Q1 25/26

Jul 21, 2025

Ladies and gentlemen, good day and welcome to Q1FY26 Central Bank of India earnings conference call hosted by Antique Stockbroking Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing *0 on your phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Raju Barnawal from Antique Stockbroking Limited. Thank you and over to you, sir. Thank you. Good afternoon everyone and thank you for joining post result conference call of Central Bank of India. Today from the senior management side we have with us Sri Matam Venkata Rao, MD and CEO, Sri Vivek Vahi, Executive Director, Sri M.V. Murali Krishnan, Executive Director, Sri Mahendra Dohare, Executive Director, and Mr. Mukul Dandige, Chief Financial Officer. Now, without any further delay, I hand over the call to MD sir for his opening remarks, post which we will have a Q and A session. Thank you. Over to you sir. Thank you and very good afternoon to all of you. First, I will be giving financial highlights. What we have achieved for this June quarter and details will be run through by our CFO Mr. Mukul Dandige. This time I am very happy to share that our ROA, i.e., Return on Assets, has improved to 1.02%. On June 24, it was 0.82. Now it is at 1.02, and then. Return on equity has improved to 14.17%. If you compare with the previous June, it was 12.60%. CRAR improved to 17.66% of which. CRAR won at 15.48% reflecting an improvement of 198 basis points. Our most important is on the gross NPA which has come down to 3.13%. Net NPA now stands at 0.49%. Added to this, the slippage ratio. It is just 0.35. Our freight cost stands at 0.68. NIM is net interest margin. Which stands at 3.16%. The cost-to-income ratio is also improved. Earlier it was 57.71%. Now it got reduced to 55.43%. These are all these ratios part and. Coming to the total business, now it has grew by 10.84%. Now stands at INR 7.04 trillion. Total deposits have grown by 11.41%. Now stands at INR 4.28 lakh crore. CASA deposits is 46.88% which increased by INR 11,659 crore, registering a YoY growth of 6.17%. Gross advances increased by 9.97%, wherein in subsegments in RAM portfolio has increased by 15.71%. There is a clear distinction that. There is a reduction on the cost rate side. There is a reason for that. We will be explaining. Because of the pricing factors, we were. Not interested to lend below 6%. That was the issue there. Coming to the other operating profit. It is increased by 15.60%. Now it stands at INR 2,304 crore. These are all the highlights of our financial results. Further details will be shared by. Our CFO Mr. Mukul Dandige. Yes, Mukul. Thank you so much. Sir. Interest on advances has seen a YoY growth of 9.81% to INR 5,932 crore. The investment income has gone down by 4.99% to INR 2,340 crore. The other income, that is the interest on balances with RBI and banks, has gone up by 10.44%. As far as the non-interest income is concerned, as compared to INR 1,165 crore in June 2024, it has gone up by 53.30% to INR 1,786 crore, mainly contributed by treasury income and also the recovery in written-off accounts. On the total expenses side, the interest expenses on deposits have gone up by 8.73%, and the other interest has gone down by 66.28%. The operating expenses have increased by 5.33% to INR 2,865 crore, out of which the staff cost has grown by 7% to INR 1,834 crore, and other OpEx has gone up by 2.49% to INR 1,031 crore. The total expenses are at INR 8,070 crore for the quarter ended June 2025. If we come to the provision side, the provision on NPAs has reduced to INR 468 crore for the June 2025 quarter. The income tax provision has gone up to INR 614 crore, and as we are doing for the last three quarters, we have provided INR 250 crore towards the ECL requirement, once again INR 250 crore. The total provisions as against June 2024, INR 1,113 crore, now the total provisions have gone up to INR 1,135 crore. The bank has been able to register a net profit of INR 1,169 crore, which is again one of the highest ever net profit, and the two major factors are that our ROA has touched one cross one, we are at 1.02%, and the net NPA we have been able to bring it down to 0.49%. If we go to the asset quality trend, the net NPA which was at 0.73%, we have been able to bring it down to 0.49%, and gross NPA has come down from 4.54% to 3.13% as of 30th of June. In terms of absolute numbers also, the net NPA has reduced from a high of INR 1,771 crore in June 2024 now to INR 1,308 crore only. If we go to the recovery in written-off, which is a special slide. That we have created. If we see last four years we have done exceedingly well as far as the recovery in write off is concerned. In the financial year 2021-22 we were able to recover INR 331.52 crore, which went up to INR 1,282.59 crore in 2022-23, which further increased to INR 1,433.32 crore in 2023-24, and 2024-25 saw a further uptick to INR 1,716.33 crore. For this quarter, the recovery in write off stands at INR 613 crore, which is a very important factor. The provision coverage ratio has improved to 97.02%, the slippage ratio was at 0.35%, and the credit cost also has reduced to 0.68% only. The special mention accounts INR 5 crore and above, the total balance is now INR 1,008 crore only, out of which SMA2 accounts are 9, which total to INR 69 crore only. The restructured book stands at INR 4,948 crore. As MD sir has told, the CRAR improved to 17.66% with CET1 touching at 15.48% and Tier 2 at 2.18%. The leverage ratio has also improved to 6.21%. The total business growth was 10.84% and the total business stands at INR 7,44,85 crore with deposits clocking a growth of 11.41%, out of which CASA growth was at 6.17% and total CASA deposits have crossed the milestone of INR 2 lakh crore and they stand at INR 2,00,522 crore. The CASA percentage still continues to be very healthy at 46.88%. The advances growth was at 9.97%. If we see the RAM growth, it was at 15.71% with our retail clocking 17.51% growth, agriculture clocking 12.70% growth, and MSME still continuing at 15.94%. All this still with credit risk weighted assets of 62% only, which is one of the lowest in the industry. We do have a very diversified loan book with housing loan at INR 53,299 crore, auto loan INR 3,988 crore, which is major portion of the retail assets at INR 85,156 crore, agriculture at INR 53,057 crore, and corporate credit at INR 76,966 crore. The RAM advances stand at 72.07% for the quarter ended June 2025. The standard rated advances, if you see, the share of A and above rated advances is 77.11% of the total advances of INR 77,654 crore. If we see the BBB and above rated advances, the percentage is 94.49%. Thereafter, we have surpassed all the mandated targets under the priority sector lending. The investment book continues to be one of the robust books with yield on investment at 6.76%, and if we add the trading profit, then the yield was at 8.31%. This was all from our side as far as the financial highlights are concerned. We are now open for question and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Ashok Ajmera from AJCOM Global. Please go ahead. Thank you very much for giving me the opportunity. First, at the very outset, I would like to convey my great sense of congratulations and appreciation for Rao sir, for your very checkered banking career, and you are leaving the bank a very strong, like ROE target, which was your target. You already crossed 1%, so it is 1.02. Net NPA, you brought it down below 0.5%, which is another landmark, and with, I think, one of the highest profitability of the bank in the last four, five quarters. Even the operating profit, and if you. Talk about the net profit also. Compliments to you, sir, and hats off to you and all the best for your second inning in life. We are all with you, sir. Thank you. Having said that. I already appreciated the profitability number. Sir, I got a few data points and some concern. My major concern is on the credit growth. I think though overall year to year if you see, you say 9.9% or 10%, but in this quarter I think. Which is one of the terrible quarters. As far as the credit growth is concerned, we went down by 5% as compared to March. That is the major thing because we are very comfortable on CD ratio. We are very comfortable on CRAR. We have got a very good large client base, good retail opportunities, good SME opportunities. Where we went wrong or what are the challenges which the bank is facing as far as the credit book is concerned to increase or the credit growth. This is my first major point. Your profitability would have been more by INR 57.63 crore but for change in the depreciation method. The actual profit is really higher than what it is. No comments on that. Our SMA0 in this quarter has gone up from INR 221 crore to INR 537 crore. If you can give some color on that, that they are all regularized by now. Treasury income has contributed a lot. My compliments to the entire treasury team. Sir, I would like to. Know the plans for our being making the Future Generali at the associate company you know by investing good amount of almost about INR 500 crore in both life and general insurance. What are the plans which we are working out, how is it going. To help as far as the revenue. Of the bank is concerned and the future value growth by acquiring, finally, you know, signing the shareholders agreement and some. Color on that. Restructured book of INR 4,000 million. Almost about INR 5,000 crore. These are the some few questions and little bit on the. Our recovery from written-off accounts has. Been a little bit lower down as compared to March. What are the prospects for that, sir? Yeah, coming to first and foremost concern. What you have expressed on the credit growth, let me tell you that it is not at all a concern. You should be happy to note that the bank is much more concerned about the bottom line. If you see actual growth on the advances on the retail, agri, MSME, that is the RAM portfolio, which is almost 15.7%, and reduction in the growth that has happened on the corporate side. It is a very conscious decision from our side that we do not want. To lend at the rates what the corporates were demanding. This is also because our investment. Yield is almost 6.71%. There is no point in giving at 5.85%, 5.80% just to show the top line. You are very aware, all of you are aware that we never played. To the gallery, and we never played for the top line. We are interested in the bottom line and strengthening the bank in all possible ways in all the areas. That's why we have focused. That's why there is a reduction. It's not a concern. You should appreciate our way of working, that we are protecting the bottom line even during the challenging times where corporates. Are demanding below six. That's how. At the same time, we are. Also mindful of the fact that aggressive growth should not be there. That is why we have moderated our RAM growth around 16% that we will. Continue to do that and definitely going. Forward another nine months. Is there another eight months that we will get the opportunities to pick up the assets at the right price that we will be balancing with the pricing? With the risk so that capital conservation do happen. On the corporate side, this is on the credit side. On the SMA, I think it's a very minuscule amount that is there. The SMA 0 now, already INR 353 crore, already it is regularized. We do not have any issues. As far as the SMA 01 and. 2 is concerned in the credit distribution. That is also reflected in your stupid ratios. It is just 0.35% what we have. Recorded for our June quarter. Coming to the insurance. Yes, it is very happy news. Just I would like to share with you that we have already signed shareholders agreement, trademark licensing agreement, and distribution agreement with the Generali and in the last. Week of this month once name change. Approval comes from the Rock that we will be ready for launching this with the new name. We will have two more joint ventures, one is on the life and another. Is the non-life. We feel that the customer base is important, also to meet the customers' aspirations. This bouquet of products which we are going to be offered. It is not just income part we are seeing for the bank. It is the value that is going to be added to the bank as a whole. That is the much bigger aspect. We are eyeing for this on the insurance side. I will again come back on. If you have any questions. Sir, on that, will you like to give a fresh, I mean, current position or update on that airline account? Sir, what is the status there? Airline account. Now there is a favorable addition from that Singapore arbitration. That execution has to happen in Delaware. That. That is the thing that is happening. It is a legal process. It is taking some time for that. No. Some realization from that extra property which you had with Central Bank of India. Yeah. We have published. That is on the public notice that we have published SARFAESI notices. I think one or two customers are evaluating the, you know, whatever the prospects and bids. We are just waiting for that. Once they give their bid, we can proceed further. Sir, one question for this Mukul Dandige. The DTA calculation, the revised calculation you have done is INR 2,531 crore as against INR 4,007.372 crore last year. Now on the tax front, when do you think we will be out of it? Out of this INR 614 crore, how much actual tax are we going to pay, after taking the benefit of the past carry forward losses? See, Ajvaraji, we estimate that whatever the DTA on account of business losses, we should be able to consume entirely by Q4. In Q4, by taking a small hit of, I mean, actual payment of tax too. The tax authorities of say 65, 65. 70 crore roughly we should be able to move to the new tax regime. In our calculations, next year onwards it should give us a positive side of roughly around INR 900 crore, which will mean that around 9 to 10 bps of my ROA will get impacted. That is by plus side. Correct. It will increase. Yes. Yes. That is our calculation. Good. Because you know it always happened that we want. If we are making a profit, I mean one side we want to make the higher profit and then give us the benefit of the past, which is of course a prudent policy. Profit has to be there. From next year we'll come in the full tax break. Yes. Yes, lower tax. Okay, sir. Good answer. This ECL provisioning which we are making, you said that the consolidated. Figures of the provision is now INR 1,135 crore, isn't it? Yeah. Is it? As for the, because many of the bank now has stopped worrying about the CRAR. Any. Is there any clarity that within the changed circumstances and scenario you will need this kind of provision for that? Buffers are always good to have, boss. That is why we are still continuing with the requisite provision. It will. If they are not required anytime we can write it back. If the RBI guidelines or RBI doesn't come because now we are at. We are very comfortable as far as the NPA provisions are concerned at 0.49%. We are continuing to build around INR 250 crore required for the ECL. This is the fourth straight quarter wherein we have built this provision. INR 1,000 crore that plus a lot of my restructured assets are also carrying requisite provision of 15% or 10% whatever. The case may be. All in all, it is going to strengthen the balance sheet even more. Very good, sir, last question. Sir, a small question. This RBI revised guidelines now recently that taking collateral for that small loan from the agri gold collateral. With that, whether our loan strategy for increasing the loan book, agri loan book, and gold loan book, has it been the targets are revised there? Are we aggressive on that going to be now going forward? No, no, we have not revised our targets at all. Our gold loan portfolio even last year. It was a very handsome growth. What we continue to want to. Continue the up front, but we have not revised our targets. All right, sir, thank you very much. What are the loan growth target? Overall for the FY2020? We are targeting around 14 to 16%. That is what the guidance we have given. We will continue with that. 14 to 16% we should be able to achieve. Very welcome, guys. Good, guys. Thank you very much, sir. Thank you. Thank you. The next question is from the line of Sunny Oxy from Indus Equity Advisors. Please go ahead. Congratulations to team Central Bank of India for excellent results and specifically on two counts: on a sustainable CASA number on absolute figure, and second thing on acquisition of Future Generali. First, my question on the foundation by the current team is built very well. How well do we see the tower being built in the year and years to come by. See as far as the internal work which has gone into all these. Years, very robust platforms are built, whether it is on the policy side, on the product side, or the technology platform. More so on the structures, what. The new structures, what we have built in and additional revenue streams, whether it is from the trades or from the co-lending, these are all the areas which are going to stay. Another thing which I would like. To share with you is this year. Already, we have declared further business acceleration. As a year of business acceleration. Whatever the numbers that we achieve. In March that we used to cross. Those numbers around September, October, this time we have crossed in the June itself. There is acceleration, there is a tremendous amount of traction that is on the field level. That is why if you see the. Composition of the RAM, which basically happens at the field level, it is at. 72 and 28 is the corporate side where much of the role of the. Central office or higher level comes into picture. What we feel is that the foundation which is built is very robust, and you can have whatever the servers you want to build. That is, we have no doubts in that. Sir, my question related to your reply co-lending platform where we are seeing a visibility of almost INR 2,000 crore per quarter. Currently, it would be gold loan, LAP loan, MSME. All these products combined, I suppose. How are you seeing that traction being built? Is INR 2,000 crore a subsidy number or that number can increase with more partners? That number is going to increase because we have further plans for the co-lending. That is going to increase at. least by INR 2,800 to 3,000 crore. What kind of a blended yield we must be earning on co-lending over our retail direct sales? For co-lending we are getting around 9% overall. 9%. This is a net to the bank, I suppose. Yeah, exactly. Okay. Sir, you mentioned about trades platform rollout on a digital. I suppose it would be a digital end-to-end party. How, what kind of portfolio can we build on those? See, in the trade, one good aspect is whatever the bills that are accepted. By the corporate, that are only we are discounting. That is a trades platform business. That is what happens where we are a little bit choosing in terms of the corporates who are accepting those bills. We have our own due diligence mechanism. Since it is a very tender, it is 60 to 90 days. Even at the lower rates, we are competitive because of our pricing power, and we have a very decent portfolio. I think this time we have closed by around INR 3,200 and with the turnover. Of around INR 18,000 crore. Our CASA number at INR 2 lakh crore is a fantastic figure from the franchisee and the branches, which has worked in the current condition by, on an absolute number, that is sustained and not losing % wise. We may look on the total balance sheets. If I look at absolute number, any color on that, that we are able to sustain that number. Now we have done a lot of digital spend. We have started so many other products. We are in position to do a lot of cross sell with insurance coming in of 4A. What kind of retail penetration can drive incremental support to not only building CASA franchise but also third party products? Yeah, see as far as CASA part is concerned, number one is. The reach for customer acquisition. You know that we have brought the. BC Max model, and it is very. Very successful that 25 units are already working. This year we are going for. The 250 BC max centers. That is all in the places where. We do not have the brick and. Mortar branches and banking business is growing. Around 15 to 16% CAGR. We have selected such types of locations, and this BC Max model will be one of the. Customer touch points for. The acquisition of the new customers, that is number one. Number two is our BC points, which are around 12,800, which will be ramped up to another 1,800, that is around 14,000, and that we will also be adding for the customer acquisition. Coming to the products, since digital channels are stabilized, our omnichannel is already rolled out and which is having almost 200 plus services, and we are very happy to share with you, almost now 1.2 million new customers are. Onboarded onto this CentEase app. Going forward, these new accounts which are being added on this digital channel, the average balances is around INR 27,000. This is a very, very good channel not only for acquiring the new customers and also maintaining the good balances that is the valet of the customers. What we are having in these channels is also relatively high when you compare with the customers mobilized through the B.C. Or B.C. Max or these brick and mortar channels. These are all the different channels we have, and we have the strategies and plans. In many of the current account balances, where now traction you can see. In the next three to six months. Because we are bringing a lot of bouquet of services on the software side, we want to capture the entire value chain financing and also the requirements. In the current accounts, including the cash management solutions. We are very hopeful that CASA is bound to increase from this level onwards, especially on the current account side and on the FB side. We are focusing to increase the valid share of the. Customers because of the digital channels. Related to all these are two expenses which we have to incur. One is digital yearly expense, including for launching new products, new services, and various. Secondly, in human resource. What would be the number on digital spend and specifically to empower the youth in the bank as well as for the new generation clients? What kind of HR initiative and spend will we incur in this year? See, as far as the HR initiatives, that is for our internal resources. Is already geared up. We have a lot of initiatives. Rolled out and new recruitments have also happened. This time we have specifically gone for around 2,000 credit officers. That appointment is done, and people will get onboarded after a month or so. There are a lot of things that are happening on the HR side. There is a slew of measures. When I start saying again, other people will get bored. They may not get the chance. You know, asking their questions. Anyhow, we will be sharing on that, that good things that are happening on the HR side. My last question to Mr. Vahi sir. What's your outlook on treasury for the year? Our outlook continues to be the same. Which we had discussed in the previous quarter. Already 100 basis points is cut and terminal repo. By March I am seeing another two cuts of 25 each. Five would be the realistic which. I am seeing terminally, so it will be a good year. For the treasuries of the bank. It is a cyclical thing, but hopefully we will end cash on that. Based upon our portfolio, you are expecting. G-Sec to be below 6% by year end? Yes sir. G-Sec will be below 6% by March. Congratulations to the team. Best wishes to the bank and Mr. Rao specifically. Super performance and super platform created. Thank you. Thank you. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Bhavik Shah from Inkot Capital. Please go ahead. Hi sir. Thanks for the opportunity. Recovery from written-off accounts was very good this quarter. Any lumpy accounts is there? Sorry? Recovery in written-off accounts. Recovery from return of accounts was very good this quarter. Any lumpy accounts there? Yes, there was one account wherein we got around INR 300 crore and around INR 301 crore. Other than that, also, there are recoveries in many other accounts. It is not only from 4, 5, 6 accounts; we have been able to recover INR 600 crore. Okay. Okay. For this 301 account, is it like, understandably, it should be through NCA, right? Which sector would it be from? It is. It is a cement account which got resolved. Okay, I just want to understand this, sir. We have seen private banks cutting MCLR rates by 60 basis points. PSU banks are still at 1520 basis points. I understand it's a formula-driven thing, and cost of fund has also come down across industry at a similar pace. Why are PSU banks holding up MCLR rate cuts? See MCLR. As you said, it is a formula-driven thing. Deposit rates, if you see, deposit rates have not come down that drastically as the repo cut. Wherever my advances are repo linked, there the transmission is complete with 100 bps reduction till now. As far as the other deposit rates and based on that, the MCLR cut, because it is purely formula driven, I mean nobody can do anything in that. Sir, do you expect MCLR cut to accelerate in second quarter? By September, as in, we should be like 50/70 basis points down on MCLR versus March. 70 bps may not. Be 10 to 15 to 20 bps max. Again, it depends on the cost of deposits and how low the cost of deposits can go. Understood. If we don't cut MCLR, sir, how do we negotiate with the NBSP? Do we kind of cut the premium or something on their loans? I think they would BT out. Right. We have seen good traction even in the NBFCs. It is just that we have been very choosy as far as the NBFC sector is concerned. We have not budged in the past. Also, even now, whatever sanctions we are doing, we are getting a very good rate of interest as far as the NBFC rates are concerned. NBSP accounts are concerned. What is the rate of interest you would be lending at incrementally to? MCLR based rates and we. Are getting 99.05% kind of rates even now. Understood, understood. I just wanted to check how do you see your retireal provisions going ahead? It's around INR 550 crore this quarter, was very last quarter. Going forward, as you see similar pace, see we. have taken a consistent stand that we want to make this fund self-sufficient by December 27, 2023. Whatever extra is required over and above the calculation, we are providing it for. If any opportunity comes, we would further like to give something. This is the minimum that we are going to provide going forward in the retirement benefit department. Okay. Just on the treasury gain, assuming there are no further rate cuts, can we assume 70% of the treasury gains is booked through the year, or is it difficult to say that? There is no further rate cut, then I would say majority of the means. 70%, 80% of the sale of investment. Gain is already booked. What would be your AFS reserve as on date? AFS reserve, which kind of goes in general reserve network. Yeah. 433 crores. Okay. Yeah. Okay. Thank you, sir. Thanks for the opportunity and congratulations. Thank you. Thank you. The next question is from the line of Ashok Ajmera from Ashram Global. Please go ahead. Yeah, thanks for giving this opportunity again. Vaitab, mainly on this credit growth of 14% to 16% which we are talking about. While the broad composition may remain same, retail and corporate SME etc. Where exactly do you look the major chunk coming from? I mean, what kind of industry or as per our pipeline sanctions and other things, is it renewable energy or is it some engineering or some other SME companies? What is the composition which you expect and from where is this kind of growth going to come, sir, in this year? See, actually, mainly the areas where we. Are finding the scope is in the data center, logistics. Only one or. Two manufacturing sectors, not more than that. Much is on the government or government-backed entities, whether it is NTPC or IREDA like that. This is the broad composition, and we are not just keeping anything away from our radar. As and when the opportunity appears and then in our judgment it appears it is prudent, we are. Ready to take the call on that. Even IREDAs are also coming now a lot. Of loans repricing is happening in the market because of this repo crack things are there. Okay, sir, one point is on that SR. Now with this, I mean the valuation being allowed in this quarter, was there any happening in this SR or asset sale to the recovery companies? There was a write back of around. INR 2.25 crore. That's all, only INR 2.5 crore. Okay, in one account it came roughly around INR 3,034 crore also. Yes, in one account it was there. Roughly around INR 3.435 billion. That is issue, fresh issue of SRS. Yes, for during this quarter, we were not required to make. Any provisions on SRS? Yes, yes. Fifteen must have come in cash. Balance in this asset. Yes. They are all NARCL. Yeah, yeah. Narcl, only answer this in treasury book. What is our position of the non-SLR investment, and is there any increase, and where are these investments? Are mainly. Non-SLR investments, they have not increased really. If you see from our debenture and bonds, they are mainly to our. Public sector entities. It has not increased. Say it was INR 26,000, 27,000 last year. It is now at the same level, INR 27,000 crore. 27,000 crore. Did we have any exposure on that MTNL? No, no we didn't have anything on that. Sir, I mean now again since the IPO market has again picked up recently, last 12 months I think earlier I remember we made a good profit in investing into the IPOs and getting out on the listing, making a good profit. Whether the strategy still continues or we are off IPO. No, we are continuing. We are continuing with that. Wherever we see good listing gains, we are continuing to do investment, and that could continue. All right, thank you very much. Thank you and all the best. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Bhavik Shah from Inkut Capital. Please go ahead sir. Just two bits. Firstly, sir, do you see a margin coming up by 20 basis points here on in second quarter? Sorry. Yeah. As in. Yeah, no NIMs. See, we are at 3.16 right now, and as MD sir explained, we are very conscious about our bottom line and the margins also. That is why we took a conscious call that we'll not give the. Corporate loans at sub 6% rates. We will continue to be guided by that. Our guidance is that we will stay above 3% as far as the net interest margin is concerned, and we will ensure that our net interest margin stays above 3%. Understood. Sir, for a standard account which is 30 days past due, if we think that account is going to go delinquent, do we propose OTS schemes to them? Can we do an OTS scheme for a substandard standard? Our present substandard is okay, but our standard accounts, even if it is just some 30, 60 days past due, no OTS is there. Okay. Okay. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir. Yeah, thank you. Thank you for all the time. Have given to us. To assure you further, going forward we are going to strengthen further to onboard our customers on our omni channel. That is working fine with the new. Technology platform and digital lending platform which is also now operational and lot. Of acquisition and then underwriting is happening. Through the DLP and then integrated customer care, which is well established during this. Year is going to yield us. Also address the customer grievances at speed. The collection management system has really yielded well when you see the slippages, just it is 0.35%. It is also adding value to the entire system. Another thing, what DTA part already our CFO explained, that we are going to consume this part and then we will be moving to the lower tax regime in the next financial year. That is going to add another 9%. To 10 basis points upside for our return on assets. You may also have noticed this AGM, which has happened just two days before that for this first quarter. Also, we have declared our interim dividend. We are hopeful of maintaining all. These positive tracks also. Addressing the customer requirements. Thank you. Thank you for all the time and energy you have given to. Thank you. Thank you on behalf of Antique Stockbroking Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.