Good afternoon all. On behalf of Antique Stock Broking, we welcome you all to Q4 FY 2024 Post-Earnings Conference Calls of Canara Bank. From the management team, we have: Shri K. Satyanarayana Raju, MD and CEO, Sir; Shri Debashish Mukherjee, Executive Director; Shri Ashok Chandra, Executive Director; Shri Hardeep Singh Ahluwalia, Executive Director; and Shri Bhavendra Kumar, Executive Director. Without further ado, I hand over the call to MD, Sir, for his opening remarks, post which we can open the floor for any questions. Thank you, Sir, and over to you. Good evening to all of you, Sir. So I'm presenting here before that some few highlights of that just concluded fourth quarter of the financial year 2023-24. So our global business has touched an all-time high of INR 2,273,000 crore, with a year-on-year growth rate of 11.31%. Our global advances have grown at 11.34% to today's INR 961,000 crore. Our global deposits have grown at 11.29% year-on-year, growth rate of that's 11.29% and to today's 13.12%. The deposits in the fourth quarter have grown considerably, as we shared with you during the announcement of the third quarter results, that we focused this quarter more on the liability side to see that our incremental credit growth in the financial year incremental CD ratio in the current financial year will be well within the 100%, which we could achieve that has helped us in controlling our cost of deposit as well as in the improvement of our CASA percentage. Our net profit today at INR 3,757 crore, all-time high in the history of the bank, at a year-on-year growth rate of 18.33%. With this, the board has proposed a dividend of 161% of paid-up capital as against last year, what we have paid the dividend of 120%. Our net interest income has increased 11.18% year-on-year and today's INR 9,580 crore. The return on asset has further improved to 1.01%, and year-on-year improvement is 20 basis points. Our PCR is improved to 89.10% with year-on-year improvement of 179 basis points. Our credit cost has again maintained below 1%, that is at today's 0.96% with an improvement of year-on-year 21 basis points. The gross NPA has today's 4.23%, year-on-year a decline of 112 basis points. Our net NPA today's 1.27%, year-on-year decline of 46 basis points. This whatever the 11.34% of our advances, what we announced, is led by our RAM sector, grown at 13.52% and today's INR 541,489 crore out of INR 960,000 crores. And this led by retail credit at 11.68%, agriculture and allied activities have grown at 18.69%, and the housing loan grown at 10.81%, and vehicle loan grown at 14.03%. Our year-on-year earning per share has improved 37.26% to today's 80.23% compared to last year, earning per share is at INR 58. So now that net interest margin last year total cumulative last entire financial year previous financial year NIM was 2.95% as against that current year NIM cumulative is at 3.05% with an incremental improvement of 10 basis points, which is also as one of the remarkable performance I can say that the under the present hardship conditions for the banking industry at a high interest rate regime of the liabilities. Even that liabilities at a rate of interest has this deeply increased, we could manage by managing our credit portfolio. That's the reason we could manage in the last fourth quarter, our quarter-on-quarter, the incremental growth in the yield on advances were 11 basis points versus the increase in the incremental interest expenses is 8 basis points. This we could achieve it, that's why we could achieve 3.0%, but the fourth quarter itself our NIM was 3.07%. This we could achieve it where we are already sharing earlier also two, three quarters back that we have some INR 60,000-INR 70,000 crore corporate exposure at much, much cheaper rate, which we lent two years back because that to invest our surplus money, which we want to gradually reduce that exposure and, to see that the stress on our margins to avoid that. That we are successful in the current quarter also, we reduced our such exposure to some extent, that around INR 10,000 crore-INR 13,000 crore that has helped us in improving our NIMs and the yield on advances. And these are all the few ratios we are sharing. I think now it is open for you, if you want to ask because this presentation has been already shared with all of the investors as well as online also our website also it has been displayed. Now it's open for the forum. It's open for all the analysts, whatever the clarifications are the queries you want to raise and myself along with me, all my four Executive Directors are with you now. It's now open for the forum for discussions, Sir. Proceed. Yeah, so the first question we have from the line of Mahrukh, For credit growth. Hello Sir, hi. Good afternoon Sir. Good afternoon Madam. Yes Sir, so Sir I have a couple of questions. My first question is on your guidance that relative to what you have achieved in FY 2024 on credit growth, your credit growth guidance is slightly softer for next year and everyone is quite bullish for the next few years, right, in terms of loan growth in retail and corporate. And then even on margins, your guidance of 290, that's like 17 basis points lower than the fourth quarter exit rate, right? So these are, these are some questions on the guidance portion. And then I have a question on the new RBI draft circular, first your comments, and then companies like L&T Finance, REC have actually quantified the impact from the draft circular based on their initial, estimates. So if you could give any summary of the annual calculation, yes Sir. Yes Madam, let me clarify Madam regarding that our guidance in that advances growth, generally whenever we give guidance we give conservatively only, but we want to outperform what we are given to that guidelines. Earlier also we are given 10%, you see that we have grown 11.34% even after rejigging that pricing that corporate portfolio. And this year also what we are given 10% is a minimum growth and we are sure that we will grow around 12% in the current financial year. But the guidelines always whenever it's a practice of this bank for last three years that we give little conservatively on the guidelines, but when it comes for the performance we are outperforming in every quarter-on-quarter beyond that. Even NIM also last time you see that our NIM is 2.95%, the annual NIM, but the current year under such difficult conditions also we are the only banker we could show the improvement in the NIM with 10 basis points. Our NIM has reached to the annual review NIM is 3.05%, of course fourth quarter it was 3.07%. The 2.9 is only a, a guidelines given to you, it's a minimum, but we are sure that we will maintain at 2.95%-3%. This is subject to presuming that the present tightness in the liquidity will continue throughout the year. If at all that liquidity is the easiest once the elections are over, naturally that will impact in our cost of deposit and automatically it will impact on improvement in the NIM. This is a basic minimum based on the existing circumstances we are given, Madam, but we are definitely confident that we can perform what we are doing is outperform in the last several quarters, the same confidence it will continue in the next quarters also. We are not looking at any low traction in the credit either in the RAM side or in the corporate side, only that lower credit growth what we have shown is earlier because two years back we invested INR 60,000 crore-INR 70,000 crore when we have a surplus in our system, we invested at a very low price to some big organizations, which now presently is not feasible to continue at that price. So hence slowly whenever it is coming for the renewal, we are reducing our exposures to that borrowers. That is the reason it is looking at that it's a little lower growth rate in the advances side, but it's, for all practical purposes, for the new sanctions and all, it is compared to last year; this year new sanctions are much more than what the last year sanctions. So growth will be there, demand is there, but only thing because we are rejigging our balance sheet in the low pricing, we are making it to reasonable pricing because to maintain that margins, that it looks that it is a little lower side on the credit growth. But now the again you are telling about that your second question is on what the RBI draft guidelines. Madam, RBI draft guidelines it is still at a premature stage, it is only two to three days back. We preliminarily we tried to assess it, but we have several doubts on that the guidelines because the guidelines never spoke about what is the floor limit for that project. We have to can calculate every small project also whether it is INR 1 crore or INR 10 crore or INR 100 crore or INR 500 crore, that clarity is not there. Unless otherwise we get those clarities from them, so it will be difficult to assess what is our impact on that. But whatever the impact it is, even whatever the guidelines if as it is implemented also, we are very much well prepared because you know that the last time when the risk weight is on the NBFC exposure has been increased or improved by the regulator, we are the first banker partly we have shared with our borrowers. This also, it will continue whenever there is an improvement in these things. Suppose provisioning norms are increased, we will recalculate our RAROC. Naturally, part of that we share with our borrowers and remaining things we will absorb it. I don't see too much pressure on our bottom line or even on the capital side, Madam. Hello, thank you Sir. Just what is your marginal cost of deposits, incremental cost of deposits? Madam, incremental deposit to the term deposits, that is, on an average it is 6.5%-6.75% is there, Madam. But the, because the CASA is there and the previous the outstanding deposits at a lower rate and on average the cost of deposit last quarter it is increased from 5.4%-5.50%. Now it is a cost of deposit as on date it is 5.50%. But it's last quarter you see that only eight basis points has increased there, but yield on advances has increased from 8.6%-8.71%. That means eleven basis points has increased. That's why we are able to show the 3.07 NIM as against our projection of 3.05. Got it Sir, got it. Okay Sir, thank you. Thanks a lot. Thank you Madam. Thank you. The next question we have from Mona Khetan. Request you to unmute yourself. Hello. Hello. Yeah, hi Sir, good evening. Hi, Mona Madam. Hi, just a few clarifications. Firstly, when I look at your CA balances, it was up 30% over 30% this quarter. What exactly has driven this higher? No, CA percentage is floating funds, Madam. Whenever it comes for the floating funds, you get that benefit, but we have taken some new schemes also in the CA. Actually, two new schemes we introduced six months back. Those new schemes also have started earning that because we made it free of charge for every transaction. In that, we have given several customer friendly and we also introduced last year API banking for corporates and we also introduced a mobile app for the corporates. These are all some of our initiatives both product side and the future side and the platform side is helped us in giving that boost in that current account. But one or two institutional deposits, institutional accounts where we could canvass the state governments or the central government accounts, there also some float funds have come. That is the reason, but we have seen the steady growth in the savings individuals. Savings individuals for year-on-year basis we have grown more than INR 17,000 crore. That has actually given a confidence that in the current year we could achieve it, we could easily achieve that 33% projected whatever we have projected. If you look at that, the fourth quarter of our CASA has improved from 31.65% to 32.21% or something to 4%. So that itself is around 63 basis points it is increased in the fourth quarter because the entire machinery, entire bank we have focused on CASA by introducing new products, new platforms, new features and new initiatives to reach the new customers as well as the connecting, reconnecting with the existing customers. This current year also in the first working day we have launched one Canara Angel, Angel that's targeting for the women customers and that has, widely accepted by the public and already in one month we got more than INR 200 crore deposit mobilization in only in the new accounts, not from the existing accounts. This tempo of introducing new products and the initiatives, technology related initiatives making the customer, journey is more comfortable to them will continue Madam so that our focus, you know, we know that the unless otherwise we work hard on the CASA, it will have impact on our NIMs. That's why we are working more and more on CASA products and the CASA mobilization Madam. Got it. Secondly, on the operating expenses front, what led to the sharp rise in other OpEx and what sort of pre pension provisions have been made this quarter? And given that there was retrospective impact of wage hike this year, what sort of, you know, normalized employee expense we can expect in FY 2025? The staff cost, you know that as per the Bipartite Settlement that has last time also we have provided INR 750 crore. During that time I shared with you that another INR 150 crore-INR 200 crore towards the actuaries or the pension benefits we have to provide it. But when it comes for the actual calculation it has come to the INR 350 crore, that INR 350 crore, entire INR 350 crore in addition to that whatever the increase, incremental, salary we have to pay, entire amount we have provided in this only. The second one is that is the reason the staff cost has shown that, but ultimately our staff cost will stabilize around INR 4,100 crore though it is currently INR 4,458 crore it is showing that. But next quarter onwards our quarterly expenditure what we are looking at is INR 4,000 crore-INR 4,100 crore. So to that extent cushion is there in our books. The second one is other operating expenses also, whatever the one-time requirement is there that around INR 200 crore we have booked that expenditure also. And since when we are investing on the IT, naturally the IT expenses also is slowly operating expenses are increasing that. But we are sure that we will maintain around 47% the CASA, whatever it is we could achieve that the cost to income ratio, we will try to maintain that or little lower side at the 47%. Got it. Just finally, what's the outstanding standard provisions on our books and what is the PCR we hold against the restructure to? Madam, restructured portfolio overseas when it comes for the RF1, RF2 and all, so total our restructure has made during that time it was INR 24,000 crore. But now as on date it is outstanding is only INR 17,000 crore. Out of that already INR 12,000 crore is standard asset and INR 4,800 crore slipped to NPA. Okay. And what sort of provisions do we hold against this INR 12,000 crore of standard assets? Whatever the stipulated regulatory stipulation is that we are maintaining it well above than that, Madam. Say around 10% or thereabouts? No, the regulatory requirement whatever it is there that we are providing it. Okay. Other than the general provisions of 40 basis points we may not be holding any other excess standard provisions. Is that a fair understanding? No, Madam, wherever it is required, actually, even if it is not required, in one big account the last year it is slipped to NPA, there, not in anticipation of future ready, we have provided some INR 300 crore additional provision, which is not required as per regulatory, but we have provided that INR 300 crore. Okay, but that was a slipped account. Total actually additional provisioning what we have done is INR 1,800 crore, Madam. Which is INR 1,800 crore is the standard asset provisioning? No, Madam, total the regulatory requirement beyond that 1,800 crores what we have provided. Okay. That is for only future-ready balance sheet. Okay. And this excludes the restructured book, the minimum requirements of restructured book as well? Yes, Madam. So everything, whatever regulatory requirement we are meeting, that regulatory requirement, beyond that also we are over provisioning we are making it, that is the over provisioning is around INR 1,800 crore in the form of either it is in the standard asset or restructured asset or NP asset. Got it, Sir. And if I could just squeeze in one last question. So, on the recoveries front, we have seen, when it comes to recovery from written- off accounts we have seen very strong numbers at about INR 5,900 crore this year if I take the full year. So, you know, and this constitutes a very large part of your overall profitability at around 40%. So what would be the guidance here on what sort of because, I mean the pool may be coming down etc. So what will be the guidance on this front? Madam, we have still, still written- off accounts, technically written- off accounts, portfolio is there with us around 68,000-72,000 range. Still there is a lot of scope to recover out of that. And every year we expect that INR 4,000 crores-INR 5,000 crores we get from that bunch. And the fresh written off also is keep on happening in that every quarter. And when you return off write off in the press release there is a every possibility that in that also there is a, possibility to recover the amounts. So this is an ongoing, it is not a one-time Madam. Every year we look at that INR INR 4,000 crores-INR 5,000 crores we can recover from the written- off accounts. And the main where we can share it with you is our quality of the assets is main important. Look at that the one year back we are told that we have shared with the all of you that our recoveries and upgradation will be better than the slippages. That is the standard we have taken and the entire top management along with that staff members we are working on that. Continuously every quarter we are able to maintain that. In the current quarter also if you see that our slippages are from existing it is a INR 3,082 crore the new fresh slippages, even existing which you add on is INR 300 crore if you add total it is a INR 3,400 crore slippages is there. As against that the upgradations are INR 520 crore and cash recovery is INR 3,161 crore. Total it is a 3,681 accounts. 3,681 against the slippages are only INR 3,400 crore. So we are continuing in that. And even when we are working hard on even existing SMA 0/1/2 there also. That gives that figures more comfortable for you that you just look at that one year back our percentage of the SMA 0/1/2 is at 0.76%. In between though it has gone to the 0.80% now it has come down to the 0.69%. So we are working very hard on that number of accounts if you see that both accounts and amounts both at zero level and one level and two level we are working hard to control there itself. So that is helping us in maintaining our credit cost below the 1% and less pressure on our NIMs. Thank you. We move to the next question from Rakesh Kumar. Request you to please unmute yourself. Yeah, yeah, hi, thanks a lot. Sir, couple of questions I have. So, firstly, like, you know, we have a total gross NPA and written off pool of 11.6% of total loan book. So what is that, you know, total unrealized interest income that we have on the book? Madam, unrecovered. Unrecovered unrealized interest income on the gross NPA and the technical written-off? So that is very difficult to calculate and tell. That's our CFO will share it to you mail for entire exactly amount you have to calculate, but to book balance I can tell you that. So almost INR 110,000-INR 120,000 it is available including that gross NPA and the written off book balance. But the written off, unapplied or whatever interest, so if you take that documented rate it will be multifold. So, but there is, it's very limited possibility that you can earn out of that some amount. That's why generally we don't maintain that figures. It is individual account wise it will be there, but when the negotiations happens we also try to get not only the book balance if at all any part of that unrealized interest to be recovered, we keep recovering that. But that is multifold, which will be there. When I shared it is 110-120, that will be definitely more than 100% of that amount. So for this quarter, Sir, the interest income that we have accrued, what would be that number, Sir, from NPA recovery and TWO recovery? That's what, Sir, this recovery also this time also again we are targeting around 2,000 of the book balance and all it is approximately we are expecting around INR 1,500-INR 1,600 crore we can recover. But these are all ultimately in a year we book around that INR INR 4,000 crores-INR 5,000 crores from technical write-offs. Some one quarter it may come down, one quarter it may go up based on that materialization of our negotiations. In the anxiety of achieving that things sometimes we will not compromise on our when we can recover higher amount we will try to recover the higher amount only even if it's one month delayed. That's why exactly telling in the particular quarter how much it is very difficult, but in overall year we definitely recover in the technically written off around INR INR 4,000 crores-INR 5,000 crores which we are already reflected in the last one or two years financial balance sheets. Correct, Sir, correct, Sir. No, Sir, interest income part, Sir, interest income part that we have accrued this quarter, Sir, how much that would, that number would be? See, again, interest income part also. It is based on your growth in the advances, average growth in the cap advances. That is an interest income, you know, or interest on non-performing assets you are expecting. Correct. Sir, sec. You are expecting from me interest on non-performing assets? Yes, sir, non-performing assets and the technical write-off of loans that we have recovered this quarter. More or less, that will be in every quarter. Almost, it is in the same lines. It will be there, but exact amount telling that, that's budgeting will not be there for that. Whatever the best we can do, we will try to recover as much as possible. Great, great, great, Sir. Sir, on the other OpEx I would like to come to that number again. That number has gone up by around 600-odd crore this quarter. So, so what is that incremental number here, in that other OpEx, Sir, if we can, if we can, you know? See, that particular, see, what will happen when that particular quarter, maybe it is in the technical write-off, huh, OPEX. It's the OPEX which is your staff cost, you see, that the first one is, that's what actually the, the staff cost. One, one thing is operating expenses pay. The staff cost because of the bipartite settlement we have to provide 17% and we have completed that entire payment of arrears from November 2022 to now. And in addition to that whatever it is required for towards pension and the gratuity that is based on the recommendations given by the actuaries and earlier we initially we expected that it may be around INR 150 crore-INR 200 crore balance, but in actuals it has come INR 350 crores. That entire INR 350 crores also we have provided below the line. So that's why your staff cost is reflecting that INR 4,458 crore. But on an average every month next quarter onwards this staff cost will be stabilized around INR 4,000-INR 4,100. There is a cushion of INR 350 crore here in the operating expenses. The second operating other operating expenses is in the depreciation one is there and one-time some expenditure in the IT-related also around INR 150 crore-INR 200 crore we absorbed this time only. So those things are there. That's why that it is reflecting that little more in the operating expenses, but otherwise whatever our control in the operating expenses will continue and it will stabilize even other operating expenses around INR 2,600. So upper there INR 600 staff cost there is a INR 300 benefit will be there. In the down the level also there will be some INR 300 crore cushion will be there when the coming quarters are coming. So that will be the INR 250 crore-INR 300 crore benefit will be there. So that will be the comfort for the next quarters, few quarters whatever it is there. Sir, just one last question, Sir. Our non-retail term deposit. We would like you to please join back in the queue. There are a lot of. Sure, sure, sure. Sure, sure, sure, sure. Thank you, Rakesh. Next question is from the line of Jai Mundhra. Jai, if you can unmute yourself and go ahead. Hi, good evening, Sir. Thanks for the opportunity. Good evening, Jai. Sir, in your opening remarks you mentioned that, you know, you are still studying the RBI new circular on project under implementation, but out of your infra book, right, you would have an idea as to how much of the loans are under DCCO as of now maybe within the infra, you know, book of INR 129,000 crore? See, there are several conditions are there in that. It's not the guidelines only. So project under implementation is there, project completed, but their balance has not come down below 20% is there. Balance projects are implemented, the 20% has come down; that is also there. And we don't know what is the floor price we have to take for project, whether it's a project cost we have to take or the loan sanctioned has to be taken. So many doubts are there. These doubts we are seeking the clarification from the regulator. Exact amounts and tentative amounts we can achieve it. Otherwise now you, you have to if in the options of that you tomorrow you may sanction one loan for MSME for INR 25 lakhs. That 25 lakhs is a project implementation also you have to provide. We don't know that exactly, no. So these clarifications, unless otherwise we get the clarifications, it's too early to comment on that. But one thing I can give you confidence that whatever the guidelines given to the RBI, we are well prepared to face that. That much confidence I can give to you because partly whenever there is an impact on burden either in the bottom line or in the capital side the calculations our risk department will calculate what is impact on that. And that calculations partly we absorb and partly we request our borrowers to absorb it and we are successful in convincing our borrowers even in the recently last time when the risk weightage and NBFCs have increased. That is the reason we could maintain our NIM at 3.07 and we have shown a much improvement in the yield on advances in the fourth quarter. The same thing will continue when you have a good relation with your borrowers and we can easily convince them to share the part of that. Even in existing borrowers also we can request our borrowers to share that part of that, burden. So I don't see too much panicness in that. And you see that the last year our net profit is INR 10,600 crore, but this time our net profit is INR 14,554 crore. Don't you see that there is a 37% increment for us? So we have an ample cushion in our balance sheets. We are ready to face whatever it is there the stringent guidelines if it comes for the betterment of the balance sheet we are in line with that regulator. Understood, understood, Sir. Okay, Sir, and on April 1st there was a new RBI regulation on reclassification of investment portfolio. You know, you must have redrawn the balance sheet as on April 1st. Was there any accretion to CET1 or AFS Reserve or General Reserve out of that exercise and if you can quantify that? I request my Executive Director who is overseeing that treasury, Mr. Debashish Mukherjee, Sir, he will share his views on that. You see, on implementation of the new accounting guidelines from 1st of April, it has added about INR 1,400 crore to our reserves. So that is a positive point which has happened by implementation of this. Secondly, our HTM portfolio which is quite high, more than 80%, so that is also giving us an ample scope for a future, you know, profitability because the yields are coming down. You know, even in the last financial year, let me tell you that our portfolio yield has increased from 6.69% to 6.91% for the total investment portfolio. So, our treasury, our investment portfolio is, you know, doing satisfactorily I can say. You know, very point very taken, Sir, INR 1,400 crore is a decent amount. It's just that it is the combination of both AFS Reserve and General Reserve, right? I mean, or is only the AFS? Right, right, right. Right, right, right. No, Sir, just wanted to check, Sir, is this the revaluation of both HTM as well as AFS or only the AFS proposal? No, no, HTM and AFS. Okay, sure. Lastly, Sir, if you can give the breakup of slippages during the quarter and the loan breakup by benchmark? Which one? What is that, Sir? Slippages breakup and breakup of loans by. Slippage breakup. Yeah. It's around INR 3,400 crore now, Sir. Actually, out of that is INR 1,000 crore 1,100, 1,080 is agriculture, INR 1,200 crore is MSME, INR 400 crore is retail, and INR 400 crore from mid-corporate it is there, Sir. Breakup of loan books, Sir, by benchmark, by EBLR, MCLR, fixed rate? Sir, that's the MCLR book is around 51 point odd. That is approximately 52%, Sir. Our RLLR linked is 38%. The remaining 10% is staff loans and loans against deposit and all those specific schemes, Sir. All right, Sir. If you permit, I can ask one more question. Sir. Jai, I will request you to please join back in the queue. Sure, no problem. Thank you very much, Sir. All the best. The next question is from the line of Ashok Ajmera. Request you to please unmute yourself and go ahead. Thanks for giving me the opportunity though I am waiting from the first question itself. Anyway, Sir, yes, definitely, Sir, the profitability of the bank has improved and it is one of the best quarters as far as the net profit is concerned. Having said that, Sir, I have got again a question on our credit growth. Sir, if you look at this, this current quarter, I mean the last quarter, the credit growth is net credit growth is only INR 6,717 crore in the domestic book which is just 0.75%. So overall you said you set a target of 10% and you achieved 11%, but going forward, how are we going to if, if, if in a quarter the credit growth and that is also in the in the March quarter itself if it is only 0.75%? So how can we expect the credit growth to come in in the coming quarter? Does it mean that a big chunk of loan has been repaid and a fresh loan are yeah, yes, Sir. Let me explain to you, Sir. I was sharing with you for last four quarters that we have two years back invested INR 60,000-INR 70,000 crores in triple-A rated borrowers at much, much cheaper rate. Because during that time that decision was the good because we have surplus INR 60,000-INR 70,000 crores in our system, we deployed that. But now that deployment became costly for us because that borrowers are not inclined to increase their rate of interest and that rate at that rate maintaining that INR 70,000 to just to manage our top line will be difficult and it will be having a stress on our margins. So as a calculative business decision, the bank has taken a decision to gradually reduce your exposure from these seven, eight borrowers from this INR 70,000 to acceptable level of INR 25,000 crores-INR 30,000 crores. That in overstretch we cannot reduce it. However, whenever it comes for the due renewal, for those things, those things we are reducing 50% or 60% or 30% depending on the price what we are getting from those borrowers and we are renewing it partly. So the remaining amount we are accepting as a payment from them and that amount we are investing in that. But the credit growth, there is no question of sluggishness. So I already shared with you in the last quarter itself we almost INR 14,000 crores-INR 15,000 crores we have taken reduced those limits from existing triple A rated or whatever it is because the rate of interest is much, much below than the market rates. So that's why that is not reflecting in your Q on Q basis the incremental growth. If that is the case, that would have impacted our RAM growth. You look at that, our RAM growth is more than 2%, then it is not that the credit growth is not there. Only because of the corporate growth, maybe we have taken that decision to re-jig our portfolio without impacting our margins, and where this INR 60,000 crore, INR 70,000 crore burden is there, that slowly we want to reduce that burden. This is the only that. One more green patch I will tell you too, that maybe this is the first of its kind. From April this month, 30th month, the March 31st to April 30th, we are positive by INR 9,000 crore in the balance sheet. Oh, that's good. That means in advances itself we are positive by INR 3,000 crores-INR 4,000 crores. That don't you think that it will give us benefit in the interest income? Yeah, yeah, definitely, Sir. So we don't want to be in the market when the market is too busy and working for the top line. Our policy is very clear, Sir. We don't want to grow at the top line at the cost of bottom line. We know when everybody is relaxed we want to do that our job. That job we are doing in the April itself and April our balance sheet is so comfortable and first time in the history of our bank as well as in all the banks. We are INR 9,000 crore more than the our domestic business of March 31st. Yes, Sir. Sir, my second answer would be. Majority of this incremental growth has come from either in the savings bank or in the advances. Nothing else. That's great, Sir. Sir, you said that the additional provision above and above the IRAC norms is INR 1,800 crores. Sir, out of that that one major account, you know, which was slipped, last year, this year, how much out of that INR 1,800 crore is of that particular account? Sir, approximately INR 300 crores is there, Sir. Overall 300 because 300 you made this year. No, no, overall no, sir. Additionally, additionally, we have provided INR 300. Out of this INR 1,800 crore which we have the floating, I mean the extra provision, that 100. 300 extra provision, INR 300 extra provision we have made towards that account. That account. Okay, Sir, point well taken. Sir, I will come on treasury. We have given a very good handsome profit on yeah, yes, yes, Sir. No, let him ask, Sir. Let him ask. Ashok Ji, let him ask, Sir. Okay. I have been waiting for a long time. People have asked 5, 5, 6 questions. Don't worry, Sir. Ask, ask, Sir. I mean. Ask, sir. Because you better to. Auditor also should understand. From if any apprehensions are there, it is better to take clarity. No, no, no, apprehension, Sir. It is just a few point of, you know, information, data and Sir, our treasury has performed very well. The profit from the sale of the investment is INR 663 crore out of INR 865 crore of profit in this quarter. Now our AFS book is also increased by around INR 9,000 crore-10,000 crore even in this quarter also. So Mukherjee Sahib, are you going forward, do this momentum in the treasury, performance or income will continue, in the coming quarters as you see that rates also might, might be a little bit of even softening, may come by the RBI in the rates also? No, no, definitely, Sir. We are definitely for churning our portfolio in investments and we have been trying to do that and that is why as I told you earlier that our portfolio yields have increased to 6.91% from 6.69%. And also please note that this change in accounting has given our CET1 a boost of 21 basis point which is a very big amount, about INR 1,400 crore. So going forward, our AFS portfolio we will continue to increase and, you know, churn it, as well as use our HTM portfolio as well. Yes. For, you know, churning and getting more and more profits. That is what our intention always and this time also. That's great. Sir, if you permit, just last question in this round. Okay, Sir. If you refer to note number 13, Sir, we have sold some NP accounts, 12 NP accounts of INR 2,850 crore. That was the book value also and the outstanding also. So aggregate consideration received is INR 916 crore. Whereas in the next same note in the note number 10, 13E, we are mentioning that the quantum of excess provision reversed in the P&L account from the sale of the stressed loan is INR 371 crores. So, so the consideration received is INR 916 crore. Let me explain to you, Sir. Let me explain to you, Sir. Yes, yes, yes, for clarity. Yes, Sir. Whenever you are transferring your account, you are selling your account to NARCL or any other ARC. We have sold to only NARCL, Sir. No other ARC we have sold. The NARCL when you are selling it, the 15% only upfront you will get the cash, Sir. The remaining 85% they will give in the form of SRs guaranteed by central government. Though it is guaranteed by central government as per the existing regulatory guidelines, we cannot reverse that provisioning on that SR, that portion. So whatever the settled amount, INR 968, upfront what we got is 15% of that cash we will get it. The remaining accounts may whatever the SRs they are issuing it, that SRs provisioning against that amount will continue in the system, Sir. All right. So this 371. That provision reversal, you will you don't see that. We see only INR 371 crore. Yes. Only provision reversal. Yes. For this. And, and what was the percentage of this overall including 15% and 85% of the book outstanding? I mean how much realization percentage? Actually, Sir, it varies from account to account, Sir. Some accounts we get upfront cash more. Some account upfront cash will come less. But the minimum is upfront cash is 15%. But that varies from account to account. Thank you, Sir. The next question is from the line of Sushil Choksey. Please unmute yourself and go ahead. Thank you, Sushil Ji. Congratulations for a very stable number and stable outlook. Sir. Thank you very much, Sir. Entire world is searching CASA and specifically. Sir. Canara Bank, if you compare with our peer banks at our size level, what are we doing to make sure that our CASA that's the difference between your balance sheet and their balance sheet where cost to income or other numbers are concerned? Presuming the other two numbers are stable which are yet to be announced, what are we enabling that our CASA from current 32% goes to 35% or 40% over a period of three, five years? Sir, we are working hard on that CASA. Undoubtedly, we have taken CASA as our first priority among all our business parameters, Sir. But historically, when you say that the 62%-65% of branches network is in the South India, CASA is historically a challenge for our bank because that is though it is yielding in asset side benefit, but this side is a CASA. We don't want to accept that weakness as it is. Last year first working day itself we started we launched six products targeting various sectors. Retired people we have come out with two products. And the salaried class we have come out with three, four products. Then special other than salaried class for savings bank we have come out with some select products. And business community also we have come out with two products in the current account. We also simultaneously developed our digital footprint, so comfortable with the customers so that the younger generation with whom we feel that there's so much CASA is available and they are the high earning individuals in the present society. So targeting them also we are launching several features, several products so that they will start dealing with us. And that has given us a very much good comfortable if you see our CASA as on December and CASA as on March. CASA as on December it is only 31.662. Whereas if at the CASA at the March level it has gone to the 63 basis points more and we have crossed 32.25 or 26 something that's the area. This is possible only because our incremental growth in the SB individuals. In the absolute numbers also I can share approximately around INR 16,000 crores-INR 17,000 crores in SB individuals alone has been increased. Out of that only INR 6,000 crores we got it from through new schemes what we have introduced. So that is actually the major chunk what we have got the jump. And simultaneously we introduced a relationship manager concept to reconnect with our, our high net worth customers that has been established almost 4,900 branches. Exclusive officer has been given to handle or to serve the top 200 customers. And we have introduced API banking with 200 features to make corporates comfortable with dealing from their host-to-host integration. We also have done corporate mobile app. This is the second public sector bank to make it more comfortable for the corporates so that they can shift their entire ancillary business towards us. And we are taking several initiatives to attract that. Recently, in continuation of that, with the motivation given by the last year, whatever the new products, the enthusiasm has increased in our rank and file. Because so this first working day of this current financial year also we launched two new products. One is directly a CASA that is Canara Angel targeting for the women. And this is the first of its kind in India. Whatever the products we are launching last one year and these two months, first of its kind in the industry thereafterwards other banks whether it's a public or private sector banks are introducing the similar products. And this Canara Angel has got so much attention from the various sections of the people especially various geographical areas. In the first 1 month itself we got INR 200 crores in the new accounts opened in that particular product. It is not from the existing accounts migrated to that. So new connections what we got through them that we got more than INR 200 crores in that. Simultaneously we also launched to target the younger generation who whom we want to attract to onboard as a customer. So we introduced a Canara Heal that is a medical gap funding. So whenever the health insurance scheme has been taken by the any youngster for their dependents or for themselves, when they admit their dependents on that there will be a difference between the TPA settled amount as well as the corporate hospital billed amount. That gap funding the person can avail it within two, three minutes by opting on the online. This is entire thing is been STP process. No physical intervention. Everything the documents can be uploaded online and he can opt for that. That product also is attracted many corners from many areas. And nowadays I am seeing more attractions as well as the discussions on that product. This product is aimed not for lending only. It is for aiming for that younger generation to onboard it. So they can onboard they can open their account online and take this facility then and there and they can repay it whatever the installments they like it. Such innovation R&D has developed a lot and you know that very much that in the last January first itself we introduced an industry-best business analytics and data lake in our special exclusive lab. And that is creating wonders in garnering the leads especially in the CASA side. So these are all the initiatives we are not stopping here. We are also now having discussions with many vendors for bringing a Gen AI into our regular customer experience areas so that that also will attract the younger generation. Our innovation in the technology to make more younger generation attractive to this bank will continue and to attract other sections of the society our R&D is target oriented that sector documented or segment targeted products we are launching it. These efforts will continue. With that we are very much confident that the current year we will achieve that 33% CASA. As you said that it is reaching to 37%-38% definitely it's a long way to go. We are working on that but we are not sure whether we can achieve it in three years or four years. But we are aiming and we are working on that only. Even last recently, when we had a board strategy meet, we want to achieve it 35% by two years in the next two years. And thereafterwards, again we want to keep it in the longer five-year plan also we have drafted. There we kept it after five years we want to achieve it around 38%. These things are quite possible if we continue with that innovative products. And we are sure we will achieve those things, Sir. So, your city attracts the highest and the best talent, and your state attracts the best talent with service economy, and new generation is concerned. The amount of digital spend which we have done to migrate the bank from old, old Canara Bank to a new generation Canara Bank, when do you think this, the entire migration, will reward the bank, whether this year, next year, or it will take some more time? See, innovation and technology importing is a journey, Sir. It is not a destination that we can say that yes, we have achieved 100%. So always you will get innovative things and you have to capture that and you should be the first in the industry, then the people will attract you, people will recognize you, people will identify you as their preferred banker. But the majority of the investment I can say that we have completed but now we are in that taking the fruits out of that investment. So now we are working hard on that. But simultaneously our investment may not be that much volumes may invest but at a little over side but investment will continue in the IT. Now current year we are targeted for Gen AI, artificial intelligence, Sir. New Gen AI, what is there in that area, whether we want to improve our customer service, customer experience by introducing in the chatbot or even the customer call center or even in the online transaction monitoring to address the cyber security, cyber crimes and all those things. Many areas we identified in that, we are working on that. Sir, in the current year we have already finished one month. Based on unavailed limits and what we have sanctioned and your credit guidance of 10%-11% or you may do 12%, what is the limit available with people who if let's assume that the economy is on a very high trajectory after election, what kind of limits can be availed? What is unavailed limits, undrawn limits lying in the bank? In the corporate itself what we sanctioned and partly disbursed we have approximately INR 25,000 crores-INR 30,000 crores in that in the HAM sector in the different areas. And even in MSME also there are unavailed limits are there INR 4,000 crores-INR 5,000 crores. All these things it's not that that it will be overnight they will use it. It hasn't when they require hasn't when it is due for that they will use it. But the what I want to tell you is the credit growth I want to tell you share it with you that the from March 31st compared to the last working day of April after one month so we are total balance sheet per domestic business we are INR 9,000 crore more than March figure. This may be the first bank we are openly sharing with you that we are INR 9,000 crore positive than the March 31st figure. That's what our business plan and when, the activity is less we want to do more business so that that will take care of our, NIMs also and returns, yield on advances also, interest income. In the first month itself we are almost INR 4,000 crore positive in the advances. Sir, my last question in this round if time permits. Besides the two IPO which you are proposing any other asset monetization plan from Canara? No, Sir. At this moment only those two we are thinking of listing, Sir. It is in advanced stage. One is in advanced stage, one is in still halfway and we expect that one it may come to the listing in the last quarter of this financial year. The other one may come in the first quarter of the next financial year, Sir. Thank you and best wishes. Because our CRAR is, Sushil Ji, hope you will agree that this is one of the highest CRAR among the public sector peer public sector banks at 16.28%. Our internal accruals are so high and that is taking care of our growth rate whatever it is there. At this moment we are working on improving the value of our investment. We are our focus more on improving our value of the investment. Sir, I can tell you last. Through subsidiaries are in that our bank. Sir, last 24-30 months you outperformed most of the peers in terms of the balance sheet size or many other aspects and shareholders have been rewarded and I hope that journey continues with your team. Sure, Sir. We can assure you that whatever the rewarding the shareholders last time 120%, this time 160%, the same tempo will continue in the current year also, Sir. Thank you and all the best, Sir. Thank you, Sir. Thank you, Sir. We have the next question from the line of Anand Dama. Request you to unmute yourself and go ahead. Hi, thank you for the opportunity. So my first question is on the margins. So this quarter we have seen almost like no stable margins as such. Was there any interest on NPA recovery during the current quarter and what is your guidance in terms of margins for FY 2025? So, NIM margins means NIM whatever we are telling if presuming that current liquidity position continues. So, we have seen in the bulk deposits and CDs little softness from March quarter to now in April. So, that rates were earlier it was too high now it has come down something to the extent of 7.6-7.7, that range. But still retail term deposits the same rates are continuing which is high cost deposit only. So, at this moment we don't see too much change in the cost of deposit and the yield on advances in the current quarter too much change may not be there. So, whatever the performance what we are showing in the just concluded March may continue in the margins level. But cautiously we are projecting ourselves that it may be around 2.95%-3%. Our endeavor always will be to see that it is our NIM around three or more than three. Cautiously we are giving the guidance that because presuming that this liquidity tightness will continue throughout the year. If the flexibility is there automatically that will impact our NIM and that will show a positive reflection on that. But. Tell me, Anand, Sir. Sir, can you just talk about interest on NPA recovery during the current quarter like fourth quarter how much was it? Interest on NPA recovery. NPA recovery. NPA recovery interest specifically is telling that this much target and all. It will be very difficult. No, no, for this quarter. Generally we. For fourth quarter, Sir. I just want to. That's what, Sir. Fourth quarter overall, whenever we recover towards the transit, if it is a technical written-off of accounts. In that written- off accounts, whatever we are getting, even book balance is a profit for us. And more than that, whatever we get, we recover it. And whatever the existing levels, four quarters, it is there. So that INR 200 crore-INR 250 crore will continue every quarter. So that may not be a big change. You will see that one quarter may you will get INR 600 crore, one quarter may only INR 10 crore. On an average, generally interest on NPA will come around 200 to 250 crores. That will come in that. Gotcha. Thanks, Sir. You know one thing basically if you can just talk about what is the overall project financing exposure that we have on our book as of now in terms of percentage. I just want to ballpark that. I mean 10%, 20%. See, I already addressed this question twice but I don't mind repeating that. Sir, I mean you said that basically you might. You tell me that what is the floor limit I have to take, then I will tell you. Sir, all we are asking is basically any project financing exposure. See, you are asking me you tell me what is your exposure on the project finance. I am asking you what is the floor limit whether it is a INR 10 lakh or it is a INR 1 crore. You take it INR 1 crore. See, is it possible to calculate INR 1 crore above and all those things and readily share with you? Sir, we have a MC MSME portfolio and all. So let the clarity comes; at this moment we expect that our exposures are in and around INR 100,000 crore if you take everything. But let the clarification comes; if the clarification comes that project cost or the loan amount, the floor limit, if they say INR 1 crore it's okay. If they say INR 10 crore it is; if they say INR 50 crore that different figures will be there. But if you don't take any amount and 100% amounts you have to take it will be around INR 100,000 crore approximately. Sure, Sir. Thanks. Thanks a lot. The next question is from the line of Ashlesh. Please unmute yourself and go ahead. Hi, team. Good afternoon. Sir, just a couple of questions. Firstly, on the corporate loan book, are there any further low-yielding corporate loans that you plan to shed, and what is the average yield on the corporate loan book right now? See, corporate loan book we don't shed it just like that shedding. So when we generally whenever there is a due for that which low cost and low yielding low yielding corporate book is there I already sharing with you that we have INR 60,000 crore-INR 70,000 crore. Whenever those loans comes for either the repayment or for the renewal and all we are negotiating with that parties. If that negotiations happens as per our expected level if it is well within our appetite we can we would love to continue with them. But suppose if that's they have better options from other banks and they don't want to increase their rate of interest in such cases maybe we are reducing our exposures. It is an ongoing exercise but it's not that that suddenly there will be a negative growth in that just like the last month what it is there. It will not be there because already it is the from March to now we have seen INR 3,000 crore incremental growth in the corporate book alone in the one month. Understood, Sir. Sir, what is the average yield on the corporate loan book for us? Now it has crossed to 8.05, Sir. Earlier it was 7, now it is 8.05. 8.17. 8.17. We are comfortable anything above 8%. Understood, Sir. What was this number in the previous quarter? 8.17. That's what, Sir. One year back it was only 7.02 or 7.06. Almost 110 basis points increased in that. Understood. Sir, just one last question. What would be the average cost of term outstanding term deposits for us? See, average cost already it's a cost of deposit it is reflecting now, Sir. It is a 5.5%. If you want exclusively term deposits it may work out around 6.25%-6.5%, Sir. If you don't add the CASA the only the cost of the term deposits it work around 6.25%-6.5%. Understood, Sir. Thank you. Thank you, Sir. We'll take that as the last question, due to time constraints. Thank you, Sir, for giving Antique Stock Broking this opportunity to host. We'll hand over the call to you, for your closing remarks. Thank you. Thank you very much, Sir. We'll continue to perform as expected lines. Our main thing is consistency. That consistency will continue. We will not see any knee-jerks in our balance sheet in the coming quarters too. That much assurance I can give. Thank you, Sir. Thank you, everyone. That concludes the call.