 seconds 9%. Net profit of the bank for Q4 of FY26 stands at 5225 cr as against 4567 9:38 9 minutes, 38 seconds cr for Q4 FY25 detecting a healthy value growth of 14.4%. 9:48 9 minutes, 48 seconds Coming to the efficiency ratio, efficiency ratios of the bank are increasing consistently. Our return on 9:55 9 minutes, 55 seconds SAT is at the level of 89% for FY26 as against 97 for FY25 as the bank has 10:03 10 minutes, 3 seconds taken one-time hit on account of switching to new tax regime in the Q1 of 2526. In remaining three quarters return 10:12 10 minutes, 12 seconds on assets has consistently remained above 1% at 1.05% in Q2, 1.06% each in 10:20 10 minutes, 20 seconds Q3 and Q4. Return on equity stands at 15.6. 67% for FY26. 10:27 10 minutes, 27 seconds Our tangible book value per share as on 31st March 2026 is 102.95 which was significantly improved from 10:35 10 minutes, 35 seconds the level of 84.83 as on 31st March 2025. 10:41 10 minutes, 41 seconds We are quite mindful of improving our cost to income ratio and the same has remained at reduced to 51.79% 10:49 10 minutes, 49 seconds in FY26 as against 54.59% in FY25. 10:55 10 minutes, 55 seconds Coming to asset quality, our asset quality is improving consistently and our GMPA has reduced to 2.95% 11:03 11 minutes, 3 seconds as on 31st March 2026 from 3.95% in March 25. 11:09 11 minutes, 9 seconds Similarly, the net NPA percentage which was 40% in March 25 has reduced to 29% in March 26. We are well within our 11:18 11 minutes, 18 seconds guidance for gross NPA as well as net NPA ratio. Our PCR stands at 97.14% 11:26 11 minutes, 26 seconds as on March 26 which is well above our guidance of more than 96% for financial year 2526. 11:35 11 minutes, 35 seconds Total fresh slippages during Q4 2026 was 2,674 cr as against 2,94 cr in Q4 of FY25. 11:47 11 minutes, 47 seconds Our guidance for slippages ratio was to remain below 1% in FY 2026 and we are 11:54 11 minutes, 54 seconds well within our guidance level as slippages ratio for the full year is 6%. 12:00 12 minutes Total recovery stood at 4,82 cr for Q4 2026 and for the financial year is 15,51 12:09 12 minutes, 9 seconds cr. Our recovery is 2.4x of the slippages in FY 2026 reflecting our commitment towards improving asset 12:18 12 minutes, 18 seconds quality. We have made additional floating provision of 270 cr on credential basis in Q4 of this financial year of financial year 2526. 12:30 12 minutes, 30 seconds I will provide and I will talk about some underwriting standards. I will provide analysis on underwriting standards which will provide confidence 12:39 12 minutes, 39 seconds regarding the estate quality and underwriting standards of the bank. From 1st July 2020 to 31st March 2026 almost 12:47 12 minutes, 47 seconds 5.75 years we have sanctioned around 14.28 lakh lo lakh cr loans out of which 12:55 12 minutes, 55 seconds we have dispersed 12.46 lakh cr. The outesting in this loan as on 31st March 13:01 13 minutes, 1 second is 8.75 lakh cr which is close to 69.5% of our total outstanding loan book. The 13:09 13 minutes, 9 seconds NPA in this book is hardly 5,34 cr which is only40% of the disease amount under phase underwriting. 13:19 13 minutes, 19 seconds I will talk about the capital. Our capital adequacy is 17.74% as on March 2026 compared to 17.01% 01% as of March 13:28 13 minutes, 28 seconds 2025 which is 73 basis point above March 2025. Our C1 capital stands at 13.62% 13:36 13 minutes, 36 seconds against the regulatory requirement of 8%. Tire one capital stands at 15.15% against the regulatory requirement of 13:44 13 minutes, 44 seconds 9.5% and T 2 capital stands at 2.59% as on 31st March 2026 13:52 13 minutes, 52 seconds more than 85% of the total externally rated advance above 25 cr and above a rated and more than more than 52% are 14:01 14 minutes, 1 second triple A rated which indicates balance sheet strength from risk point of view institute participation has strengthened 14:10 14 minutes, 10 seconds progressively throughout the year underpinned by our proactive and structured investor outreach across both 14:17 14 minutes, 17 seconds global and domestic markets. FI holdings increased from 5.71% to 6.39% 14:24 14 minutes, 24 seconds while domestic investors and mutual fund shareholding rose from 14.67% 67% to 15.95% 14:33 14 minutes, 33 seconds signaling rising conviction in banks strategy performance and future trajectory. 14:42 14 minutes, 42 seconds I will talk about digital banking. 14:43 14 minutes, 43 seconds Punjab bank is rapidly evolving into a faster financial powerhouse leveraging advanced AI, machine learning and 14:52 14 minutes, 52 seconds analytics to drive unprecedented operational efficiency and growth. We have established end-to-end digital journeys across most lending products 15:01 15 minutes, 1 second which are being leveraged to scale digital lending and drive growth. We have sanctioned and dispersed more than 20,873 15:09 15 minutes, 9 seconds cr through digital mode in Q4 to 4.8 lakh customers. Every third loan is being sanctioned in digital mode in our 15:17 15 minutes, 17 seconds bank on gross basis. Bank has crossed a regional sanction of rupees 1 lakh cr demonstrating commitment for faster technology enabled credit solutions. 15:28 15 minutes, 28 seconds The digital first has shifted the landscape of the bank's operations with digital transactions now accounting for 15:34 15 minutes, 34 seconds more than 95% of all transactions. The flagship PNB1 mobile app leads the charge offering 350 plus features and 15:44 15 minutes, 44 seconds enterprisegrade security like mobile thread detection and seam binding. There is a very good traction in our corporate mobile app PNV1 business which serves 15:53 15 minutes, 53 seconds through three lakh customers with more than 200 features. Number of WhatsApp banking users had grown by 77% from 61.5 16:01 16 minutes, 1 second lakh as March 25 to 1.09 cr as on March 26. Combined with a robust WhatsApp 16:08 16 minutes, 8 seconds banking platform and an internet banking ecosystem, PNB is delivering a highly accessible, secure and automated banking 16:17 16 minutes, 17 seconds experience built for the scale of modern India. 16:22 16 minutes, 22 seconds Human resources under our UDAN transmission transformation initiative, the bank is driving growth through a robust objective performance framework 16:31 16 minutes, 31 seconds aligned with a strategic priorities. We have revamped the digital performance management system to strengthen accountability integrating new age 16:40 16 minutes, 40 seconds metrics such as conduct risk and customer feedback alongside launching the unati path to accelerate women's leadership development. 16:50 16 minutes, 50 seconds We have also announced the tentative dividend. I think we need to wait for the uh Asian approval but board has 16:58 16 minutes, 58 seconds approved uh three rupees for every two rupees of the face value uh the shareholding uh almost it comes to 150% 17:07 17 minutes, 7 seconds of the face value while concluding Punjab National Bank is sharpening it a strategic focus on core 17:15 17 minutes, 15 seconds franchise strengths with a targeted efforts to build a a stronger kafa base and expand the RAM portfolio 17:23 17 minutes, 23 seconds supporting better margins and operating efficiency. A disciplined approach towards risk management anchored on 17:30 17 minutes, 30 seconds containing slippages and accelerated recoveries used to reinforce asset quality trends while digital and 17:37 17 minutes, 37 seconds workforce transformation are reshaping operational operating capabilities. Bank has three important vertical credit card 17:46 17 minutes, 46 seconds cash management services and supply chain finance. We will see lots of transaction in current financial year in big segments. With these structural 17:54 17 minutes, 54 seconds levels in place, the bank is poised to sustain growth momentum and progressively strengthen its competitive positioning across all the segments. 18:05 18 minutes, 5 seconds Thank you very much. uh along with me all my security directors and the management of our bank is there here and 18:12 18 minutes, 12 seconds I welcome uh any clarity or any query or anything which you would like to discuss about the financial result of our bank 2526. Thank you very much. 18:28 18 minutes, 28 seconds Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star 18:35 18 minutes, 35 seconds and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 18:42 18 minutes, 42 seconds two. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question cue assembles. 18:58 18 minutes, 58 seconds The next qu the first question is from the line of Ashok Ajmera from Hphone. Please go ahead. 19:05 19 minutes, 5 seconds Yeah, thanks for giving this opportunity. 19:09 19 minutes, 9 seconds uh compliments to Ash Dhaji and the entire team of the Punjab National Bank for achieving uh most of the I mean 19:17 19 minutes, 17 seconds parameters guidance on the main most of the parameters and especially very heartening to note that the credit growth for FI26 had been 12.7%. 19:28 19 minutes, 28 seconds uh which is better than even the guidance which was given and everybody was apprehensive about that which you 19:35 19 minutes, 35 seconds achieved very good even reasonably good deposit growth also and good business growth also. Uh having said that sir uh 19:44 19 minutes, 44 seconds I have got a couple of data point and some uh some discussion some comments of yours on a few points. Sir if you look 19:52 19 minutes, 52 seconds at the uh slippages in this quarter the slippages in this quarter has gone up little bit higher by almost about 800 20:00 20 minutes crores and SMA 2 numbers have come down from 1,800 cr to 450 crores in which 20:07 20 minutes, 7 seconds measure is MSME and agree which have come down. So does it mean that many of these account have slipped uh because 20:14 20 minutes, 14 seconds you have given only SMA 2 numbers. So we would like to also know the overall color on the SMA book uh because of the 20:22 20 minutes, 22 seconds present situation and also about the sleep pages. This is the first uh question sir. 20:31 20 minutes, 31 seconds Thank you very much Amiras. Uh first I will touch the sleepages part. uh see in this financial year the slippage is 2758 20:40 20 minutes, 40 seconds cr and if you compare it with the last financial year 2425 that time the slippages was 3,000 to 1 cr almost 3,000 20:48 20 minutes, 48 seconds cr uh and we have seen the trend almost every year Q4 because of the uh review 20:56 20 minutes, 56 seconds renewal that falls in this particular month uh the quarter from January to March and most of these MSME loans and 21:05 21 minutes, 5 seconds agree loans that comes for the review renewal and because of those things in this particular quarter there will be slightly elevated 21:14 21 minutes, 14 seconds slippages will happen compared to the Q1 Q2 and Q3 but still if you see the overall slippages which has happened in the bank 21:22 21 minutes, 22 seconds it is well within the guidance which we had given 6% our guidance was below 1% so we have kept the slippages fully 21:30 21 minutes, 30 seconds under control and I will give you the figure also in the retail 400 39 cr has slipped compared to 490 cr had slipped 21:39 21 minutes, 39 seconds in 2425 in the same quarter agree it is,69 cr which was 1,400 cr which has 21:46 21 minutes, 46 seconds slipped in 2425 and MSME 1,100 cr whereas it was 995 cr so almost in all 21:54 21 minutes, 54 seconds parameters we have brought it down and it is fully under control absolutely there is no challenge now SMA2 you have 22:03 22 minutes, 3 seconds mentioned that five coroner which we have given in the analyst presentation but I will give you 22:10 22 minutes, 10 seconds what is the total SMA 012 uh the actual number is 330%. 22:18 22 minutes, 18 seconds It is okay lowest ever in our bank now so the everything is fully under control retail 22:27 22 minutes, 27 seconds it is 8.21% agree it is 3.06% MSME it is 6.43% others it is 0.28% 28%. So almost all 22:36 22 minutes, 36 seconds segment put together the grant total is only 3.30% for SMA 012 irrespective of the amount. 22:44 22 minutes, 44 seconds Yes sir point well taken sir and you explained it very well. Uh sir this now ECL guidelines have been finalized by RBI. So we have been talking about it 22:53 22 minutes, 53 seconds for last four to six quarters about the preparedness of the bank every bank on the ECL. So now the guidelines having 23:01 23 minutes, 1 second come out uh in full and final uh where do we stand uh to take care of the additional uh provisions which will be 23:09 23 minutes, 9 seconds required like you already said that you have got a floating provision additional of 245 cr is it to take care of the ECL 23:17 23 minutes, 17 seconds provisions only and how are we prepared how do we plan to uh take care of that in the coming years 23:25 23 minutes, 25 seconds if you see our uh uh capital position and the CR and the C1 both the parameter 23:34 23 minutes, 34 seconds the capital is 17.74% in the CR and the C1 is also 13.62%. 23:43 23 minutes, 43 seconds So we have enough cushion to take care of any requirement which will come on account of implementation of ECL from 1st April 2027. That is first thing. 23:54 23 minutes, 54 seconds Second, keeping in view that additional provision which is likely to come. We have already kept more than 2,000 cr which already you have also mentioned 24:03 24 minutes, 3 seconds 245 cr in precise it is kept for the floating provision that can take care of my ECL requirements or any eventuality 24:11 24 minutes, 11 seconds which comes because of the middle crisis or anything. So we have enough room to take care of anything which happens in 24:18 24 minutes, 18 seconds the system. And uh since I have already mentioned the underwriting standards of our bank and the SMA position, so we do 24:26 24 minutes, 26 seconds not see any much challenge in implementation of the ECL from 1st April 2027. 24:34 24 minutes, 34 seconds Okay. S one thing I observed in the in the employee cost um which has gone tremendously I mean down as compared to 24:43 24 minutes, 43 seconds the last quarter of 5,89 cr to 3,747 cr. Does it mean that in the earlier 24:50 24 minutes, 50 seconds quarters little more provisions for the employee cost I mean were taken or is it 24:57 24 minutes, 57 seconds because of the rate change in the uh uh pension and other this thing what is the reason which can be for 1,342 25:06 25 minutes, 6 seconds crores reduction uh in this quarter and which is added to the profit and having if that would not have been there then 25:14 25 minutes, 14 seconds our profitability would have got terribly affected Alas see in in the financial 25:23 25 minutes, 23 seconds ratios there is always if and things will be there. If this happens see how I will tell you why and how it has happened. One is the some additional 25:32 25 minutes, 32 seconds provision which was kept during the Q1, Q2 and Q3. Definitely some PL back has happened because of the additional thing 25:39 25 minutes, 39 seconds AS15 also what has happened bond yield has gone up. Now if it would 25:47 25 minutes, 47 seconds have reduced it would have increased my treasury income. Now my treasury income is very very subdued in this quarter. 25:54 25 minutes, 54 seconds So similar that impact will be there. So that impact has come on the S15 positive way. So in the entire system somewhere 26:03 26 minutes, 3 seconds some challenge will there somewhere some opportunity also will come. Now in the Q1 Q2 and Q3 we had calculated as per 26:12 26 minutes, 12 seconds the field which was prevailing at that point of time. Now the had hardened. So that has affected my treasury income but 26:19 26 minutes, 19 seconds that has put me in the gain by the actual calculation which has happened through the acturian. So we we need to see the overall how the bank is 26:28 26 minutes, 28 seconds performing and uh it is not a one time the operating profit has happened in this particular order see Q1 Q2 Q3 Q4 26:37 26 minutes, 37 seconds all four quarters we are more than 7,000 cr of operating profit more than 5,000 cr of the the net profit we are giving 26:44 26 minutes, 44 seconds so it is a consistency will be there and you see our chart whether it is a net profit operating profit or the ROA all those ratios if you see 26:54 26 minutes, 54 seconds very very consistent growth is there and I can assure you to you and your entire investors who are here that this consistency will be there in the system. 27:04 27 minutes, 4 seconds Yes sir, point well taken sir. Treasury income has gone down uh and that is what is reflected here in the because of that reduction the treasury income loss is 27:12 27 minutes, 12 seconds offseted by the reduction in the employee cost. Uh sir one thing we again see in the taxation also sir in the 27:18 27 minutes, 18 seconds first quarter the hit was taken of 5,83 crores coming into the new regime but thereafter it is 1 1700 cr then 1200 cr 27:28 27 minutes, 28 seconds then again now 1852 crores so so is that some other factors because in 27:35 27 minutes, 35 seconds this quarter the profit before tax has increased only by 745 cr on that the tax 27:43 27 minutes, 43 seconds is increased by 620 21 cr almost 90% of the 85% of the additional profit before 27:50 27 minutes, 50 seconds tax. So is there any still some items which are going in the tax or some of the items which we do not know about? 27:59 27 minutes, 59 seconds Yeah. Yeah. I will ask my CFO Mr. Grover to answer this question. 28:02 28 minutes, 2 seconds Yes sir. Last quarter our uh this rate of actually we are paying at the rate of 25.168%. 28:10 28 minutes, 10 seconds Last quarter quarter 3 so it was 19.44%. 28:13 28 minutes, 13 seconds 44%. Uh we also conveyed earlier in the this investor Mitch that quarter three 28:19 28 minutes, 19 seconds we got a refund of about 506.01. It was not a refund. It was a release of the earlier provisions which were made in 28:27 28 minutes, 27 seconds anticipation of our higher uh tax outflow. So last quarter was this reversal and this quarter 26.16% is our rate against our 25.168%. 28:51 28 minutes, 51 seconds quarter which is even even beyond 25.17% also it is more by 60 70.16% 29:11 29 minutes, 11 seconds Okay. Uh okay sir. Now one point last is on the name that uh you had given a very 29:19 29 minutes, 19 seconds good target of the name of 2.8 to 2.9% but we have lended up to 2.57% and that is what in this scenario I mean 29:26 29 minutes, 26 seconds everybody is under uh that pressure uh but going forward uh you have given the 2.6 6 to 2.7 29:35 29 minutes, 35 seconds uh can we must think of again giving the guidance of 2.8 8 or 2.9 something and try to achieve it rather than slimming 29:45 29 minutes, 45 seconds down or lowering down the the NIM target. This is one. Second is last is now what is happening in the West Asian 29:52 29 minutes, 52 seconds crisis the war which is going on between Iran and USA and Israel. uh have you started seeing any impact uh on our 30:00 30 minutes accounts especially the MSM some pressure is being seen or we are almost 30:07 30 minutes, 7 seconds neutral on that or muted on that I will touch that 30:15 30 minutes, 15 seconds see we we could have done that 2.8 8 to 2.9 but considering the prevailing 30:22 30 minutes, 22 seconds situation which is there and the deposit rate which is still at the very elevated level when even in the first month and 30:31 30 minutes, 31 seconds first quarter of this uh financial year also uh we do not see much change happening in the deposit front as far as 30:40 30 minutes, 40 seconds rate is concerned deposit is available there is no challenge in the liquidity rate is little bit high and you are seeing the totally uh environment or the 30:48 30 minutes, 48 seconds bond rate is very high. So things are totally different at this point of time. 30:53 30 minutes, 53 seconds So we thought that instead of giving 2.8 2.9 and so showing a very roy picture and coming down we thought let us keep 31:02 31 minutes, 2 seconds that 2.6 to 2.7 we will watch the situation for Q1 and Q2 and then if it is any required to be modified we will 31:10 31 minutes, 10 seconds do we'll take a call in the third quarter of this financial year. Now coming to the stress as of now we have 31:18 31 minutes, 18 seconds not seen any challenge in our book. Now in fact uh we had interaction with my exporters and importers of the all these 31:27 31 minutes, 27 seconds affected areas and uh we had conducted twice a webinar with all those people and we have also told them that uh any 31:35 31 minutes, 35 seconds challenge which comes in the system we are there to protect them we are there to help them and any such event comes 31:44 31 minutes, 44 seconds definitely uh bank is there to take care of those requirements. 31:48 31 minutes, 48 seconds Okay sir thanks a lot sir. Absolutely no s. 31:52 31 minutes, 52 seconds Uh thanks a lot and all the best to you sir. Thank you. Thank you. Thank you sir. 31:59 31 minutes, 59 seconds Thank you. The next question is from the line of Maru Ajana from Tara Capital. Please go ahead. 32:07 32 minutes, 7 seconds Good evening sir. Uh for questions. Good evening on your provisions. Um see 32:14 32 minutes, 14 seconds earlier also there was a write back from ILFS one of the accounts and you had not taken it into the numbers and now other 32:22 32 minutes, 22 seconds banks this year have this quarter have taken another account uh you know sterling biotech in their numbers as a 32:30 32 minutes, 30 seconds right back. Have we uh accounted for the rightbacks on these two accounts in our numbers now? Were they both accounted for inq and under which line item? 32:43 32 minutes, 43 seconds Sterling has been factored madam. 32:45 32 minutes, 45 seconds Sterling is technically right of account. So that amount factored in our operating profit. The INSS still it is in the standard uh provision it is kept. 32:58 32 minutes, 58 seconds We have not taken up uh in our uh the operating profit. So we will see uh that maybe Q1 or Q2 depending upon the 33:07 33 minutes, 7 seconds situation we will take back uh in the operating profit. 33:12 33 minutes, 12 seconds And there was a reversal in your standard asset provision also this quarter right it's a negative number so what was that for 33:20 33 minutes, 20 seconds that is because of the 7th June circular implementation the restructuring which we keep it or the uh and the account 33:28 33 minutes, 28 seconds gets upgraded. So those things uh the the reversal happens mamlha 33:35 33 minutes, 35 seconds madam. Yeah. NPL also reversal has happened because of the RBI modified guidelines. 33:42 33 minutes, 42 seconds No no sorry I didn't get that. Sorry sir could you please explain again? There was a release of 727 cr which was kept 33:52 33 minutes, 52 seconds in the standard account provision because of the large borrowal account framework. Okay. 34:00 34 minutes Under the guidance guidelines of RBI which the RBI modified that guidelines and it was effective from 1st January 2026. 34:10 34 minutes, 10 seconds So because of that there is a release of 727 cr in the standard account provision has happened. 34:17 34 minutes, 17 seconds Got it sir. Okay sir. So these were my questions. If I have more I'll come back. Thank you. 34:23 34 minutes, 23 seconds Yes ma'am. Thank you. 34:28 34 minutes, 28 seconds Thank you. The next question is from the line of Jan Karote from Access Capital. Please go ahead. 34:35 34 minutes, 35 seconds Thank you sir. So first question is on the LCR. What was the average LCR during the quarter and what is the comfort for the next year? At what levels do we want to run it? 34:44 34 minutes, 44 seconds around 125% we would like to keep it and uh we are at the almost at the same level as on March 26 125%. 34:55 34 minutes, 55 seconds Great. So so the second question is in your guidance I can see that uh you are building in a NI growth of 7% 35:04 35 minutes, 4 seconds despite the fact that you expect Mims to be slightly better and credit growth of 12 to 13%. which means essentially you 35:12 35 minutes, 12 seconds are running down your uh non loan assets right it could be investment book or others but your LCR doesn't have that 35:20 35 minutes, 20 seconds headroom so how do you plan to achieve that two things which we are planning now and 35:27 35 minutes, 27 seconds we are already started working on that one is if you see our uh the kasa growth and especially in the kasa SB individual 35:36 35 minutes, 36 seconds there has been a very significant growth has happened 9.2% 2% growth has happened in the SB individual fund which is the core deposit and last year lot of 35:46 35 minutes, 46 seconds initiative in the bank has taken entire products of the bank was revamped and more than 40 lakh new quality accounts 35:54 35 minutes, 54 seconds were opened and in that good traction has happened because of that 9.2% 2% growth has happened and we are expecting in those accounts further acquisition 36:03 36 minutes, 3 seconds will happen and the new account will get open. So one is that we are expecting the good attraction should happen in the kasa deposit this uh uh quarter. Second 36:13 36 minutes, 13 seconds is the retail deposit the bank is putting lot of focus now because of these two things we are expecting that 36:19 36 minutes, 19 seconds cost of deposit going forwards it will come down. Second important aspect from the asset side is that we have started 36:28 36 minutes, 28 seconds putting last last year onwards focus on mobilization in the RAM portfolio retail agree and MSME and we have seen the 36:36 36 minutes, 36 seconds impact that is happening uh 20% every quarter there has been a growth in the MSME front and we know that MSME is the 36:45 36 minutes, 45 seconds largest contributor and highest contributor in the profitability of the bank not only in our bank and all the banks high yield will be highest in the 36:52 36 minutes, 52 seconds MSM segment. So there we want to build up the good portfolio. Second is the agri sector we have grown at 16% in the 37:00 37 minutes agri priority sector. Retail we have grown at 18%. So core retail agree and MSME last year lot of activities have 37:09 37 minutes, 9 seconds happened lot of outreach plans have happened and because of that this growth we have seen and this momentum is going 37:16 37 minutes, 16 seconds to continue in this financial year also already in the first month itself massive outreach activity for the retail has happened in the more than 200 37:23 37 minutes, 23 seconds centers we have mobilized 9,000 cr of the retail portfolio in the lead we have generated 27th of April we had the MSME 37:32 37 minutes, 32 seconds outreach activity at MSM clusters at 200 centers 220 centers in the country. We have mobilized 21,000 cr of lead under 37:40 37 minutes, 40 seconds that MSME segment and then 8th March we are going to have a agree the expo at more than 200 cent. So these are the 37:47 37 minutes, 47 seconds activities which we are doing it so that the dependency on the corporate loan book as of now which is there to the 37:54 37 minutes, 54 seconds extent of around 46 to 47%. We want to bring that share down to in the long term it is 40%, shortterm it is 42%. And 38:04 38 minutes, 4 seconds in the RAM we want to bring it to 60% in the long run and around 58% in the this financial year. So if that composition 38:13 38 minutes, 13 seconds happens automatically my yield on advances will go up and that will contribute in a bigger way in our NI. 38:20 38 minutes, 20 seconds So this would be baked in your NIM guidance of 2.6 to 2.7 right? We are definitely yeah definitely we are going to do this. 38:28 38 minutes, 28 seconds I'm just trying to understand why would you guide for uh an NI growth of only 7% then when you're expanding expecting 38:34 38 minutes, 34 seconds name expansion and 12 13% credit growth you are talking about NI okay now see 38:44 38 minutes, 44 seconds see when when we are talking about this growth to happen and uh it is not that the entire scenario will get changed 38:51 38 minutes, 51 seconds when I when my name will be in the range of 2.6 6 to 2.7. So I don't think and we should not expect that NE will grow at 39:00 39 minutes 10 to 12%. It will not happen. So if my NE is just growing by 10 basis point improvement is going to happen then 39:07 39 minutes, 7 seconds definitely I think the NI also will be in the same range. 39:13 39 minutes, 13 seconds We are going to revisit because of the present situation. We have kept this for the next two quarters. We'll watch the situation how the deposit rate happens 39:22 39 minutes, 22 seconds in the system and how the credit outflow happens and based on that we'll revisit in the month of October. 39:30 39 minutes, 30 seconds uh sir just one data point I don't know if you've given already what was the uh adjustment in the employee cost on the 39:37 39 minutes, 37 seconds yield hardening the amount total impact of positive impact is 221 39:46 39 minutes, 46 seconds cr 221 crores thank you very much 39:58 39 minutes, 58 seconds thank you the next question is from on the line of Jay Mundra from ICICI securities. Please go ahead. 40:06 40 minutes, 6 seconds Yeah. Hi, good evening sir. Uh sir continuing from the previous question sir uh it looks like mathematically um 40:13 40 minutes, 13 seconds you know the guidance uh if you were to break down so loan growth will remain at 12 13%. And NI we are saying will be 40:21 40 minutes, 21 seconds lower than credit growth. So then mathematically Ming should decline right. So how these three things tell if 40:31 40 minutes, 31 seconds the NI if the if the NI growth is lower than credit growth then ideally your NIM 40:38 40 minutes, 38 seconds should decline or if NIM is expanding then NI growth should be higher than credit growth. So 40:45 40 minutes, 45 seconds that is the question sir or are the NIM number is exit quarter though it does 40:52 40 minutes, 52 seconds not look like that but just wanted a clarity there. 40:56 40 minutes, 56 seconds No, no, see we have kept this uh NI at 7% as a conservative level because the 41:06 41 minutes, 6 seconds portfolio under the deposit and portfolio under the asset side still lot of things have to happen in the system. 41:14 41 minutes, 14 seconds See our core RAM growth RAM share in the overall credit is around 54%. 41:21 41 minutes, 21 seconds Now in this financial year we are trying to at least from 54 to 56 57% we are trying to reach now if that happens 41:29 41 minutes, 29 seconds there will be some improvement in our yield on advances because as of now bank is totally we were towards the corporate 41:37 41 minutes, 37 seconds side we had in fact one year back we were having around almost 49 50% in the corporate loan book which we have 41:44 41 minutes, 44 seconds brought it down to around 46% now so the moment my corporate loan book starts coming down and it comes to around 40% 41:52 41 minutes, 52 seconds and the ramps there become 60%. I think the lever of the NI will definitely it will improve now because then we will 42:00 42 minutes have a total visibility that what rate we have quoted and what rate that the asset is started I think that is going 42:08 42 minutes, 8 seconds to continue corporate loan book every day there is a challenge so there is uncertainty in the corporate loan book 42:14 42 minutes, 14 seconds and that is the reason we can't the forecast that my NI can grow at 12 to 13% since our credit growth is happening 42:22 42 minutes, 22 seconds at 12 to 13% % that doesn't happen. So we need to rebalance and re uh the design our portfolio in such a way that 42:31 42 minutes, 31 seconds there has to be sustainable growth in the the the interest side it should be there. So that is the reason we have kept some conservative level at the NI level. 42:41 42 minutes, 41 seconds Okay. Sure. And secondly sir this portfolio core retail core RAM and the reported RAM it looks like that IBTC 42:51 42 minutes, 51 seconds portfolio is still 70,000 cr is that the number broadly correct sorry no no no it has come down to 32,000 cr 43:00 43 minutes now okay and this will come down to almost negligible level by let's say FI27 end 43:08 43 minutes, 8 seconds yes yes yes see last year almost 19,000 cr have said and that too in the retail segment because this was all the low 43:17 43 minutes, 17 seconds yielding advances. So despite that we have grown at reasonably well. So what we are doing it is we are going to 43:25 43 minutes, 25 seconds replenish all those IPC at whatever is there at the lower range and around 18 to 20,000 cr further it will be reduced 43:32 43 minutes, 32 seconds we want to totally come out of this IPC business. In fact uh going forward a lot of things you will see happening in the 43:40 43 minutes, 40 seconds retail agree and MSM side the core activities. 43:44 43 minutes, 44 seconds Right. Right. No sir I'm just looking at the slide 10. So which says that retail 280,000 cr and retail excluding IBPC is 43:52 43 minutes, 52 seconds 251. So roughly 29,000 there and agree and agree PS. Okay. So only agree PS is 44:01 44 minutes, 1 second priority sector right? The difference is not the IBPC. The only IBPC sitting is only in retail. 44:06 44 minutes, 6 seconds It is only in the return. Only in the return. It is only in the retail. Okay. 44:11 44 minutes, 11 seconds Sure. Sure. Okay. Sir, sorry. Coming back to N question. So there are two components. One is yield which you explained as this core uh retail 44:19 44 minutes, 19 seconds portfolio improves there will be uptake in the yield. On the cost of deposit side um this quarter the cost of deposit has only declined by four basis point. 44:28 44 minutes, 28 seconds uh maybe there was some activity on the wholesale bulk deposit short-term also. 44:34 44 minutes, 34 seconds So how should one look at cost of deposit? Will your cost of deposit keep declining or they will st they will be 44:41 44 minutes, 41 seconds broadly stable or they will start moving up? How to look at cost of deposit? 44:46 44 minutes, 46 seconds I think uh we are seeing and we are very closely watching our incremental uh cost of deposit and uh I have compared the 44:56 44 minutes, 56 seconds January, February, March and April 30th April also uh there has been some decline happening in the incremental 45:03 45 minutes, 3 seconds cost of deposit and that is one part second is that 2425 we had one special scheme which I had mentioned last time 45:12 45 minutes, 12 seconds also 7.25% 25% and 7.75% Q4 days almost 95% of those things also 45:19 45 minutes, 19 seconds have been repriced by end of the Q4. So whatever the new deposit which we are garnering it and that to if it is 45:27 45 minutes, 27 seconds happening at a lower cost so we are expecting that the Q1 and Q2 definitely there will be some improvement 45:36 45 minutes, 36 seconds on account of this in in our NI. So maybe around around five basis point I'm expecting that definitely some 45:43 45 minutes, 43 seconds improvement it will happen in the cost of deposit side. 45:47 45 minutes, 47 seconds Right. Right. Sure. And uh secondly sir uh uh on uh let's say u uh uh on the SMA 45:59 45 minutes, 59 seconds book and ECL last quarter we had said that 9,000 to 10,000 cr was the provisioning shortfall as per the draft 46:05 46 minutes, 5 seconds guidelines. uh now if you had a chance to uh look at the final uh circular does that uh ECL transition impact of 9 to 46:14 46 minutes, 14 seconds 10,000 cr does that broadly number remains or there is a revision to that number I think uh for the final number I think 46:24 46 minutes, 24 seconds we just wait for another uh uh two quarter uh because already we have uh onboarded the digital platform now and 46:31 46 minutes, 31 seconds the modeling is also in place but I can assure you one thing that the credit the capital adequacy which the bank is 46:40 46 minutes, 40 seconds having and the provisioning the floating provision which we have kept it is sufficient to take care of my ECL 46:47 46 minutes, 47 seconds requirement which will start from the 1st April. Uh absolutely we don't see any any challenge and any uh the threat 46:54 46 minutes, 54 seconds on our balance sheet at all right no sir capital is very robust maybe alltime high and that NPA anyway 47:03 47 minutes, 3 seconds has been coming down and one more thing I will tell you uh to to ask this uh capital side see last 47:11 47 minutes, 11 seconds year we had taken permission for 4,000 cr1 and 4,000 cr of 81 8,000 cr of 47:18 47 minutes, 18 seconds capital raising which we had planned And we had taken the approval from the board and we didn't get a opportunity or 47:25 47 minutes, 25 seconds didn't feel that we should go to the market and we have not raised any capital last year. Despite that 5,489 47:33 47 minutes, 33 seconds cr got matured 81495 cr and tied to 5,000 cr maturity was there with all those things and not raising the capital our capital position is 17.74%. 47:45 47 minutes, 45 seconds So to some extent the interest which we were paying on these bonds that also we have calculated that how much additional gain which we are going to happen 47:54 47 minutes, 54 seconds because of non-raising of the the bond that amount is coming to around 175 cr that acroval will happen in this financial year. 48:04 48 minutes, 4 seconds So we are very mindful and in fact this year also 5,890 cr 81 bond plus t2 is uh 48:11 48 minutes, 11 seconds they are completing now and we are not going to raise any capital 48:15 48 minutes, 15 seconds [clears throat] 48:16 48 minutes, 16 seconds okay sure and sir if you have this number in absolute rupees cr for sma 01 and two you had given 3% for total 48:26 48 minutes, 26 seconds but I just needed the 0 1 and two separately at the bank level I will give Yes sir. 48:35 48 minutes, 35 seconds Yeah. Then I have one question. Yeah. Yes sir. 48:41 48 minutes, 41 seconds What you want retail segment wise want or SMS012 you want? 012 sir. 48:47 48 minutes, 47 seconds Okay. SMA0 is 24,643 cr. Okay. 48:56 48 minutes, 56 seconds SMA 1 is 13,970 cr. 49:03 49 minutes, 3 seconds and SMA2 is 2,922 cr all put together it is 41,534 crores 330%. 49:13 49 minutes, 13 seconds This is irrespective of amount right entire SMS012 portfolio 49:21 49 minutes, 21 seconds right and uh last question sir on ASS reserves right so we have had some I 49:28 49 minutes, 28 seconds think 500 crores of revaluation negative number but last quarter we also had one listed investment which keeps 49:36 49 minutes, 36 seconds fluctuating so was it due to that and what was the change in AFS reserves I mean what is the outstanding EFS result 49:44 49 minutes, 44 seconds as of March 31st versus maybe December 31st? 49:49 49 minutes, 49 seconds It is only because of that particular asset which you are mentioning uh mainly because of that is the fluctuation as one. 49:59 49 minutes, 59 seconds Okay. But we had taken the MTM in last quarter also and then this again we had a uh MTM hit. 50:07 50 minutes, 7 seconds See what has happened to see the March 26 what has happened because of the the 50:14 50 minutes, 14 seconds crisis market had deeply it has fall down in that particular day. Okay. And we take the figure as on March 26. 50:23 50 minutes, 23 seconds So and now it has it has gone up now. So that is the challenge in the system. 50:29 50 minutes, 29 seconds Right. Right. And sir you have prepared the number for outstanding AFS results as of March and maybe as of December. 50:35 50 minutes, 35 seconds That will be it from my side sir. 50:40 50 minutes, 40 seconds AS reserve we'll give you can give now. 50:44 50 minutes, 44 seconds Yeah, we'll give you we'll give you. 50:47 50 minutes, 47 seconds Sure sir. No problem. I'll take it from you. No problem. Thank you. Yeah. 50:54 50 minutes, 54 seconds Thank you. The next question is from the line of Pam Subramanyan from Invest. Please go ahead. 51:02 51 minutes, 2 seconds Yeah. Hi, good evening sir. Thanks for taking my question. 51:05 51 minutes, 5 seconds So firstly uh on uh the ECL uh I think you spoke about the one-time adjustment um you know rough numbers about that but 51:14 51 minutes, 14 seconds uh on a say on a run rate credit cost basis have we evaluated what can be the impact so like you're saying like credit 51:21 51 minutes, 21 seconds cost is below 04 is your guidance for FI27 but say if you were to implement ECL uh how much say would the impact be on your run rate credit cost? 51:33 51 minutes, 33 seconds uh yeah we have roughly calculated and I will tell you that for ECL let us wait for uh another few quarters by July I 51:42 51 minutes, 42 seconds think we will have a very clear visibility that what is going to happen in our system but rough calculation which we have done we are perfectly in 51:51 51 minutes, 51 seconds line with the capital requirement what is to be done and the asset quality what should be there we are perfectly we 51:59 51 minutes, 59 seconds don't have any challenge floating provision we have already kept more 2,000 cr 245 cr so rough calculation which bank has done we 52:08 52 minutes, 8 seconds are able to meet all those things which is going to happen in the system from 1st April 2027 actual number let us wait for some time and then we will discuss 52:16 52 minutes, 16 seconds about the actual number which is there in the system so just a follow up on that I think capital I think we we appreciate right that you 52:24 52 minutes, 24 seconds are very capitalized but uh the question is more how it affects your ROA will you be able to deliver over 1% ROA Even 52:32 52 minutes, 32 seconds yes yes absolutely why I will tell you see we have 97% PCR right 52:40 52 minutes, 40 seconds yes stage three I think sufficient release is can happen in the system now once we 52:48 52 minutes, 48 seconds get once the ECL gets implemented so having 97% PCR 2,000 cr of floating 52:55 52 minutes, 55 seconds provision in the system and 17.4774 4774 the capital adequacy. I think these three things should give the confidence 53:03 53 minutes, 3 seconds to all the investors that perfectly bank is in a very very compatible position. 53:09 53 minutes, 9 seconds Perfect sir. Uh sir and another question and that too has to be implemented in five years. We 53:16 53 minutes, 16 seconds don't require five years. I can tell you we will do it in one or two years itself. 53:22 53 minutes, 22 seconds Perfect. look forward to the more detailed uh you know uh numbers that you'll discuss from next quarter. Uh sir 53:30 53 minutes, 30 seconds uh secondly on uh your NIM uh so last quarter you had given this you know uh on PD repricing you had given some rough 53:37 53 minutes, 37 seconds numbers that 70% of your to deposits had repriced where are we now roughly now those higher those yeah those 53:46 53 minutes, 46 seconds special deposit which I had mentioned in our previous call that is almost 95% have been repriced in the end of March 53:55 53 minutes, 55 seconds uh but uh we have not seen much uh the traction happening or the the reduction happening in the cost of deposit because 54:04 54 minutes, 4 seconds what has happened we were expecting that the February and March the deposit rate will come down uh because of the 54:12 54 minutes, 12 seconds reported cut and the inflation scenario but that has not happened in the system still the deposit rate is little bit elevated so that is one of the reasons 54:21 54 minutes, 21 seconds why the impact we we are not able to see in our NI and the NE but I will tell Incremental uh the 54:30 54 minutes, 30 seconds deposit incremental deposit which we are mobilizing it in the month of February, March and April uh every month there has 54:38 54 minutes, 38 seconds been a reduction now of course two to three basis point reductions are happening every month. Fair enough. 54:45 54 minutes, 45 seconds So this improvement in name that you're talking about to 2.6 to 2.7 will mainly be funding cost but or it will mainly be the mix shift you're talking about on 54:53 54 minutes, 53 seconds the loan book. Okay, both both I'm talking both I'm talking one is the deposit side and second is the RAM share which we are 55:01 55 minutes, 1 second planning to increase and the activity which we are doing it both side it will improve fair enough sir so one last question sir 55:09 55 minutes, 9 seconds on the wage division so finance ministry has started you know asking the public sector banks to you know start the negotiation so by when can we you know 55:18 55 minutes, 18 seconds and and where are we positioned say if you have any rough numbers that we can talk about in terms of Yeah. 55:25 55 minutes, 25 seconds That see the due the wage revision due itself is the 1st November 2027. Yes. 55:33 55 minutes, 33 seconds So financial year 26 27 it doesn't impact at all. 55:39 55 minutes, 39 seconds Sure. So it is not you will not start making provisions uh for this. 55:44 55 minutes, 44 seconds No, not no. Okay. Okay. Fair enough. So thank you so much and congrats on the quarter. Thank you. 55:51 55 minutes, 51 seconds Thank you. 55:54 55 minutes, 54 seconds Thank you. The next question is from the line of Ashesha Sunj from Kodak Securities. Please go ahead. 56:02 56 minutes, 2 seconds Hi sir. Uh good afternoon sir. Firstly just a clarification on the AS15 provision number you gave of 20 about 56:10 56 minutes, 10 seconds 2,100 crores. Uh is is that the amount of uh amount of provision that you have reversed in this quarter? So it it was a 56:20 56 minutes, 20 seconds negative provision which you made in this quarter. 56:22 56 minutes, 22 seconds Yeah correct. My CFO will respond to you. Yeah. Sir uh we have a total provision of 1814 cr as 15 for this 56:31 56 minutes, 31 seconds financial year. Uh there was a reversal but not to that extent it was in three digits only. It was up to 736 cr. 56:44 56 minutes, 44 seconds Okay. But in this quarter the provision towards A15 was a negative 2,100 crores. Is that understanding correct? 56:51 56 minutes, 51 seconds No it's not. I tell you uh first quarter it was 1185 cr we made the provision. 56:57 56 minutes, 57 seconds Second quarter we again made a provision of 700 cr. Quarter three again we made a provision of 700 cr and this time because of the hardening of the 57:04 57 minutes, 4 seconds government's security rates there was no need of making the pro uh further provisions in AS15. So we treat it as a 57:11 57 minutes, 11 seconds prepaid ES50 to the extent of 736 crores and the balance 1814 crores has been booked as an expenditure in the employee cost sir. 57:20 57 minutes, 20 seconds Understood. Okay sir. Uh sir and secondly if you can share what is the average yield on your corporate book 57:28 57 minutes, 28 seconds versus the average yield on the RAM book so that we can get a sense of how much benefit you can get from a loan mix shift. 57:35 57 minutes, 35 seconds Yeah. Yes. Corporate uh yield is uh 7.55%. 57:47 57 minutes, 47 seconds And MSME yield is 9%. 57:58 57 minutes, 58 seconds And if you see our domestic that is 8.23%. 58:06 58 minutes, 6 seconds The corporate loan book gives us lower than the domestic. 58:12 58 minutes, 12 seconds Understood sir. Got it. Uh thank you sir. Those are all the questions I had. Thank you. 58:22 58 minutes, 22 seconds That was the last question for the day. 58:23 58 minutes, 23 seconds I now hand the conference over to the management for closing comments. 58:28 58 minutes, 28 seconds Uh thank you very much to all the esteemed uh the investors and analysts. 58:34 58 minutes, 34 seconds Uh I think the way you are reposinging faith in our bank on behalf of the 58:41 58 minutes, 41 seconds entire uh bank I can assure you that we have a very very robust system in place 58:48 58 minutes, 48 seconds and we are mindful of growth, profitability and assess quality. I think uh the faith which you have 58:57 58 minutes, 57 seconds maintained my request that you maintain the same trust and confidence uh in PNB. 59:03 59 minutes, 3 seconds We will continue to give the very consistent uh profit performance. Thank you very much. 59:10 59 minutes, 10 seconds Thank you. On behalf of Erurities that concludes this conference thank you for joining us and you may now disconnect your lines.