Good evening, sir. You can start, sir. Yeah, yeah. Sure, sir. Thanks. Thanks a lot. Good evening, everyone. I welcome you all to Indian Bank's Post-Results Conference Call for the fourth quarter of financial year 2025, hosted by Emkay Global Financial Services. From the top management, we have with us Shri Vinod Kumar Ji, MD and CEO, and we have Executive Directors, including Shri Mahesh Kumar Bajaj Ji, Shri Ashutosh Choudhury Ji, Shri Shiv Bajrang Singh Ji, and Shri Brajesh Kumar Singh Ji. I request the MD, sir, first to briefly summarize the key highlights from the fourth quarter FY25 results and also provide us some strategic direction on growth, margins, and asset quality. Post which we will have the Q&A session. Over to you, MD. Thank you, Anand. And good evening to all the friends from the investors' community, my colleague on the board, all the executive directors. First of all, I will say this quarterly results have been good. Annually also, annual results have also been good. We have crossed the figure of 13 lakh crores for the first time. Also, PAT has crossed; we have crossed 10,000 for the first time. To be precise, it is 10,918. So that is the first time we have crossed. And also, one good number I will like to, at the outset, I will share with all of you. Our SMA book, including 012, which was 15.59% at the end of the financial year, March 2024, has come down to 8.06% for the financial year FY25. Having said that, so total business reached 13.25 trillion. Q growth has been good. Annually, we have added around INR 103,000, INR 4,000 crores. Out of that, the accretion in the Q4 was approximately INR 60,000 crores. Deposits also, overall growth, we reached INR 7.37 trillion. Out of that, QoQ growth is 4.97%. Annual growth is 7.14%. Current account also, we reached INR 40,000 crores. So QoQ growth is 11.33%, and YoY growth is subdued at almost flat at 1.63%. Similarly, in savings fund, we reached INR 2.43 trillion with a QoQ growth of 4.15%, and YoY growth of it is flat at 0.84%. We have been able to maintain CASA at 40.17%. And one good thing in retail term deposit, less than INR 3 crores, we have been able to reach at 2.79% with a growth of YoY growth of 10%. Similarly, in advances, we have achieved INR 5.88 trillion with a QoQ growth of 5.18% and YoY growth of 10.19%. RAM sector, RAM sector, we reached INR 3.51 lakh crores or trillion. QoQ growth is 4.82%, and YoY growth is 13.22%. Retail, we reached INR 1.19 trillion with a QoQ growth of 3.6% and YoY growth of 13.71%. Agri, we reached INR 1.38 trillion with a QoQ growth of 6% and YoY growth of 13.68%. MSME, which used to be in the range of 5% to 6% growth. This year, we have been able to achieve growth of 11.9, approximately 12% in the MSME. MSME, RAM share is flat around at 64.23%. Net profit for the quarter, it is 2,956, and for the whole financial year, it is 10,918 with YoY growth of 35.41%. Operating profit is at 5,019 with a QoQ growth of 5.69%, and YoY annual operating profit is 18,998 with a YoY growth of 12.82%. Question. Right. Sir, we. Because other income [and] NII QOQ sequentially, it came down marginally because of the impact of the two repo cuts. But annually, for the YOY, it has grown by 8.17%. Similarly, other income, we have seen good sequentially. We have seen good growth with a 27.46%, and YOY growth is 17.24% annual. Return on equity, it likely came down from 1.39 to sequentially 1.37. However, annually, if I talk of annual, it has grown from 1.07 to 1.32. That is 25 basis points increase. Return on equity, almost it is flat. 21 was the Q3 sequentially, and now it is 21.01. And for full year, it is 20.76. Cost to income ratio, it is flat at around 45%. December, it was 44.56, and for annual, it is 44.77. So it is almost flat. Then, provision coverage ratio, sequentially one basis point improvement is there, 98.09. It has gone up to 98.10. Then, credit cost, if we talk of the credit cost, it has gone a little sequentially. It has gone up from 0.47 to 0.81. But for annual, it has come down from 7.77 to 0.66. Credit cost has gone up because we have some MOC was there and some slippages. But the major impact is because of the one account in NFB. We made a provision in NFB also to be on conservative, safer side. Gross NPA has sequentially come down from 3.26 to 3.09, and net NPA from 0.21 to 0.19. It has come down. Slippage ratio, sequentially it has increased, as I told you, on account of some MOC, 0.78 to 1.09. It has come down. It has gone up. But annually, it has come down from 1.49 to 1.11. Absolute slippage for the quarter was at 1,393 crores. December, it was 1,004, so little increase because of some MOC branches were under audit. SMA, as I told you, SMA has come down from 79,931 in March to 45,923, so there is some substantial reduction in SMA book, and SMA 2 book also, more than 5 crores, only 659 crores, and more than 25 crores, only one account of 160 crores, and there also, we have made 100% provision. We have been able to open around 55 lakh account during the financial year, savings account, and current account, around 1.58 lakh current account we have been able to open. One good thing I'm happy to share, our average balance in new account, which was 21,000 in the quarter four last year, has gone up to 30,000, so that is one good aspect of that. Guidance, if I talk of the guidance, deposit guidance, we are giving 8%-10%. Advance guidance, we are giving 10%-12%. CASA, we are giving guidance of maintaining around 40%. LDR in the approximately 80% range. Gross NPA 3.09% already there, so we are giving guidance of less than 3%. Net NPA, we will be able to maintain because already we have reached at 0.19%, so we will maintain that. Recovery, recovery also, we are giving guidance of 5,500-6,500. NIM, because two rate cut is already there, we have some moderation on yield on advances also, and NIM also. Sequentially, it has come down by domestic 9 basis points. We also see, since inflation is within comfortable range, we see there may be some few more rate cuts, so we are revising NIM guidance from 3.0% in the range of 3.15%-3.30%. And ROA, we are giving, although we have achieved 1.32, but because of the increased asset or some moderation in the profitability, we are giving guidance of in the range of 1.20. Cost to income ratio, we will be able to maintain around 45%. Credit cost, I'm giving guidance of less than one. Slippage also, we're giving guidance of less than one. One good thing I will like to share, recovery is continuously more than the slippage since FY2022, 2023. This year also, recovery was 7,651, and slippage was 5,683. And I'm happy to share this amount of recovery we have been able to achieve despite very subdued recovery contribution of NCLT and NARCL. If I give you further bifurcation, out of this 7,651, recovery in less than one crore is 6,730. So contributed by the basically smaller accounts. If I talk of the capital, capital we are well capitalized at 17.94%. Out of that, CET1 is 15.36%. Digital, my colleague Mr. Bajaj will explain, but before that, I will like to only add one or two things. Digital adoption is our focus area. We have made so many investments during the last two to three years. Benefit of that is yet to come. Our focus will be on digital adoption using customer base of the mobile banking, internet banking also. On HR, HR, we have already initiated, bank has already initiated capacity building for leadership development program. Rising Star we have initiated. Capacity building for that was for the top management group, AGM and above. We are also making efforts or capacity building for the middle management in a specific area of credit and forex. Intensive credit, intensive training for six months, 17 weeks. In credit, we have already, we are starting a program, and similar program will be also initiated for the forex. And customer service, customer service will be a focus area. And business sourcing, we are also thinking of the business sourcing, how to increase the business sourcing. So that's why RAC, Resource Acquisition Center, 100 is already there. We may increase that number to 121. R&GR, Resource and Government Relationship. So that is 18 centers are there. We will increase that to 21. And also our subsidiary, IGSS. We use that subsidiary for garnering business in all segments, like current account also, MSME also, retail also. So I will use that for garnering the business. Now I will request my colleague to explain about the initiative taken in the digital side during the year. Thank you, sir. Good evening, everyone. The digital migration continues this financial year. If we take the entire year, FY25, the digital transaction has gone up from 87% to 92%. If we take only this quarter, it has gone up from 89% to 93%. So presently, March 2025 quarter, the digital transactions are 93%. Even on the UPI also, which used to be 1.56 crore per day transaction in March 2024, now it is per day 2.67 crore. On mobile banking also, per month, 55 lakh per month transactions have gone up. Then on the mobile banking, our customer base has gone up by 16% from 1.67 crore to 1.94 crore. Same way, transactions also have gone up by 3%. On UPI, our customer base has gone up from 1.75 crore to 2.18 crore, which is growth of 25%. Same way, the transactions also, remittance plus beneficiary has gone up by 51%. It used to be 570 crore per year, and now it is 862 crore. Internet banking also, our customer base has gone up from 1.06 crore to 1.15 crore, which is 8% plus. Same way, on the credit card user also from 2 lakh to it is 2.78 lakhs. Same way, the POS transaction also from 1.14 crore to 1.28 crore, which is a growth of 13%. The digital journey, now we have added another 43 journeys, which is now 121 journeys. We did business of 1,67,390 crore, and last year, it was 81,000 crore, which is a YOY growth of 106%. As far as the adoption is concerned, the MSME business is 83%, retail 85%, agriculture 95%. On the liability side also, the deposit, which used to be 10,759 crore last year, this year it has gone up by 174%, which is close to 29,439 crore. Total overall business through digital, it is 254,000 crore. When we started our journey in April 2022, with our first launch of PAPL, first year of our business, we did business of 5,640 crore. And then March 2024, it was 81,250 crore. And March 2025, it is 167,000. And we are projecting 225,000 crore for the financial year 2026. As far as the digital migration is concerned, the number of accounts have gone up by 133%. It is 1.2 crore accounts opened at our digital platform. Digital liability business gone up 3x, growth is 3x. Same way, in digital home loan also, growth is 3x YOY. Digital vehicle loan growth is 4x YOY. Digital agri loan growth is 2x, which is INR 42,064 crore. In digital MSME also, there is an adoption, and the growth is 2x, which is INR 7,355 crore. We have now focused on the digital retail joint loan also, where the growth was 6x. Same way, on the SHG loan also, which was 5x, growth we did 2,244 digital SHG loans. Last year, we launched 43 digital journey. This year, we are proposing to launch another 37 journeys. With that, probably we'll be covering each and every product of the liability as well as asset side. Our app IndSmart, which was launched in June 2024, which is an omnichannel app. We have 280 functionalities, and another 30-plus features will be added during the current financial year. Apart from that, the already 77 lakh customers are onboarded on this new app. We launched the corporate mobile banking on the omnichannel platform recently, and in March 2024, 2025, 2,200 customers already they have onboarded. As far as the fintech partnership concerned, we used to have last year, it was 130, more than 130. Now it is 167 fintech partners. We provide all the fintech solution to the institution of the government department, maybe the SNA or the CESS collection or the municipal corporation taxes, FASTag, e-RUPI, CBDC, hospital solution, coaching college solution, and mobile app for the apartment society for the business on the CASA side, and upcoming projects, I would like to tell the analysts that we are coming up with the New Gen Call Center, which will be shortly launched in IndSmart business app for the MSME, for the MSME customer. CMS is again our ongoing project. RBI innovation of the ULI, the Unified Lending Interface, we have now various APIs, and we did the business close to INR 5,000 crore with those, the API by using the API of RBIH for our relationship manager, which MDSA was talking about, resource acquisition centers. So for them, for the employees, we have already started giving them the app, which is Interconnect app. For our capacity building, MDSA was talking about, and the knowledge gap is there for that. By using generative AI, we are coming up, we have already launched the employee associates in the CUG group, but in June, it will be launching that app also for the employees. CRM solution, we have already onboarded a new vendor for the next generation CRM solution. On the data analytic model also, we have created new models on the SaaS platform. Cloud migration, we have completed, and still it is where the new apps are coming, new things are coming. We are putting on our own private cloud, and we are going to the microservices instead of the monolithic platform. By using generative AI, we have a couple of more use cases. One is with the RBI Innovation Hub, the automated grievance adjuster system, then chatbot solution for other things. We are planning to come with our own UPI app apart from the mobile app. Same with the data lake also, we have gone for the data lake, the new RFP is floated. Corporate credit also, though it's a tough journey, but we are close to the various models on the corporate credit also on the digital journey side. By using agentic AI also, we are working on a couple of use cases. Maybe by the end of this year, we'll have some use cases on agentic AI also. Thank you so much. Thank you, sir. We will now open up the floor for Q&A session. Anybody who wishes to ask a question shall raise their hand. I request the participants to limit their questions to two per participants. And for further questions, you can fall back into the queue. Before we assemble a question queue, sir, my first question is that there is an account where the Supreme Court judgment has come, which is a very adverse judgment. Number one, what is the exposure that the bank has to that account? And whether the bank will have to refund back that money to the bidder, number one. And I mean, whether there is that kind of a covenant which is there in the agreement. And secondly, what could be the impact of this kind of judgment on the other resolutions which are there in the pipeline? So very rightly, I mean, this is a judgment, and we have received a copy of a judgment only very recently. And of course, it is, I will say, a landmark judgment. And how it will impact, only time will tell. But one thing I can tell you, if at all we have to reverse, I think it will be good for the bank. Because if you see, we have got our resolution at the 40%. That means 60% haircut was there. Now that asset is up and running. So enterprise value must have gone up. So if at all it happens, of course, there will be some legal battle. But net net, my personal view is it should be positive, net net. But let us see how other party, I mean, they may also prefer for appeal, etc. And so let us wait and watch, I will say. Any impact that you see on the other resolutions also? Any other resolutions where this kind of judgment actually could come through? What do you expect that? I don't think psychologically there may be some impact for resolution applicants because it has come after a substantial gap of three to four years. So psychologically, yes, there may be some impact. But at the same time, if you see the asset they are getting at the haircut, so that factor is also there. Certainly, sir. And sir, is it possible for you to share what kind of consideration that we had received at that point of time? 40%. We told our outstanding was 2,600, and we got around 1,200. Okay. 1,250. So that is the amount which we need to reverse earlier first. And then basically after that, as and when the new bills come in, we can again book higher bills. Yeah, yeah. So I mean, if they don't prefer appeal, if they go for appeal, then I mean, immediate reversal may not be required. Okay. Got it. Got it, sir. Sir, any participant if you have a question, you can please use the raise hand option and ask your question. Yeah, Samir, you can unmute yourself and ask your question. Samir, please unmute yourself. Hello? Yeah, Samir. Yeah, hi. Thank you for the opportunity. Sir, my question is more on growth. We have seen systemic growth coming down. How does one look at growth for next year for the bank? And secondly, if you could comment on the slippages as well as credit cost outlook. I'm not sure if you kind of already guided. I missed earlier part of your commentary. Thank you. See, growth we have given very conservative guidance of deposit of between 8%-10%, advance 10%-12%. We believe we will achieve this because if you see our last quarter growth, it has been good in almost all the parameters. Total business grew by 5%, deposit also grew by almost 5%. Advance was also grew by 5% in the Q4. That's why we are giving guidance of in the range of 8%-10% and 10%-12%. We could have achieved even this year, but for conscious call we have taken because we raised some fund from other sources like Infrastructure Bond. We are also getting at competitive rate, some refinance we are getting. So credit demand was met by these sources. That's why deposit we did not go for the growth because wholesale deposit, we ended at flat, INR 1.04 lakh crore-INR 1.06 lakh crore. So almost flat. We didn't go for the wholesale deposit. Similarly, on advance, we said it's somewhere around 10-12,000 crores of the low yielding advances. So because of that, we just missed that. And we will be able to achieve that. Credit cost, I'm giving guidance of less than 1%. 0.66% annual is there, but we are giving guidance of less than 1%. And I'm confident that we will achieve this. Slippage also for annual it was 1.11%, and for Q4 it was 1.09%. And I'm giving guidance of less than 1% slippages. And I'm pretty confident we will achieve this. Okay, sir. Thank you. Just finally, on recoveries, any meaningful accounts which are still pending or some chunky recoveries that you look at for FY26? See, if you see the recovery event for this year, recovery through NCLT was only 486, and through NARCL, it was 621. Last year, against 1,400 for the FY24, so even without the support of these channels, we have been able to recover achieve the guidance, 7,651, and as I told you, recovery in the lower segment was high. Less than one crore, it was 6,730, so our reliance on the smaller accounts is more for the recovery. Whatever. Sorry to interrupt, but the question is more pertaining to the fact that last couple of years or three years, recovery has also been led by the strong economic environment that we've had. Given the moderation that we are seeing last, say, 12 months and probably likely to persist in FY26 also, what will drive recovery? That is how I was that is where I was coming from. Yeah. Recovery, our reliance on big accounts is not that much. Only smaller accounts and through OTS, various channels are there. OTS is there. Then SARFAESI is there. SARFAESI is there. Lok Adalat is there. And here we go for, if you go for auction under SARFAESI, without physical possession, chances of materializing is low. Here we are making very conscious efforts for getting physical possession. and account-wise, we are monitoring that CMM application has been lodged or not, and what is the status of physical possession. because if you take, we physical possession, our recovery number will go up. We will be able to sell the property also. Through these modes, I'm confident that whatever guidance we have given, 5,500-6,500, we will be able to achieve. Okay, sir. Thank you so much and all the best. Thank you. Thank you, Samir. Next, we'll have a question from Mohit Jain. Mohit, please unmute yourself. Hello. Can you hear me, sir? Yes, Mohit, I can hear you. Yes, hi. Good evening, sir. My question is on the SME. Last time, when we had the investor call after the results, you said our SME exposure has come down to INR 3,000 crores from INR 7,500 crores that we reported in Q3. From that context, if I'm seeing right now, it is back to INR 5,000 crores. Any comments you want to make on this, sir? SMF? Yeah, SMF. Two big accounts are there. They have come in SMA-1. Government guaranteed. Because of that only. Yeah, and sir, what is the status? As on date, is it still in SMA or has it moved to SMA2? How do we look at that? No, it is in SMA1. But we don't expect that amount will in any way slip to NPA. Okay, okay. Yeah. And, sir, one follow-up on the loan guidance. This year, you're guiding for 10%-12%. Last year, the guidance was 11%-13%. And when in Q3 call, I think we specifically discussed whether we can achieve the guidance. You were positive, but we somehow ended missing on this guidance. So wanted to understand, obviously, you said we did some shedding of the low yielding deposit advances. Apart from that, sir, what was the possible reason in which we missed the guidance? And how optimistic and strong you are about achieving the guidance for the current year of 10%-12% that you are giving, sir? If you see, Mohit, if you see our last quarter growth, it was approximately 5%. So we tried to cover the lost ground, but somehow just missed that. Around 10% we achieved against guidance of 11%. So it was a question of only INR 5,000 crores. And let me tell you, I have some opportunity of around INR 5,000-6,000 crores, but price was so competitive, I didn't go for that. So that was the main reason. And I'm confident that 10%-12% guidance we will achieve this time. Sir, just if you can also guide us, what kind of a growth you are expecting in the corporate segment? Because I think that is a place where generally we are seeing across the banks, the growth is pretty low. So in the 10%-12%, if you can just provide some sort of a color as to how much growth are we expecting in the corporate sector, sir? Corporate, we have kept a target of around 9% growth. Okay. Okay. Thank you, sir. Thank you, Mohit. Next question we'll take from Sushilji. Sushil, please unmute yourself. Congratulations to Team Indian Bank for doing an excellent job and a stable result. So my first question is, what is your outlook on treasury with falling interest rate scenario and low inflation and the interest outlook on your global international division too? And if treasury gains are high, how are you going to reposition in the market where treasury operations are concerned? Okay, so interest outlook, thank you, Sushilji. So, interest outlook already we have seen two rate cuts. And inflation number is within the comfortable range of RBI. That is less than 4%. So, I expect and hopefully this trend of inflation will continue. So, we are expecting further rate cuts going forward. Maybe two to three. Coming to the treasury gain. Treasury gain, yes, we will book profit as per only requirement. We will not go for because we are getting, we will go for the, I mean, booking the entire profit. We will book it as per our requirement. Globally also, I mean, our international exposure also, interest rate, yes, so far has also started coming down. So, there will be some impact on overseas book also on the NIM side. That's why if you see, I have revised my NIM guidance in the range of 3.15%-3.30%. Sir, keeping in mind, CASA can be a big challenge for many banks, but a bank which has all products available, raising your CASA number from current by 10% should not be difficult because of digitization, maybe cross-sell and various other initiatives. Is it possible that we improve our CASA number to improve our margin? See, I don't think increasing this CASA percent of 40% will be. I mean, possible or will be very challenging increasing this CASA share from 40%. Because already, see, only possibility I see, but not now. Maybe towards the fag end of the year when substantial rate cut, two, three rate cuts are there and difference between the saving fund or current account and term deposit comes down. And there are not many opportunity, alternate opportunity in the market. Otherwise, increasing CASA share will be very challenging. That's why I'm giving CASA guidance of around 40%. Because see, JIT is also coming. Because of JIT also, government is very conscious of their cost also. So they are coming out of the just in time only. At the time of need, they will release the funds. So maintaining that will also be a challenge. What is the expected budget for digital footprint and digitization, new initiatives? We have digital business of around INR 2.67 crore. We are expecting to increase it up to INR 4 lakh crore during the year. Sir, my question was, we've been spending annually INR 1,000-INR 1,500 crores. And if I recollect, two years back, we had a INR 4,000 crore budget on digital roadmap for the entire bank. What is the current year budget on digital spend in new products, initiative, digitization, and various other things? No, 4,000 was not there. Our expenditure is on digital and IT is in the range of INR 1,200 crore-INR 1,300 crore. What is the budget? Similar budget. 4,000 was for three years. That is the time which I remember. Okay, okay. That means that's why around 1,300 per year, so similar budget we are maintaining, 1,300 to 400 per year. Sir, any idea how are we expanding our cross-sell business? Cross-selling? Yes. Insurance, broker. Yes, yes, yes. Cross-selling, that's why I told we have RSC centers and resource acquisition center and RNGR will be for the government only. But RSC are also doing for this cross-selling and our subsidiary which we have launched, IGSS. Through that, we are increasing our cross-sell footprint. Thank you for answering all my questions and best wishes for the year to come. Thank you. Thank you. Thank you, Sushilji. Next question we'll take from Dixit Doshi. Dixit, please unmute yourself. Yeah, thanks for the opportunity. Firstly, you guided for 1.2% kind of ROA. So don't you think that the impact on the NIM will be offset by the treasury gain next year to some extent? I mean, if you can elaborate, what was the thought process behind reducing the ROA target from the current level? No, see, absolute number profit will not come down. That I can assure you. But since assets will grow, so there will be impact on the ROA. Coming to the treasury gain, so some of the treasury gain will be offset by the requirement under AS 15 also. If interest rate goes down, our requirement under AS 15 will go up. So part of that will be compensated there also. And as I told, treasury gain, we will book as per our, I mean, requirement only. We will not going for selling all the way. Because see, this is not the only year when rate cut will be there. There will be another other opportunity. So we will be very mindful of booking profit. Okay. And second question is, so our CAR is very healthy, more above 17% and with 10%-12% kind of a growth we are targeting. Is it fair to assume that this INR 5,000 crore of fundraising is just an enabling resolution? You can say so. Because last year also, this approval was there, but we didn't require. And this year also, if we see, it is very healthy at 17.94% and CET1 at 15.36%. So may not be required, but we have kept enabling clause because there is call option of around 4,000 crore of the bond. So if we see we can reduce cost or there is some opportunity for raising some equity and we are getting good return, I mean, at a very competitive rate, then we can think of. So that we have kept for enabling so that if some opportunity is there, we can use that. Okay, okay. That's it from my side. Thank you. Thank you. Thank you. Next question we'll take from Mona Khetan. Mona, please unmute yourself. Mona, please unmute yourself and ask your question. Mona, we can't hear you. We'll take next question from Ashok Ajmera. Ashok ji, please unmute yourself. Yeah, good evening. Thanks for giving this opportunity. And sorry for having joined a little late because the SBI meeting went on for a longer period of time. And then there were some snacks, etc. So sir, compliments to you, sir, for a good set of numbers. Thank you. Sir, I have missed some of the questions and your answers also. So maybe sometime at the cost of reputation, if you may permit me, I would like to know a little on the recovery side, that what are the prospects in 2026 for the recovery from the return of accounts and the overall recoveries? And secondly, now since the valuation of SRs issued by NARCL now is permitted, earlier used to take at NIL value, I mean, INR 1 value are totally provided for, but now it is permitted by RBI. So what is the impact was there in the books in 2025, in March? And what are the prospects going forward there into FY26? Thank you, Ajmera. Recovery, we have last year, we have been able to achieve 7,651. Out of that recovery in a smaller account, less than 1 crore is 6,730. We are giving guidance of recovery in the range of 5,500-6,500 for the next financial year. AUC also, we are maintaining the guidance of INR 2,000 crore. Last year also, we have given guidance of INR 2,000 crore, but we could achieve 3,290. We are giving guidance of INR 2,000 crore in the AUC book. Coming to the SR, SR, we have not, I mean, we went with the conservative approach and we have not gone for the restoration or release of the provision in this financial year. Going forward, we will see if we need at all, then we will go. Otherwise, we may not opt for that. We will continue with the same approach. Okay, sir, taking it a little forward, sir, what is our total write-off book totally? And when you say 2,000, what percentage of it comes, 2,500 or 3,000, whatever which you expect? Okay, yeah, yeah. See, my return on book is around INR 41,000 crore. So approximately 5% of that. It's a very conservative, I think, estimate. Last year also, we have given guidance of 2,000, but we could have overachieved that. Let us see. Yeah, yeah. And sir, this our composition of loan book, the corporate and, I mean, the retail is going to remain same or you would start looking some opportunity, good opportunity in the corporate sector also, even by tweaking the ratio also? See, LDR will be to maintain the same, 65 to 64:36 or 65:35. But we are already looking for the opportunity. And wherever we are getting good opportunity, we are according sanctions also. And recently also, we have been in the Q4 itself, we have been able to accord sanction of around INR 38,000 crore. So we are already looking for, but LDR will be to maintain this ratio, 65:35. 65, 35, okay. Am I audible, sir? Yes, yes, yes, Ajmera ji. Yeah. So, sir, my next question was on the treasury front only, that now going forward with all these changes taking place, and even the valuation norms have been changed by RBI for the FS book profit, and we have a very healthy investment book. So going forward, I think I have heard part of the answer of your last question that you are not that very optimistic to take the entire profit in the one year only because there will be opportunity in the coming years too. But having said that, what will be the expectation of both the trading profit as well as the books from where we can realize the profit to the P&L credit to the P&L account in the treasury front? Treasury front, as I told you, we will be, I mean, booking profit according to the, I mean, situation only. We will not go for the very aggressive booking because I expect interest rate will. We are entering into a regime of lower interest rate. So of course, exact number I may not be able to give you, will pass you on. But treasury profit will definitely increase. Trading also, and other income also definitely will increase. And volatility is there in the Forex side also. So we are expecting some good trading profit that side also on Forex book also. Even if you see the number of the Q4, we have booked good gain in the Forex trading. Exact number will pass it on to you. No, no, it's okay, sir. Sir, what are the approach going to be for this Bhushan Steel and Power with that judgment of the court? You have any exposure? You had, I think, some exposure on that? Yes, yes. We had exposure on Bhushan. Yeah, yeah. So let us see how ultimately it pans out. Judgment has come whether the affected party go for the appeal or not. If they go for the appeal, so when ultimately we will have to, if at all, we have to reverse the transaction. But one thing I will like to share with you. Yes, sir. See, when this resolution happened, we got a haircut of 60%. Only 40% was the recovery rate. Now that asset is up and running and in a good shape, and last two, three years, the steel sector is also doing good, and a lot of capacity creation has happened recently also. Government has also taken action on the dumping side. So hopefully, net, I think it will be good for the banks. If at all, we have to reverse and go for the. So it's a blessing in disguise. So you don't expect. Sir, one last question in this round. On the NBFC front and the co-lending front, when the RBI has also now a little bit relaxed the norm that you can lend for onward lending to NBFC, even for non-priority sector credit also by them. And also RBI is encouraging co-lending also. So what is our bank's approach and what is our co-lending book if at all it is there? And how do you see the further lending to NBFC sector? No, further lending to NBFC will happen, but we will be very cautious in lending to NBFC. We will go further with the only good rated NBFC and having good track record, number one. Number two, our exposure in co-lending is less than INR 500 crore, not much. So co-lending, why it has not picked up is not because of only primary or participative this thing. Because see, unless we have some reconciliation mechanism, we have issue. In past also, because of the reconciliation issue, we have not been able to go for the co-lending. So we are in the process of creating capacity. And as and when our IT infrastructure is ready, because reconciliation is the bigger issue. So as and when we have digital readiness, only then we will go for the co-lending. Yeah, yeah. That is definitely required. Even a small bank like Bank of Maharashtra has developed the complete end-to-end solution for that. And unless you have that kind of capability, it is not advisable to go for that. I'm sure. Yes. I agree with you. Yes, yes. Sure, sir. Okay. Thank you very much, sir, and all the best. Thank you. Thank you, Ajmera ji. Thanks. And And we'll meet again after the first quarter. Okay. Sure. Thank you. Thank you, Anand. Thank you, sir. Any other participant has a question? Please use the raise hand option and ask a question. Sir, we do not have any further questions. Jay, yeah, Jay, please unmute yourself and ask a question. Hello. Sir, hi, good evening. Sir, question on your yields on advances. Right, it looks like that the decline in yields on advances is much sharper relative to what policy action suggests. If you can provide some more color here. The yield on advances is declined by 28 basis points. Not any specific reason. Impact of the EBLR only. Because 50 basis points, we already passed on. And my 40% book is on the external benchmark. Apart from that, just to add to that, I'm just giving one example. We have seen a huge rate cut in the WCDL loans. So it is the impact of that only. WCDL loans, what is happening because of the surplus liquidity also, but this is after these numbers. So because of the surplus liquidity, they are going for CP and they are getting CP at a much cheaper rate. Right. But sir, I think we are anyway growth conscious. I mean, profitability conscious in the sense they are not growing profit too much. So I was a bit surprised that in the quarter, there was only 25 basis point rate cut for two months only. And okay, so we pass on the rate cut immediately, right? The 40% book, maybe within a two, three days. Yeah, okay. Yeah, no, no, no, very next day. Okay, sure. And secondly, sir, the MSME slippages. Anything to understand what is? I mean, there was a rise in the slippages QOQ in the MSME. Anything to read into this? Because there are a lot of reports saying that export-oriented MSME, they are having some little bit of a trouble. No, no, MSME, because of the, as I explained in my earlier opening remark, it is on account of the MOC, auditors' audit of the branches. See, there are few accounts where auditors say stock is not, so there is reduced DP from some back date. So because of that, that impact is there. But one thing I assure you, slippage number will be less than whatever we have achieved. That is for sure in MSME sector also and overall also. And sir, if possible, can you share the SMA 0 plus 1 plus 2 number, including below 5 crores loan? I mean, if you know. SMA 0 total is 23,255. SMA 1 is 14,843. And SMA 2 is 7,825. Total 45,923. And it is 8.06%. Okay. Total. Yeah. Okay. And And more than INR 25 crore, we have only one account. And that is also because of the court order. But we have made 100% provision in that also. Right. Okay. And lastly, sir, on gold loan, after that RBI seemingly tightness and we have a decent quantum of gold loan, how are you seeing that business shaping up in terms of growth and maybe the relative competitiveness by other banks or NBFC or gold financiers? Yeah, yeah. Yes, of course. There will be impact both on growth and income. But it is draft guidelines, and we have given our feedback. Let us see how, in what shape the final guidelines comes. But if it comes as it is, there will be some impact on both growth and earning also. Right. No, so sir, what kind of, I mean, why should there be any impact, sir, if you can elaborate? Because I'm not saying that gold loan circular. See, first of all, gold loan circular. Yeah. Yeah. See, see, one example I am sharing. They have told income producing whatever is there. So there should be hypothecation of that also. Earlier, we used to take only gold loan and get chargeable, place the gold loan, and we used to give. And if we are not able to produce the income criteria, then we have to classify it under retail or consumption loan. So consumption, LTV for the consumption is 75%, and LTV for if it is classified under say agriculture is 90%. So there will be less quantum of loan, number one. Number two, part of the growth in the gold loan, that is not related to the basically the circular. Gold was at peak around 1 lakh crore. So maybe some moderation, so some growth may impacted there also. And gold was also being classified as agriculture. Because of that, some income impact may be there. Right. Understood, sir. Thank you very much, sir, and all the very best. Thank you, Jay. Thank you, Jay. So I think we'll take that as a last question. With this, we come to the end of the post-session call. Sir, do you have any closing remarks to make? No, I think all the questions have been, I mean, taken and opening remark, I have taken all the things. One or two point, ROA also I have given guidance and recovery number and slippage number. I will very, I mean, we have given good number and we will be able to achieve that. Slippage is also, whatever we have achieved, it will be less than that. That is sure. And recovery through other channel, NCLT, I think we have kept a decent target of 800 crore for this year. And through NARCL also, we have kept target of 250. And one more point, see, branch expansion. Branch expansion, we will be going for some branch expansion in the area where we have less presence, like in western side. So we will go for some branch expansion also because one branch we have garnered some good business in a year. So that will be the strategy for the next year also. Thank you. Thank you, sir. Yeah. On behalf of the management and Emkay Global, we thank all the participants for joining so late. Happy evening and have a great good day. Thank you, sir. Yeah, yeah. Thanks, Anand. Thanks to all the participants for sparing your time on holiday, I will say. Oh, of course. In late hours. Thank you. Thank you, sir. Thank you. Thank you. Thank you.