Good evening, everyone. We welcome you all to the 2Q FY 2025 earnings web call of Canara Bank. Thank you for giving us this opportunity to host the call today. Today with us, we have Mr. Satyanarayana Raju, sir, MD & CEO, sir. Mr. Debashish Mukherjee, Executive Director. Mr. Ashok Chandra, Executive Director. Mr. Hardeep Singh Ahluwalia, Executive Director, and Mr. Bhavendra Kumar, Executive Director, along with other senior members of the team. Without any further ado, I hand over the call to MD, sir, for his opening remarks, post which we'll open the floor for question and answers. Good evening to all of you, sir. First of all, I wish you a happy Dhanteras for all the people participating in this interactions. I am presenting the September quarter results. Again, one more consistent quarterly results we are putting forth before you. Our global business has grown at 9.42% and stood at 23.59 lakh crore. Global deposit growth at 9.34% and stood at 13.47 lakh crore. Our global advances also has grown at 9.53% and stood at 10.11 lakh crore. Our net profit has increased at 11.31% year on year, and first time it has crossed a quarterly net profit of 4,000 crore, stood at 4,014 crore. Our CRAR has reached all-time high of 16.57%, with a year-on-year increase of 37 basis points. Our PCR, first time we have crossed 90% and stood at 90.89%, with year-on-year increase of 216 basis points. Our gross NPA has come down below 4%. That is, June quarter, it was 4.14%. Now it has come down to 3.73%, with a year-on-year decline of 103 basis points. Our net NPA also has come down below 1% from the June level of 1.24%. It has come down to 0.99%, with a year-on-year decline of more than 42 basis points. This credit growth is led by the RAM sector, and our RAM credit has grown at 11.54%. If you see this sequentially, our RAM credit growth in the current quarter itself is 4.5% and contributed by the retail credit, grown at 31.27% and stood at 1.94 lakh crore. Our housing loan growing at 12.29%, stood at 99,452 crores, but as on date, we already crossed 1 lakh crore in this housing loan portfolio. Our vehicle loan is also growing at a good growth at 15.49% and stood at 18,607 crore. Our earnings per share. Now, this is against the 2-rupee face value of the share. Our earnings per share is stood at 17.41 with a year-on-year growth rate of 10.57%. Our fee-based income has shown the growth rate of year on year at 17.68% and stood at 2,436. The first time we could touch that, the slippage ratio at the bottom of 1%, with an improvement of year-on-year 32 basis points. These are all some highlights of this. Just I want to compare our latest performance with the guidance given in the first quarter for this whole financial year. The whole financial year, we have given a guidance of business growth at 10%. As against that, the 9.42%, we have grown up to September 30, 2024. That's the reason, the main was the first quarter, of course, we shed our low yielding advances in the corporate sector of 30-35,000 crores. That's why the first quarter growth was only around 1%. But the second quarter growth, advances has grown at near to 4%, and the deposits also has grown at near to 3%. That has contributed this growth rate of business growth at 9.42%, advances growth at 9.53%, and deposit growth at 9.34%, as against the guidance of 9%. The first time last three quarters where the CASA has shown an uptick, that's the growth compared to sequentially the quarter on quarter. June quarter, it was only at that, June quarter to now, it has improved almost 28 basis points. That's a thirty point nine nine nine eight percent was there. Now it is 31.27%. And in absolute numbers, also quarter on quarter, we improved a CASA of INR 8,000 crores. Our NIM has slightly come down compared to the peer banks, that it has come down from 2.9% to 2.88%, though there is a lot of pressure on the cost of deposit, but we could manage this because of our efficient management of our resources, alternative resources, and efficiently lending at a little higher cost, lending. That's these two we could manage efficiently. That's the peer banks their NIMs have been impacted from 7 to 10 to 11 basis points. We could manage with only 2 basis points reduction in the NIM. Our gross NPA has come down from 4.14% to 3.73%, as against our March next March level of guidance of 3.5%. Our net NPA next March level guidance, we have given 1.10%, but already we are at below 1%, that is 0.99%. Our slippage ratio, we are given a guidance of 90% at the next March level, but we are already at touching the 91%, at 90.89%. Slippage ratio also, we are given a guidance of 1.3% for the March, but we already could successfully control that slippages, and we have touched that 1% slippage ratio. And our credit cost slightly increased from quarter on quarter from 0.9% to 0.97%, but still it is much below the guidance what we have given at 1.10%. This increase in the credit cost from 0.9% to 0.97% is not because of any of the quality. This is where we have provided additional more than 500 crores in existing NPA portfolio to strengthen our PCR coverage ratio. That was the reason that the credit cost has shown a little higher side at a point compared to the previous quarter, but it is well below the guidance what we have given at the initial financial year. Our return on equity also, we have maintained well above that guidance of 18% at 20.44%. Our earnings per share, what we are given the guidance is 16.40, and as against that 17.41, we could achieve it. Our return on assets, the guidance was 1%, but we are able to maintain at 1.05%. It's sequentially last quarter also at 1.05%, now also it is 1.05%. But these are all the basic important parameters I want to share it with you, sir. Now, it's open for all of you to raise any queries or clarifications. Along with me, all the EDs, four EDs, are available, our CFO is there, all the top brass is available here. Now, it's open for you to ask any clarifications from our side, sir. Thank you, MD, sir, and we'll wait a couple of minutes, seconds for the question queue to arrange. If you wish to ask a question, please raise your hand. We have our first question from the line of Mona Khetan. Please go ahead, ma'am. You've been unmuted. Yeah. Hi, sir, good evening, and congratulations on a good quarter, so firstly- Thank you, ma'am. Yeah. Firstly, on the growth bit, so, if I look at the sequential growth, the retail book grew by about 12% Q on Q. So just wanted to understand, where is this growth coming from? Because both, if I look at both home loan and vehicle portfolios, which are bigger part, they have only grown by 3%, and larger part has come from other PL book as per slide 29. So, yeah, where is this growth coming from? Yes, madam. Actually, we. Last time also, I shared with you that in the current year, we have introduced a new product in the gold loan for metropolitan cities. Earlier in the metropolitan cities, our people who used to lend for the agriculture purpose for gold loans, that we stopped that. In the metropolitan, we are not lending for any agriculture purpose. We are lending only for that commercial purposes only, with a little higher rate of interest. And we have introduced a customer-friendly product, a tailor-made product for lending against the gold in the metropolitan cities. That has attracted widely from all the metropolitan cities. It has contributed very good growth in that. That is helping in our retail growth much better. So where does this gold book stand, as on September? Yes, madam. Actually, as on date, whole entire bank, our gold portfolio was one lakh 65,000 crores. This retail growth, what with the product- Mm. What we launched is around INR 28,000 crore. Okay. And this was about 19,000 last quarter, if I'm correct? Yes, madam. Okay. Okay. And, this other PL also includes education loan, if I'm correct. So, how- Yes, madam. Yeah. Education Loan also is there. Mm-hmm. Where, how large is that? Mortgage loans are also there. So, how large are these books, education and mortgage loan, if you could share? No, educational loan is almost, it is INR 16,000 crores, madam. Okay. That is also growing at a double digit growth. Okay. Got it. Got it. And so mainly the growth is coming from this gold product introduced in metro cities? No, it's not that mainly, madam. From a- Actually, that's a contribution. On an average, it is the RAM sector is growing at the retail, other than the gold, is growing at 3.5%. Because it is showing the 10% growth is, that is because the excess, whatever it is there, it is because of that gold loan product. Got it. And, what would be the yield in this particular product, which is introduced in metro cities? It's one year, one year MCLR, madam. Above one year MCLR. 10 basis points above the one year MCLR. That's on an average, we are getting nine point one five yield. Okay. Got it. Secondly, if I look at the SME- Ma'am actually, you can come back in the queue. We have other participants also. Thank you. We have our next question from the line of Mr. Rakesh Kumar. So please go ahead. Mr. Rakesh Kumar? We have our next question from the line of Mr. Ritesh. So please go ahead. Mr. Ritesh? The next question is from the line of Mr. Jai Mundhra. Please go ahead, you've been unmuted. ... Sir, hi, good evening. Sir, just wanted to check on- Hi. The SMA-2 number that has spiked. Last time you had mentioned that there is one central government steel exposure. Yes, sir. Anything about, I mean- Steel only. Anything up- No, no. Carry on, carry on. You ask that question. Complete that question. No, no, sir. That is it, sir. What is, apart from the steel exposure, is there anything which is contributing to the rise in SMA two? Yes, maybe one more, actually one more account is there, some one state government account, but it appears sometimes in SMA two, and again it comes back to that SMA zero. That account, this as in September, has reflected in the SMA two. There, the actual exposure also is little comparatively high. These two have contributed 60% of that SMA two. Right. And what is the excess provisions that you hold on to the steel central government exposure? Already, earlier also, I shared with you 15%, we already provided around INR 560 crores. Right. Okay, and the additional provision that you have provided, INR 500 crores, is only on NPA, right? So that has increased the PCR. Sir, that is only on existing NPA, sir. That's the five hundred crores we have provided on existing NPA accounts. Correct. And, sir, lastly, if you can also share the loan book by benchmark, how much is EBLR, how much is MCLR, and how much is fixed rate? Sir, our EBLR is 41%. Our MCLR is 48%. The rest is staff loans and fixed rates. So the Agri also, Agri, you have a decent chunk of Agri and Agri gold. That is also floating rate? Sir... No, actually, floating rate, but still, it's linked to the MCLR, no? Okay, so that is also- Retail and MC- MSME is EBLR. Remaining all portfolios are MCLR. Right. And last thing, sir, on your margins. So we have a decent contribution coming from, apart from loan, interest on loans and interest on investment, there is a decent proportion coming from the, you know, balance with RBI and Forex, transaction. How do you look at that going ahead and the overall NIM? Thank you. That's the last continuously five quarters, if you look at that. More or less, we are able to manage around INR 1,500 crores in that, INR 1,500-INR 1,600 crores every quarter. The same tempo will continue because we have a 8% excess SLR. By pledging that, we can draw some money from the RBI at 6.5, which we can lend it to that effectively overnight or any short-term durations. That is giving some benefit to us. Okay. Thank you, sir. I am done. Thank you, Jay. Hi. Hi. You join Can you hear me? Yeah. We have a next question from the line of Ritesh from DAM Capital, sir. Hi, sir. Good evening. Hi, Ritesh. Hi. Sir, one question on margins and yields. So we have been shedding the earlier loans. I think about two, three lakh crore were the loans which we were shedding, which were lower interest rate, and that is affecting yields, but that is not affecting margins. So can you just give a little bit color on that? How will the margins move from here, and how can it go beyond 3%? See, beyond 3% at this moment, because you should understand first that our CASA ratio is 31%. When your CASA ratio is 31%, your cost of deposit compared to other peer banks will be little higher side. Our cost of deposit is stabilized at 5.7%. And when you have cost of deposit is that much, yield on advances, earlier I told you that it's around INR 60,000 crores was with the low-yielding advances. Out of that, INR 35,000 to 40,000 crores, we already shed, and we withdrawn that sanctions, and we are taking it back, that money. That has helped us in improving the June quarter to September quarter. If you see that yield on advances, it has increased from 8.66 to 8.77. That means 11 basis points. This 35,000 crore, what we have withdrawn from low-yielding advances and again deployed in higher-yielding advances, that has reflected in our yield on advances. If you see that the only quarterly, June quarter to September quarter, cost of deposit is maintained at 5.7%. There is no deterioration there, but there is an improvement in the yield on advances from 8.66% to 8.77%. So that's what actually the earlier, just three quarters back, our yield on advances, especially on the corporate sector, used to be 7.12%. Now it has increased it to 8.48%. That juggling what we are supposed to do, we have completed that, but it is not as you are expecting that it is 2-3 lakh crore. It is a INR 60,000 crores, out of that INR 40,000-INR 45,000 crores we are done already. The remaining is well within our appetite. Sir, uh- And under the present, one more thing I want to clarify this. Under the present conditions of tough, high rate of interest for deposits, the cost of deposits. Controlling the cost of deposit is little tough for the bankers. Under such circumstances, expecting a crossing of the NIM for 3% in the near quarters, one, two quarters, may. It may not be possible. Sure. Just a follow on that, basically, our CD ratio is also in favor. We are at about overall 73%, and we are growing faster, loan growth than deposit growth, but that is not reflecting in the margins. So where is the pressure coming from? I understand there will be pricing pressure in terms of, the loan book side or the corporate loan book side, but we are also growing our retail book quite fast, so, does not seem to be that it is reflecting in the margins side. So just wanted to check. No, I hope, I, I hope if you have gone through that, all the banks which have published their results, if you've seen their, their NIMS, every bank has lost their NIMS from minimum seven basis point to almost 12 to 13 basis point. But in our bank, if you see that, we lost only two basis point. That itself is a reflection that our credit, whatever the RAM is growing in, that is contributing to us. But again, and the set by-- let me clarify once again, that our cost of deposits is comparatively higher than the other peer banks. The reason behind is our CASA is at 31%. That's why our focus more on the CASA. We have initiated. We have almost launched more than 10 section-focused targets in the products we have launched for the last 20 months, and which has attracted very well from various sections of the society, and that has garnered almost INR 17,000-INR 18,000 crores in the SB individuals. That is, that's where our focus main. And we are also using alternative resources like infrastructure bonds or raising the window available with the RBI by pledging the excess SLRs. These things, we are also using it for keeping our cost of funds under control. Got it, sir. Thank you so much. Thank you for the answer. Thank you, sir. So we have next question from the chat box. Mr. Jai Mundhra has asked a question: How much is unsecured personal loan and GNPA in rupees crore and slippage this quarter, and recovery target for H2 FY 2025? See, in our bank, the unsecured loans in the RAM sector, especially retail sector, is only approximately INR 18,000 crores. So out of that, it's a pensioners and salaried class, where they get their salary or the pension through our bank, only those people will get the unsecured loans. Other than that, we don't give any unsecured loans to any non-customer or other than salaried class customer. That's why we don't see any stress in that, and it's only a INR 12,000 crores. The remaining INR 60,000 crores is in unsecured loans under the educational loan. So that's anyhow, that's we are under control. So whatever it is there. Under the slippages, in current slippages, if you look at that, our entire retail, the NPA percentage is only just above the 1%. Our other personal loans, if you look at that, the percentage is only 0.52% NPA. And total overall current year, current quarter slippages, entire the slippages, our retail portfolio is INR 1 lakh 94,000 crores. Out of that, slippages is only INR 440 crores. Thank you, sir. We have our next question from the line of Omkar. Omkar, please unmute yourself and go ahead. We have our next question from the chat box again. We have a question from Mona Khetan. What is the outstanding standard provisions on your balance sheet? How much of it is towards restructured book? The restructured book, I can tell that the provisions, I'll my standard provisions, my CFO will tell that. Our restructured book, RF one, RF two, and all together, now it is the INR 14,000 crores. Out of that, INR 4,500 crores under NPA and INR 9,500 crores is under standard asset. The standard asset, against the standard asset, the provisioning, this particular September, May, that's we have provided INR 134 crores, but total outstanding, I'll ask my CFO to share with you. Whether we have the figure? Standard asset provision is around 2,000 crore for us. INR 2,000 crore for us. And, anything else you require? Standard asset, that's all. Thank you, sir. If anyone wishes to ask a question, please raise your hands. We have our next question from the line of Mr. Pranav. Pranav? Hi, sir. Thanks a lot for the opportunity. Hi, Pranav. Hi, sir. Thanks a lot for the opportunity. Sir, such that credit growth has slowed down, any outlook into the future, will this come back and total credit growth will because of this? See, in initial years, maybe we have given a credit growth of 10% guidance, but when I am interacting with all of you, I told that it is a minimum credit growth, and we will do more than that, maybe 11% or 12%. In the first quarter, because of our stress on the margins and all, we have taken a call to withdraw some sanctions at low yielding advances, that we have done some 35,000-40,000 crores, which has impacted the current year growth. But still, the current latest concluded September quarter, if you see that, the growth is almost, credit growth is almost touching a 4%, 3.78% was the growth was there. There's a 4%. The remaining two quarters also, we see the same type of growth, because the September quarter comparatively is a slack season. But October, the December quarter and March quarter will be a peak season for credit growth, and we will see definitely a near to the 4% growth in these two quarters. So overall, definitely, what we committed that we may reach to that 11%, definitely it may happen, even after shedding that INR 35,000 crores low yielding advances. Right, sir. Just one more question. In the SMA increase, it totally happened because of the accounts that you mentioned. That is one. And second, in your NII, what is the impact of the final interest being classified as other income? No, it's hardly. It's every quarter it will be around. Actually, you are asking about the interest recovered in the NPA accounts, no? Every year, every quarter. No, no, sir. No, sir. I'm saying that your NII has been just slightly down, so that impact is totally due to the- No. Our is, NII is slightly increased, INR 9,100-INR 9,300. It's not come down. This June. Compared to June, June it is NII is INR 9,166. September, it is INR 9,315. So there is a INR I50 crores increase is there in the NII. Thank you, sir. We have our next question from the line of Akhilesh Sonje. Go ahead, you've been unmuted. Hi, sir. Good afternoon. Sir, firstly- Good afternoon. Can you give a breakup of slippages across segments? Slippage breakup is, say, total INR 2,300 crore. Out of that, INR 1,000 crore is from MSME, INR 800 crore from agriculture, INR 500 crore from retail. Understood. Sir, your second question, housing loan NPA has gone up by 20 basis points in this quarter. Anything to highlight over here? No, actually, there is no such threat. Actually, earlier days may there was, when one account is slipped, joint, in some joint accounts way, the top first name only, the accounts linked to the first name was, system has allowed to slip into the NPA. But the second name, jo linked accounts, was not slipped to NPA, which the, it has been pointed out in the audit that we have rectified it one time clearly. We are allowed those such type of things all into the NPA. That's why there's a slight increase it is showing that. Otherwise, there is no serious concern on that. Sorry, sir, I don't understand. What is the first name and second name? See, suppose if any joint borrower is there, then any joint borrower is there. So if any joint borrower is there, that account slipped to NPA, the both the borrower's names, whatever the accounts are, already other accounts are there, all those accounts are also to be slipped to, slipped to NPA. But in our system somewhere, that it is slipped only first name related accounts. Second name related accounts were not slipped. That has been pointed out by the auditor, and it has been, one time clearly, we have allowed that slippages, and now we are recovering that. Understood, sir. Makes sense. Sir, the SMA-2 account, the other account, apart from the steel exposure which you have, that other account seems to be about INR 2,000 odd crore. Can you just confirm that number and also give us some more detail about? Yes. Another account also is around INR 3,000 crores, but there is a state government guarantee is there. We don't see any too much concern on that account, and it has come down to SMA-1 as on date. It moves from various SMA zero to one, two, like that. Understood, sir. And, just lastly, what is the status of discussions on the steel exposure account, steel SMA-2 account? What is that? Steel. Hmm? Steel. RINL, that's a steel exposure account. That's a steel that resolution work is going on, and as on date, this is a going concern. All banks are already consortium is formed. Earlier, this was under the multiple banking. Now to bring a uniform rules and regulations, a consortium is formed, and we are all working together, and management is also supporting us in bringing a resolution. Understood, sir. Thanks a lot for answering my questions. I'll come back if I have more questions. Thank you. Thank you. Thank you. If anyone else wishes to ask a question, please raise your hands. We have our next question from, Mr. Rakesh Kumar: What is the NPI now, and what is the reason for provision write-back in others in the provision line? NPA? NPI. NPI. The NPI, there is a reduction from sequentially, if you look at that, our total NPI is around INR 5900 crores. And, the last June, it was around INR 6,000, odd. It has come down slightly, and there is no further slippages in the NPI. Write back is INR 72 crore. The write-back is INR 72 crores. And so what is the LCR now? LCR. Our LCR is 130.55. That is 131%. And even with the RBI new guidelines, if we implement it, it may impact around 10 to 11 basis points, so we will be comfortable around 120%. So we have our next question from the line of Shankar. Corporate loan growth has been strong for PSU banks during this quarter. When will Canara Bank start picking up in this segment, and which segment in particular? No, this quarter, actually, the corporate credit growth has shown a 3% growth. 3% in a quarterly is almost annualized. If you do it, it's a 12% growth, which is above our guidance. So already in our bank, it is picked up. The first quarter also, we did that, several sanctions and disbursement, but the when we have shared that INR 35,000 crore of low-yielding advances, it has not reflected in the outstandings. But otherwise, credit growth is on an average 3% every quarter it is happening. And we are confident that next two quarters also, it will happen at 3%. We have our next question from the line of Mr. Sastry. Any update on the indicative timeline for IPO of Canara Robeco Asset Management Company and other subsidiaries? As on date, it is scheduled in the fourth quarter, sir. Still, we believe that, it may happen in the fourth quarter only. The next question is from the line of Mr. Rakesh Kumar: How does the economics of pledging SLR with RBI work, considering its impact on LCR and lower funding cost at 5.26? CRO will tell. You tell. See, in respect of this, impact of SLR related changes which RBI is contemplating, those who are borrowing heavily on a daily basis will not have much impact because they will be having the benefit of arbitrage. So others who are holding it only will be having an impact in as far as LCR is concerned. Yeah, our position is better because, as I said, if the changes has been brought in the new LCR guidelines for which the impact will be maximum, 11%. So- Eleven basis point. 11 basis point. 11%. Percent. Yes. Hope it is clarified. Okay, sir. Thank you. We have our next question from Akhilesh Sonje: What is the outlook on recovery from bad loans in FY 2025? Any large resolutions expected? What is it? Large recovery. Large recovery. See, nowadays, the first two, six months, our recoveries, mostly we are getting it from small ticket size. NCLT resolutions are this quarter, total together, we got it around INR 569 crores. Out of that, some accounts are from liquidation, but these are all not more than 100 crore each. It may be a 50 crore, 60 crore. That is the range we are getting in each account. We are not getting like a 400, 500 crores from one account. These are all from, different accounts only. 50% of our recovery is coming from small ticket size. The remaining 50% only is these big tickets, but these big tickets also is not from single account. Various accounts, various resolutions are in different stages. During that process, some are in the OTS, some are in the liquidation, some are in the resolution approvals. These stages may be receiving the money. Thank you, sir. If anyone wishes to ask any question, please raise your hand. We have our next question from the line of Mr. Akhilesh Sonje. Please go ahead, sir. Yes, sir, just one last question. A few other banks have reported recoveries from the Reliance Capital account in this quarter. Any exposure which you had, and what was the recovery amount from that? No, what? We don't have anything. We got the money from another Reliance Infra account, and not from that other account. Understood, sir. Thank you. We have our next question from the line of Mr. Sushil Choksey. Please go ahead. Congratulations to Team Canara for excellent results and stable environment. Thank you, sir. So my first question is: What is your outlook on the second half, balance between treasury and corporate and retail credit, as market is indicating that the treasury has peaked and MCLR rates also would have peaked. Do you anticipate that a lot of profit taking would happen where treasury is concerned and a lot of credit growth, because the yields are peaked and the demand on infra is going to be high? So credit side, I'll speak. The treasury side, I'll ask my AD sir to speak to you. But actually, credit side, there is a good growth is there, sir. We are seeing a traction also. The just concluded quarter, almost near to the 4% we could grow in the credit. In absolute number, domestic advances have grown INR 35,000 crore in one quarter. That is the range of growth what we are seeing it, and it is the same thing is continuing in the current quarter also. And we believe that in the current quarter also, we may end up around 3.5%-4% growth rate in the credit. So in the March quarter also, it may be likely, too. So with that, we believe that though the first quarter we lost some because of shedding that low-yielding advances, but still, overall, we believe that our credit growth may be around 11%. So that's the and corporate this 11%, but since the management has taken a call to reach that RAM sector at 58% and corporate is at 42%, so our credit growth focus will be more on the RAM sector. Even as on today, also, credit, our total credit growth is 9.53%, but our RAM sector is 11.54%. So the RAM sector may grow little faster than the corporate sector. Corporate may grow around 9%-10%, but the RAM sector may continue to grow around 11%. And regarding the treasury, I'll ask Mukherjee sir to explain to you. Actually, our portfolio yield remains at 6.95%, and we expect it to continue. Now, one opportunity which we will get is that, you know, 5%- Five percent. -HTM sale. Mm-hmm. That 5% HTM sale we have not yet done. So that we have kept because yields are softening, so we would like to use that opportunity, which many of the banks have done it so far. So that will give us a lot of opportunity for profit making. So that way, we hope that our profits, treasury profits will be maintained. That we are keeping it for the better pricing. Once we feel that softening of the yields may happen, then we may get a better price, pricing in this. That's why we have kept it pending, that 5% HTM sale, that we may exercise whenever the opportunity is good. Sir, it sounds prudent to what you are indicating on the treasuries, right? Sir, besides treasury, on the retail growth, do you anticipate with so much of technology spend and digitization, southern economy led by technology, a lot of manufacturing coming to your side of part of the country, do you think the consumer demand at our end will be much higher than what is anticipated? No, definitely, I've seen a good traction in the even MSME, sir. A smaller manufacturing area also, we have seen that in absolute numbers. We have grown in the first six months to more than INR 6,000 crore to INR 7,000 crore. And even now, the current to twenty days also, we have seen that almost INR 2,000 crore to INR 2,500 crore, more growth we have seen that. So MSME also, we are expecting that the growth may be touching near to that 9%-10% this year. The last year, we were grown at 6.5%. Previous year, we were grown at only 2%. But this year, we are expecting that it may touch 9%-10%. And retail growth will be definitely a dominating contributor in RAM credit. That will continue to grow around 14%, 13%-14%. Sir, seeing you are taking advantage on gold loans where gold is concerned and many other things, any aspirational targets the bank is setting up to garner this loan market? No, actually, when, as a prudent banking, when we have stopped lending for agriculture purposes in metropolitan branches, we don't want to lose that business opportunity. That's why we have created a product suitable to the metropolitan citizens with a little higher margins, higher yields. And that has attracted very well in the field, and we have done the entire. Because in a daily and a day-to-day basis, almost 40,000-60,000 number of accounts will open in the entire country, including agriculture or the retail number of gold loans. That we have digitized. From the middle of September onwards, we have digitized this entire process end to end. So that has helped us in meeting the customer requirements in very faster mode. Nowadays, now we are giving the loans within 10-15 minutes because entire process is digitized. Many things we can take control from the back end also, like LTV ratio. Instead of depending on the branches, now we are centralized. We have minimized that. We are trying to mitigate that risk, whatever is associated with the gold loan. With all these steps, we are already existing. We are growing at 15%-16%, and we look at that the growth will be around 16%-17% this year. Thank you, and congratulations to Team Canara for the current year, and Happy Dhanteras and Happy Diwali. Thank you, sir. Thank you. Same to you, sir. Thank you, sir. We have our next question from the line of Mr. Devrat Mota. Please go ahead. Hi, sir. Congratulations on a good set of results. I just had one question. Thank you. For the last two or three years, you all have consistently had, you know, recovery is greater than incremental slippages. But given that now we're entering a period where, you know, a lot of the large recoveries are behind us, do you think this will still continue? Or you think, you know, we go to a more normalized environment where slippages are higher than recoveries? No, I believe that it will continue, because the reason is, to clean the balance sheet, one is our underwriting standards have been improved. Our underwriting standards have been improved, and that has helping in controlling the slippages. That is one side. The other side, recoveries, is to have a cleaner balance sheets. We every quarter, we do some technical write-off also. That is adding to my kitty. And whatever we are recovering, that is again adding back to that kitty in the form of a write-off, technical write-off. That will continue to support us. I believe that whatever we have shown in the last one year or two years, the same type of, we are expecting that every year, the recovery and technical write-off is around 4,000- 5,000. That's what actually last time also I shared with you, and that will continue to support our balance sheet. Got it. Very helpful. Thank you so much. Thank you. Pardon? No, thank you so much. Thank you. Those were the questions I had. Thank you. Thank you, sir. Thank you. If there is anyone who wishes to ask the question, please raise your hand. We have our next question from the line of Mr. Rakesh Kumar. Sir, you've been unmuted. Please go ahead. We have our next question from the line of Mr. Manish Shukla. The new Gold Loan product that you're talking about, what is the nature of the customers or what is the customer profile of the borrowers for taking these loans? What loans, sir? The- Gold loans, any individual, any individual who is having a repaying capacity, if they are having gold with them, jewelry. And so gold means we pledge only the jewelry. If somebody is there, that is the only criteria, and their CIBIL should be then acceptable, and they should have a clear credit report. And they should have an account with us. For us, it's mandatory, we don't disperse anything in cash. All our gold loans are dispersed through only account. So he must be our customer. And the earlier- These are the basic requirements. The earlier product that you have discontinued, you have said that it was agri gold loan in metro area. Yes, sir, into metro area, because the agricultural gold loans that are to be in line with the regulator, that's a proof of land or records and all is required. So we don't want to take any risk there. So that's why we discontinued that. We are confining that product only in the rural, semi-urban and urban areas, where there is a possibility of proof of the holding the land and all we can obtain easily for lending. Metropolitan, that may not be possible. That's why we discontinued, but we didn't lose any business there. So whatever we are, earlier, it was lent under the agricultural. Entire thing has been converted into this, retail, and rather, we are growing much faster than that. Is there overlap in terms of customers who borrowed under the older product versus new product? That also may be there. Some overlapping will be there. Those customers, because since we have stopped that funding under that, so they are forced to, if they are eligible for that, they may have to raise that loans in this product. Last question on this. Are you seeing lot of balance transfer on this product? Because your rates might be very competitive in terms of lending rates for the gold loan. No, I don't see that, but actually, the, our, we are almost out of 9,500, 7,000 branches are lending this gold loan. We are very much established in South India and Pan India also. If someone wants to raise the gold loan, they know that the Canara Bank is a better option because gold loan, generally, anybody will raise only on emergencies. Otherwise, no household will be interested to raise the loan against gold. Their sentiments will be there in the South India. Only in emergencies, they raise it. When they come to the bank on emergencies, how fast the bank lends that money? That gives you comfort. There, we have already streamlined the processes, and we established it. All these things, we don't do any separate campaigns and all. It's walk-in clients only will be there. Okay. Last question, and sorry if you already answered it. What's the credit cost guidance for this year, full year 2025? See, actually, though, we have given guidance of 1.10, and we are now, as against that, 0.97, we achieved. I think we will be below 1%. Does that assume any further provision on the government accounts? That's what, wherever it is required, we are providing that additional. By taking that only, this is otherwise, we would have been around 9.9%. Because we want to strengthen our balance sheet, we want to provide additionally to improve our provision coverage ratio. That's why I'm telling you that we will be below 1%. Understood, sir. Thank you. Those are my questions. Thank you, sir. We have our next question from the line of Mr. Ashok Ajmera. Please go ahead. Evening, sir. Sorry for joining the meeting little late. Good evening, sir. I'm at the airport, basically, and I thought- ... may not catch, but, I'm fortunate to have got the line with you. Sir, my- No, without- Just, uh- Without hearing your question, we will never close the investors call, sir. Yeah. Sir, I just wanted to have your views on the corporate loan book. When there is an overall slowdown on the total credit side, and also, of course, the deposit side also. What are your views on strengthening or increasing the corporate book? Are you getting some inquiries, and are there some projects in the pipeline in the sanctions so that we can grow our overall credit book a little faster? And secondly, you have always been of the view that you are interested in direct lending and not through the co-lending. That's been your stand in the past. Are you changing that stand and going for some co-lending tie-up so as to increase the book? So first, let me speak on the corporate credit growth, sir. Actually, corporate growth is actual in terms; it is happening at double-digit only in all banks also, in our bank also. Because of cost of funds is very high, no bank wants to continue to lend at a cheaper rate, which they are lending it quite long time. So every bank is withdrawing that type of sanctions. So only when they are withdrawing that, it is not reflecting; that it is reflecting finally that the slow growth is there. But actually, I didn't see that any slow growth in demand or the disbursement in the corporate sector, sir. So on an average, every quarter, 3% is can be achievable that, and we see that traction. Since that the low-yielding advances, every bank is cautious about their NIMs; every bank is cautious about their margins. They are not lending to this low-cost, low-yielding advances to institutions or central PSUs, whatever you call it as. That's why it is looking that. Otherwise, private investment and all, whatever we are seeing, that the traction is there. Infrastructure, maybe there is a good traction is there. Manufacturing sector, in certain infrastructure related manufacturing sectors, there is a good traction is there. Data center creation, maybe good traction is there. In our bank also, we have almost sanctioned, but pending for disbursement is more than INR 20,000 crores is there. Right. We already, as on date, from October, September thirtieth to now, we have grown more than absolute number for INR 5,000 crores. That itself is reflecting that there is a good demand is there on that. The second one you have spoken on- The co-lending model. Co-lending model. Yeah. Sir, co-lending model, since beginning, initially, we were very slow in the co-lending model because unless otherwise, we have an end-to-end digital platform, we don't want to lend on the co-lending, because we don't want to make it a mess by maintaining manually. Now, we are onboarded that co-lending platform. We are one of the initial banks that we are onboarded excellent platform on the digitally. But only thing, we have almost tie-up with the eight to ten such NBFCs to co-lend. But the problem is they expect us to dilute from our credit policy and match with their disbursement sanctioning policies- Yeah. Which we are not so keen to dilute our policy. If any NBFC comes forward and refer to that through any portfolio which matches with our existing credit policy underwriting standards, we don't mind to do that. Otherwise, we want to confine ourself to our policy. We don't want to deviate from our policy, sir. What is the book size on that, sir? Very minuscule, sir. It is only INR 320 crore. Yeah, that's what I thought. But going forward, you see some fillip in that. Again, again, again, it's the same thing. I want to repeat it, that we are ready with the platform, but the only thing that we don't want to compromise on our underwriting standards. Yeah. If any, the NBFC can match with that. We are ready to coordinate with them. Yes, sir. My last question in this round, sir, is on the treasury side. Sir, now, with the indication of rates getting softening here in India also, how do we... I mean, what is the composition of our treasury book, and how ready we are to book some good profits in the AFS book? And though this will go to the reserve, but on the trading profit side also, how our treasury is performing and what is the view going forward in the remaining two quarters of the FY 2025, sir? Our Debashish Mukherjee sir will reply that, sir. Yes, sir. Actually, our HTM portfolio is around 80%. So we have kept it at that, and our portfolio yield right now is 6.90. We are maintaining that over the last two quarters. Yes, sir. Now, like, unlike other banks, we have not shed 5% of our HTM, which we are, you know, we are entitled to. Yes. We will use that amount for our profits because yields are softening. Yeah. You know, over this quarter or the next, wherever we find opportune time, we will sell that, and then we will maintain our treasury profits in the same, you know, line as it was in this quarter. Okay, sir. Thank you very much, sir. Okay. Thank you for answering my questions. Thank you. All the best to you and happy- Thank you, Ashok ji. There. Thank you, sir. Thank you, sir. Thank you. Same to you. We will take that as the last question. Thank you, Canara Bank, for giving Antique Stock Broking the opportunity. We hand over the call to MD for these closing remarks. Over to you, sir. Thank you. Thank you, one and all, sir. Once again, I wish you a happy Dhanteras and Diwali for all the investors and all the participants, sir. Thank you once again. Thank you. Thank you. Thank you, everyone. This concludes the earnings call for Canara Bank.