Central Bank of India (CENTRALBK) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Central Bank of India Limited Q2 FY '25 Earnings Conference Call hosted by Antique Stockbroking Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Raju Barnawal from Antique Stockbroking Limited. Thank you, and over to you, sir.

Thank you, and good afternoon, everyone, and thank you for joining post-results conference call of Central Bank of India. From the senior management side today, we have with us, Shri. M.V. Rao, MD and CEO; Shri. Vivek Wahi, Executive Director; Shri. M.V. Murali Krishna, Executive Director; Shri. Mahendra Dohare, Executive Director; and Mr. Mukul Dandige, Chief Financial Officer. Now without any further delay, I hand over the call to MD sir for his opening remarks, post which we will open the floor for the Q&A. Thank you, and over to you, sir.

Thank you. A very good afternoon to all the participants. Before sharing the financials of this quarter, let me share the good news that bank has issued the CCI approval to acquire 25.18% of equity shares in the life insurance division of Future Generali and 24.91% in the non-life. Once this process completes, then bank will be having 2 additional JVs along with the existing 2 JVs, which we have for the home finance and financials. So now just, I would like to give the highlights of this September quarter's financials, and then it is followed by our CFO, he will be giving a detailed presentation. I think by this time, you must have received our presentation, which is already uploaded on to the website. Now this our bank's total business, which has grown 7.07%. Now it stands at INR 6.44 lakh crore. And then total deposits at INR 3.91 lakh crores, where CASA stands at INR 1.91 lakh crores, which is 48.93% of the total deposits. And the gross advances grew by 9.48%, which stands at INR 2.52 lakh crores, and the CD ratio that is credit deposit ratio improved to 64.71%. Earlier in the previous September of '23, it was 62.5% around. Now gross NPA stands at 4.59% and net NPA at 0.69%. Provision coverage ratio, which is 96.31%, and net profit has grown by 50.91%, it stands at INR 913 crores. And let me share with you, this is a 14th straight quarter, which bank is recording a net profit. And net interest income has increased to INR 3,410 crores and then net interest margin it stands at 3.44% for this September 30. Return on assets has improved to 0.85%. Return on equity improved to 3.19%. CRAR that is capital adequacy ratio, now it stands at 16.27%, where Tire 1 is 14.01%, so there is appreciable increase and a good set of numbers as far as the financials are concerned. For all the further details, our CFO will be explaining. Yes, Mukul.

Thank you, sir. As sir has said, net profit-wise, last year, 3 quarters, whatever the net profit we had earned, we have been able to surpass that figure in the first 2 quarters, that is the first H1 of this financial year. We have recorded INR 1,793 crores of net profit during the as compared to INR 1,741 crores of net profit for the 3 quarters up to Q3 during the last financial year. The stand-alone headline numbers, if we compare, the yield on advances has increased by 22 bps on Y-o-Y and it is now 8.84%. Yield on investment has improved to 6.93%, an increase of 38 bps. The cost of deposits has increased only by 11 bps, and it is now at 4.71%. We continue to hold on to our share of CASA deposits. It is still in excess of 48%. The NIM increased to 3.44%. The ROE on an annualized basis is 12.76%. The credit cost, we have been able to bring it down now to 0.56% with the net NPA coming down to 0.69% during this quarter. The slippage ratio also has been controlled, and now the slippage ratio is at 0.38% for this quarter. The liquidity coverage ratio is at 240.19%, so it is a very comfortable liquidity still bank is enjoying. And the NSFR is at 146.69%. The EPS is at INR 1.05 and the ROA has improved to 0.85%, so we are on our track to make it at 1%. If we see the total interest income has registered a Y-o-Y growth of 11.58% to INR 8,202 crores, the total interest expenses have increased by 10.85% to INR 4,792 crores. The net interest income has increased by 12.62%, and it is now at INR 3,410 crores. The total income has shown a growth of 17.08% and it stands at INR 9,849 crores. The total expenditure on the other side has increased by 11.65% to INR 7,684 crores. And therefore, the operating profit has improved by handsome amount of 41.5% to INR 2,165 crores. The provisions are at INR 1,252 crores and the net profit has shown an improvement of 50.91% and it stands at INR 913 crores. If we come to the breakup of interest income, the interest on advances has shown a growth up by 14.18% and it stands at INR 5, 402 crores. The interest on investments has also grown by 9.13%, and it is at INR 2,547 crores now. There is a degrowth in other income, which was the interest income that we received on the income tax refund by around INR 210 crores. The noninterest income, which majorly comprises of recovery in write-off and other fee-based income, there also, there is a very sizable improvement. And on a Y-o-Y basis, there is a growth of 55.23%. And on Q-o-Q basis, also, there is a growth of 41.37%. And the total noninterest income now stands at INR 1,647 crores with recovery in write-off comprising INR 560 crores out of this. The breakup of total expenses is that interest expenses have improved by 10.85%, and the total interest expenses were at INR 4,792 crores. Out of which, interest paid on deposits is INR 4,530 crores, a growth of 8.43%, and other interest was at INR 262 crores. The staff cost was INR 1,827 crores, a growth of 27.14% and other operating expenses showed a degrowth of 5.08% and stood at INR 1,065 crores. As far as the provisions are concerned, the provisions for NPAs were at INR 340 crores, 82% less than the last year same period. The standard asset to be made a provision of INR 70 crores. The income tax provisions were at INR 654 crores. On a prudence basis, the bank has made INR 250 crores additional provision on standard restructured accounts. And therefore, the total provisions were at INR 1,252 crores and the net profit was at INR 913 crores. The asset quality, as MD sir has said, the gross NPA is at 4.59%. And the net NPA, we have been able to bring it down to 0.69%. In absolute number terms, the net NPA is at INR 1,674 crores. The sector-wise NPA, we see retail is at only 0.12%. Agriculture and Allied is at 1.62%, MSME at 1.34% and corporate net NPA is 0.15% only. Our provision coverage ratio was at 96.31%. The slippage ratio, as I told, is now at 0.38% and the credit cost is at 0.56%. The restructured book is at INR 5,808 crores. However, INR 1,571 crores worth of accounts are common in the restructured book also, and they are appearing in the special mention accounts also. As far as the SMA position is concerned, the percentage of special mention accounts to total advances has come down on a Y-o-Y basis from 6.69% to 6.10%, and the amount is INR 15,425, out of which the amount under SMA-2 is only INR 3,014 crores and SMA-1 is at INR 1,957 crores. The capital ratios, the CRAR stands at 16.27%, with Tier 1 CET at 14.01%, the leverage is at 5.88%. The business across the board. Total business improved by 7.07% and now it stands at INR 6,44,858 crores. The total deposits grew at 5.7%. CASA deposits grew at 4.61% and now they stand at INR 1,91,270 crores. The CASA share continues to be at 48.93%, which is one of the best in the industry. The RAM advances grew at 19.95% and stand at INR 1,82,205 crores. The CD ratio improved to 64.71%. Now within RAM, also if we see the retail grew at 15.48% and it stands at INR 76,373 crores, the agriculture showed a growth of 17.34% and it is at INR 50,280 crores, and MSME has shown a robust growth of 29.45% and stands at INR 55,552 crores. The risk-weighted assets still one of the lowest in the industry at INR 1,67,998. There is a degrowth in the corporate loan book, but that was a conscious decision that the bank took. The corporate book has already grown by 10.61% and it stands at INR 70,739 crores. As far as the retail segment breakup is concerned, retail constitutes 30.19% of total advances and within that, housing loans constitute 63.06%, and it has shown a growth of 18.51% on Y-o-Y. Education loan has shown a growth of 28.95%, the auto loan has shown a growth of 15.18% and personal loan at 10.35%. The rated standard advances continue to attract our attention. And the total AAA, AA, and A book, and BBB book constitutes INR 63,365 crores. The sanctions and the outstanding and co-lending are very robust. We have been able to achieve all the mandated targets under the priority sector. Investment book continues to give us very good profit and the yield has improved to 6.93%. And if we take the trading profit also, then the yield has topped 7.76% now. So these were the basic highlights of the performance for the Q2. Now with the permission of MD sir, we'll...

We can open it for Q&A.

[Operator Instructions] We have the first question from the line of Mr. Ashok Ajmera from Ajcon Global.

And compliments to Rao sir and the entire team of the Central Bank of India for yet another very good quarter of a good set of numbers. One of the, I think, the highest profitability in the recent times and consecutive profitability for last, I think, 15, 14 -- 14 quarters also. Having said that, I got a few observations and some concerns, which needs to be addressed. So sir, my first is on the advances growth, the credit growth. So I think there -- the growth is absolutely muted as against like INR 2,51,000 crores in the March now it is INR 2,52,000 crores, if you take the entire 6 months as on today, and I mean, the similar story in the net credit also. So credit wise, there is hardly any growth? So first is that how do we plan to achieve our targeted credit growth in the financial year now 2025? Based on the sanctioned pipeline and the projects and applications are under sanction and processes and what is your target for that? And how do we plan to achieve this thing? So that is on my -- next are on the credit growth, the business growth.

Yes. Thank you. Thanks, Ajmera. Sir, really you have asked us a very pertinent question. As far as the credit growth is concerned, if you see the growth in our RAM portfolio, which is very, very robust and whatever that dip that has come is on the corporate loan book. This is a very conscious decision because we're experiencing the rate of interest from the corporate side, what they are demanding and we do not want to sacrifice the NIM. So vis-a-vis where without any credit costs from my investment side, I'm getting much more than what this corporate credit borrowers were asking rate of interest. So that was a conscious decision taken by the bank, that's why there is a dip of almost INR 7,000 crores in the corporate loan book. Always, it was a very short term, but nonetheless, we were not interested to take up at a low cost. So it is only to protect the NIM of the bank that we took this decision not to increase the corporate loan book. That's why there is a dip of INR 7,000 crores.

Okay. Sir, so now going forward, the entire FY '25 financial year, where do we see the credit growth in percentage terms vis-a-vis the March '24?

See, we are conscious of the bottom line now. Protecting the bottom line, the way we are intended to grow that depends upon the market opportunities as well as the rating of the accounts where we can tradeoff between the credit risk weights and the rating of the accounts with the rate of interest. So what the projection we would like to make now is bottom line will be protected and then we will be eyeing for the enhancing the bottom line rather than eyeing for the top line.

So now no growth target, sir, 10%, 12%, 15%...

We have a growth target already that for a year, we have given 12% is the floor and 14% is the upper limit for the credit growth.

So you are maintaining the same?

That we will continue to maintain. Depending upon the opportunities, we will be there. But at the same time, just to increase the credit growth to reach the percentages, we are not going to sacrifice the bottom line.

Sir, point well taken, sir. My second question was on the standard restructured accounts, sir, we have seen that the provision of INR 229 crores has been made. So as I understand, our total standard restructured book is around INR 5,800 crores something, which includes COVID standard restructured also. So what is the total overall provision we are holding sir on the total standard restructured book excluding COVID?

See, these categories comprise 3. One is the restructuring done in terms of the RBI earlier circular of 2017, '18, '19. So there, the provision held is 5%. Then under the COVID this one, there were 2 sets. 10%, and the account, which had already slipped before the restructuring was undertaken, there the provision was to be maintained. So we have a 15% provision in those accounts. So put together roughly INR 5,808 we can safely say that it would be around 11% to 12% provision that we are holding. Now on a prudent basis, we have made INR 250 crores additional provision. These accounts will be also ECL compliant. I mean where we need to put in additional provision as per ECL.

So altogether, we are holding about INR 850 crores to INR 900 crores. Isn't it sir?

Yes.

Including this INR 229 crores?

Yes, INR 250 crores.

Right. Yes. I mean, yes, INR 250 crores. Sir, there is a very good income from the treasury operations in this quarter, which has been booked and a very smart recovery from the written-off account also I think INR 560 crores. So sir, going forward, can we take this number for the remaining 6 months also, a good set of numbers so that to just be -- which have profitability for the whole of this 2025? Do we have some -- is it more in the pipeline from the return of account to recover?

Ajmeraji, regarding treasury, we are very much hopeful that in this decreasing rate scenario, of course, our regulatory is yet to look at rates but we are very hopeful. It is almost priced in, but still we are hopeful that until March, there will be around 2 rate cuts expected. So we are hopeful that the scenario should continue and treasury should give us a good yield. As MD sir has rightly said, that type of yield we were not getting in even in our public sector and government public sector advances included, so that is there. And in write-off accounts of our colleague, Mr. Dohare -- ED colleague Mr. Dohare will show some light.

Written-off account also, we expect a similar numbers in the rest of the financial year because there are few accounts are there and which are in the pipeline, and we are very hopeful to get the good recoveries in these accounts.

Sir, there was very good news, which we read, and you also announced is that our stake taking -- the sizable stake in Future Generali, both in the life and general. So going forward, sir, I mean, what kind of capital infusion? Number 1 is the acquisition cost. And secondly, how optimistic we are about this investment going forward in future?

Yes. As far as the acquisition is concerned, it is the open bidding process, which has happened in the NCLT, and we would be able to get INR 508 crores. That is our acquisition. And then going forward, you know very well, the bank assurance contributions to our P&L. Only with the distribution channels, what we have, it is almost covering INR 120 crores. So that is a kitty that is already there. And going forward, we see a lot of synergies here. Let us wait and watch for the next move.

Sure. Sir, one small data point on the miscellaneous income in this quarter has rapidly grown to INR 137 crores. So is there any component of INR 70 crores, INR 80 crores, INR 60 crores, INR 70 crores coming from somewhere in the miscellaneous income in this quarter? From generally, INR 50 crores, INR 55 crores, INR 60 crores, it has gone up to INR 137 crores.

There is no IT refund.

See. Total my -- other income is INR 1,647 crores out of that commission brokerage is INR 119 crores on which LC/BG/DD commission is INR 49 crores. Government business is INR 26 crores. Bank assurance is INR 44 crores. Service charges is INR 379 crores. Other miscellaneous, okay, this you're saying.

Below the service charges? Yes. It's a good sizable account, so take to the bottom line and...

Yes, once we find it, I will share the details.

[Operator Instructions] We now have the next question from the line Mr. Sushil Choksey from Indus Equity Advisors.

Congratulations to Team Central Bank for excellent performance and a good direction. Sir, where CD ratio is concerned, I see you have a great advantage in the current banking system led by our CASA and many of the opportunities. So where do you see the next 6 months where we'll end up?

Yes, our guidance is to reach 70% that definitely our endeavor is to reach 70%. We are quite confident by this financial year ending; we will reach at 70%.

What would be unveiled limits and what is in pipeline visibly from this quarter perspective?

Pipeline is 2 views, almost INR 12,800 crores is in the pipeline. That is there. But all these -- many of them are the term loans where disbursement happens in stages and entire INR 12,800 crores cannot be drawn by March '25. So as far as reaching the 70% of CD ratio, we are confident, no issue.

Are you seeing any green shoots from private sector or at least is mainly public sector?

Yes, that is a trade of what we are always doing with the rating of the account and then rate of interest. So we are trading off, yes.

So low-yielding ones you are not taking up but the high yielding ones, what you're taking up? That's what is my assumption?

No, no. optimization is happening. It is not that if someone offers 9.5, and we will be very happy to take AA-rated this one at the [indiscernible]. So we will see how it comes out.

What I meant is your conscious of quality and the sector what you are choosing with the right mix. So you're being prudent on the subject of lending that I understand. Sir, now the best news, which we got in terms of our acquisition of Future Generali insurance, and I know that you have been conservative in speaking besides the CoC award to at what rate and things like that and what revenue we are able to generate. Sir, can you throw some light on a picture how the synergies between both will work? How will the bank benefit and your investment will fructify multifold over a period of time?

No, no. I do not want to tell all those things. Just I would like to give a small insight into this particular business because where we see a lot of synergy. See we have -- though we have the 8 crore borrower profile, 8 crores customer profile, almost 5.6 crores is the active customers we have. When we are analyzing this insurance, it is only penetration is 0.61. Just you can imagine what is the cake that is available from my own customer -- active customer profile. So just I'm leaving at that point. And regarding the asset insurance, which is primarily driven by our asset portfolio and then new disbursements and new customers, what we acquired. From our analysis, we see that though there is no focus, it is only a 20% to 25% of the assets are getting insured through the bank channels. Another 75% is being done by the other channels. So just I'm giving the insights of the facts, which are existing on my records. Just you can extrapolate or think what is going to happen in future once we have this arrangement in place.

Be an existing customer Future Generali in some manufacturing-related activities. My experience about the company is excellent. Will the systems between our and Future Generali where this cross-sell and would be integrated technologically or only this referral work will work?

See, these are 2 separate things. One is, right now, I'm an investor. Once that acquisition happens, it becomes a JV, that is one part. Second is, as per the regulatory guidelines, distribution channels, which are available to all the partners with whom we have the bank assurance tie-up that will continue. But at the end of the day, the services provided by these entities to the customers, if customers are happy and then the way these people continue to service the needs -- the insurance needs of the customers, normally wherever best service is available, they will move to that channel. That's why these are all 2 distinct areas. I do not want to mix up this.

My experience on the digital side has been excellent. That's the reason I just sort of feedback.

Yes, we have digital channels that is from day 1, it will be a totally digital integration that will be there.

How are we going to rebrand this and how soon that would be visible because that can big visionary for both...

There is still -- we are discussing all aspects regarding this branding and all the things. So let us see. It takes a little more time for us to publicly declare what will be the shape...

No, no, no, I'm not asking anything basically whether it will take shape in the current year by March '25 or not, that's what I was asking?

It should be. Before March only, it has to happen.

Okay. Secondly, sir, on the CASA, which is a very sustainable success story of Central Bank of India, maybe 1 or 2 other cases are comparable, not much. The efforts have been excellent from the team, which is working on it, whether it's rural, Tier 2, Tier 3 where our base is. We have migrated on many technology platforms, and we are doing a lot of digital initiatives. As those results started fructifying or the early visibility only and that would add to our kitty in a long-term basis?

No, already some of the products are rolled out where we are seeing the traction in that. And many more products that are slated for the next 2 to 3 months, it is a continuous process where we will be shifting many of these products onto this new technology platform where a lot of optimization happens on the cost and also efficiency parameters. Coming to your point of CASA and all those things, let me share with you, we made some experimentation with the BC max because everyone knows in the industry, there is one concept called a banking correspondent. And another is your physical brick-and-motor tranches. We brought a hybrid in between, and we have rolled out the pilot and it is very successful. And then going forward, this will be the model where we will be reaching out in areas where our presence is not there. And then business is also happening well. In those areas where we will be moving with the BC max centers. It is only a totally technology based on solution.

How many such points will be rolled out, sir?

We have identified almost 520 pin codes where CAGR of banking business is more than 15%, and our presence is not there. So as a pilot, we are rolling out '25. And then based on this one, again, we will be expanding in all the pin codes where this business is there, and my branch is not available.

Okay. So this would bring a lot of additional benefits to the bank from all perspectives. So all the exercises what we are doing or what we have planned for last 12 months on digital initiatives, how much CapEx we would have done so far and what is left that will still continue on an ongoing process and what is onetime?

See, it is ongoing. This year, our budget was around INR 800 crores. And then some milestone-based payments that happens. That's why I cannot pinpointedly say this is the amount what we have expect. But budgeted is INR 800 crores and as per the milestones as our partners are achieving that payments will get released.

Sir, my next question to Mr. Wahi. What is the indicative guidance on the treasury yields for the year-end?

Sir, this calendar year, we are not expecting now further much fall, already touched 6.72%. So maybe 4, 5 basis points here and there for this quarter. But definitely, for March quarter, we are seeing another -- at least 15 basis points fall. So overall, it should not be more than 25 basis point fall up to March. This is our in-house view on the tenure. We had -- let us hope that scenario continues and our treasuries -- good time for treasuries again come, it is a cyclical thing you all know. So let us hope for the best.

Sir, in view of your treasury outlook, do we -- not only for our bank, we were not in the rat race for CD ratio in terms of deposit mobilization at any cost. We have been very comfortable. What is our strategy on growth of where deposits are concerned in the next 6 months?

See, deposit growth, what -- see, one thing you rightly observed. As far as our bank is concerned, I think only bank, which is not in the certificate of deposit market, we never were there in that CD and we are very conscious and then we are -- principally, we are on the belief that CD should not fund our growth. And having CD ratio of 65%, we have a lot of liquidity. And then we have a CRAR above 16%, and we have enough growth capital and also liquidity. Going forward, our focus more will be to acquire the new customers on the CASA side and then offer differentiated products to the existing customers.

Sir, as we have not been in depository as repricing might be hurting a lot of banks. Do I assume that we are comfortable with repricing of deposits and the sustainability is concerned to...

We always factor that past because my 49-point is already under CASA, and then taking the current deposits, my repricing portfolio, which is exposed to the repricing portfolio is 50%. Within a year, it will be around 24% to 25%. That always we factor in. Whatever the increase in deposit rate, we make is only to protect our own turf in the deposit portfolio so that my customer need not go to other banks or want a higher rate of interest in term deposits. So that's the strategy we follow, and we are successful in that.

Sir, do you think that with the treasury outlook and the global money market, Indian rates in terms of cost of funds today, bank-to-bank MCLR might be rising. But more or less in the current financial year, the rates have peaked from MCLR point of view?

In normal this one, you can say it is peaked. But if you see the certificate of deposit market, it is almost -- public sector itself INR 2.76 lakh crores is there in the CD. Even if they want to shift it on to the customer deposit, from CD to customer deposits, I do not know to what extent. But there is a probability that the rate of increase in the deposits may not be the same way, which was happening for the past 6 to 8 months.

Sir, can you repeat the number of CD amount?

It is the total public sector banks, which have raised these INR 2.76 lakh crores.

And as a system, sir?

Total system, INR 5.36 lakhs crores. Private banks and public financial institutions.

Anything new which the shareholders or the analysts don't know and we should know in the -- for the years to come?

Never that will be. New people will be much more having the market...

Sir, what I meant is some new initiatives like Future Generali we acquire. I'm not saying some acquisition has to happen but some new business development, new plan, maybe a large recovery, something growing from written off account, something which would aid our profit for the second half in terms of some new efforts or some new initiative on business, digital, whatever it may be that something new which is stand out for us in the next 6 months. That's what I meant.

Yes. I will share you in January call, whatever that we have done new and what was the result.

There was a question from Ajmeraji, he wanted to know about the details. So this INR 90 crores out of that INR 137 crores is the P&L charges because till 31st of March, it was penal interest. Now it is P&L charges. So we have segregated this. So that is why this -- yes. This miscellaneous income is appearing higher.

[Operator Instructions] We have the next question from Ashlesh Sonje from Kotak Securities.

Sir, just a couple of questions. Firstly, if I look at your SMA-2 book above INR 5 crore, that has increased quarter-on-quarter from INR 6 crores to INR 360 crores. Can you share more details about this increase?

What is the -- SMA-0, what you are saying?

SMA-2.

SMA-2 above INR 5 crores. It was INR 174 right now. INR 88 crores, it was there September '23, which has gone up to INR 117 crores in June '24, and September '24, it is INR 174.

See, I'll give you the details of top 5 accounts. Top 5 accounts constitute now INR 180 crores plus.

Sir if you just look at the Q-on-Q movement of the SMA 2 book about INR 5 crores.

Yes. Yes.

I'm talking about SMA-1, I'm sorry. It was INR 6 crores earlier. It's going to INR 360 crores, SMA-1.

SMA-1 also, if the top 5 accounts constitute now INR 325 crores. However, out of that one account already regularized. Other accounts are continuing in SMA-1, and we do not foresee any of them slipping.

So you're saying out of that INR 360 crores, INR 325 crores is from just 1 account, and that is now...

INR 325 crores is out of -- is of the top 5 accounts. Out of that, one account is already standard worth INR 10 crores, one big account is there but that also is -- I mean, okay, we do not foresee any issue in that account also.

Okay. So this sir, telecom-related account, the big one?

No.

Okay. And that has become current again, the big account?

It continues to be in SMA-1 only.

Okay. Okay. Perfect. And secondly, you have made an additional prudent provision on standard restructured accounts, you said roughly INR 260 crores.

INR 250 crores.

But your standard restructured book overall has only declined Q-o-Q?

See now what has happened is we were to bring our net NPA in line with the industry that we have been able to do successfully. Now our net NPA has come down to 0.69%. So now we have shifted our attention from the ECL perspective, if and when it comes, so we should be well prepared. So with that perspective, already the standard restructured book, we are having around roughly around 10% to 11% buildup. So we want to build based on the PD and other things, we want to proactively build provision in that book also.

Understood. So there is no specific exposure for which you have made this provision.

No. No. No. It is only entirely the standard restructured book.

Understood. Sir, just one last data keeping question. Can you give a breakup of your slippages across segments that INR 766 crores of fresh slippage?

Yes. So under Agri, the slippages were INR 187 crores. Under Corporate, it was INR 164 crores. Under MSME, it was INR 270 crores and under Retail, it was INR 145 crores. And including the increase in balance of the existing NPA, if we want to speak, then INR 233 crores in Agri. Corporate INR 183 crores, MSME INR 330 crores and Retail INR 168 crores.

[Operator Instructions]

I think if anyone is not there, we can conclude our session.

Okay sir. As there are no further questions, I would like to now hand the conference over to management for closing comments.

So on behalf of the entire top management of Central Bank of India, I would like to extend thanks to all the analysts for sparing their time and interacting with us. We'll continue to post good numbers with our endeavors, and we'll continue to excel. Thank you so much.

Thank you.

On behalf of Antique Stockbroking Limited, this concludes the conference. Thank you for joining us, and now you may disconnect your lines.