Good evening. We'll be shortly commencing our analyst meet. All those who have joined us virtually are requested to bear with us for some more moments. We'll be commencing it shortly. Thank you. I request all those who are standing to kindly settle down. We want to begin our next session. Gauri, we would like to begin. Kindly ask all the analysts who have joined, who are waiting outside, to please come in. Can we—yes. Can we have the music shut down, please? Good evening, ladies and gentlemen. On behalf of Bank of India, I extend a warm welcome to all the esteemed analysts who have joined us today in this auditorium, as well as those who have joined virtually from different cities across India. We are pleased to announce Bank of India's financial results for Q4 FY25. As you all can see, our top management, represented by our Managing Director, Shri Rajneesh Karnatak and all our Executive Directors, Shri P R Rajagopal, Shri Subrat Kumar, and Shri Rajiv Mishra, all have joined the stage. Thank you all, gentlemen, for joining us. We will now begin this analyst briefing. To start with, I'd like to invite Shri Rajneesh Karnatak, our MD Sir, to please address this gathering, after which we will be taking on the question-and-answer session. Thank you. Thank you, sir. Thank you, madam. Ladies and gentlemen, good evening and welcome to today's analyst meet, both physically and virtually. I'm told that there are certain analysts who are there virtually also, correct, madam? Virtually also, some are there, no? Yeah. As I share with you the financial results of the bank for Q4 FY 2025, as well as for the full year FY 2025, it is my pleasure to welcome each one of you for the interaction today. Thank you for joining us in spite of your busy schedules. While we continue to brace ourselves for the global trade dynamics and the recent tariff measures and the geopolitical tension comes as a pressure on demand, moderating consumer sentiments and reversing market trends. However, IMF growth projections of 6.2% and India's GDP, rising forex reserves, record GST collections, and lower inflations have given hope. The shifting of customer bases from traditional to digital natives, easy credit access, digitized financial services, and dissemination are a few of the many areas which are now defining the prospects. The key focus area of our bank will be enhancing customer experience through all channels and acquisitions of new customers consistently by providing innovative and niche services. This will lead to fortification of low-cost deposits like CASA, retail term deposits, for sustainable credit growth. My speech would be in four parts for this coverage today. The first part being the new initiatives that the bank has taken over the last quarter. We have started the Star digital business loan for the MSME schemes, a digital product which has been rolled out for underwriting loans up to INR 1 crore in MSME space for borrowers based on the GST turnover. The second is a new scheme, Udyami Vanita, has been introduced for women entrepreneurs with embedded benefits. The third is the Star Yuva Udyami, which is a scheme which has been started to provide loan assistance up to INR 1 crore for young entrepreneurs for age up to 35 years. The Green Deposit Scheme has also been introduced for raising green deposit funds under the scheme, which will be deployed for financing of green assets. Renewable energy has also been identified as a champion sector within the bank. The second part is with respect to the IT and cybersecurity. Cyber Security Center of Excellence, we have developed the center to foster collaboration, training, and continuous improvement in cyber resilience. Proactive Attack Surface Management, which is the ASM, has also been done up. It identifies unknown vulnerabilities, shadow IT, and misconfigurations before attackers do so. Centralized Threat Intelligence Platform also has been set up. It enables automated correlation, real-time alerts, and contextual threat analysis. As part of our TechSnack, the bank has opened a 24/7 Resiliency Operating Center, which is the ROC, for quick response and recovery from disruptions of bank applications, including the CBS platform, e-platform, mobile banking applications, etc., due to natural disasters, system outages, cyber attacks, etc. The third part is with respect to business. Here, global business of the bank has grown by 12.02% on a YoY basis from INR 13.23 lakh crores in March 2024 to INR 14.82 lakh crores in March 2025, with an incremental growth of nearly INR 59,000 crores. Global advances of the bank have increased by 13.74% on a YoY basis from INR 5.85 lakh crores in March 2024 to INR 6 lakh INR 66,000 lakh crores in March 2025, with an incremental growth of more than INR 80,000 crores. Global deposits, they have increased by 10.65% on a YoY basis from INR 737,000 crore in March 2024 to INR 816,000 crore in March 2025, with an incremental growth of INR 78,000 crore plus. Domestic gross advances have increased by 14.45% on a YoY basis from INR 4.92 lakh crore in March 2024 to INR 5.64 lakh crore in March 2025. RAM advances have increased by a good number of 18.37% on a YoY basis from INR 2.73 lakh crore in March 2024 to INR 3.23 lakh crore in March 2025, constituting 57% of our total advance book of the bank. Domestic advances have increased by 11.21% on a YoY basis from INR 6.30 lakh crore in March 2024 to INR 7 lakh crore in March 2025. Our CASA has increased on a YoY basis from INR 2.70 lakh crore in March 2024 to INR 2.80 lakh crore in March 2025, with an incremental growth of more than INR 10,000 crore in March 2025, and the CASA ratio stood at a healthy number of more than 40%. Now, with respect to profitability and asset quality, our operating profit has improved by 17% on a YoY basis and stood at more than INR 16,000 crore in FY 2025, as against INR 14,000 crore plus as on FY 2024. In Q4 of FY 2025, it stood at INR 4,885 crore, witnessing a YoY growth of 37%. Net profit has increased by 46% on a YoY basis and stood at INR 9,219 crore for FY 2025, against INR 6,318 crore in FY 2024. For Q4 FY 2025, it was at INR 2,626 crore, witnessing a growth of nearly 82% in the net profit. Global NIM of the bank is now at 2.82%, as against 2.97% in FY2024. Slippage ratio stood at 1.36% in FY 2025, as against 1.58% in FY2024. Slippage ratio was at 0.32% in Q4 of FY 2025. Credit cost has improved to 0.76% in FY 2025, as against 0.78% in FY2024. Net interest income has increased by 6% on a YoY basis and stood at INR 24,000 crore plus in FY 2025, as against INR 23,000 crore plus in FY2024. In Q5, the NII stood at INR 6,063 crore, as against INR 5,937 crore in Q4 of FY2024. As regards to the non-interest income is concerned, it has increased by 48% on a YoY basis and stood at INR 8,994 crore in FY 2025, as against INR 6,095 crore in FY2024. For Q4 FY 2025, it stood at INR 3,400 crore plus, witnessing a YoY growth of nearly 96%, as against INR 1,700 crore in Q4 of the last financial year. There has also been improvement in the asset quality in the bank, in both gross NPA ratio and also the net NPA ratio. Gross NPA ratio has improved by 171 basis points to 3.27% in FY 2025, and net NPA ratio has improved by 40 basis points on a YoY basis to 0.82% only in FY 2025. As regards to the PCR, there, the provision coverage ratio, it has improved by 92%- 92.39% in FY 2025, as against 90.59%. As on March 2025, bank CRAR has improved to 17.77%, as against 16.96% in March 2024. In tune with the growth of the global economy, the guidance for global advances growth will be at around 12%-13%. The global deposit growth would be at around 11%-12% for FY 2026. The key focus area will remain low-cost deposit mobilization for protecting our NIM and increasing high-yielding advances for consistent growth in business, with emphasis on digital initiatives, improvement in the asset quality, and arresting the fresh slippages. The endeavor of the bank will be in increasing efficiency and profitability, along with focus on compliance and better corporate governance. I would like to thank you all for your continued support. The floor is now open for discussions and questions and answers. Thank you so much. Thank you very much, sir. We would like to proceed towards our question-and-answer session. Just the instructions part, that is mandatory. Before we proceed, we would request you to kindly raise hands for the queries. One of our representatives shall hand over a mic to you. Also, kindly restrict questions to two at a time, allowing everyone to interact. For subsequent questions, we will come back to you later if time permits. Please introduce yourself, your organization, before asking a question. For outstation analysts, that are those who have joined virtually, please send in your questions to our Add Factors team. Yes, Ajmera ji, kindly begin. Yeah, someone to pass on the mic, please. I thought trust is always a compliment, so let the mic be there, otherwise it may not be heard to everyone. You're always trustworthy. Sir, compliments to you, sir, for a fantastic set of numbers. Really a very good results because even in this difficult time where there was a pressure on both deposit and credit side to most of the other banks, you have performed much better and maintained your guidance, what you had given, rather a little more on some of the fronts. I mean, if you talk about the asset growth side, I mean, the credit side, you talk about the profitability side, everywhere the performance is fantastic. Having said that, I was just some data point and some clarifications so as to now assess properly what is going to happen in FY 2026. Sir, one is that on the small distinct on the credit side, credit growth, you know our personal loan has been quite good. I mean, though in percentage terms, it may be small. Now with this, so many checks and balances coming on the personal loans, what are your plans and what kind of loans do we have? I mean, what is the delinquency ratio on that personal loan book of INR 12,670? This is just on this. Similarly, on the NBFC front, also as compared to the last quarter, we have grown by INR 6,000 crore. There also, whether they are all AAA rated or we are moving down towards A or maybe BBB, BBB I think not there much. On that, and then on the profitability front, in order to assess the consistency, how much profit has accrued because of the revaluation of NARCL SRs, which now is permitted to be valued at the fair market value. Because that may not be available to us in the current quarter or maybe next quarter, that is something how much has been added to the profit. Overall, on the other income side, I think it has grown, it is almost doubled from INR 1,747 crore- INR 3,428 crore in this quarter. Whether this momentum is going to be maintained, like on the recovery from written-off accounts is INR 1,143, as against INR 391 crore in the last quarter. Similarly, profit on the sale of and revaluation of the investment coming to INR 711 crore, as against INR 266 crore. Of course, the investment book of every bank is doing well. Going forward and with this further two rate cuts which are expected, I think we should have a bumper profit. How much is going to be added to the bottom line is some light if you can throw on that. The last is on the, in this round, is on the, I mean, we are just a whisker away from INR 15 lakh crore business. I think just, I think it may be even achieved in this April-June quarter also. How much of the technology upgradation can be attributed to this growth and how far we have reached on our various models or delivery models on technology and what kind of budget still do we have for that further improvement and upgradation. Some color on the technology side, sir. If time permits, some information on the recovery as I had asked. Thank you, sir. Thank you so much, Ajmera ji. You have asked so many questions. Most questions. Most of the things are covered in the presentation now once I answer them. As regards the personal loan book is concerned, you are right that the growth is more than 30%, which you see over here. I would just like to clarify and give some data points on the personal loan book. One thing is, as I said last time also in the last present this analyst presentation, that a lot of guardrails we have already placed in the personal loan book where the CIC score is more than 760, where we are giving only to salaried customer, where we are also ensuring that the salary is coming into the Bank of India saving account. Those kinds of guardrails we have already placed in such kind of loaning when we are doing that. With respect to the book is concerned overall, as you know, the growth is 30%, right? As you rightly observed. The base is low because of which the growth is also showing as at 30%. Our outstanding is only INR 12,000 crore plus. If you see the entire retail book of the bank, it is INR 133,000 crore. The personal loan book is only 9% of that book, which is less than 10%. That is one point. The second thing is that our global loan book is INR 666,000 crore as on March 25. If you see the personal loan book out of that, it is less than 1%. In fact, it is at 1.8%, less than 2%. Now, if you see the stress within that, our NPA in the personal loan book as on 31 March is only INR 136 crore, which is only 1.10% of the personal loan book. That is the kind of NPA which is there. Further, if I give you the color on the SMA number also within the personal loan book, SMA 12, both aggregate is only INR 435 crore, which in percentage terms of this book is only 3.43%. In a way, our personal loan book is behaving very healthy. The yield is also very good. The asset quality is also as on date is good. We are comfortable with the growth, present growth, which is happening in the personal loan book. Now coming to the next point, which is the NBFC book. Again, as you rightly said, we have increased our portfolio. Our NBFC book, which was INR 78,000 crore plus as on March 2024, has increased to INR 88,000 crore as on March 2025 as per the presentation. Let me clarify with one data point. This INR 88,000 crore constitutes three components. One is the domestic NBFC book, which is INR 71,000 crore. Then there is international NBFC book, which is INR 9,600 crore. Then there is a treasury book of NBFC, which is INR 7,600 crore, contributing total INR 88,000 crore. This NBFC book is constituting only 13% of our global book, wherein our global advances are INR 66,000 crore. If I give you the color on the rating part of this entire NBFC INR 88,000 crore book, A-rated and above accounts constitute 98% of the outstanding, 98% of the outstanding. That is the color. The second thing that I would like to give on the NBFC book is with respect to it is there in the present presentation also, which is respect to the PSU and the bank-backed NBFCs like PNB Housing Finance or LIC Housing Finance or KN Housing Finance, that kind of thing. Here, if you see the total PSU and the bank-backed NBFCs, total exposure is 51%, which means that only 49% of our NBFC book is to the actual NBFCs. Remaining is either to the PSU NBFCs or the bank-backed NBFCs. So that kind of security and comfort level available is there with the bank as far as the NBFC is concerned. Now, with respect to the profitability that we have taken due to the RBI circular on the NARCL, that figure is at around, Mishra ji, INR 350 crore. How much is that? 350 crore. 350 crore. 400 crore. How much is it, Kumar? 400 crores. 400 crore. We 400 crore. We have given in that. Okay. 398. Kumar, if you can state on the mic for everyone. Sir, it is INR 397.76 crore, sir. Okay. In point number three, no stockholder agreements. Okay. 397.76. It is near to INR 400 crore. Yeah. Some of them are done. Fifty-fifty. 50-50. 50-50. [Foreign language] Exactly. So entire money has not been taken into the P&L. It's a 50-50 ratio, which is there. As regards to what will be the future in FY 2026 on this NARCL, there are a lot of discussions within our NPA book, which we are having with NARCL for shifting these accounts to NARCL. This year also, in FY 2026, we'll see good traction of accounts shifting into the NARCL and some booking coming under that also. The next point was with respect to the other income growth. Other income, as you rightly observed, the major components of the other income for us have been with respect to the return recovery in the written-off accounts. Here we have improved the recovery on a YoY basis by 61% from INR 1,400 crore in FY 2024 to now INR 2,300 crore in this year. The other thing is from profit of sale of and revaluation of the investments. There, the increase is more than 200%. From INR 628, it has gone up to INR 1,800 million. On the treasury front, Ajmera ji, we have, at the time when the interest rates were high, kept a good book with us in the treasury. Now, in this falling interest rate scenario, we are able to book profits out of that whenever we are selling. This income is also accruing with respect to that. Return of account, again, we have a specific scheme now in the bank with respect to recovery in return of accounts. The entire bank is working under that OTS scheme with recovery of return of accounts. We expect that more recoveries will happen the same way it has happened in FY 2025. Similarly, it will happen in FY26 for recovery in return of accounts. As far as let me just. Okay. Yeah, no issue with that. See, Ajmera ji, at the present situation where there is so much global volatility and across the board issues, we have decided that we will not be giving any guidance apart from the top-line guidance, which I have already given in my speech with respect to the global deposit and the global advances. All other guidance we are keeping at a pause at present. There is more clarity on the emerging situation which is happening. Nonetheless, I would only say on the recovery in return of accounts, whatever the number we have taken this year, INR 2,300 crore plus, we have done that. That kind of number we would like to maintain in this financial year also. As you are aware, being an analyst yourself, there is a lot of pressure on the NIMs and margins of the bank, not only for us, but for the entire banking system. As a banker from the top management side who is sitting here in the bank from Bank of India, we are very clear that in this financial year, only those banks will do well in financial year 2026 who do better non-interest income and who do better recoveries because margins will be under pressure as far as net interest income and net interest margins overall are concerned. We have to concentrate as a strategy on non-interest income and also on the recoveries, not only in written-off account, but overall recoveries so that the overall profitability of the bank improves in FY2026. As regards the business and technology part, you are right that technology we have invested a lot. Last year, we had taken a budget of around INR 2,100 crore, out of which we have already spent up to 31st March 2025, nearly INR 1,700 crore. INR 1,700 crore we have spent. This year also, we have taken a budget for IT, digital, and cybersecurity, again of around INR 2,000 crore. If I tell you the numbers which are there, our digital loan book now has touched at around INR 80,000 crore. That is another number which is now available with us. As on March 2025, our digital book is around INR 80,000 crore, which is 12% of our global advances. In retail, it is at around INR 27,000 crore. In agri, it is INR 39,000 crore. This also includes the gold loans which we are sanctioning through the digital method. Only the pledge of gold happens in the physical way. MSME, again, INR 13,000 crore of book we have already built up over there. As regards the journeys which are there, 22 journeys were there in the last year which were digital. In this financial year, we have been able to have 29 journeys on the various journey side on the IT side, which are now digital, which is there in part of the presentation also. I can just, page number 39 is there. Yeah. If you see the presentation also, last year we had 22 journeys. This year we are having 29 journeys. In liability side, there are five journeys which are digital. If you remove them, then 24 journeys are there in agriculture, retail, and MSME. In agriculture, we have six journeys which are digital. In retail, there are 10 journeys which are digital. MSME, there are eight journeys which are digital. All these kinds of automation are helping us in the bank in not only operational efficiency, but also reducing the cost and freeing the staff at the branch level from all these kind of mundane works which used to happen and which is now being taken care of by the digital platforms which are there. Branches are now focusing more, number one, on marketing for liability and loan products, and number two, on the collection efficiency for recovering installment and other kinds of things. We are very clear that the automation, whatever we are doing, leads to finally operational efficiency in the bank and finally more income to the bank. One more data point that I would like to give you over here is with respect to our digital thing is that we have started earning income with respect to our transactions, banking, and the debit mandates which we are taking from NBFCs and corporates and PSUs. Through that also, in this financial year, we have already earned more than INR 300 crore. That is the kind of income we have started getting through the automation which we have done in the last two years. We are very much cognizant of the fact that whatever the investment that we are making in technology for IT and digital, we get back the returns outcome by way of business and finally the other income and the incomes which come for the P&L of the bank. Thank you. Thank you very much, sir. Thank you very much, Ajmera ji. Can I have, yeah, please? Yeah, hi sir. Thanks a lot for the opportunity. Arjun from Baroda BNP Paribas Mutual Fund. I actually wanted to check on the advances growth and guidance on that, but I do understand you are holding that back. Just on the corporate front, if you could share a little bit more on the pipeline that we have there and what is the nature of entities that are broadly looking for that and maybe is it greenfield or brownfield or how exactly is that? Yeah, yeah. As far as the corporate credit growth is concerned, overall global credit growth, we have already said that it will be around 12-13%. That is the guidance we are giving. As regards the pipeline, we have a pipeline as on 31 March when we speak, the pipeline is at around INR 74,000 crore, which includes not only corporate but also RAM advances. RAM advances pipeline is around INR 12,000 crore. International and corporate book, it is around INR 62,000 crore. This INR 74,000 crore constitutes around 11% of our total global loan book. That is the kind of pipeline that we are having. We are very confident this year we have grown at around 9%, 9.59% on a YoY basis in the corporate book. In this financial year also, we are very much confident that we'll be able to grow in double digit as far as the corporate book is concerned. A lot of sectors we are funding, we are totally agnostic to any sector. If the promoter is good and if the entity is fine and the industry is doing fine, we are going and lending in that industry. However, I can say that there are a lot of emerging segments and sectors where we are investing, we are lending, particularly with respect to data centers, with respect to warehousing facilities, with respect to solar PV modules, with respect to renewable energy also, and battery also, battery manufacturing also. Now we have started funding and also EV vehicles. These are the new emerging areas where we have started funding apart from the traditional industry, which is steel, textile, and all those kinds of things where normal expansions, brownfield products are coming. We are either the sole lender or we are part of the consortium or under multiple banking. Quite good traction now Bank of India is having through our large corporate branches. Apart from that, one more data point is that we have already opened emerging corporate branches, which are now 20 in number, where again we are focusing on advances up to INR 250 crore. There also, we are seeing a lot of traction and proposals have started coming. Margins are also better over there, but typically for the fact that the emerging corporates typically borrow on because they are normally BBB rated, so we are lending them on MCLR rate. The margins are better over there. Process fee also, we are able to get better. LCBG charges are also better over there. Forex income is also better over there. There also, we are targeting to focus on new emerging corporate clients who get added to the Bank of India portfolio. Got it, sir. Thank you. Understood. Secondly, I just wanted to check. I think the MSME GNPAs have gone down from around INR 10,000 to around INR 7,500. If you could share what has been this driven by, what has been driving this improvement, is there any regional or maybe sectoral color to this? No, I couldn't understand the question. Sectoral GNPA is for MSMEs. Okay, okay. That has, I think, gone down from INR 10,000 to INR 7,500, if my numbers are correct. If there is any color to that. Yeah, so sectoral GNPA in MSME, frankly speaking, it is a combination of two things. One is the advances which is growing in MSME book because the denominator is growing, right? We have grown our advances in the MSME book, number one. Number two, we have been able to curtail our SMAs in this book and the delinquencies which are there. Both the things together have contributed to the lower GNPA number in the MSME book. That is, frankly, the reason why. A lot of underwriting guardrails we have already placed in our MSME book right from sourcing of the MSME account until the underwriting which happens and till the monitoring which happens and the collection efficiency for the term loans in MSME which happens. We have underwriting centers, more than 150 underwriting centers in the bank for MSME advance, which we call the SMECCs underwriting centers where credit officers are now placed. Credit underwriting has improved, number one. Number two, we are doing a lot of DSA activities for MSME also through one of our subsidiaries, which is Bank of India Shareholding. We have got the RBI approval. That also, marketing is happening through our own subsidiary. Third is the collection efficiency. For that, we have now put Zolon collection centers in our 69 zones who take care of the collection efficiencies for these MSME term loans whenever they are getting new installments. That also, good traction we are seeing so that the delinquency does not happen. All these things together, the ring-fencing that we have done on this MSME portfolio, we are seeing a good traction not only with respect to growth, but also on the asset quality side. Just lastly, again, on the asset quality front, there's been recently a judgment on this Bhushan Power and Steel account. Correct. With regards to that, how do we look at this NCLT and recovery horizon changing? Would there be a material impact? If so, how is the bank placed over there? If you could share a little bit. Specifically on this account, if I can tell you for Bank of India, see, we had sold this account to an ARC. There is no impact of the judgment per se on Bank of India balance sheet and P&L. That is one clarification that I would like to give, number one. Number two, with respect to the judgment which has come, all the COC lenders which are there, we are not part of that, but I am told that all the lenders together are working on it, and they would be filing some review petition with the court. Thank you very much. I'd like to take Gori, can you just put in through Mr. Aditya Vikram? He has joined virtually. So there's a question coming up virtually. Can Mr. Aditya Vikram? Yeah. Kindly put him through. He's not audible. Is it sequentially? Secondly, can you give the write-off numbers for this particular quarter? Aditya, the first part was not audible. Can you please repeat? I'll repeat it. So, sir, I see that sequential for this particular quarter, for this particular quarter, am I audible? Yeah, we can hear you. Yes, please go ahead. Thank you for taking my question, sir. The first part of the question was that sequentially, the credit cost has increased this particular quarter. Can you give some color as to why that has happened? Is it seasonal in nature? Okay. The first question is with respect to the credit cost. Yes, credit cost, if you see, it has, if you see the year-on-year basis, see, our credit cost was 0.78% in March 2024. It has come down to 0.76% in March 2025. It has come down by two basis points. Yes, however, I agree that the credit cost has gone up on a quarterly basis, sequential quarter basis, and it has charged INR 0.84 crore. Overall, the credit cost has come down to 0.76% as on March 2025. So but this is nothing to do with any seasonal stuff, right? It has no seasonality attached to it. No, it is not linked to any seasonality as to it because that was a normal provisioning in the NPA accounts which has happened. In the slippage also, if you see the slippage is there at around our slippage ratio is also at 1.36%. That includes one lumpy PSU account which had happened in this financial year in Q2 of this financial year. Had it not been there, both the credit cost and the slippage ratios would have been much, much better. Thank you, Aditya. Thank you very much. Thank you very much. Next in line virtually is Mr. Niteen S. Dharmawat. He's got a volley of questions. Nithin, I request you to restrict yourselves to only two questions, please. Audible? Gori and team to put on Nithin Dharmawat from Aurum Capital. He's from Aurum Capital. Yeah, yeah. Thank you for the opportunity. Am I audible, sir? Yeah, we can hear you. Please go ahead. Yeah, yeah. Thank you, sir. Congratulations on an excellent set of numbers. My first question is, can you give a guidance? You said that you would like to give guidance only on the top line, but just wanted to understand on return on assets, where do you see next year? Because it still remains below 1%. So that's my first question. Okay. That is on return on assets, right? Yeah. Return on assets, if you see our numbers, our ROA was 0.70 in March 2024, which has now improved to 0.90, right? As far as the quarterly numbers on ROA are concerned, we have touched the number of 0.98% in March 2025 on the ROA side. We wanted to touch 1%. We narrowly missed that number, but nonetheless, we are well in target to that. If you see sequentially our ROA, it has been improving in the last four quarters. In December, it was 0.96, now touching at 0.98. Definitely within the top management side, we are targeting that we should touch the ROA of 1% as soon as possible and sustain it at that number in the ensuing quarters. Perfect, sir. My next question is, sir, Bank of India's name appeared in MTNL default list. Can you please clarify if we have done the complete provisioning for this or not? What are the chances of recovery over here? Last time we discussed about it and we mentioned that there is a possibility that this will not go into a default list, but nonetheless, it has gone. What are the chances of recovery over there? Yeah, for this account, MTNL, we are already NPA in this account, like all other lenders in the system. As regards the resolution is concerned, yes, a lot of senior-level talks are going on with respect to this account on resolution of the asset. We are expecting that in this financial year 2026, some resolution in MTNL will come. As regards the provision, we have made adequate provision as per the RBI IRAC norms for the asset. My next question is about CASA percentage. It has gone down to 40% now. What is the trajectory you see over here? Yeah, as regards CASA is concerned, you have rightly observed that it has gone down to 40%, and we were at 43% in March 2024. As you are aware, there is a lot of pressure on the resources and even more pressure on the CASA numbers. Nonetheless, we have been able to increase our CASA by nearly INR 10,000 crore on a YoY basis. As regards from the top management side, I can only say that we are very cognizant of the fact that we need to have a healthy CASA number. We would like to protect our CASA percentage at around 40% in FY2026 also. If you see our breakup slide on the domestic deposit, our bulk deposit is only 13.82%, which is less than 14%, which means that 86% of our domestic deposits either are CASA or are retail term deposits. We would like to continue to maintain this number in this financial year also so that we are able to get deposits at a lower rate and reduce the cost of deposit, thus protect our net interest income and net interest margins in FY26. Perfect. Sir, my final question is about the corporate growth loan, which continues to be lower. You mentioned about new sectors where we are lending now. What is the reason, any specific reason why it is lower? Do we see risk of NPAs, and that is why we are not growing in that sector aggressively, or there is general slowdown or lower requirements of funds by the corporates? Can you elaborate that? So CASA, if you see our credit number and slide, you have rightly observed that the growth is on a lower side compared to RAM advances, retail, agriculture, and MSME, which are growing in double digit, and this one is growing at around single digit at 9.6-9.7%. We are very consciously trying to pace our corporate advances for the simple reason that all AAA and AA-rated advances are asking for EBLR rates, which are external benchmarked, where the yields are very less. We want to build portfolio under this MCLR kind of lending in corporate book, where the yields are better and margins are better. It is a conscious decision from us not to build that book to a large extent so that we protect our margins because AAA and AA-rated corporates are giving very fine rates, and that too at the EBLR-linked rates. Thank you, Nitin. Can we have some? Yes, yes. Kindly continue. Hi, team. Good evening. Ashlesh here from Kotak Securities. First question is, sir, on the margin side, your yield on loans reported number has declined by some 28 basis points quarter on quarter. Can you explain what is the reason? Because we have not seen such a sharp decline in any of the PSU banks. Yeah, with respect to the, you are asking about the NIMs? Yield on loans. Yield on advances, correct. See, yield on advances, if you see on a YoY basis, they have improved. See, in FY 2024, our yield on advances was 8.38, to be exact. It has improved to 8.46 in March 2025. It has improved by nearly, I would say, around 8 basis points. You are right that if you see on the quarter basis, sequentially it has come down from 8.55% in December 2024 to 8.27% in March 2025. The simple reason for that is, again, because of the fact that from February onwards, the repo cut happened, you are aware. In this Q4 itself, immediately after the repo cut, our book, which is nearly 50% of our book, which is external benchmarked against the repo, immediately on the next day, a 25 basis points cut came for our book. Two months, the interest income went down by 25 basis points straight away. That is a simple reason why the yield on advances came down in Q4. However, overall, during the year, we were able to protect it, and we were able to be at around 8.46%. Another data point that I would like to give you over here is our weighted average lending rate for the whole year was 9.74%. Our weighted average term deposit rate, the term deposit that we have taken during the year, was at 7.09%. If you see the difference between the two, the difference is around 2.65%. That is a healthy difference we are trying to maintain. This does not include CASA cost of deposit. This is only term deposit weighted average cost. There, again, as I said, that by taking more of retail term deposits, we are trying to maintain the cost of deposit at a lower side so that we are able to protect our margins, the net interest income and the NIM in the ensuing quarters. Sir, a follow-up on the yield question. Even if we account for this 25 basis points rate cut on 50% of the loan book, that can only explain about 8-9 basis points of decline. The decline which you have reported is some 28 basis points. It seems like there might be a few other variables also. Yeah, the variables in the sense that, see, 50-55% of the book is EBLR, right? So the outstanding, that percentage we are seeing basis the outstanding as on 31st March 2025, the chart we have prepared. But majority of the period, outstanding loans were there in the external book only and not in the MCLR book. So MCLR book in this quarter, we had in the Q4 of this financial year, we had been able to grow in the month of March only, where the interest income accrued. So majority of the interest income in the loan book was coming from the external benchmark rates only. Where the cut happened, actually. Okay. Sir, secondly, can you just explain again the accounting of the SR revaluation which you have done? You said 50-50%. Why would the entire revaluation not go under treasury? Why would it not go under treasury entirely? Yeah. Just explain the accounting. Kumar, would you be able to explain this one? Why have we taken it as 50-50% NARCL? Accounting entry. Accounting entry how we have done. Take a mic please. Just one more thing. You want to take one to one, okay. Sir, just lastly, can you elaborate on the status of the few state government accounts which were under SMA last quarter? I think I believe they were from Telangana. Yeah, yeah. If you see our SMA slide again, those SMA accounts are still there of that state government. There are four accounts in that which are there. The slide number is there with us. 24. Yeah. Here, if you see, the number is INR 5,599 crore, our corporate SMA, which is their total, which constitute four state government accounts. Either they are in SMA 1 or SMA 0. None of them is SMA 2 also as on 31 March. We are very confident that they would not slip. This is the assurance which has been given to us by the corporations. Number two, all of them are secured loans. Another additional point is that all the four accounts which are there of that state government, they are state government guaranteed. We do not foresee any delinquency coming in those accounts, though they are having some cash flow issues and they are under SMA. We do not foresee any delinquencies coming there. Thank you, sir. Thank you. Thank you very much. Mr. Ashok Shah and Bhavik Shah, are they online, Gori and team? Yeah, kindly put them through, any one of them. Yes, Mr. Ashok Shah, are you able to hear us? Or Mr. Bhavik Shah, whoever is available. Till the time they join, I'll ask one question which has come from one analyst from UTI MF sir. He has congratulated you for the good results. His question is that a bank has booked INR 1,800 crore plus from sale of securities. What is the estimate for current year and what is the plan to protect portfolio yield? I think who is this gentleman? The gentleman has not given his name. Name, okay. is from UTI MF. Basically, this treasury profit is dependent on the market condition, which was at during that point of time. Yes, our endeavor will be to take advantage of the market and book the profit. I think it is very difficult to give any guidance on the treasury profit because it is totally dependent on the market condition. Yes. Thank you. Thank you very much, sir. Yes, if Ashok Shah or Mr. Bhavik Shah is there, we'll take them. Otherwise, we'll let any of the analysts present here. Sir, yes, you are quite silent today, sir. Yeah, yeah, please. Sir, just a second. It's coming online. Yes, they are waiting since long, yeah. [Foreign language] No. They are not able to. [Foreign language] Congratulations to Team Bank of India for very stable numbers. I understand you may not give any guidance on various parameters led by ROA, ROE, everything. It's fine. You may give country stabilizers and the market stabilizers. Now, all the challenges which you have taken on in the last 12-24 months by rolling out products, technology, adoption of new practices needs a lot of challenges by human resources concern. Now, what have we done in the bank that emerges as a winner to adopt all the new technologies and new products that they show the profitability path and the gains rectified from all the initiatives? Yeah. We have done a lot of things as far as the PPT is concerned with respect to the process, people, and the technology. A lot of enablement and enablers have been done within the bank with respect to a lot of processes where we have a lot of processes we have to streamline to make it business easy, not only for the customers, but also for doing the business at the branch level for the staff also. That is the first part. The second part is with respect to the people, we have done a lot of reskilling and upskilling of the staff, given them a lot of trainings and other kinds of things. We have also tried to now post them at the right person at the right place so that the entire productivity we are able to capture as far as the business is concerned from the people side of it. Technology, as I already said, that we have invested a lot of money in technology from the last two, three years. Nearly INR 2,000 crore we are investing every year, and out of which we are spending nearly 80-85% of that technology part. It is going not only for IT hardware and software, but also going for digital and also going for the cyber security part, or even giving cyber protection and other kinds of protection to the customers when in case they are our liability partners also. That is one part. Other thing is that now that we have established all that thing, the three segmentation of our verticals, whether it is the business vertical, the support vertical, and control vertical, we have all made them business centers. That is another thing which has been done. To just give you an example, our audit department, which takes care of the audit of the branches, they have now also been given a task of finding the revenue leakage at the branch levels. Small, small charges which are not debited in the accounts, loan accounts, and other kinds of things. This year, we have been able to recover nearly INR 200 crore through our audit department through revenue leakages which happened in normal course of business. This kind of INR 200 crore has directly gone into the P&L of the bank. This is another thing. How we did that was very simple. We gave more staff to the audit department. They had more resources available with them so that they had more manpower available with them when they were doing audit in the branches. They were able to find those kinds of things. Another small thing on the technology part, just an example I would give through transaction banking and direct debits, mandates which now that which we are taking from the corporates and also from NBFCs of their collection. There also, we have started getting charges collections. This year, we have been able to earn nearly INR 300 crore from such kind of activity. This is another kind of income we have built up for the bank. We want to scale it up now in this financial year in FY 2026. With all these kinds of things and with, as I said, that all the business verticals, support and control verticals being in a way business centers for us. Everyone is now contributing not only either way by way of profitability through income or by way of reducing the cost through controllable cost. Both the sides it's happening, which is helping us improve not only the interest income, but also the other income. On the third side, the third dimension being the controlling the cost also, which is overall helping us improve the profitability of the bank, which is why which you see in this balance sheet. We have been able to give an operational profit, which is on a YoY basis. It has jumped by 17%, which is a very healthy number in this market. Net profit, we are touching an INR 9,000 crore figure with a jump of YoY nearly 45%. All your answers have been accepted. The entire plan which you have rolled out is supporting your operational numbers. Now, the balance sheet may grow, profit will grow. The human resource incentive, whether it's top management or the executives and the lower, if they work in tandem, it may grow at a higher number. Correct. What is that aspirational side of where the bank is considered? Correct. See, we have a very structured now in the system being a public sector bank, a PLI scheme, which is a performance-linked incentive. There are now two PLI schemes going on in the system, which is PLI 1 and PLI 2. Under PLI 1, it is for staff, which is up to scale 3. That is based on the operational profit and up to 15 days of salary they get. This year, we have got 17% of operational profit, which means that 15 days of the salary they will get as a PLI up to scale 3 staff, means officers up to scale 3, clerical staff, and the sub-staff which is there. They will be getting that, we have provided that number in this balance sheet. The other part is that DFS has already come out with a PLI 2 scheme, which is for scale 4 and above, up to the level of MD. Scale 4 and up to MD are mapped under that same structure, same scheme. There also, once the numbers are approved and everything is finalized by the DFS, that PLI will also be getting. Both the things together, we have already provided for in the balance sheet. In the P&L, you can see in the staff expenses because of which it has risen also. That kind of provision already we have taken, and that kind of incentive will be coming to the staff. As you said, that we should take care of the staff that we have already provided. Sir, we view of the global trade related situation earlier. When April has been a smart recovery where stock market was concerned, now we are coming up with a new internal issues where India is concerned. This may lead to a smart CASA balance is emerging in May with the stress which is visible what is going to happen, whether it's a 24-hour event or a two-week event, we are not aware. This may lead to a lot of CASA growth because people may stop consumption for some time. How we will take some initiatives where we garner higher CASA numbers or deposits to get a better market share? Yeah. As you rightly said, you have observed rightly. Yes, see, in the COVID time also, when the COVID struck, everyone thought, even the bankers thought where we will get the deposit and how we will get the deposit because COVID is there, lockdown is there. In fact, it worked to the contrary. The CASA balances of the banking system just shot up in FY2021 and the early part of FY2022 in one or two quarters because of the fact that everyone started keeping their money in saving and current account for any kind of emergency and the CASA shot up in the system. Similarly, in this kind of situation, war-like situation, everyone will keep their balances with them. As you rightly said, the CASA will shoot up. We have done a lot of enablers within the system. Now, if I can tell you that now we have additional one more GM in our resources department. So now our resources department, which is the liability department, is headed by a CGM. Now we have three general managers sitting over there. One GM is taking care of the entire CASA piece. One general manager is taking care of the entire government business, which includes the central government, state government, and the PSU business with respect to CASA and term deposits and also the salary accounts which have to be done. The third general manager in the resource department is our CEBV department, which is the customer excellence and branch banking. There we are taking care of the customer service at the branch level and how better customer service can be given to the customers, particularly for the saving and current account holders. If we are able to take care of this piece where we are able to give better customer service and we become a differentiator among all other banks in giving better customer service and personalized customer service, there is no reason why the CASA balances of our bank will not improve. Having known Bank of India presence well accepted in the trade community in the Western states led by Mumbai, the touchpoint was very high. We went down for various reasons 10-12 years back. We are showing a sign of recovery. Bank of India Stock Exchange branch was very popular in early days. Cross-selling was very well accepted for various those times products were not existing. Now today's world, every customer is looking for cross-sell. Correct. They want facilities and they want support. Somebody may bank with HDFC Bank, but Bank of India has been forgotten for various aspects. How are we re-emerging from those areas which Bank of India used to champion about? As you rightly said, we have been doing a lot of activities as far as the product per customer is concerned. We are very much at the top management side, whichever is our GM, CGMs, whole-time directors who are sitting in this room. We are very clear that we need to improve product per customer. That we are very clear. Our product per customer, if I share with you the number, it has increased by 46 basis points in the last two years through sale of various kinds of products that we are doing, not only through the physical banking which is happening, but also through the digital banking of mobile and internet banking. Now that we have our own subsidiaries with respect to mutual fund and also SUD Life, which is selling insurance products, a lot of traction is happening. Our marketing officers at each of the zonal office and the FGM office are now clearly focused and RMs are also there. We are selling a lot of products, whether it is DMET account, whether it is mutual fund, whether it is the NPS scheme, all kinds of products we are selling to our customers. The product per customer has now started increasing. With this engagement with the customer, we are now clearly able to see there are more balances in the saving accounts. Already, as I was telling earlier in the press meet also, we have 1,000 now HNI branches also designated where we have taken an HNI customer as a customer which has an average quarterly balance of INR 5 less. We have given an RM to them. That kind of thing is there. All these things are combining together and helping us improve our CASA balances. It has grown last year, as I said, by nearly INR 10,000 crore on a YoY basis at a time which was very challenging for the entire banking industry. If you see numbers of some of the banks, the CASA has in fact degrown in some of the banks in absolute numbers. For us, we have grown our CASA by nearly INR 10,000 crore on a YoY basis. I wish that your INR 10,000 is at least INR 25,000 this year. Thank you. I hope all your initiatives support. One recommendation is that rather than only focusing for income Bank of India-led entity products, if all other products are sold, the customer may not bank at two, three places and may bank with Bank of India. Correct. Thank you for answering all my questions and good luck for the year. Thank you. Thank you very much, sir. Thank you very much, Challa Setty ji. Sir, there are a good number of questions coming up on WhatsApp, but most of them are answered by you at one point or the other, so I'm not taking it. Gauri and team to let them know that those are answered. Only two questions. One by Vinay, an independent analyst. SMA 1 bucket for corporate loan is INR 3,357 crore. Has this been recovered since then? Has anything moved to NPA as of now? Yeah, so as regards the SMA numbers are concerned in the SMA book, it is INR 4,599 crore total number, out of which in the SMA 1 book, it is INR 3,357 crore. It constitutes four accounts which are of state PSUs only. None of them has become NPA. As on date, when we speak, they continue to be in the SMA category at SMA 0 or SMA 1. Thank you, sir. Another one coming up from Mr. Jay. He's also an independent analyst. His question is that there seems some mismatch on specific provisions. Is there any contingent or non-specific provisions in INR 13.47 billion yields on advance? Why such sharp dip of 28 basis points quarter on quarter? Third is riskiness of corporate SMA 0-1-2 book. Okay. On the SMA book, if I can continue with that, as I said in my earlier question also while answering the question, that all these SMA numbers of this state PSU are all secured advances, number one. Number two, all of them are covered through a state government guarantee. As I clarified earlier, none of them we foresee in this financial year to be slipping or become delinquent. That is as far as the SMA number is concerned. As regards the number which is on the NIM side, yield on advances side. Yeah. Why such a sharp dip of 28 basis points? Yeah, so that has already been responded by me. Is there any contingent or non-specific provisions in INR 13.47? I think we'll be responding to that separately on a one-to-one basis. All right, sir. If Mr. Bhavik Shah and Ashok Shah are there, we'll take them. Otherwise, one last question from the analyst if anybody else is there. Yeah. Ajmera, do you want to say something? Can someone pass on the mic for him, please? The gentleman, we can have one-to-one opportunity. Sir, just again on the composition of corporate and retail. We have come from 55.45% corporate in 31st March 2024 to now 58.42%, I mean retail, 58.42%. So combination now is 58.42%. Correct. As against 45. 55. Going forward, because we are one bank which is still having a good corporate presence. Correct. Looking at the scenario when there is so much competition, everybody is running for RAM, for retail, and there is a lot of competition. Are we open to look at increasing our, you said it will be touching 10% or double digit. Really, by focusing without thinking of the percentage, like even if it goes up, are we open for that, to increase our corporate book with, of course, good rated accounts and this thing, or are we just close to bringing it to 40-60 or 35-65 like others? This ratio is just a benchmark number. Internally, we have kept that RAM should be at around 58% and the corporate should be at around 42%. We are totally open while we are doing corporate advances. If the yields are good, corporate is good, and we are able to get good profit out of that account and good income out of that account, we are totally open to funding that corporate. We have no issues with that. When we are saying that we'll have a credit growth of a global credit growth of around 12%-13% in this financial year, obviously, we have to grow credit. We have to even take care of the repayments which will be happening in this financial year. If you see our book, nearly 45% of our books are term loan also, in which there will be repayments. When the repayments are there, we not only have to take care of the incremental growth in credit, but also the payments which will come in the term loans. We are totally open to corporates. Wherever the opportunity is there, where margins are good, we'll be funding the corporates. Why I'm more specific about it is that because of the change of the definition of MSME, many of the corporates have come down into some mid-corporate in the MSME which goes in your other than corporate percentage. More efforts are required there to recoup even that loss of, I mean, not loss of business, but going to the other category. That is why. No, no, we are totally open to the building of that corporate book. You can get that thing that already we have opened 20 emerging corporate credit branches. That is for that specific reason only we have started those branches to have a portfolio in Bank of India with respect to mid-corporate or emerging corporate customers who can be future corporates. There we clearly see that there are good margins for the bank, and we can go for sole banking and earn the entire income for ourselves by having there the promoters' saving accounts, CASA accounts, and even the employees' accounts, everything. A lot of opportunities of third-party selling and cross-selling is available with such kind of emerging corporates, and it is definitely part of our strategy. Just last passing sort of a point of information, based on the Supreme Court recent judgment on Bhushan, I mean, what is our status and what is our quantum which we had recovered? What are your views on that going forward? No, I have already, I think, answered this question. See, our Bhushan, we had the exposure in this account, and Bank of India had sold this account to our ARC. We are not at all impacted by this judgment because it is already sold with no recourse basis. We have nothing to say on this. Yeah, what I understand from the industry and the system is that banks would be under COC meeting will be held shortly, whoever is the COC members, and they may be going for some petition. Sir, this is one last question from the virtual world also. It is from SBI Mutual Fund. The name is not being displayed. The question, first of all, yes, congratulated you on the good set of numbers. The question is that a bank, is the bank having an offshore branch in GIFT City? What is bank's plan for relative growth of GIFT City branch vis-à-vis other overseas branches? How active is bank in terms of non-deliverable products permitted by RBI to entities operating in offshore locations? Yeah, so we are very much having a GIFT City IBU branch. If you see our presentation on page number 41, our IBU branch is having an advance composition of nearly 8% of our global advance book. It is a very significant number, and it is the fourth largest branch for us in the international operations. A lot of advances we are giving mostly to the Indian corporates through our IBU GIFT City branch, and a lot of other cross-functional products also we are now looking at from our IBU GIFT branch, which now IFSCA is now approving for either insurance or for mutual fund and other kind of things. A lot of traction we are having for our IBU GIFT City branch. Thank you very much, sir. Due to time constraints, we are not able to take further questions either from the virtual world or from here. I think nobody is here. Thank you very much, gentlemen, for joining us this evening and for this enlightening session. Refreshments are outside, kindly join them. The press release will be shared to you shortly by our Adfactors team. Thank you all. Thank you very much. Good day. Thank you. Thank you. Thank you, sir [Foreign language] Thank you, thank you.