Ladies and gentlemen, good day, and welcome to HDFC Limited's Q1 FY2023 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We have with us HDFC's Vice Chairman and CEO, Mr. Keki.M. Mistry, Managing Director, Ms. Renu Sud Karnad, Executive Director, Mr. V.S. Rangan, Member of Executive Management and Chief Investor Relations Officer, Mr. Conrad D'Souza, and General Manager, Ms. Anjalee Tarapore. I now hand the conference over to Mr. Keki.M. Mistry. Thank you, and over to you, sir. Thank you very much, and good afternoon, everyone. At the outset, I would like to welcome all of HDFC's earnings call for the first quarter of the current financial year. The board of directors at its meeting held earlier today approved the financial results for the quarter ended June 30th, 2022, which were subject to a limited review. Let me start with outlining a few developments in the economy over the last three months, which have a bearing on the corporation. The Monetary Policy Committee at its meetings held in May 2022 and June 2022 respectively increased the policy repo rate by an aggregate of 90 basis points. This was mainly on account of the uncertainty in the inflation trajectory. As a result, there has been an uptick in interest rates, consequent to which we have increased deposit rates as well as rates on our loan products. As we will discuss later, the interest rate actions have had a short-term impact on both net interest income and net interest margin during the first quarter. In July 2022, the RBI increased the limits for external commercial borrowing under the automatic route from $750 million to $1.5 billion this year. We are in the process of raising funds under this window of about $1.1 billion. The momentum in the economy was extremely strong throughout the quarter, and is reflected in a pick-up in individual loan disbursements and a 19% growth in the individual loan book, which is the highest growth that we have achieved in the last 32 quarters. Similarly, collection efficiency has continued to improve month after month with over 99% collection efficiency on a cumulative basis during the quarter. Over the next few minutes, I will give you a summary of the key highlights of the performance for the quarter. Let me start by quickly summarizing the progress of our business throughout the first quarter. Our individual loan approvals for the quarter ending June 30th, 2022 were higher by 66% compared to the corresponding quarter in the previous year. For the quarter ending June 30th, 2022, individual loan disbursements grew by 66% over the corresponding quarter in the previous year. Disbursements in quarter one were the highest ever disbursements in the first quarter of any financial year and were over 60% higher than the previous best. Housing disbursements constituted 93% of individual disbursements in the first quarter of financial year 2023. Growth in home loans were seen in the affordable housing segment as well as in the middle and high income groups. 92% of new loan applications were received through the digital channel. During the first quarter, we sold individual loans aggregating to INR 9,533 crore. The individual loans sold during the last twelve months amounted to INR 32,499 crore. These loans were all assigned to HDFC Bank pursuant to the Mortgage Sharing Agreement with them. Individual loan book growth on an AUM basis was 19%. If the loans amounting to INR 32,499 crore had not been sold during the preceding twelve months, then the growth in the individual loan book would have been 28%. This is the highest percentage growth in the individual loan AUM in nearly eight years. Our individual loan book increased to INR 4,47,402 crore, a growth of 19% over the previous year. In addition to this, the individual loans sold by the corporation and outstanding as on June thirtieth, 2022 amounted to INR 88,856 crore. HDFC continues to service these loans. Individual loans outstanding on an AUM basis amounted to INR 5,36,258 crore. As at June thirtieth, 2022, our non-individual loan book grew by 8% on an AUM basis compared to the previous year. We continue to have a reasonably healthy pipeline of non-individual business over the last twelve months. We have also seen some repayments and pre-payments of earlier facilities and resolution of some stressed assets, and this has resulted in a lower growth in the non-individual segment. We currently have a good pipeline of construction finance loans as well as in the lease rental discounting segment, and we expect non-individual AUM growth to accelerate in the coming quarters. The overall loan book is now INR 5,81,040 crore, a growth of 16%. The total assets under management as at June 30th, 2022 amounted to INR 6,71,364 crore as compared to INR 5,74,136 crore in the previous year, a growth of 17%. If no loans had been sold during the preceding 12 months, then the growth in the total loan book would have been 23%. Prepayment on retail loans on an annualized basis amounted to 10.2% of the opening loan book. This is within the normal range, which is between 10% and 12%. The average size of individual loans for the quarter ended June 30th, 2022 stood at INR 35.7 lakhs as compared to INR 33.1 lakhs in FY 2022. The contribution in value terms from the higher income group, defined as customers with an annual family income of INR 18 lakhs or more, has increased during the year to 50% from 45% during the corresponding period in the previous year. Our thrust on affordable housing loans continued. During the quarter ended June 30th, 2022, 23% of home loans approved in terms of number of customers and 10% in value terms were to customers from the Economically Weaker Section and the lower income group. The average home loan to customers in the economically weaker segment amounted to INR 11.1 lakh, and to customers in the lower income group segment amounted to INR 19.7 lakhs. If we break up the loan book outstanding on thirtieth June, 2022 on an AUM basis into different categories, then individual loans constituted 79% of the total loan book, the same as compared to the previous year. Construction finance constituted 9% of the total loan book. Lease rental discounting loans constituted 7% of the total loan book while corporate loans constituted 5%. If you are to look at the incremental loan book growth, then for the quarter ended June 30th, 2022, the entire growth is from individual loans. However, we expect the proportion of individuals to non-individual AUM to normalize in the coming quarters. 97% of the loans were sourced through distribution channels. However, this is largely through HDFC Sales, 100% subsidiary of HDFC Limited, as well as through HDFC Bank. HDFC Sales accounted for 50% of the loans sourced while HDFC Bank accounted for 30%. Third-party DFAs accounted for 7%. Thus, 83% of HDFC's individual business was sourced directly or through our associates. The Emergency Credit Line Guarantee Scheme was extended to mitigate the economic distress caused by the COVID pandemic. Under ECLGS one, two, and three, the corporation has approved an aggregate amount of INR 217 crore, of which 80%, that is INR 1,764 crore, has been disbursed through June 30th, 2022. Amounts disbursed under this facility are guaranteed by the central government. The Reserve Bank of India permitted a one-time restructuring of loans under provision for COVID-19 related stress. As of June 30th, 2022, the outstanding loans under both OTR one and OTR two together amount to INR 4,410 crore, equivalent to 0.77% of the group as compared to a peak of 1.4% in September 2021. 98% of the OTR loans are in the individual loan book. The overall collection efficiency for individual loans has continued to improve month after month and is now even better than during pre-COVID levels. The average collection efficiency for individual loans on a cumulative basis over the last quarter is over 99%. RBI had on November 12, 2021, issued guidelines on harmonizing NPAs across the financial system. Subsequently, RBI deferred the effective date of the applicability of the loans to September 2022. The corporation, however, has continued to report NPAs for the quarter ended June 30th, 2022, in accordance with the revised RBI circular of November 12, 2021. There has been a significant improvement in asset quality over the last 12 months. To facilitate comparison on a like-to-like basis, we have compared the non-performing assets based on the old method of computation since in June 2021 it was the old method that was prevalent. As of June 30th, 2022, calculated under these old norms, gross non-performing individual loans 0.75%, down from 1.37% in June 2021, which is a 62 basis points reduction or a 45% improvement in percentage terms. The overall gross non-performing loans stood at 1.61%, down from 2.24% in June 2021. This amounts to 63 basis points reduction or a 28% improvement in percentage terms. Let me now come to the non-performing loans calculated as per the revised RBI norms. As of June 30th, 2022, calculated under the new norms, gross non-performing individual loans stood at 0.98%, down from 1.44% in December 2020. Similarly, gross non-performing non-individual loans stood at 4.44%, down from 5.04% in December 2021. December 2021 was the first quarter when we were required to report NPAs under the new norms brought in by RBI. As per the new regulatory norms, the gross non-performing loans as at June 30th, 2022, stood at INR 10,288 crore, equivalent to 1.78% of the loan portfolio, down from 2.32% in December 2021, which is the time when we first reported the number. As at June 30th, 2022, the corporation carried a provision of INR 13,328 crore in the balance sheet. Under Ind AS accounting norms, both asset classification and provisioning have moved from the incurred loss model to the expected credit loss model for providing for future credit losses. Based on this model, the total exposure at default of INR 579,988 crore is broken up as under. Stage one constitutes 93.5%, Stage tw is 4.4%, and Stage three is 2.1%. We have seen a 2.7 percentage point reduction in the aggregate of Stage two and Stage three assets from 9.2% in June 2021 - 6.5% of the exposure at default as of June 2022. During the quarter, we have charged the profit and loss account with a sum of INR 514 crore towards provisioning. The ECL to EAD coverage ratio for Stage two assets is 23%, and for Stage three, it's 53%. The provisions carried as a percentage of the EAD amounted to 2.30%. Annualized credit costs for quarter one was 33 basis points compared to 50 basis points during quarter one in the previous year. As stated in our earlier earnings call, as asset quality-related issues get resolved, we should, over the next few quarters, be in a position to further normalize the credit costs to pre-COVID levels, which in turn will facilitate that front-loaded return on equity. We continue to hold all our investments in HDFC Bank, HDFC Life, HDFC Asset Management, and all other subsidiary and associate companies at the original cost of acquisition, which is the price we had paid while making those investments. These investments are not accounted for on a fair value basis. If we were to mark-to-market the listed investments as at June 30th, 2022, the unrealized gain, which is the difference between the market price on June 30th, 2022, their carrying cost would be as much as INR 217,223 crores. This unrecognized gain is not part of our net worth, nor has it been considered in our capital adequacy calculation. Our Capital Adequacy Ratio on June 30th, 2022, stood at 21.9%, of which Tier I capital is 21.4% and Tier II capital is 0.5%. The capital adequacy is well above the regulatory requirement. Dividend at INR 30 per equity share of INR 2 each for financial year 2022 was approved by the shareholders at the annual general meeting held on June 30th, 2022, and has been accounted for in the first quarter. At this stage, it is important to talk about the return on equity. Under the Ind AS accounting requirements, net worth includes certain items which do not form part of Tier I Capital under the prudential regulations. These include Ind AS Transition Reserve, deferred tax liability on special reserve, fair value gains on investments to OCI, investments in subsidiaries and associates in excess of 10% of the Net Owned Funds, and securitization gains recognized upfront in accordance with Ind AS requirement. These items aggregate to INR 19,886 crore. Tier I capital is INR 98,455 crore as against the reported net worth in June 2022 of INR 1,18,341 crore. A more appropriate way of calculating the return on equity would therefore be on regulatory Tier I capital as against the conventional method of computing it on total net worth. Annualized return on equity based on Tier I capital for the quarter ending June 30th, 2022, is 15%. As at June 30th, 2022, the corporation's total borrowings amounted to INR 5,17,452 crore. Term loans, including external commercial borrowings of $1.6 billion equivalent and refinance from the National Housing Bank, accounted for 26% of the borrowings. Market borrowings, that is NCDs and commercial paper, accounted for 41% of the borrowings. Deposits as at the quarter end amounted to INR 1,75,823 crore and constitute 33% of the borrowings. Further to RBI increasing the limit of external commercial borrowing under the automatic route, the corporation is in the process of raising a three-years external commercial borrowing for on-lending for affordable housing, and the facility will also align with some of the Sustainable Development Goals. Further details will be intimated shortly, but the expected all-in cost on a fully hedged basis will be comparable with domestic borrowing rates for a similar tenure. Our immediate plan is to raise an amount of $1.1 billion. I will now move to the statement of profit and loss account. The first quarter has seen a somewhat volatile interest rate environment, and therefore, some of the numbers of the current year are not very strictly comparable with the previous year. Firstly, as mentioned earlier, net interest income and net interest margin were temporarily impacted by the mid-month increase in rates in both May and June and the transmission lag between the increase in borrowing costs and the increase in lending rates. I'll come to that in a minute. Secondly, as a result of volatile equity markets, the gain on fair value of investments through the profit and loss account was just INR 80 crore in this quarter, and this compares to as much as INR 402 crore in the first quarter of the previous year. Thirdly, the expense ratios are higher as we incur expenses up front on staffing, loan processing and branching to meet the significant increase in demand for housing loans. There was also an increase in legal expenses during the quarter as we saw an increase in business as well as resolution of some stressed assets. Needless to add, whilst these expenses have been incurred up front, the benefit of the expenses incurred will accrue over the next few quarters. On the positive side, it is important to note that credit costs are lower than the credit costs in the corresponding quarter in the previous year as a result of improved asset quality and higher collection efficiency. Dividend in the first quarter is higher than the first quarter of the previous year, primarily on account of dividend received from group companies. Dividend from HDFC Bank will be received in the second quarter. Before I get to the net interest income, let me detail issues which have had an impact on the net interest income. In the first quarter of financial year 2023, we have had rate actions which have had an immediate impact on borrowing costs, which in turn have not been simultaneous with the transmission of rates on the assets side. Secondly, in the first quarter of the year, there was a restriction in the business activity in the economy as a result of the second wave. As a result of ample liquidity in the system during quarter one of last year, the overnight interest rate swap, which is the OIS rate on which some swaps are benchmarked, deviating from the reverse repo rate and was lower by up to 40 points during that quarter. This led to us benefiting from the lower swap rates, which resulted in an expansion in NIM to 3.7% during the first quarter of the previous year. At that stage itself, we had categorically indicated that this level of NIM was not sustainable. This delta seems corrected in the latter half of last year. Thirdly, in May 2022, RBI increased the repo rate by 40 basis points, and there was a further increase of 50 basis points in the repo rate in June 2022, making it an aggregate of 90 basis points during the quarter. As you are aware, each individual loan has a quarterly reset mechanism and is based on the original month in which the loan is disbursed. Thus, in the event of any interest rate change in the entire loan portfolio reprices over a three-month period, that is roughly one-third of the portfolio reprices each month. Thus, whilst we have had an immediate impact on borrowing costs, the lending portfolio will reprice over a quarter. This transmission lag has had a material impact on the NII growth for this quarter. We have passed on the increase in rates by increasing our PLRs by 90 basis points, but there was a short-term impact on NII growth during the quarter. This should be regularized over the next few months. We have since revised the reset norms for our incremental individual loans from a quarterly to a monthly cycle to reduce the impact of transmission of rate changes. This should minimize the risk of transmission in the event of any future rate hikes for new loans. The proportion of the retail loan book has increased to 79% over the last two to three years. Net interest income purely on the basis of interest without taking cognizance of the profit on sale of loans during the quarter ended June 30th, 2022 amounted to INR 4,447 crore compared to INR 4,125 crore in the quarter of the previous year, a growth of 8%. If we adjust for the one-time impact of the transmission lag in passing on the rate hikes to the customers as well as the impact of the swap benefits in the previous year, the NII growth would have been 16%, which is in line with the growth on the AUM. Net interest margin for the quarter ended June 30th, 2022 stood at 3.4%. The spread of loans over the cost of borrowing for the quarter ended June 30th, 2022 was 2.25%. Individual loans carried a spread of 1.91% and the non-individual book, 3.45%. The spread on loans during the first quarter of the previous year was 2.29%. Income earned from deployment of surplus funds in cash management schemes of mutual funds and government securities was much lower at INR 39 crore as compared to INR 124 crore in the first quarter of the previous year. This was largely due to average levels invested this year in liquid funds at about INR 3,900 crore as compared to INR 15,500 crore in the corresponding period of the previous year. With introduction of the Liquidity Coverage Ratio in December 2021, the corporation's liquidity is largely held in Government Securities. The Government Securities holding as of June 30th, 2022, is around INR 36,000 crore. The average level of liquidity held during the quarter was INR 40,000 crore as compared to INR 38,000 crore in the first quarter of the previous year. There was a profit of INR 184 crore on sale of investments during the first quarter this year, compared to INR 263 crore in the first quarter of last year. This year's profit was on account of the corporation's 10% stake sale in HDFC Capital Advisors. The profit on sale of investments in the first quarter of the previous year was on account of divestment of a small part of our stake in HDFC ERGO and the entire stake in Good Host Spaces, which was an associate company. Dividend received during the quarter was INR 687 crores compared to INR 16 crores in the first quarter of last year. Dividend during the year was received predominantly from our group companies, namely HDFC Asset Management, HDFC Life, HDFC Sales, and HDFC Credila. Dividend from HDFC Bank was received in July 2022 and will be accounted for in quarter two of the current financial year. During the quarter ending June 30th, 2022, for investments classified as fair value through profit and loss account, the net gain on fair value changes stood at only INR eight crore, much lower as compared to INR 402 crore for corresponding quarter of the previous year. This is largely on account of the volatility in the equity markets during the quarter. Under Ind AS accounting standards, the stock options granted to employees are measured at the fair value of the options on the date of grant. This fair value is accounted for as employee compensation cost over the vesting period of the options. Accordingly, employee benefit expenses for the quarter includes an amount of INR 76 crore compared to INR 146 crore during the first quarter of the previous year. The current year's charge includes an amount of INR 18 crore pertaining to the stocks granted in the first quarter. For the quarter ending June 30th, 2022, the cost-income ratio stood at 9.5%. The cost-income ratio was higher during the quarter as a result of the increased retail business over the last six months, as well as the increase in the branch network to cope up with this higher volume. The benefit of these cost increases will be derived over the next few quarters. Increased legal costs also contributed to the increase in the cost-income ratio. We expect the cost-income ratio to remain in single digits for the year. For the quarter ending June 30th, 2022, the standalone profit before tax was INR 4,590 crore compared to INR 3,905 crore in the first quarter of the previous year, a growth of 17.5%. Tax provision during the first quarter amounted to INR 921 crore compared to INR 904 crore in the first quarter of the previous year. The tax rate for the quarter was 20.1% compared to 23.1% in the corresponding quarter of last year. The tax rate is lower than the previous year, as dividend earned from group companies is set off against dividend paid by the corporation, and hence, the dividend income is tax-free. The standalone profit after tax for the first quarter stood at INR 3,669 crores compared to INR 3,001 crores in the first quarter of the previous year, resulting in a growth of 22.3%. Pre-tax return on average assets was 2.9%. Post-tax return on average assets was 2.3%. The basic and diluted EPS on a face value of INR two per share was INR 20.2 and INR 20.1, respectively. The consolidated profit before tax for the first quarter stood at INR 6,544 crores as compared to INR 6,295 crores last year. After providing INR 970 crore for tax, the quarter of last year was INR 984 crore. The consolidated profit after tax for the first quarter stood at INR 5,574 crore as compared to INR 5,311 crore. The profit attributable to the Corporation was INR 5,308 crore as compared to INR 5,041 crore in the corresponding quarter. As of June 30th, 2022, the Corporation had 3,766 employees. Total assets per employee stood at INR 169 crore per employee compared to INR 164 crore in the corresponding period of the previous quarter. Annualized net profit per employee was INR 3.9 crore compared to INR 3.6 crore during the first quarter of the previous year. Let me spend a couple of minutes to give you an update on the merger. As you are aware, on April fourth, 2022, the board of directors of HDFC Limited and HDFC Bank approved a composite scheme of amalgamation of HDFC with HDFC Bank, subject to requisite approvals from various regulatory and statutory authorities, respective shareholders and creditors. Upon the scheme becoming effective, subsidiaries and associates of the corporation will become subsidiaries and associates of HDFC Bank. HDFC Bank will then be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of HDFC Bank. Both the stock exchanges, the NSE and BSE, Pension Fund Regulatory and Development Authority and RBI has accorded no objection for the merger. The application has been made to the CCI, to the Competition Commission, and we are awaiting approvals. HDFC's distribution network spans 695 outlets, which include 214 offices of HDFC's wholly-owned distribution company, HDFC Sales Private Limited. HDFC covers additional locations through its outreach program. We continue to engage deeply with all our stakeholders on ESG. Our disclosures and reports are on our website. The business responsibility and sustainability report was laid out by SEBI, which will be a mandatory requirement from financial year 2023. On a voluntary basis, the corporation has prepared this report for financial year 2022, and the same is hosted on our website. The integrated report for the year ending March 2022 has also been released and is hosted on our website. For further information on ESG related queries, you may engage with our investor relations team, Anjalee Tarapore. During the period, the corporation's corporate social responsibility activities focused primarily on COVID-19 relief and sanitation, education and livelihoods. Additionally, our support for the specially-abled cut across all our focus areas. CSR activities were conducted either directly or through the HDFC Parent Foundation. The CSR spend during the quarter was INR 75 crore. The above are some of the highlights of the results for the quarter ending June thirtieth, 2022. Before I conclude, I would like to wish you good health and all the very best. Please stay safe. We can now proceed to question and answer. I would request you to confine your questions to the financial results and guidance, to introduce yourself and be brief with your questions. Thank you very much. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. First question is from the line of Suresh Ganapathy from Macquarie Capital. Please go ahead. Yeah. Hi, Keki. I just had a question on this life insurance stake increase. Now, what is the logic of going up just by 1%? I understand HDFC Life just wanted INR 2,000 crore. Can you not take it to 50% or have you discussed with RBI that you can take it to 50%? Just some contours of the deal would be great. All right. I'll tell you quickly. HDFC Life's solvency ratio has come down to about 176% as a result of the merger with Exide Life. Consequent to that, it was necessary for them to raise additional capital and therefore, the idea was to take the solvency ratio to about 210%, and this INR 2,000 crore will take it up to 210%. I mean, is there any communication from the RBI? Can you hold 50%? Why can't you put another 1% and take it to 50%? Because it then really doesn't, I mean, face your problem of asking for reduction of the stake, right? Or increase of the stake. Sorry. It's better to do that. Yeah. Yeah. Yeah. Suresh, when we announced the merger, at that time we had said that we would like our stake in the insurance company to go up to over 50%. Correct. For that we're still awaiting the detailed guidelines on what the RBI would like us to do. If we were to do any further stake increases, it would obviously be with the knowledge and comfort of RBI. This stake sale was necessary largely in, as a result of the reduction in the solvency ratio of HDFC Life. Okay, fine. This doesn't require any approval from any regulatory authorities, right? Public to talk to the IRDA. We've already sent a letter to RBI, but this is more a regulatory requirement. It was a regulatory requirement to increase the capital and the promoter stake. Okay, fine. Okay, that's clear. The second aspect is on margins. Of course, it's come down a bit because of the interest rate resets and of course the increase in cost that you're talking about. Now with the likely resets happening over the course of next coming quarters, can you see these margins inching up from the current 3.4% levels and have a better NII growth? I would certainly expect the NI growth to go higher as the quarters progress. I mentioned that in my opening remarks also. The NI growth was impacted largely because of specific events which happened during the quarter. If you adjust for the transmission time lag, and the higher base in the previous year, then the actual growth in the NI would have been 16%. We if you can review those calculations, 16%, which is in line with the growth in the AUM. We would certainly expect the NI numbers to normalize in the coming quarters. Yeah, sorry. Yeah. Sorry. Go ahead, K.K. Sorry. NI goes up, then logically even the net interest margin should show some improvement. Sure. Should show some increase. Okay. Historically, as you will be aware, our net interest margin in earlier years used to be in the 3.3%-3.4% range. Okay. The final question on the non-individual book growth. Of course, it's gone up from a 9% decline about a year ago to an 8% growth. I mean, with the pipeline and everything which is there, which you talked about, you guys are okay driving this growth, say, to double digits? Of course, not specific guidance that we're asking for, but you're confident of driving this growth, even ahead of the merger? I would expect the growth numbers to go up. It's been a little low in this first quarter. If you actually see the absolute amount of non-individual loans is lower by about INR 3,000 crore compared to where we were in March. That is because of resolution to cases and also because of scheduled repayments which have happened in a few cases. Yes, we have a decent pipeline. We would certainly expect this number to rise. I would say a double-digit growth is something which is very much on the cards as the year progresses. Thanks, K.K. Thank you. Next question is from the line of Mahrukh Adajania from Nuvama Financial Services. Please go ahead. Yeah. Hi. My first question is could you please quantify the disbursements during the quarter? INR 32 thousand. thousand. The disbursements during the quarter were a little over INR 42 thousand. INR 42 thousand. Individual? Individuals, yes. Individuals. Okay. Okay, got it. The quantum of GSEC, so I heard liquidity was INR 40,000 crore, but the quantum of GSEC would be what? GSEC was about INR 36,000 crores, roughly. An average. Okay, got it. I just had a question on the merger. Basically, when the merger happens, how much of HDFC's book does not qualify for a bank book? Not very significant at all. Almost everything that we do is something the bank can also do. There may be just one or two small we do. Like, for example, if there is a loan against shares or something like that, then that would not qualify in the bank. That for us is a very, very, very small amount. Okay. It'll be like less than 1%-2% of the total loans or? I would think it'll be less. Yeah, I think it'll be less than 1%-2%. Okay. Thanks a lot. Thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Kunal Shah from ICICI Securities. Please go ahead. Yeah, hi. Thanks for taking the question. Now firstly with respect to this, repricing, just taking the question forward. In terms of the rates, it's fair to assume that we would have also passed on 90 odd basis points, looking at the increase which has been there. I mentioned. And I- I mentioned that. Yeah. I mentioned that whatever has been the rate increase, the idea has been fully passed on to consumers. Yeah. Yeah. First of all, the effect of those rates comes through over a period of three months, as you are aware, in the agreement. True. This, when we have to fairly look at it in terms of the repricing, okay, because I think on the non-individual side we have already increased the rates earlier as well. If I have to look on the overall pool, okay, how much would get repriced over maybe a month? Maybe you said like you have moved it to monthly reset as well to benefit, say from this transmission. How much of the overall book would get repriced? And would it be fair to assume that on the borrowing side, given the way MCLR hikes have been, and particularly for our deposit hikes have been, that would be relatively lower than the rates which we have increased on the lending side? Well, first of all, the rates that we have increased on the lending side is equivalent to the increase between the interest rates in the system RDR. We've increased our we call it Retail Prime Lending Rate. We've increased that by 90 basis points. Yeah. Now when we increase the rate, the customer's rate gets repriced every three months. You must be aware of that. It's not that supposing we reprice the loan, let's say in the month of June, and the customer has taken a loan, let's say hypothetically in the month of May, then his loan will only get reset three months from May, which means it will get reset in August. Even though we would have increased the