The corporate segment is also showing healthy growth, at more than 16% growth on a YoY basis. I'm glad to share the progress we are making in the digital banking. 61% of our savings bank accounts were opened through YONO in the financial year 2024, and we are also leveraging analytics to its health, which has led to the significant business growth, and now that number stands at INR 1.37 trillion. All this is sourced through analytical leads showing growth of almost 32% on a YoY basis. Improved by 54 basis points YoY, and stands at 2.24% as of March 2024, and continues to be its lowest in more than 10 years. Our net NPA ratio has also improved by 10 basis points and stands at 0.57%. Slippage ratio for financial year 2024 has improved by 3 basis points YoY and stands at 0.62%. The consistently improving asset quality is also reflected in our credit cost for financial year 2024, which stands at 0.29%. It has improved 3 basis points on a YoY basis. We are well provided for our loan book with PCR including AUCA standing at 91.89% and PCR excluding AUCA standing at 75%. Our employees are recruited from the best talent in the country and are trained to handle the scale, complexity, and the compliance requirements of the bank. SBI is the employer for life, and most of our employees really believe in this. The attrition rate for the bank is only 1.43%. We take great pride in the process-oriented culture of the bank. While we are glad about the outcomes in the current quarter, we are also conscious of our areas of further improvement. On the liability side, we continue to focus on increasing our share in current account while maintaining our leadership in the savings bank deposits. The cost base of the bank is high. However, the same also reflects our focus on compliance and establishment cost. We aim to lower our cost-to-income ratio by focusing on the income side. Our CET1 ratio stands at 10.36, which is the highest ever since the implementation of the Basel III norms. Additionally, the current ROE profile of the bank remains above the credit growth trends, and hence we foresee CET1 acquisition going ahead. However, the bank is open to evaluate the options of raising equity if at all the growth trend so warrants. Our subsidiaries are also consistently performing well and continue to create significant value for all stakeholders, and most importantly, for the customers of the bank. To conclude, I once again would like to thank you for the support which you have extended. The bank, while pursuing its own progress, contributes to the progress and growth of the economy and its countrymen. We remain committed to rewarding your trust in us with superior sustainable returns over the long term. My team and I are now open for taking questions. Thank you very much. To you, sir. One of the most, I think, outstanding and fantastic results for the State Bank of India. When we are going in the range of almost about INR 110 lakh crore of the operating profit on a yearly basis. I mean, going more than INR 100 lakh crore annualized basis, maybe INR 110 lakh crore or INR 115 lakh crore. All this net NPA and these figures look very small as compared to our profit-generating capacity. Having said that, sir, my first question is about the recent RBI guidelines on the provisioning. Now, our total, I think, Infra and the projects, which are under implementation as well as might have been completed also, total loan including CRE, altogether maybe about INR 450 lakh crore. Out of that, how much amount do you feel will come under the purview of, and what is the ballpark figure by which we will require to increase our capital adequacy? Because otherwise, also, our capital adequacy as compared to some of the peer. I will not call peer bank, but smaller public sector banks, is much higher than our NPA has always been a concern. Though with this profit added for this year already in the CRAR, we are still at around 14.28%. So going forward, and if these particular guidelines get implemented, where do we stand, sir? Thank you very much, first of all, for all your compliments. The second question which you have raised is essentially relating to a discussion paper which has been floated by Reserve Bank of India. Well, of course, we have yet to evaluate it in all entirety, but based upon our experience with Reserve Bank of India for the last couple of years, now, RBI is quite a receptive regulator. They are not ignoring the viewpoint of the banking industry, and I'm sure they would certainly be cognizant of the viewpoint which will be expressed by IBA as well as State Bank of India in its individual capacity as well. So I would not like to hazard any guess, but nevertheless, whatever little back-of-envelope calculation we have done, based upon that, I can only assure you, considering the fact that we still have got almost about INR 32,000 crore worth of non-NPA provisions holding in our book, and such kind of pockets are many, but I don't want to discuss much of them, but I would only like to say that whatever is in the wildest of the thought, whatever could be the additional provision, we can absorb it in no time. That is one thing which I would like to say. As far as your assessment in terms of our project loans, I would only like to correct that it is only about INR 1.21 trillion. It is not somewhere around INR 4.5 trillion. So that is one. So the total Infra stage and. So, I think this project loan is essentially applicable for the project loans, but also, it has given a great path. It has to be done in about three years' time. So, it will leave sufficient room, but nevertheless, whatever back-of-envelope calculation is there, we are not really worried. To be very precise, what we had seen when the ECL paper, ECL discussion paper had come. I remember during that time also, in one of the analysts' meetings like this, some questions were raised. ECL has not yet become a crystallization as of now. Let us see when it gets crystallized, but nevertheless, it will be much, much less than what the annual outlay was for ECL. So, I think we are not worried. I will only say that on a standalone basis, we are not worried, and of course, if at all such kind of eventuality will come and will actually get frozen, we will also revisit the pricing if need be. Yes. Sir, what could be the intent, whether the RBI is thinking because such a sudden and that to straightaway with the 5% provisioning maybe over the period of two, three years? No, I think the. Are they fearing that some of these projects may not get completed in time or they may not? The way I read, I will share with you. The intent seems to be that RBI has got some concerns about the right pricing of the risk by some of the lenders. So when the lenders start pricing a 15-year term loan with T-bill, it will naturally raise the concern with any regulator. So that seems to be the concern, but I think my sense is that there will certainly be some middle path. I'm quite confident about that, and I'm hoping for that. But nevertheless, in the worst of the situation also, we are quite comfortable. Sir, my second question is on the other income. It has almost gone up by almost INR 6,000 crore in this quarter. And out of that, of course, fee definitely must have been increased because of the March quarter, INR 6,200 crore to INR 8,700 crore, but there is one item of miscellaneous income which has gone up from INR 1,807 crore to INR 4,957 crore, and these two together have given the fillip of almost INR 5,900 crore to the other income which is added in the profit, of course. So what could be this miscellaneous income going almost by INR 3,100 crore higher in this quarter? May I respond? Yeah, please. Yeah, part of it is. Yeah, please. One is the outcome recovery is included in that. In this quarter, we had much better outcome recovery which is part of the miscellaneous income. It must have been always. No, no, no. This quarter, we have done 1,000 more than last quarter. But included even in the previous quarter? Yeah. Okay. Yeah. That is the major thing, but other than that, we've also got dividend from our and also the CMP commission. The dividend from the subsidiaries and the CMP commission. Also some annual maintenance charges which are normally the highest in the last quarter. These are the four reasons. Sir, in this one item, the profit from the investment is also there which is INR 3,463 crore. So going forward, where do we stand, sir, as far as the profit in the other income booking from the sale of the investments and revaluation of the investments, sir? No, I think going forward with the revised guidelines, I think earlier what was required to be done for the MTM, whatever was kept in the AFS, everything was subject to MTM. We'll not have that kind of a situation. If at all, we have got and also, whatever profit will be there, it will also be routed through the balance sheet, not through the profit and loss also. Anything you want to add, please? No, I think with the revised valuation norms, the MTM gains and losses will not be there much. But our effort would be that now, how do we get the trading gains both on the fixed income portfolio as well as equity portfolio? So that will continue. But as far as the MTM fluctuations, that I think will not be there. Sir, the last in this round is point note number 17. Loan transferred, 24 accounts are transferred, the NP accounts, outstanding of INR 7,451 crore. Sir, is it NARCL because the recovery seems to be around 15%-17% only, INR 383 crore? That is NARCL only. It's NARCL, the entire amount. Not entire. Thank you. No, entire. We now move to the. Not entire. Second question. Just one second. Yes, please. Not entire, around 10 accounts out of that. Out of 12. Yes. 10 accounts. 24 accounts. Yes. Okay. Thank you. Yeah, before we move to the second question, we'll just request you to kindly mention your name and company before asking the questions. [Foreign language] Yes, offer to maximum to NRI. [Foreign language] Hello. Sir, this is Manish Ostwal from Nirmal Bang Securities. Excellent performance another quarter for State Bank and best performing bank in India right now on all the parameters. Thank you. Thank you Thank you very much. Sir, my question for the next year, your commentary says that we are anticipating 6.8% GDP growth for the next year. Where do you see the credit growth for the system and where we are at State Bank? For us, my estimation is that we should be growing as well as the loan book is concerned, should be growing at about 13%-15%. The second question on the capital consumption this year, excellent capital consumption management we have achieved. And I recall one of during the one of the quarterly analyst meet, you said we will grow profit, use the profit to improve the capital and you deliver on that front. So now, if we maintain the 13%-15% kind of loan growth, then we should not go for big capital raise. How should one think of your capital raise plan? As of now, we have done. We always keep on doing the estimation in terms of what is the ability of our capital to support the growth. So we have done that estimation. And according to that estimation, we can easily grow about INR 7 trillion worth of loan book. Today, we stand at about INR 37 trillion as a loan book, so which actually translates to about 21% kind of a growth. And my estimation is that we should be growing as well as the loan book is concerned around 15%. So as of now, we are in a comfortable position, and we are quite hopeful about the other options which are available through the Tier 1, etc., also. So that also will be. But as I have mentioned in the past, also, we are quite mindful in terms of our cost of capital, which actually works out to be about 14%-15%. And if at all, we go for raising our Tier 1, we are somewhere around 8%, 8.2%-8.5%, but net of taxes actually it is about 5.6% only. So that is something which we have in mind. But yes, of course, we keep on evaluating the situation. If at all, there will be right situation. Maybe we will look into it, but nevertheless, as of now, I feel that we are quite comfortable. And we will. But nevertheless, we will be evaluating the situation on an ongoing basis. And lastly, on the SBI Wealth, what are the things we are doing? What is the AUM under management and that business? And because that is a very strong cross franchise, we can build over long term. Can you share some details over there? Sure. SBI Wealth, we are in the process of revamping. And now, we have identified two segments. One is the Premier Banking, the other is Wealth Banking. And also, when it comes to beyond a particular TRV, we are offering the physical relationship manager. Otherwise, we are offering the virtual relationship manager concept. And we are as well as the AUM is concern, there are opportunities which we are offering the wealth lens to those who are already banking with us. So our focus is essentially new to wealth. If at all, we can get the customers who are new to wealth. And earlier, we were having the profile, as profile of the wealth customer was quite in terms of more than six years. Now, we have very clearly indicated that we want to have the younger lot like you. One of you can come to our fold in the wealth, and we offer comprehensive services to all of you also, so that we should have your mindset also when it comes to wealth. That is something which we are working on. We have already launched a pilot in two circles, which is one in Bangalore, and the other one is in Bombay. The results are quite encouraging. And I would say that maybe another quarter or so, we should be in a position to roll out full scale across the country. And when we are going across the country, we are not only confining our self to metro urban. We are going to Tier 3, 4, wherever there is a potential. Since we have got a branch network already there, we have to only beef up our resources in such locations. We are going to have a new head also for the Wealth Banking, who is quite well adapted to this kind of a space. And we are quite hopeful that we should be in a position to have an AUM of almost INR 1 trillion through the wealth itself in a year or so. And today, market has recognized your consistent predictable earnings despite of the fall in the market. The stock made new high. All the best for the coming quarter. Thank you very much. Appreciate. We will move to the next question. Hello, Sir. Yeah. Congratulations, sir. Sir, my first question is on the wage provision. You have explained what the run rate will be. Could you share the absolute amount? Because in this year, there are, I mean, at least in this quarter, there are some write-backs also, and there is an additional provision. So what will be the run rate, monthly and quarterly, in employee expenses? We expect that we will have almost about INR 500 crore a month, which means about INR 6,000 crore would be the additional cost. Two, we have already disbursed this in the previous year, as well as the wages is concerned, we have provided about INR 13,000 crore plus. So we will not be required to provide, I mean, it will, it will certainly come down. And actual cost will go up only to the extent of about INR 6,000 crore. So about INR 7,000 crore savings would be there in the wages. Got it, sir. Sir, my next question is on your strategic stakes in companies, not your subsidiaries. Would there be any divestments in FY 2025, and would that help in your growth capital, and you would still want to consider an equity raise if growth is strong? I think these are all moving parts. We have to wait and watch, depending upon how the market situation is. And based upon that, will be taking the appropriate call. But yes, of course, as I mention, we keep on revisiting our capital situation. And I have already stated in the past also, capital will never be a constraint for the growth of this bank. And we will ensure that in good time, we have adequate capital. That is also, I will once again repeat that. That is the confidence connection which we have, and we will stick to that. Got it, sir. Sir, and I have one last question on margin. So what would be your outlook on margins, right? As in that, assuming rates are not cut. Obviously, there is a rate cut, and that will have. But assuming that rates are not cut, what will be the outlook on margins from your end? See, we have, as well as our cost of deposits, a concern. We have already plateaued somewhere in the month of October, December only. So I think my sense is that we don't expect the NIM should undergo significant change. If you will, if you really look at it, our NIM has actually moved up from 3.41%-3.43% from December to March. And essentially, when it comes to our international book also, it is almost more or less at the same level. Some marginal 5-6 basis points difference is there. So I think my, our effort and endeavor would be to maintain NIMs around this level only. Thank you, sir. Thank you. Dinesh ji, excellent Q4 numbers despite of challenges, RBI circulars, staff cost revisions. It's really one is what are SBI and your plans and subsidiaries plan for GIFT City. Yeah. And very specifically, everybody is looking forward to it, and SBI should take the lead in this, specifically if you can articulate. Number two, is very clearly, what is the growth capital required by SBI for next three years? Any estimates for that, and how we are going to raise it? And if you are doing QIP, definitely at how much premium, because currently our share apparently is very much undervalued, considering the excellent results and the excellent outlook. And number three, on diversification price position, and there are talks, you should not go as per SEBI formula, because the way IDBI pricing is there, it is 3 x of what happened two years back. If you do it a kind of an open auction for all stakes, you may even get 2x-3x of value, because it's a very excellent technology bank, and our ex-CFO has set all the screws right, in spite of what happened in the past. If you can articulate your views in this. Next is on Ind AS. We were always saying, Mister our ex-SBI CFO, who went to Jio now, had clearly articulated, "We have no worries on that. We are fully prepared." And you had also quietly shared it when the stocks got a battering. What is the thought process on that, on consultation with the regulators? And specifically, do you expect it post elections, or it will take a long time, because it's an overhang, which market has forgotten for a few days? And also your thought process, how you are engaging with RBI on lots of circulars are there. It's creating a lot of uncertainty. Abhi aayega ki election ke baad aayega, and after two years, it will come. Whether is Infra circular, which has come a few days, will it also become like Ind AS? Nobody really knows, but the market has taken it wrongly in the last few days. Your specific answers, I can, I can come back on it. [Foreign language] Yes, Sir. Any of your first question is relating to the GIFT City and whatever our plans in the GIFT City. We have got an international banking unit in GIFT City, which we open in the year 2016-2017. And we already have built a balance sheet of $7 million over there, which is actually our own outfit, State Bank of India is outfit. And actually, it is the largest IBU also. That is one. Secondly, as well as the group companies are concern, our SBI Mutual Fund has already open a branch office, which in due course is likely to be upgraded to a subsidiary of the company, which will be based out of GIFT City. So that is the other company, which is, which is going there in GIFT City. And as well as the other companies are concern, like and our custodial company, etc., they are evaluating the options, and the appropriate decisions will be taken by the board of all these companies. Your second question was relat, please kindly repeat the question. G rowth capital. Growth? Growth capital. Growth capital. We have got a, I mentioned earlier also, as well as the growth capital is concerned. As we are very well placed, as well as our capital, capital adequacy ratio is concerned at 14.28%. We have got ample room for raising AT-1, and we are hoping some kind of a revisit to the pricing formula for AT-1. Valuation formula, not the pricing formula, but the valuation formula. But once, once that kind of a clarity is in place, we will be in a position to raise AT-1 also. Our ROE is growing at about 20%, and our loan book is growing at about 15%. So that gives us a natural advantage in terms of our ability to plow back. And that will continue to be the focus. So if at all, I have to prioritize, the first is the natural plow back, which will happen. Second, we will raise through AT-1. Third, we will look at the opportunities for raising equity at a right price, if at all required. Because as of now, with the current capital also, with the current capital adequacy ratio, we can grow the balance sheet to INR 7 trillion by another INR 7 trillion. Our balance sheet is already INR 37 trillion, and that INR 7 trillion actually translates into about 21%. So I think I have assured multiple times, and I once again will like to reiterate it. Growth capital will never be a constraint for the growth of this bank and the group companies. I assure you once again on that. Your third question was relating to? Yes Bank. Yes Bank. Yes Bank, I am unable to comment anything as of now, because what you mention, we will certainly keep in mind. When we go to the board, we will keep your suggestions in mind, and we will take appropriate decisions. I will only say this much. Fourth question. Ind AS. Ind AS. Ind AS, ECL kind of a thing, which you are mentioning. At a point of time, we had made an assessment for the ECL. The provision requirement was about INR 30,000 crore, which is required to be deferred in about five years time, which works out to be about INR 6,000 crore a year. With the balance sheet profit of about INR 60,000 crore, this does not really worry us at all. But I must also mention that then and now, our quality of book has even improved. So my assessment is that even ECL requirement will also come down. It is simply back of an envelope calculation. We have not applied ourselves on this. But never mind, since it is not a cause of worry, I am not really much concerned. Last question was relating to the recent circular instruction. No, in fact, before that, you had said that how are we engaging with RBI on various circular instructions. Let me assure you, RBI as a regulator is very receptive regulator. And since we deal with many other regulators also, I get a chance to see this. But they are very cognizant in terms of what. At the same time, they want to assure that the banking systems should stay very well protected. So with that in mind, perhaps this kind of a discussion paper has been brought out. And I am quite sure that they are very keen to look at the suggestions, which will be given by IBA as well as by us as a State Bank of India. And maybe they will even be open to the viewpoint of the various other stakeholders also. The reason why perhaps this kind of a circular instruction has come, because in the market, we have seen that 15 years project loans, 15 years Infrastructure loans are being price linked to the T-bill. I think any regulator will get worried on this. So I think I actually look at it from that perspective. So that is the reason. And more so, this has to be seen in the context when interest rates are expected to start moving up. Maybe six months, nine months, whenever. But there could be a possibility. So when the risk is not properly priced, I think regulator is bound to be concerned. And my experience, my thought about RBI is a very balanced and very matured regulator. So we are very respectful of our regulator. Thank you. Sir, and thank you for a very good reply. On the group companies, very specifically, on the group companies. Group companies. Our AMC, Nippon price market cap has gone up 3x in the last three years. HDFC AMC, 3x. It's high time we should get it listed and get valuation for that. This is the right time. Same thing for insurance. Now, I will come to our SBI Cards. Why it is underperforming? I feel it will continue to underperform for the next five years also. Why? I had engaged with Deputy MD Cards. Now, we have a prime reputation prepaying car loans, prepaying home loans. But in ICICI, we can keep INR 1 crore FD for a lifetime card. But SBI Card, they are insisting on compulsory FD, just because we want to use SBI Card for buying on Amazon and Flipkart. Today, I lost a INR 2,000 discount, because SBI is insisting on a FD deposit of INR 30,000-INR 40,000. But ICICI gives me a lifetime free card, where I can play golf. So I don't know why insist on a INR 30,000-INR 50,000 FD. When in ICICI voluntary, we can give INR 1 crore FD. And this is a, your Turner Road branch is not listening to your Deputy MD. He says, "Refer to me," and it needs to improve. That is why it is under performing. And other cards company will flourish if you can take this seriously and take it up. This will help our companies and the bank in a big way. We have taken note of your suggestion. But only one thing, which I would like to, only one thing, which I would like to mention. I am very conscious of what you mention in terms of the valuation for in Nippon Life, HDFC Life. And also, I am conscious of the challenges being faced by some of these companies on account of getting listed. There is, I think, the example of ICICI Securities is before all of us. They listed and they delisted themselves also. So it's a matter of principle, essentially, because when it comes to entities like mutual fund, etc., they are more like a knowledge industry. There the knowledge capital is required, not the financial capital. And in fact, for that matter, considering the capital, which we have put in there and their net worth, it is significantly high. And I don't want to expose them to [Foreign language], QS QT, because if at all, I to all of you and will not focus on the product. I don't want to do that. Let them focus on the product and generate return for each one of you. Thank you. Hats off to you. All the best. Yeah, we move on to the next question, please. Team, team SBI, congratulations on excellent performing Sushil Choksey, Indus Equity. Sir, we are moving globally in the right way. Globalization and money market, debt market. I think next 12 months, there is going to be huge inflow, where India markets are concerned. And size of SBI may have a larger share to gain off. Whether it's a debt portfolio, FX, maybe pricing products well. How are we placed to gain that profit? Well, when it comes to the opportunities, which are being unfolded on account of India debt paper getting included into JP Morgan and also Bloomberg also. So we have already activated our custodial company, which is SBI SG Global Securities. And also, also when it comes to holding of stock of debt paper, some of our entities, which are in place, like SBI DFHI being one, which is, which is a PD, which can actually warehouse all these kind of debt papers also. That is one entity, which can hold such paper. Apart from that, our treasury also are holding such papers. So I think we are very well placed in terms of reaping the benefit out of the opportunity, which will unfold before us. Yes, as of now, these are early days. There is some kind of volatility, and that volatility is going to be the way forward for such instruments too. Because the way I read is, if at all, there is a global scenario, where the interest rates in U.S. will go up, it will lead to movement in and out. That also is a reality. So I think economy per se will have to really gear up for such kind of volatilities. But nevertheless, as a as a major lender and also a custodian of all the securities, we have multiple entities, where we can warehouse and we can keep stock of it. Once we will have a visible visibility of the trend, we will be certainly be on the top of the opportunity. I only assure you this. Sir, the kind of profits we are generating and the strength of human resources, which SBI turns out not only for themselves, for the industry. And with new generation capabilities, which are emerging in the global banking, what are we enabling ourselves in understanding adoption of technology and human resources? And what kind of CapEx will do to invest in this? I think more important is to leverage the analytics, which gives us enough insight into the customer behavior. And based upon that, if at all, we can offer hyper personalization and the customization, which suits the customers requirement. And it is not merely in terms of product and the product features, but it is also in terms of the distribution channel. And knowing all this kind of a trend, we are ensuring that we invest well in terms of the people, product, process, and technology. It is not merely within the company, but it is across the group. So that is the broad principle on which we are operating. And we will ensure that we must not let any opportunity go past us. Thank you for answering all my questions. All the best. Hi, sir. This is Jai Mundhra from ICICI Securities. A few questions, sir. Sir, last quarter, we had said that staff cost for next year, FY 2025, should be around INR 65,000 crore. Right? And we had deduced that fourth quarter could see around INR 22,000 crore rough amount. This quarter, the staff cost has been reasonably lower. There are some adjustments that we have done. So, does the INR 65,000 crore number for FY 2025, does that still hold, and it could be revised upwards? It could be somewhere around that only. We expect that INR 65,000 crore-INR 70,000 crore something, which you expect. But that is only to take care of the what we have not visualized. But otherwise, our additional cost is only about INR 500 crore. As I mention, about INR 6,000 crore per year. So, in this one, in this, if you can go back to the previous slide. In this one also, our go back to the previous slide, please. Yeah, yeah, this one also INR 71,000 crore. If you really look at it, here in, we have got additional provision of 13,387. So, if at all, 57,850 plus INR 6,000 crore, will be about INR 63,000 crore. So, what we mention about INR 65,000, INR 66,000 crore is a reasonable estimation, because there would be DA increase, etc., which we can not really visualize as of now. So, that's a reasonable estimation. Sure. And second question is, sir, on your corporate growth. Right? So, this year and this quarter, we have ended at 16% YoY. There is a seasonal uptick also in fourth quarter. But going ahead for maybe in one year and two year, do you think that this 16% has scope to move upward to around, let's say, 20%? Maybe driven by, you know, whatever the CapEx, demand, fresh demand. And do you see any change in the competitive intensity, because it looks like some of the large private banks may not prioritize corporate growth at this point of time? Well, as far as the growth is concerned, the loan growth in particular for bank like State Bank of India, we always link it up with the GDP growth. GDP growth, nominal growth plus inflation plus 2%. That's our principle. And with that in mind, I expect that we should be in position to grow about 15%. 13%-15% is my estimation. And we actually get to have opportunities, since we are a, we are present in all segments. We have enough opportunities everywhere. But we are very mindful in terms of deciding our portfolio, so that we should be in position to improve our yield loan, yield loan advances for the portfolio as a whole. So, that is something, which you have in mind. Yes, corporate, we should be in position to grow around 16%. I think overall, we should be in position to grow somewhere around 13%-15%. Any comment on the competitive intensity in the corporate? Competitive intensity, of course, will give us an opportunity for improving our yield. But I think when it comes to corporate book, private sector banks are there, but the significant partners are also the public sector banks. So, I think, but nevertheless, we have invested well in terms of our capability. In terms of processing, we have a PFSBU, which is a strategic business unit. And we have invested very well in terms of building the capability. And you know, the near opportunities, which are coming, particularly when it comes to EV batteries and also when it comes to cell manufacturing. So, all these are involving some kind of a project evaluation, comprehensive project evaluation. Goal eventually to become a part of the global supply chain when it comes to white goods, when it comes to engineering, when it comes to telephone, telecom manufacturing, etc., etc. They are going to unfold significant opportunities for these kind of investments. So, I think we have invested well, and that gives us a competitive advantage as compared to others. There could be situations that we will underwrite and then down sell also. But yes, of course, that will generate fee income for us. And we are quite conscious on this particular opportunity, and we want to leverage it to the hilt. Sir, lastly, we have improved CD ratio this quarter. We have been doing this for the last few quarters. But what is your sense, you know, where can it stabilize? There seems to be some more scope, but what do you think would be the ideal? Ideally speaking for a bank of our size, we would like it to be somewhere around 75%. This is domestic or U.S.? Domestic. Thank you, sir. Thank you. We will move to the next question. Hello, sir. sir. This is Akshay from Autonomous Research. Here. Yeah. So, I have two questions. One on the credit cost front. So, our credit cost has been in the range of around 20-25 basis points for some time now, which is aiding our ROA, which is about 1%. So, now with quantum of recoveries moderating, how do you see credit cost evolving? I think, of course, what you mention in terms of recovery moderating. But nevertheless, we have lower provisions also. Even that will also help us. And that is something, which is our effort and endeavor. And see, in this bank, you know, for such a big bank, we have very simple mantra when it comes to credit quality. And that mantra is known to everybody in the bank. That their NPA and SMA should be lower than that of the 31st of March of the previous year. So, on the one hand, our loan book keeps on growing. At the same time, our NPA and SMA are kept under check, which is all effort elastic. So, to make it really happen, everybody is energized to achieve this goal. And that is something, which is reflected in these numbers also. So, any specific guidance you like to give on the credit cost? I would like to keep it as low as possible. My effort would be to bring it to 0.25%. But we cannot ignore the risk, which are inherent in the macro. We will have to live with that. Sir, your guidance. Sir, on the. Sorry. Your guidance has been 50 bp s, sir. Guidance of course is 50 basis points. But that is for all of you. When it comes to my internal staff, it is as low as possible. Yeah, that's all. Because you people hold me responsible for whatever guidance I will give you. I don't want to get, I should not be held responsible for that. But yes, let me assure you, this is effort and endeavor is to do it, to maintain the asset quality as best as possible. So, second question is on the other income front. So, other interest income front. So, there seems to be a component of IT interest refund. Yeah. Yes, there is. Yes, 1,300 crore. We keep on paying to them also, and we have to have the refunds also. No, that's it. So, it's a part of the game. Yeah. We move to the next question here, sir. But nothing unusual. Ya. Hi, sir. This is Saurabh from JP Morgan. Yeah. Two questions. One is on your CASA growth. Your current account growth is just 2% this end this year. So, when your CASA is so, I mean, much lower than, let's say, even the private banks, how would you think about your margins for next year? So, besides the CD ratio, is there any other flex you have on your NIMs? And the second is on the overhead growth. So, you quantified the staff. How would you think about the overhead growth when your loans are growing at about 14% odd? Is there any operating leverage there? And just one related question is essentially around the credit cost piece. Your agri NPLs have now come down to 9.5%. Do you think this can fall, or do you think this stabilize around 10%? Thank you. First one is relating to the CASA. Well, CASA is something, which the industry as a whole has seen turmoil. And I think, as compared to others, we have lost the CASA to the extent of over 280 basis points. This is generally a phenomenon seen when the people are looking for the better yielding asset class. And here also, you will see, when it comes to our term deposit growth, it is as high as 16%. So, that's part of the product feature. When we are opening high value savings bank account, we need to offer them the multi option deposit scheme, which is actually a sweep beyond the threshold. So, that is something, which is seen. So, whatever you are seeing in term deposit, is essentially also originating. Part of it is coming from the savings bank also. The important component here is the current account. And current account post the revised business model adoption by the Government of India, where just in time has become a reality. We had reoriented ourselves into the trade commerce industry trust, et c., et c., for opening of current account. And we had a decent success. We already open it at more than 40 locations across the country, which are the major markets for current account and for such kind of a business. And at the end of the day, but what we keep on monitoring on an ongoing basis is the daily average balance in the current accounts. And there, we get to see decent growth in the daily average balances. Apart from that, we are into CMP. We are significantly invested into the technology, so that we should offer the best in class, the cash management product. So, these are the kind of initiatives, which we have already taken. And And I am sure, with these initiatives, we will be in position to improve our CASA. Your second question was relating to agri NPA. Of course, agri NPA, we have brought it down from 15% to 9%. And our goal is to, in fact, the target, which have already given is to bring it to less than 8%. And we are quite hopeful that we should be in a position to achieve it, bring it down somewhere in the range of 6%-8% in the days to come. So, that is our effort. And we are quite hopeful to achieve these numbers also. Overhead. Yeah. Can you use the mic, please? So, the growth in overheads, basically, for next year. I mean, you've grown 14%. Yeah, essentially, is the staff cost. Sorry? Staff cost is the major expense for overheads. No, in fact, in the growth in the overhead, we have got some as a business and developmental expenses, INR 4,200 crore. PSLC is the other one. When we are actually building on our agri book, we hope that we should be in a position to reduce our dependence on the PSLC. So, that will help us in reducing this kind of increase in overhead too. Sir, sir, question was expense of staff growth. Expense of staff, the overheads, can it grow slower than loans, and no, next year? This is. Yeah, I think yes. I think yes, we can. Because, as I mentioned that, you know, our effort when we are embarking upon SBOSS is essentially to build up excellent agri book, and which should help us in reducing our dependence on PSLC. That is our effort. We have seen it as [crosstalk] improvement in this. [crosstalk] We will have one last question now. [crosstalk] Param from Nomura here. Yeah, please. Firstly, on your provisions, so, this year, we have seen about INR 4,000 crore of provision write backs from standard provisions and other provisions that are showing up. Is this something that can continue going ahead? Because your restructured coverage on your restructured portfolio is pretty high. So, is that something you can keep reversing going ahead? That's my first question. Thirty seven. Can I respond, sir? Yeah. You start, I will chip in. Yeah. One reversal that we got was the NPA automation that has been done by the bank and RBI asked us to provide 0.5% of the operating income. I think we have reversed how much? INR 1,000 crore. What? INR 900-odd crore. During the quarter, we have reversed. INR 900 crore. INR 900 crore, roughly. That is a major reversal. And then, in standard accounts, two of the accounts have remained standard for the last two years. So, we have just written that back. That's a very normal thing to do. Okay. Other than that, there is nothing, no one off. INR 1,306 crore is one item. The other one is INR 370 crore. So, other provisions INR 1,306 crore, what you mention about INR 900 crore, what she has mentioned about INR 900 crore. We were required to keep extra provision, which we have reversed. And standard asset is what you have explained. Got it. Sir, you also have a very high PCR coverage on your restructured book, which the other banks don't have. Is that something you look to reverse? We do not envisage any challenge on that. But nevertheless, since we have already provided for it, as a matter of abundant caution, we have kept it. But otherwise, the behavior of the restructured loans is actually much better than what we had expected. And the kind of repayment, which you are seeing, is pretty decent. And I don't think so will be need of utilizing that provision. Apart from that, that is one pocket, which you have mention. There are many others also. [Foreign language] amount par are working. This time, quarter on quarter, we have seen a very strong growth. You have not seen it in the large private banks. Of course, you don't have any. No, they are not really into this activity. They are shying away from this activity. So, is there any inorganic component to it? Sorry? Is there any inorganic component, as in? No, no, no, no. We don't do that. We believe in underwriting and down selling. Others would have the inorganic. We don't have. We want to build the fee income portfolio. Perfect. Sir, thank you so much. Congratulations. Yeah, thank you. Sir, we have few questions coming in through the online webcast. I will request you to. Sure. The first one has come from Mr. Ravi Kiran Lingamani. How SBI is expanding its services for NRI, as we can see NRI are looking towards private banks for savings. We have got exclusive NRI branches. And also, a completely digital paperless journey is being extended to onboard NRI customers through a new application. Accounts can be created in as little as 30 minutes with the help of this new journey. And also, apart from that, we have got the centers, which we have created only for facilitating opening of the NRI accounts at two locations in the country. That is also helping us in assuring that we have got an excellent service, which we can offer. In certain geographies, we have the regulators permit us to offer NRI services. We are also putting in place our feet on street, so that we can garner this NRI deposits also and create value for our valued NRI constituent. The next question is coming from Amol. And is SBI planning about listing of SBI General? As I have already mentioned, that we would like this company to grow a little. Next question is coming from Chintan Joshi, Autonomous Research, London. Can you explain 29% quarter-on-quarter increase in other interest, other net interest income? Are there any one-offs in this number? There are no one-offs on this number. It is business as usual. Income from interest on IT refund is INR 1,302 crore in quarter four, as compare to INR 740 crore in the quarter three of financial year 2024, which is actually it keeps on happening. Another question is coming from Komal Jain, your comments on the future outlook. We are expecting a very good business growth in the next couple of years, subject to favorable macroeconomic conditions and easing of the geopolitical tensions. We are also focusing on improving our market share, both in deposits and advances. The main driver of business growth will be expansion of digital products and services on our digital omni channel platform, YONO, to increase efficiencies in the bank. We will continue to focus on booking quality assets and improving asset quality going forward. Here, it would not be out of place to mention that this year, we have seen more than 30% growth in our book, which we have underwritten with the help of YONO. We expect this trend to even get further strengthen in the days to come with the new. From Parash Jain, from HSBC. What percentage of the loan mix is fixed? Next question comes from Rahul. What is the growth guidance on advances for the next two years? What is the quantum of technical written-off accounts held and recover? Deposit growth of banking industry with YONO 2.0. Yes, please. Go ahead. Okay, thank you, sir. So, I trust. Whether HDFC was. I really don't know. So, if they are growing slow, will that. What matters most is how the macroeconomy evolves. So, if at all, there are opportunities in the macroeconomy, I assure you, we will go strong. And sir, just secondly, I have seen, if I look at it over a five-year period, growth has been like 4%-5% versus balance sheet growth of 11%-12%. So, what exactly has led to this, and can we expect it to grow in line with loans? I will have to come back to analyst meet every quarter end. Loan application fee. I am not giving any waivers. Simple. It's a more competitive dynamic. That loan. Thank you. Sir? Yeah. This is Mahesh from Kotak. Just two housekeeping questions. One is on the balance sheet. There was a DTA impact on the reserves. Can you just explain what is the what's the math behind that? Sorry? The net worth. If you look at the movement of net worth. Add up with the earnings that is. Yeah, sure, ma'am. In last quarter. Sir, you had indicated that there would be a positive impact on the investment portfolio. Has that been completed at the beginning of this quarter? Yeah, it's already. Please. Yeah, we had. Our initial estimate shows that there is a positive impact on the AFS reserve. As you know, the positive gains have to be reflected in the. I mean, we need to look at how the portfolio behaves by the end of the quarter. Last question, ma'am. On the staff expenses, it was expected that there would be an incremental hit of about INR 5,000 crore this quarter. True. It has not happened. If you can just give us an explanation. Actually, we were when the agreement happened, we could have a very clear visibility in terms of what to pay and how to how much to pay. So, it had impact in terms of what is the pay slip. Based upon that, it was all reassessed and whatever additional provisions are required, they have been booked. And we also had some MTM gain in our. INR 500 crore of MTM gain. Yes, MTM gain on our corpus for the pension and the provident fund also. So, that has also helped us in this quarter. And also the lower liability on gratuity. So, we have done some reversals on that because we have already. Provided for more in the gratuity also. So, that also. We have reversed around INR 312 crore. So, as against our estimate of INR 5,400, we have now done INR 669 only. And that takes care of the entire thing. Perfect, ma'am. Thank you. Okay, thank you. Yeah. Yeah, good evening, sir. This is Wuzmal from. Okay, this will be the last question. Okay, so good evening, sir. Ma'am, this is Wuzmal from Goldman Sachs. I have two quick questions for you. One is on upgrades and recoveries. I want to understand what your thoughts on how it would trend in the next year. Should the 13% upgrades to opening GNPL be the base case, and do you see any lumpy accounts coming in next year that would push it forward? And the second question is on the deposit growth. As of FY 2024, your deposit growth year-on-year looks like 11%, which is slightly lower than what we saw for the industry. So, what do you see? How do you see that trending for the next year? See, when it comes to the recovery, I would say that no lumpy accounts left out. They are all small and sundry accounts, which are left out. And the recovery, but happy to share with. Focus on our competitor books also, competitor relationship also. I am quite hopeful that we should be in a position to improve our percentage growth in the year to come. Thank you, sir. Thank you. Thank you very much. Thank you. I trust all the questions have now been addressed. We will be happy to respond to other questions in offline mode. Let me end the evening with thanking the Chairman, sir, the top management team, the analysts, the ladies and gentlemen. We thank you all for.