Ladies and gentlemen, good day and welcome to Yes Bank's Q1 FY 2027 results conference call. On the management panel, we have with us today Mr. Vinay M. Tonse, Managing Director and Chief Executive Officer; Dr. Rajan Pental, Executive Director; Mr. Manish Jain, Executive Director; Mr. Niranjan Banodkar, Chief Financial Officer; and Mr. Sunil Parnami, Head, Investor Relations and Sustainability. Mr. Vinay M. Tonse will now give you an overview of the results, which will be followed by a Q&A session. 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 this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Participants are requested to please ask questions pertaining to the bank's Q1 FY 2027 results only. For any other information, you may reach out to the corporate communications team separately. I now hand the conference over to Mr. Vinay M. Tonse. Thank you, and over to you, sir. Thank you very much. Am I audible, please? You are audible, sir. Yeah. Okay. Thank you. Good afternoon, everyone. At the outset, thank you for joining us for the Yes Bank Quarter One FY 2027 earnings conference call. I know today many other banks are also coming up with their results, and I really appreciate all of you joining us. Here, I'm joined by my senior leadership team, and we look forward to taking you through the key highlights of the quarter, and we'll be very happy to answer your questions thereafter. Before I turn to our performance, let me start with a few words on the environment in which we operated this quarter. The Q1 quarter was characterized by resilient domestic demand, strong tax buoyancy, and steady manufacturing momentum set against rising cost pressures and a more uncertain global backdrop. Encouragingly, the underlying momentum remains firm. Direct tax collections grew a healthy 16.4%. GST stayed strong at nearly INR 1.95 lakh crore of collections in June. Manufacturing has now been in expansion mode for 37 straight months. Industrial production hit a five-month high, led by capital goods. This strength is also being reflected in the uptick in the system-level loan growth over the past few months. One area of pressure was inflation, which rose to a 17-month high of 4.4% on food and fuel costs, prompting RBI to lift its inflation projection to 5.1%, though the monsoon recovered well after a dry start, easing some of that concern. On a positive note, the GDP growth forecasts have not been impaired. I turn to the highlights of our Q1 performance. It's against the backdrop which I just gave, that at the core, this has been another encouraging quarter for us. Our net profit grew 33.7% year-on-year to INR 1,071 crores. What I would really like to highlight is the quality of this quarter's delivery. We achieved these results even after moderation of some of our non-core income streams, such as gains from our security receipts portfolio, which was significantly lower at INR 86 crores this quarter against INR 338 crores in the same quarter last year. Treasury income too was lower. There was a one-off interest income on tax refunds of INR 119 crores during this quarter, but even normalizing for that one-off, the underlying performance remains strong. In many ways, this is precisely the outcome we had spoken about last quarter, about our core business gradually taking over from the one-off gains, that's exactly what's happening now with our recurring sustainable earnings engine increasingly driving performance, that's exactly the direction we want to be heading towards. Our operating profit grew 25.5% year-on-year to INR 1,704 crores. Net interest income was up 17.5% year-on-year at INR 2,786 crores. Our net interest margin improved 20 basis points year-on-year to 2.7%, also holding steady sequentially. We continue to benefit from lower cost of deposits, even as yields are impacted by the interest rate cut transmission and the change in mix. Having said this, our near-term aspiration is to move the NIM towards the 3%+ handle over the next two years, the underlying levers are well understood. The continued rundown of the low-yielding RIDF and priority sector deposits, disciplined deposit repricing, and improving CASA mix. I would caution that with the rate cut cycle now on pause and deposit competition intense, margin expansion will be a steady structural climb rather than a straight line quarter-to-quarter. Fee momentum has been a real positive for us. Our core fees registered a strong 18.7% growth year-on-year, with broad-based traction across cards, third-party products Forex, as well as transaction banking. Sustained cost discipline remains core to how we run the franchise. Our cost-to-income ratio improved further to 62.8%, from 67.1% a year ago, reflecting genuine operating leverage, income growing well ahead of costs. Return on assets for the quarter was 0.9% and return on equity was 8.3%. Moving to the asset quality, we see a further improvement of asset quality this quarter, and it has been the case despite the seasonality that the first quarter typically carries. On a reported basis, gross slippage was lower at 1.4% of advances against 1.6% in the previous quarter and 2.4% in Quarter 1 FY 2026. Normalized for an intra-quarter account movement in Quarter 4, slippages are at broadly similar levels quarter-on-quarter. Most encouragingly, the improvement in the retail segment has continued, with retail slippages at their lowest in the past 10 quarters. Having said that, our work continues. Our GNPA and NNPA ratios stand at 1.3% and 0.2% respectively, with provision coverage healthy at 81.7%. Our recoveries and upgrades for the quarter aggregated to INR 564 crores, including INR 86 crores from security receipts portfolio . Despite tepid gains from the SR portfolio in Q1, we maintain our guidance of INR 800-1,000 crores of gains from this portfolio for this financial year 2027. Moving on to the growth and balance sheet. Growth was broad-based across our businesses. Total advances grew 18.3% year-on-year to INR 2.85 lakh crores. Within this, the corporate and institutional banking grew strongly. Commercial banking, which largely includes MSME, sustained its momentum at 17% year-on-year, and retail banking advances grew 6.9%. I would offer one point of context on the headline number. A part of the corporate growth is transitional and shorter tenure in nature. However, on an average balance basis, the bank's underlying loan growth is in the 15%-16% annual, and that's the growth bank we find comfortable for the franchise, and it sits squarely with our commitment to grow in line with the industry or slightly ahead of the industry. It's also heartening to see retail disbursements growing at 27.5% year-on-year for this quarter. On deposits, the total deposits grew 14.3% year-on-year to INR 3.15 lakh crores. CASA deposits grew 14.3% year-on-year and stronger still at 15% on an average balance basis, a creditable outcome given the sharp rate actions taken by us during FY 2026 as well as in Quarter 1 FY 2027. Retail and branch-led deposits now comprise close to 60% of our total deposits, reflecting the growing granularity of the franchise. In a system where deposits are the binding constraint, our granular branch-led liability franchise is exactly where we are choosing to compete. Our capital and liquidity positions remain comfortable, with the CET1 ratio of 14% and LCR of 138.2%. Now, this has also been a quarter of significant external validation, and I would like to specifically highlight the recognition our progress received from the rating agencies this quarter. Moody's upgraded our issuing rating to Ba1. CARE upgraded our Basel III Tier 2 and infrastructure bonds to AA+. ICRA upgraded the same instruments to AA, and S&P Global has assigned the bank its inaugural international rating of BB+. Taken together, these actions are an important independent affirmation of the bank's strengthening fundamentals, our improving profitability, better liability profile, enhanced asset quality, robust capitalization, and the confidence drawn from strong institutional sponsorship. These upgrades also carry tangible benefits for our funding costs, our wholesale and financial institutions relationships, and our brand. A few other updates moving towards the conclusion. We were awarded the Most Sustainable Bank at Business Today's India's Most Sustainable Companies 2026, and we were also included in the FTSE4Good Index for the fourth consecutive year. We were recognized also among the top 25 India's best workplaces in BFSI for the year 2026. Our NRI Homecoming campaigns earned several awards for being most disruptive in the use of AI. To sum up, we operated this quarter in an environment of resilient domestic demand, but heightened external uncertainty, and against that backdrop, Yes Bank delivered a set of results that reflect consistency, discipline, and steady progress on our stated priorities. Our compass for the year ahead is unchanged. While our aspiration would be delivering a full year ROA around 1%, our focus would remain on improving the core profitability. Grow advances and deposits around in a profitable and calibrated way, deepen our deposit and CASA franchise, grow margin structurally higher over the medium term, hold the line on asset quality with conservative provisioning. All of this anchored in our PPPT structure, which is the people, product, processes, and technology structure, and also along with collaboration with SMBC, all within the strong governance framework. We are ambitious about where this bank can go, and also as realistic about the environment we operate in. Our foundation is solid, our strategy is clear, and our execution is getting better every quarter. That gives me a lot of confidence on the road ahead. Thank you very much again for joining us. We would now be happy to take your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Dev Day with Hotspot Securities. Please go ahead. Hi, Dev. Good afternoon. Yes, good afternoon to all of you, all the board members. Hi, Dev. My heartfelt congratulations to you for maintaining the performance up to the level expected by us. Okay. Excellent set of EPS numbers. Again, I would like to ask you about the roadmap in future. What would be the net order loan book you are targeting by the end of this year? Yeah. Now, Dev, thank you very much for this question. We are also looking at what sort of funding resources we have, and that gives us a lot of comfort as to our liquidity available. Now moving forward, we endeavor to grow at a little above what the industry would be growing at, and which is what gives us happiness. It could be in the range of maybe 15%-17%. My other question would be, just a few days ago, your board has passed a resolution regarding the raising of capital. Yeah. If I'm not wrong. Yeah. As far as the capital is concerned, this is an enabler for us to keep in readiness. At the moment, we have sufficient cushion to grow for the next, maybe three or four quarters. Right. At the same time, we are keeping ourselves open, and this is a market where we keep looking at opportunities. If there is an opportunity for increasing our capital cushion, we would definitely not mind doing that. That is where we kept the enabler in place. We also have this thought process within ourselves that if our peers are better capitalized than us, is there a point where we should be looking at increasing our own capital. At the moment, we are comfortable. That's the point I would like to make up. Okay. By the end of this year, are we going to see a very pleasant picture by the end of FY27? What is the view of management? Dev Day, I didn't get you. What was it you said? By the end of 2027, we will be able to view a very pleasant picture about this bank institution. Oh, yes. We are quite confident the way we are seeing the last few quarters. Sure. Sir, let's hope for the best. Thank you. Thank you so much. Thank you. Our next question comes from the line of M.B. Mahesh with Kotak Securities. Please go ahead. Good afternoon, sir. Two questions. One. Mahesh. Hello. Mahesh, good afternoon. Good afternoon, sir. Sir, two questions. One is, on the entire FCNR deposits, just wanted to understand how are you looking at that underlying opportunity and where are you positioned on it currently? Hello. On the FCNR, Mahesh, a couple of things I would like to mention. One is there is a very strong demand that we see, and this come from two aspects. One is the aspect of the pure deposits that come in, and second is the aspect of leverage. On both these, we are seeing very strong demand, and for the leverage part, you may be aware that we need to have certain limits in place. Whatever limits we have already got, we have filled them also on the leverage part. We are doing a leverage. As of now, we have decided that we'll keep it to 9%, I mean, 9x. Right. Going forward, we may change the leverage also, if we feel that the market would look at us that way. Right? If there is an expectation that we should raise it. Otherwise, as of now, we are keeping it at 9x. Then we have, though I cannot give a specific number to it, Mahesh, we are quite ahead of the market, I would say, or some of the other banks. Sir, just one clarification. On this product, would you be getting any support from your largest investor at this point of time, or is it still a very arm's length kind of a transaction that is happening on the ground? Secondly, like how- Sorry, I'll answer this. For this particular transaction, we are not having a constraint of any arm's length. We are in the process of working out certain limits. We are looking actually at getting something out of that. Just to add, we are working with many international banks for the limits in order to make this facility available, including SMBC. How easy or difficult is it on the ground? If I were to ask, what is the constraining factor for this product not having picked up as much as one would have expected it to? Mahesh, hi, this is Niranjan. If you just think about what's playing out, there are two macro themes playing out. One, the borrowing spreads globally have inched up, right? Right. Let's say, for the overseas financial institutions to take a macro view on India for a five-year period, the spreads are higher now. Right? That's number one. Number two, it's also a function of where the global liquidity is sitting. As you think about it's not that it is equally available everywhere because ultimately somebody, some overseas geography or set of geographies will have to fund India for the size that we are looking at. The risk limit has to go up by that much notches. It is a function of the process of the risk review and the limits getting set up across different institutions for a period of three years to five years in a manner that is also commercially viable and conducive is I think that play is underway, therefore it has not been as fast as one would have expected because there are also macro themes of geopolitical tension going up. Perfect. Vinay sir, you have seen this company now for closer to five months. Could you tell us in terms of having seen this now for a little longer, the issue that we are seeing from the outside is that the margin is the key problem. Within the margin, there are two sides. One, we understand the cost side. There is also a problem on the yield side. Do you have some thought process on how does this improve from here onwards? Or do you think that you still need some more time to give an answer to this? No, no. Answer I have. Of course, this is one of the most important priorities for us also as I came in here. Both this, the initial thoughts which I had, the drivers of although I expand the margin, they're working fairly well, what I have seen in the Q1, Mahesh. Right? Basically, you're also aware that since last April, the previous April, right, not last April, the previous April, that's the previous financial year, we have actually substantially come down on the cost of deposits. Right? That has played out very well for us without actually resulting in any attrition of deposits. Right? This is something which gives me a better pricing power. The cost of deposits going down, the cost of funding going down gives me a better leverage on the type of assets we are picking up. Also at our discretion, we are also looking at products which are increasingly giving us more yield. Right? I think that way, this is something which is not too much of a worry for us right now for the NIM expansion. Okay. You do have any number in mind for, let's say, in FY 2028, where do you want to see the margins? Yeah. I think north of three is something we would be able to achieve. Okay. Perfect, sir. Thank you. Thank you, Mahesh. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. You are also requested to please restrict yourselves to two questions only. If you have any further questions, you may rejoin the queue. Our next question comes from the line of Narendra Porwal, an individual investor. Please go ahead. Hello. Namaskar, sir. Sir, is my voice coming? Yes. [Foreign language], Narendra Ji. [Foreign language]. Thank you, sir. First of all, for giving me the opportunity to speak. Sir, we have been observing for some time that the growth of CASA deposits in our bank should be happening, sir, it is not growing. Although banks of our size, IDFC First Bank, etc., are growing CASA very well. What is the reason for that, sir? Please see something, Sir, I think that in the coming time, there is NSE, Jio, very large size multiples IPOs are going to come and a lot of investors will deposit their money in their bank and subscribe to those IPOs. Sir, we are planning something like this in our bank, sir, our cut-off time for filling the IPO is only till 3:30 P.M. Whereas IDFC Bank gives it till 4:30 P.M. and State Bank of India gives time till 5:00 P.M. तो sir, why don't we plan something like this to increase our CASA? Like sir, you told me last year, a year ago too, that IDFC FIRST Bank aggressively marketing करके अपने customers बढ़ाएं और वहां से आप देखिए कि उसकी CASA retails में कैसे growth हुई है। तो sir, इस तरह से कुछ हम भी plans करें कि हमारा कुछ timing बढ़ाकर हम aggressively retail customers को growth में ले जाएं तो इस तरह से बड़े IPO आएंगे। और एक बार sir, हमारी bank में किसी customer ने account खुलवा दिया और balance रखा है तो वह फिर दूसरी bank में transfer नहीं होता है बहुत जल्दी से। इसके बारे में आप ध्यान दीजिए sir। मेरा यह ही suggestion था कि bank यहां से एक अच्छी तरह से retails में growth कर सकती है sir. बहुत-बहुत धन्यवाद आपके suggestion के लिए और हम जरूर इस पर काम करेंगे। Thank you. क्योंकि बहुत दिक्कत होती है sir। हम लोगों को भी बहुत बार क्या होता है कि last time में मतलब कि काफी कुछ IPO subscribe रह जाता है तो दिक्कत काफी होती है sir। आप उसके बारे में कुछ ध्यान दीजिए sir। [Foreign language]. Thank you for your suggestion, sir. [Foreign language]. Thank you. Our next question comes from the line of Sajal Raj from Zenflow Finance Private Limited. Please go ahead. Good afternoon, sir. Hi, good afternoon. Sir, I have one question. Yes. Okay. Sir, my first question will be advances have grown faster than deposit this quarter. How do you plan to balance loan growth with deposit mobilization going forward? Should we expect deposit growth to catch up over the coming quarters? Niranjan here. Thanks for the question. Advances growth for us is certainly higher, we said that in our opening remarks as well that we always go through some transient lows or moments on the end of period balances. Therefore, a metric that we internally track is actually the daily average balances. If I see the daily average balances for both advances and deposits for June quarter versus March quarter, the Credit-Deposit ratio actually has remained the same. There has not been a worsening Credit-Deposit ratio. In fact, both growth rates for deposits as well as advances are in line. Number two, it's a very important principle question that we will continue to focus on liability-led balance sheet expansion. The idea is never to really aggressively pursue assets in the absence of a deposit construct. You would have seen that over the last three years, our singular focus has been to continue to improve the quality of our balance sheet. Improving the CASA ratio, getting the higher share from branch banking or retail deposits were heavy areas of focus. That's getting reflected in our cost of deposits as well. If you look through the last three years, our bank actually has possibly delivered the best outcome on cost of deposits as compared to the industry at large. I think that's an area that we are absolutely focused on, and I think your point is absolutely well taken that deposit growth will be an important constituent, and we will make sure that we are not accelerating our advances in the absence of deposits. Thank you so much, sir. Thank you. Our next question is from the line of Shreyas Sinha from Nomura. Please go ahead. Hi. Good afternoon, sir. Thank you so much for the opportunity. My question was on SR recovery. This quarter, we had SR recoveries of around INR 86 crores, versus last quarter of around INR 446 crore and higher in the previous quarter. Can you explain what is the reason for lower recovery this quarter? Shreyas, thank you for the question. Niranjan here. There is some echo. My request would be if you can just mute we will be happy to take a second question from you. On security receipts, I think absolutely a right observation. We have had SR redemption there INR 86 crore as compared to INR 450 crore. We have also been saying that the face value of security receipts, which is now outstanding at INR 1,500 crore, it is coming down. The recoveries that are going to come through are going to be a little bit more unpredictable. Not that there is no stored capital or stored value sitting in the security receipts book. It is still very much there. We have a face value outstanding of INR 1,500 crore. Against that, actually, the NAVs are upwards of INR 2,000 crore and NAVs are today's present value. If you actually look through from a gross recovery standpoint, the number could be slightly higher than that. The resolution is a function of what J.C. Flowers does, their execution, and we have no control on the pace or the timing of those executions. We will go through these periods where one quarter could have a higher security receipts resolution. In another quarter, we may have a much lower. At a very structural level, we said that during FY 2027, we do believe let's say anywhere between INR 800 crore-INR 1,000 crore for the full year should be a number that we expect to come through. As I said, I want to caveat that it is finally a function of what J.C. Flowers does. It is possible that we could get higher than INR 800 crore-INR 1,000 crore, or it is also possible that we could also be slightly lower. Our sense is INR 800 crore-INR 1,000 crore should be a reasonable probability to ascribe for FY 2027. Thank you so much for that explanation. My second question was on one-off in net interest margins. You highlighted that INR 119 crore of interest on IT refund. If we remove that, the margins are down around six, seven basis points according to my calculations. Can you explain what are the things that will help us improve margin from here on? Shreyas, I think one clarification is that the interest on refund actually forms part of a non-interest income and not part of the net interest income. Although it is interest on income tax refund, we do not include that as part of the NII line, and therefore it's also not part of the net interest margin computation. Understood There is actually no adjustment. Our net interest margin continues to be stable on a YoY basis. Q. Sorry, on a QOQ basis. My apologies. On a QOQ basis. Understood. Thank you so much for the explanation. Those were my questions. Thank you. Thank you. To ask a question, ladies and gentlemen, you may press star and one. Our next question comes from the line of Jai Mundhra from ICICI Securities. Please go ahead. Jai Mundhra, your line has been unmuted. You may proceed with your question. We do not seem to be receiving a response from the current participant. Yeah, I think we could hear Jai. One moment, please. I will bring him back on the line. Board approval now. CET1 is 14%. Sorry to interrupt. Jai, we request you to please repeat your question. Sure. You were not audible. Sure, no problem. Sir, I wanted to check on your capital raising plan. We have a board approval in place. We also have a court case which is pending. The outcome is still pending. We have a decent 14% CET1, but just wanted to check your timeline and quantum, and would this have any bearing from the court case? Jai, I think first, Niranjan here. First, quick clarification, which is your second part of the question. Whether this capital raise has a linkage with the board, with the AT-1 case. We follow a practice of having an enabling approval in play, and that is something we've continued from last year. We had the same approval for fiscal 2026. We also have the same approval now effectively for fiscal 2027, actually till the date of AGM. It is not a trigger of any particular event or court case. I think that's the first clarification. The second point is at 14% core equity ratio, we do believe that we have reasonable capital for at least the next one year of growth. What gives us that confidence is also because we do have the DTA which is available to us. One, the ROE structure itself is improving. Let's say ROE of about 8%-8.5% is accreting to my capital. More importantly, the effect of DTA on that ROE is also playing out, meaning the bank is able to actually grow at anywhere between 12%-13% of risk-weighted assets and not consume capital. Right? Therefore, even if the growth were to be in excess of 13%, let's say, 15%-16%, the quantum of consumption of capital is lower. The limited point I wanted to make is we believe 14% is reasonable for the next four quarters of growth. Having said that, capital is a subject that the reason we keep an enabling approval is because sometimes you want to look through raising capital, which can take the 14% maybe in line also with some of the peers because it also adds to buffers, right? We kind of track some of the other banks. That's the way, let's say, rating agencies also look at us. More buffers are always good. That's something we've worked on over the last three to four years. If you go back to our last capital raise, we had actually raised it when our CET1 was at about 11%-11.5%. This time around, clearly, we don't want to drop to those levels. We will raise it, let's say, in the 13% handle, right? We want to keep adding to our buffers as well. Whenever we think that opportunity is right, available with right players that is in the interest of our shareholders, we do want to keep that optionality available to us, hence an enabling approval. Sure. Thanks, Niranjan. That is very helpful. Regarding the court case, of course, this is better and we will be hearing from the court itself, has the bank There's no pending provisions, right? If it come, it comes, right? When there's no backup for in case the decision is adverse, right? That is how it should be. There is no adjustment to our financial statements on account of this court case at this point in time. Right. Okay. Secondly, on the retail growth. Overall growth has been strong. We are now 18%, which is slightly higher or maybe similar to system. That seems to be driven by corporate in a large part. Retail is still 7% types. What is your strategy now? Retail slippages also seem to be multi-quarter slow. How should one look at the retail growth for, let's say, FY 2027? Hi, this is Rajan here. Retail is actually on a very strong wicket, and largely one of the reason being that the slippages are under control and last one year we have really worked on the platform scorecards and also policy refresh. From here onwards, the trajectory from being flat to a 7%, so this is one journey which you look at from a book perspective. On a incremental basis, actually, this is a business which is growing between 25%-30%, depending on segment to segment. When a portfolio remains flat for a year or so, the book takes some time. On the momentum on the fresh business, we are in a very steady state and in a good state to be in a good range of 25%-30%. This will start reflecting in the subsequent quarters when it comes to the book growth point. Right now we are very strong on the disbursements. Okay, sure. Can we reach mid-teens number by FY 2027? At some point of time the disbursement will translate to loan growth, right? Yeah, sure. Absolutely. We are working towards that as well. Sure. It's helpful. Secondly, on recovery targets, sir, if you can specify either from SR recovery and overall recovery. We used to have a INR 5,000 crore odd numbers, of course, after that a lot of recovery has already happened. What would be your sense for FY 2027 recovery numbers? Okay, sir. The other recoveries that we were talking about, one of the reasons we were talking about the gross recovery number at that stage was because some of it was also predicated from the corporate resolutions. Okay. To be fair, I think we would not ascribe a lot of value now to the corporate resolutions because that story is behind us. Sure. What we now sit with is really the J.C. Flowers ARC, and which like I mentioned, as compared to last year, about INR 1,500 crore. At least we do believe that anywhere between INR 800 crore to INR 1,000 crore is something we should see in FY 2027 also playing out. On the retail recoveries and upgrades, that is anyways now forming part of the net credit cost structure at BNPA. We are now segregating that and grossing up to give you a headline number on the recoveries and resolutions. I would say a very focus for us is really on the core ROE now. We said this last time as well, our objective continues to improve the core ROE meaningfully. Our expectation is FY 2027, we should see a 15 to 20 basis point expansion in the core ROE. If the resolutions, let's say the external factors on bond gains and trading, if all of those elements also play out, I think we should be able to also deliver the fully reported 1% ROE for FY 2027. Right. That is very clear. Niranjan, lastly, if you have the ECL transitional estimate as to what could be the, let's say, one-time transitional impact for Bank as you transition to ECL next year. Thank you. Jai, again, we've not publicly disclosed those numbers yet because we are in the process of putting that together. The ECL number we've said has a component of, for us, has an offset from the security receipts. Right. For us, if you allow us the benefit of security receipts, actually there is no impact on ECL. what's going to happen is that the ECL adjustment for security receipts will not be allowed in the balance sheet, we have to keep taking that through the P&L for the year. At the gross level there is likely to have some ECL impact. We don't expect that to be very material. Also adjust or take into account the fact that the new circular is also coming in on credit risk-weighted assets from 1st April. When we kind of look at both these circulars together, which is the ECL transition impact and the new capital adequacy circular risk weights, credit risk weights, we do believe that the impact, if at all, is not going to be material on our core equity. I think that's really the headline message. Sure We will come back. During the course of this year, as we firm up these numbers so that we can give you a better visibility of what impact will play out. Now that is very helpful, Rajan. Thank you and all the very best. Thank you, Jai. Thank you, Jai. Thank you very much. Thank you. Our next question comes from the line of Shreyas Bhaskar with Sundaram Asset Management Company. Please go ahead. Hi. Good afternoon, team. Can you guys hear me? Yes. Loud and clear, Shreyas. Thank you. I hope all of you are doing well. Just a quick question. I believe you had called out earlier that you're going to be more cautious in the commercial banking and MSME segment, I saw that the slippages have gone up actually. Could you point out if there's any specific segment or cohort you're seeing stress and what is the situation on the ground and impact from the recent macro situation? Our commercial banking portfolio continues to be of high quality and the slippages are quite controlled in Q1 as well. While we continue to assess and monitor the portfolio very closely for any impacts of the West Asia war, but happy to report that there is very limited impact on the portfolio and the clients have managed this crisis very well. In a nutshell, the portfolio quality continues to be very good. Okay, perfect. Thank you. Quickly one more just on the retail. Again, you'd already answered some of my questions over there, but just few more things. One is, what products are you planning to be more aggressive on going forward and where are you being more cautious? That's one. Second, the disbursement number being lower, is that just seasonality or this can be attributed to any other reason? I'll take the second question firstly. On the disbursement on a QOQ basis, it is actually the seasonality because March typically is very high plus there is an element of co-lending or partnership-led, let's say, disbursements that kind of come through. At an organic level, I think we continue to be quite similar levels this quarter as well. If I were to, however, bring your attention to the YoY growth in disbursements, that is actually close to 30%. You're quite looking at continuing to focus on growing the disbursements because we know it is a matter of time before the disbursements will start resulting into the book growth. Right now the runoff factors are also there, but as the runoff start tapering because we had slowed down the loan book between 2023 to 2024, 2025, right? We started slowing that down. As the runoff starts going down, these disbursements will start also resulting into a book growth and we do believe, I think that's about 3 to 4 quarters from now that we should be able to deliver double-digit growth as well on retail. Okay, perfect. Thank you so much. Regarding the product strategy within retail? From our side, there is a multi-product. A, to begin with, when you think about us Shreyas, you have to think that we are all-weather universal structure of assets, right? It's not that we are dependent on any particular product. When retail has been slower, we have the ability to work through the corporate engine or the commercial banking engine, right? Likewise, within retail, we also operate with multiple products. Therefore it's also sometimes a function of where we see these growths tapering off. For example, personal loans, we had slowed down quite meaningfully over the last ttwo years, but we are now again growing that book. There are certain channels through which we are growing faster than other channels, right? I think that's one part. The second, there are certain products like LAP, where we will continue to do because we did well in the past and it's a product that will continue to grow. There are products that we are now calling it as franchise products where as and when our customers will need, let's say a home loan or an auto loan, I think these will be products that we will also be willing to offer to these, right? You combine all of this and add to it the fact that we also have co-lending structures in place. It is going to be quite diversified from, let's say, the product mix. I think certain guardrails with which we operate is, for example, the secured-unsecured. We will not allow a whole lot of unsecured to be dominant part of this. Typically, let's say it's a 75-25 ratio, we will ensure that 75% secured versus 25 unsecured kind of retail, right? I think that's really the broad theme. I'm not sure if you got the gist of the answer, but I think it will continue to remain largely diversified. Okay, perfect. Thank you so much for answering all the queries and wish you the best of luck going forward. Thank you. Thank you so much. Thank you. The next question is from the line of Rama Subbareddy, an individual investor. Please go ahead. Yeah. Hi sir. Very good evening, everyone. My question is recently board has approved the capital raise of INR 16,000 crore where 10% equity dilution, right? How do you ensure that the existing shareholders will not be impacted with that kind of capital in the future? If you see earlier, we were like, okay, basically, you have given lot of discount for the new shareholders such as PE investors. Even SMBC also, they got in good price. In future, when you are raising this equity, how do you ensure that existing shareholders are not going to impacted? We have been staying for last six years and you have not paid any dividends. Still we are expecting the bank will deliver the good numbers and been waiting for so many years. You have to take care. That is my concern. Can you please address? Good afternoon, sir. Thank you very much for the question. First and foremost, sir, thank you very much for being a patient supporter of the bank over the last many years. Our objective clearly has been to solve for what we think is the right strategy and the right quality of the bank. You would see that over the last two to three years, the performance of the bank has continued to improve. We had always stated that the bank will deliver an ROA to exit FY 2026 with 1%. I think we've delivered that as well, and there are clearly signs of sustenance that's playing out as well. Now, as the bank continues to grow, there will be need for capital because when we compare our core equity ratio compared to others, the other banks are also higher than us. There are going to be levers that the bank will continue to use to make sure that we are not compromising or it is not coming at the cost of shareholder value. I think that's also an important factor that we consider when we think through elements of capital raise. Having said that, what I want to clarify, which I did in one of the previous questions, is that this resolution is an enabling resolution that we are seeking. This was a resolution that was also approved by the shareholders last year, we are only refreshing that enabling resolution. This resolution only gives the bank the optionality to trigger a capital raise in the event we believe that the raise is going to be beneficial for the bank, for its growth, and ultimately for creating value for its shareholders. That's really the objective with which we have gone about taking this resolution. Thank you. Thank you, Reddy Garu. Thank you. Thank you. Our next question is from the line of Sushil Choksey with Indus Equity Advisors. Please go ahead. Congratulations on stable result. Sir, I have a little different question than normal analyst would ask. Prospects for India-Japan businesses are getting better every day. Infrastructure financing, Japan is taking a big lead in India, be it bullet train, maybe now shipbuilding, many other aspects. Trade is concerned, India is likely to do much better with the country, there are certain other specific government-related industry like defense and many other aspects also taking place. Can you throw some light that being a preferred partner in our bank, we have some scope of business growth in the Indo-Japanese business corridor? Yeah. Thank you, Choksey. Thank you for this question, which you said is a little different to what normally we get in the analyst meet. See, couple of things which we observe now is that the Indo-Japanese corridor itself is getting strengthened year after year, particularly after the recent inter-government meeting which happened, also between the prime ministers as well as the trade teams. We see a lot of traction happening, much more than what has been seen in the last few years, I would say. Now with also the agreements that are in place, the corridor gets busy, that's for sure. The aspect of how we would be leveraging our partnership with SMBC is something we have already started working upon. We already have some MOUs in place, eventually our endeavor is to get the macro that happens in this, if I may put it this way, the corridor between these two countries should happen through our bank. This is our endeavor, that's what we are already working towards. There are certain specifics which at this point of time I'm not able to mention because of confidentiality reasons. Otherwise, we are very strongly working on these aspects. Be it trade or be it investments or what you rightly said, there's a lot of infrastructure investments that is coming in from Japan into the Indian projects. There is also a lot of interest that is seen from the Japanese corporates establishing some project or the other in India, be it in the form of a wholly owned subsidiary or a joint venture or even some distribution channels out there. I hope that answers. Yeah, that answers. At least there is some visibility visible in your company. Definitely. Second thing, sir. Thank you We have a very good partner where the Government of India new scheme for FCNR led by RBI is visible. Correct. I am quite sure that we should be doing well because people tap Japan very often for the ease and the rate, no doubt the Japanese are looking upward trajectory right now. Yeah. I agree. In FCNRB, we should be doing much better than most of the other banks. Correct. I had missed the question because there were too many calls at the same hour, so pardon me for that. I know. Sir, any color which you think you'll do on a leverage trade or a straight deposit? Yeah. In fact, you're right that this question had come up in the earlier part of this. What we are looking at is a macro leverage of 9x this time, at this point of time, rather. We will perhaps be sticking to that. Yeah. We are seeing a lot of interest that is coming in from various geographies, and one of which is towards the East also, importantly for us. Now, whatever limits we had for the leveraging, one aspect is, of course, getting the deposits. The straight one-is-to-one sort of a deposit. As a pure play FCNRB deposit. That is something which we have absolutely no constraint, we are getting quite a bit, which happens in our branch banking franchise. The leveraging part is something which we are also looking at fairly strongly, and we see a good growth that has already happened. Further growth will depend on the limits which we get from some of our partners or the foreign banks. Thank you, Choksey, sir. Thank you, sir. Thank you for answering all my questions, and good luck for the year, sir. Thank you so much. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to Mr. Vinay M. Tonse for closing comments. Over to you, sir. Yeah. Thank you very much. To all the participants in this call also, I would like to convey our sincere appreciation for coming in and joining us, knowing fully well that today is a day of many bank results that are coming up. Thank you very much. Thank you. This brings the conference call to an end. On behalf of Yes Bank, we thank you all for joining us. You may now disconnect your lines.