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

Ladies and gentlemen, good day, and welcome to Q1 FY '26 Central Bank of India Earnings Conference Call hosted by Antique Stock Broking Limited. [Operator Instructions] Please note that this conference call is being recorded. I now hand the conference over to Mr. Raju Barnawal from Antique Stock Broking Limited. Thank you, and over to you, sir.

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

Thank you, and a very good afternoon to all of you. First, I will be giving the financial highlights of what we have achieved for this June quarter, and details will be run through by our CFO, Mr. Mukul. And this time, I'm very happy to share that our ROA, that is return on assets, have improved to 1.02%. In June '24, it was 0.82%. Now it is at 1.02%. And then return on equity has improved to 14.17%. If you compare with the previous June, it was 12.60%. So CRAR improved to 17.66%, of which Tier 1 at 15.48%, registering an improvement of 198 basis points. And our most important is on the gross NPA, which has come down to 3.13% and net NPA now stands at 0.49%. And added to this, the slippage ratio, it is just 0.35% and our credit cost stands at 0.68% and NIM, that is net interest margin, which stands at 3.16%. And cost-to-income ratio has also improved, earlier, it was 57.71%, now it got reduced to 55.43%. These are all these ratios part. And coming to the total business, now it has grew by 10.84%, now stands at INR 7.04 lakh crores. And total deposits have grown by 11.41%, now stands at INR 4.28 lakh crores and CASA deposits, it is 46.88% which increased by INR 11,659 crores, registering a Y-o-Y growth of 6.17%. And gross advances increased by 9.97%, wherein in subsegments in RAM portfolio has increased by 15.71%. So there is a clear distinction that there is a reduction on the corporate side. There is a reason for that, that we will be explaining because of the pricing factors where we were not interested to lend below 6%. That was the issue there. And coming to the other operating profit, it has increased by 15.60%, now it stands at INR 2,304 crores. This is all the highlights of our financial results and further details will be shared by our CFO, Mr. Mukul. Yes, Mukul.

Thank you so much, sir. So interest on advances has seen a Y-o-Y growth of 9.81% to INR 5,932 crores. The investment income has gone down by 4.99% to INR 2,340 crores. The other income, that is the interest on balances with RBI and banks has gone up by 10.44%. As far as the noninterest income is concerned, as compared to INR 1,165 crores in June 2024, it has gone up by 53.30% to INR 1,786 crores, mainly contributed by treasury income and also the recovery in write-off accounts. The total expenses side, the interest expenses on deposits have gone up by 8.73% and the other interest has gone down by 66.28%. The operating expenses have increased by 5.33% to INR 2,865 crores, out of which the staff cost has grown by 7% to INR 1,834 crores and other OpEx has gone up by 2.49% to INR 1,031 crores. So the total expenses are at INR 8,070 crores for the quarter ended June 2025. Then if we come to the provision side, the provision on NPAs has reduced to INR 468 crores for the June '25 quarter. The income tax provision has gone up to INR 614 crores. And as we are doing for the last 3 quarters, we have provided INR 250 crores towards the [ ECL ] requirement once again by INR 250 crores. So the total provisions as against June 2024, INR 1,113 crores, now the total provisions have gone up to INR 1,135 crores. And the bank has been able to register a net profit of INR 1,169 crores, which is again one of the highest ever net profit. And the 2 major factors is that our ROA has touched -- crossed 1, we are at 1.02%. And the net NPA, we have been able to bring it down to 0.49% now. If we go to the asset quality trend, the net NPA, which was at 0.73%, we have been able to bring it down to 0.49%. And gross NPA has come down from 4.54% to 3.13% as of 30th of June. In terms of absolute numbers also, the net NPA has reduced from a high of INR 1,771 crores in June '24 now to INR 1,308 crores only. If we go to the recovery and write-off, which is a special slide that we have created, if we see last 4 years, we have done exceedingly well as far as the recovery in write-off is concerned. In the financial year '21-'22, we were able to recover INR 331.52 crores, which went up to INR 1,282.59 crores in '22-'23, which further increased to INR 1,433.32 crores in '23-'24 and '24-'25 saw a further uptick to INR 1,716.33 crores. For this quarter, the recovery in write-off stands at INR 613 crores, which is a very important factor. The provision coverage ratio has improved to 97.02%. The slippage ratio was at 0.35% and the credit cost also has reduced to 0.68% only. The special mention accounts, INR 5 crores and above, the total balance is now INR 1,008 crores only, out of which SMA-2 accounts are 9, which totaled to INR 69 crores only. The restructured book stands at INR 4,948 crores. As MD sir has told, the CRAR improved to 17.66% with CET1 touching at 15.48% and Tier 2 at 2.18%. The leverage ratio has also improved to 6.21%. The total business growth was 10.84% and the total business stands at INR 704,485 crores, with deposits clocking a growth of 11.41%, out of which CASA growth was at 6.17% and total CASA deposits have crossed the milestone of INR 2 lakh crores, and they stand at INR 2,522 crores. The CASA percentage still continues to be very healthy at 46.88%. The advances growth was at 9.97%. But if we see the RAM growth was at 15.71%, with our retail clocking 17.51% growth, agriculture clocking 12.70% growth and MSME still continuing at 15.94%. And all this still with credit risk-weighted assets of 62% only, which is one of the lowest in the industry. We do have a very diversified loan book with housing loan at INR 53,299 crores, auto loan INR 3,988 crores, which is a major portion of the retail assets at INR 85,156 crores, agriculture at INR 53,057 crores and corporate credit at INR 76,966 crores. The RAM advances stand at 72.07% for the quarter ended June 2025. The standard rated advances, if you see the share of A and above rated advances is 77.11% of the total advances of INR 77,654 crores. If we see the BBB and above rated advances, the percentage is 94.49%. Thereafter, we have surpassed all the targets -- mandated targets under the priority sector lending. The investment book continues to be one of the robust books with yield on investment at 6.76%. And if we add the trading profit, then the yield was at 8.31%. So this was all from our side as far as the financial highlights are concerned. We are now open for question and answers.

[Operator Instructions] The first question is from the line of Ashok Ajmera from Ajcon Global.

At the very outset, I would like to convey my great sense of congratulations and appreciation for Rao saab for your very checkered banking career. And you are leaving the bank a very strong like ROA target, which was your target. You already crossed 1%, so it is 1.02%. Net NPA, you brought it down below 0.5%, which is another landmark and with the, I think, one of the highest profitability of the bank in last 4, 5 quarters, even the operating profit and if you talk about the net profit also. So compliments to you, sir, and hats off to you. And all the best for your second innings in the life. We are all with you, sir. Having said that, I already appreciated the profitability numbers. But sir, I got a few data points and some concerns. My major concern is on the credit growth. I think though overall, year-to-year, if you see you say 9.9% or 10%. But in this quarter, I think which is one of the terrible quarter as far as the credit growth is concerned, we went down by 5% as compared to the March. So that is the major this thing because we are very comfortable on CD ratio. We are very comfortable on CRAR. We have got a very good large client base, good retail opportunities, good SME opportunities. So where we went wrong or what are the challenges which the bank is facing as far as the credit book is concerned to increase or the credit growth -- this is my first major point. Your profitability would have been more by INR 57.63 crores, but for change in the depreciation method. So the actual profit is really higher than what it is. So no comments on that. Our SMA-0 in this quarter has gone up from INR 221 crores to INR 537 crores. So if you can give some color on that, that they are all regularized by now. Treasury income has contributed a lot. So my compliments to the entire treasury team. And sir, one, I would like to know the plans for our being -- making the future generally at the associate company by investing good amount of almost about INR 500 crores in both life and general insurance. So what are the plans which we are working out? How is it going to help as far as the revenue of the bank is concerned and the future value growth by acquiring -- finally signing the shareholders' agreement? And some color on that restructured book of INR 4,000 -- almost about INR 5,000 crores. So these are some few questions and a little bit on the -- our recovery from written-off account has been a little bit lower down as compared to the March. So what are the prospects for that, sir?

Yes. Coming to first and foremost, concern what you have expressed on the credit growth. Let me tell you that it is not at all a concern. You should be happy to note that bank is much more concerned about the bottom line. If you see actual growth on the advances on the retail, agri, MSME, that is the RAM portfolio, which is almost 15.7% and reduction in the growth that has happened on the corporate side. It is a very conscious decision from our side that we do not want to lend at the rates what the corporates were demanding. Though this is also because our investment yield is almost 6.71%. There is no point in giving at 5.85%, 5.80% just to show the top line. So you are very aware -- all of you are aware that we never played to the gallery and we never played for the top line. So we are interested in the bottom line and strengthening the bank in all possible ways in all the areas. That's why we have focused -- that's why there is a reduction. So it's not a concern. You should appreciate our way of working that we are protecting the bottom line even during the challenging times where corporates are demanding below 6%. That's how -- and at the same time, we are also mindful of the fact that aggressive growth should not be there. That's why we have moderated our RAM growth around 16%, that we will continue to do that. And definitely, going forward, another 9 months is there, another 8 months that we will get the opportunities to pick up the assets at the right price that we will be balancing with the pricing, with the risk so that capital conservation do happen on the corporate side. This is on the credit side. On the SMA, I think it's a very minuscule amount that is there. And the SMA-0 now already INR 353 crores, already it is upgraded -- not upgraded, it is regularized. And we do not have any issues as far as the SMA 0, 1 and 2 is concerned in the credit this one. That is also reflected in your slippage ratio. This is just 0.35% what we have recorded for our June quarter. And coming to the insurance, yes, it's a very happy news. Just I would like to share with you that we have already signed a shareholders' agreement, trademark licensing agreement and distribution agreement with the Generali. And in the last week of this month, once name change approval comes from the ROC that we will be ready for launching this with the new name. So we will have 2 more joint ventures. One is on the life and other is the non-life. And what we feel that the customer base and also to meet the customers' aspirations, this bouquet of products, which we are going to be offered, it is not just the income part we are seeing for the bank, it is a value that is going to be added to the bank as a whole. That is a much more bigger aspect we are eyeing for. This is on the insurance side. And I will again come back on any of the questions if you have.

Sir, on that, any -- will you give -- like to give a fresh -- I mean, current position or update on that airline account, sir? What is the status there?

Airline account, now there is a favorable decision from the Singapore arbitration that execution has to happen in Delaware. That is the thing that is happening. It is a legal process. It is taking some time for that.

No. Some realization from that extra property which you had with Bank of Baroda...

Yes, we have published there, that is on the public notice that we have published surface notices. I think 1 or 2 customers are evaluating whatever the prospects and bids, what -- we are just waiting for that. Once they give their bid, we can proceed further.

One question for this Mukulji that this DTA calculation, the revised calculation you have done of INR 2,531 crores as against INR 4,372 crores last year. So now on tax front, when do you think we'll be out of it? And out of this INR 614 crores, how much actual tax are we going to pay? I mean, after taking the benefit of the past carryforward losses?

See, Ajmeraji, we estimate that whatever the DTA on account of business losses that we should be able to consume entirely by Q4. And in Q4 by taking a small hit of -- I mean, actual payment of tax to the tax authorities of, say, INR 65 crores, INR 70 crores roughly, we should be able to move to the new tax regime. And in our calculations, next year onwards, it should give us a positive side of roughly around INR 900 crores which will mean that around 9 to 10 bps of my ROA will get impacted. That is by plus side.

Correct. It will increase.

Yes. Yes. So that is our calculation, right?

Good. Because it always happens that we want -- we are making a profit. I mean, one side, we want to make the higher profit and then give away the benefit of the past, which is, of course, a prudent policy, and this profit has to be there. So from next year, we'll come in the full tax breakup...

Lower tax regimen...

Okay, sir. Good. And sir, this ECL provisioning, which we are making, I mean, you said that the consolidated figures of the provision is now INR 1,135 crores, isn't it? Is it as per the -- because many of the banks now have stopped worrying about this ECL. Any clarity is there that with the changed circumstances and scenario, you will need this kind of provision for that?

See, buffers are always good to have boss. So that is why we are still continuing with the requisite provision. It will -- if they are not required any time, we can write it back if the RBI guidelines or RBI doesn't come because now we are at -- we are very comfortable as far as the NPA provisions are concerned at 0.49%. So we are continuing to build around INR 250 crores required for the ECL. So now this is the fourth straight quarter wherein we have built this provision. So INR 1,000 crores, that plus a lot of my restructured assets are also carrying requisite provision of 15% or 10%, whatever the case may be. So all in all, it is going to strengthen the balance sheet even more.

Very good, sir. Last question, sir, a small question. This RBI revised guidelines now recently that taking collateral for the small loans from the agri gold collateral. With that, whether our loan strategy for increasing the loan book, agri loan book and gold loan book, has it been -- the targets are revised there? Are we aggressive on that going to be now going forward? Rao saab?

No, we have not revised our targets at all. We will -- our gold loan portfolio even last year, it was a very handsome growth. So we continue to -- want to continue on that front, but we have not revised our targets.

Got it, sir. So what are the loan growth target overall for the FY '26?

We are targeting around 14% to 16%. That is what the guidance we have given. So we'll continue with that 14% to 16% we should be able to achieve.

The next question is from the line of Sushil Choksey from Indus Equity Advisors.

Congratulations to team Central Bank of India for excellent results and specifically on 2 counts on a sustainable CASA number on absolute figure and second thing on acquisition of Future Generali. Sir, first, my question on the foundation by the current team has built very well. How well do we see that tower being built in the year and years to come?

See, as far as the internal work which has gone into for all these years, very robust platforms are built, whether it is on the policy side on the product side or the technology platform and more so on the structures, what the -- new structures, what we have built in and additional revenue streams, whether it is from the trades or from the co-lending, these are all the areas which are going to stay. There is -- and another thing which I would like to share with you is this year, already we have declared further business acceleration as a year of business acceleration. And whatever the numbers that we achieved in March that we used to cross those numbers around September, October. This time, we have crossed in the June itself. So there is acceleration. There is a tremendous amount of traction that is on the field level. That's why if you see the composition of the ramp, which basically happens at the field level, it is at 72% and 28% is the corporate side, where much of the role of the central office or higher level comes into picture. So what we feel that the foundation which is built is very robust, and you can have whatever servers you want to build. That is -- we have no doubts in that.

Sir, my question related to your reply, co-lending platform, where we are seeing a visibility of almost INR 2,000 crores per quarter currently. It would be gold loan, LAP loan, MSME, all these products combined, I suppose. How are you seeing that traction being built? Is INR 2,000 crores a sustainable number or that number can increase with more partners?

That number is going to increase because we have further plans for the co-lending. So that is going to increase at least by INR 2,800 crores to INR 3,000 crores.

Sir, what kind of a blended yield we must be earning on co-lending over our retail direct sales?

Co-lending, we are getting around 9% overall.

9%. This is net to the bank, I suppose.

Yes, exactly.

Okay. Sir, you mentioned about TReDS platform rollout on a digital -- I suppose it would be a digital end-to-end party. What kind of portfolio can we build on those?

See, in the TReDS, one good aspect is whatever the bills that are accepted by the corporates that are only we are discounting. That is the TReDS platform business that what happens. Where we are a little bit choosy in terms of the corporates who are accepting those bills. So we have our own due diligence mechanism. And since it is a very -- tenor is 60 to 90 days. So even at the lower rates, we are competitive because of our pricing power that we have a very decent portfolio. I think this time we have closed by around 1,000 -- INR 3,200 crores with a turnover of around INR 18,000 crores.

Sir, our CASA number at INR 2 lakh crores is a fantastic figure from the franchisee and the branches, which has worked in the current condition by -- on an absolute number, that is sustained and not losing. Percentage-wise, it may look on the total balance sheet. But if I look at absolute number, sir, any color on that, that we are able to sustain that number. Now we have done a lot of digital spend. We have started so many other products. We are in position to do a lot of cross-sell with insurance coming in a foray. What kind of retail penetration can drive incremental support to not only building CASA franchise, but also third-party products?

Yes. See, as far as CASA part is concerned, number one is the reach for customer acquisition. You know that we have brought the BC MAXX model, and it is very, very successful that 25 units are already working. This year, we are going for the 250 BC MAXX centers. That is all in the places where we do not have the brick-and-mortar branches and banking business is growing around 15 to 16 CAGR. So such type of locations we have selected. And this BC MAXX model will be one of the customer touch point for the acquisition of the new customers. That is number one. Number two is our BC points, which are around 12,800, which will be ramped up to another 1,800, that is around 14,000. And that we will also be adding for the customer acquisition. And coming to the products, since the digital channels are stabilized, our omnichannel is already rolled out and which is having almost 200-plus services. And we are very happy to share with you almost now 12 lakh new customers are onboarded onto this Cent eeZ app. So going forward, these new accounts, which are being added on this digital channel, the average balances is around INR 27,000. So this is a very, very good channel not only for acquiring the new customers and also maintaining the good balances that is the wallet of the customers what we are having in these channels is also relatively high when you compare with the customers mobilized through the BC or BC MAXX or the brick-and-mortar channels. So these are all the different channels we have, and we have the strategies and plans. And in many of the current account balances where now traction you can see in the next 3 to 6 months because we are bringing a lot of bouquet of services on the software side. So we want to capture the entire value chain financing and also the requirements in the current accounts, including the cash management solutions. So we are very hopeful that the CASA is bound to increase from this level onwards, especially on the current account side. And on the [ AFB ] side, we are focusing to increase the wallet share of the customers because of the digital channels.

And now related to all these are 2 expenses which we have to incur. One is digital yearly expense, including for launching new products, new services and leases. And secondly is human resource. So what would be the number on digital spend and specifically to empower the youth in the bank as well as for the new generation clients, what kind of HR initiative and spend we will incur in this year?

See, as far as the HR initiatives, that is for our internal resources, that is already geared up and then a lot of initiatives we have rolled out and new recruitments are also happened. And this time, we have specifically gone for around 2,000 credit officers that almost that indent is done and then people will get onboarded after a month or so. So there is a lot of things that are happening on the HR side. There is a slew of measures. When I start saying again, other people will get bored, they may not get the chance of asking their questions. Anyhow, we will be sharing on that. That's good things that are happening on the HR side, yes.

My last question to Mr. Wahi sir, what's your outlook on treasury for the year?

Sir, our outlook continues to be the same, which we had discussed in the previous quarter. Already 100 basis points is cut and terminal repo by March, I am seeing another 2 cuts of 25 each. So 5 would be the realistic repo, which I am seeing terminally. So it will be a good year for the treasuries, for the bank. It is a cyclical thing. But hopefully, we will encash on that based upon our portfolio.

You are expecting G-Sec to be below 6, sir, by year-end?

Yes, sir. G-Sec will be below 6 by March.

Congratulations to the team. Best wishes to the bank and Mr. Rao specifically, super performance and super platform created.

[Operator Instructions] The next question is from the line of Bhavik Shah from InCred Capital.

Recovery from written-off was very good this quarter. Any lumpy account is there?

Sorry, recovery in write-off?

Recovery from written-off accounts was very good this quarter. Any lumpy accounts there?

Yes, there was one account wherein we got around INR 301 crores. But other than that also, there are recoveries in many other accounts. I mean it is not only from 4, 5, 6 accounts, we have been able to [ do ] INR 600 crores.

Okay. Okay. Sir, this INR 301 crore account, is it like -- understandably, it should be through NCLT, right? So which sector would it be from?

It is a cement account, which got resolved.

Okay. Okay. And sir, I just want to understand this, sir, so we have seen private banks cutting MCLR rates by 60 basis points and SOE banks are still at 15, 20 basis points. I understand it's a formula-driven thing and cost of fund has also come down across industry at a similar pace. So why are SOE bank holding up MCLR rate cuts?

See MCLR, as you said, it is a formula-driven thing. Deposit rates, if you see, deposit rates have not come down that drastically as the repo cut. So wherever my advances are repo linked, there the transmission is complete with 100 bps reduction till now. But as far as the other deposit rates and based on that, the MCLR cut, because it is purely formula driven. I mean nobody can do anything in that.

Sir, do you expect MCLR rates cut to accelerate in second quarter? So by September, I think we should be like 60, 70 basis points down on MCLR versus March?

See, 70 bps may not be. 10 to 15, 20 bps max. Again, it depends on the cost of deposits and how low the cost of deposits can go.

Sir, if we don't cut MCLR, sir, how do we negotiate with the NBFCs? So do we kind of cut the premium or something on their loans because then as in they would BT-out, right?

We have seen good traction even in the NBFCs. It is just that we have been very choosy as far as the NBFC sector is concerned. We have not budged in the past also even now whatever sanctions we are doing, we are getting a very good rate of interest as far as the NBFC rates are concerned, NBFC accounts are concerned.

What is the rate of interest you would be lending at incrementally to NBFC?

NBFC may have -- MCLR-based rates, and we are getting 9, 9.05 kind of rates even now.

Understood. Understood. And sir, I just wanted to check, how do you see your retiral provisions going ahead? So it's around INR 550-odd crores this quarter was steady last quarter. Going forward, you see similar pace?

See, we have taken a consistent stance that we want to make this fund self-sufficient by December '27. And so whatever extra required over and above the -- I mean, calculation, we are providing it for. And if any opportunity comes, we would further like to give something. And -- but this is the minimum that we are going to provide going forward in the retirement benefit department.

Okay, understood. And sir, just on the treasury gains, assuming there are no further rate cuts, like can you assume like 70% of the treasury gains is booked through the year or difficult to say that...

If there is no further rate cut, then I would say majority of the -- I mean 70%, 80% of the sale of investment gain is already booked.

Understood. Understood. And sir, last data-keeping question. Sir, what would be your AFS reserve as on date?

AFS reserve?

Yes, AFS reserve, which kind of goes in general reverse net worth.

INR 433 crores.

The next question is from the line of Ashok Ajmera from Ajcon Global.

So mainly on this credit growth of 14% to 16%, which we are talking about, while the broad composition may remain same, retail and corporate, SME, et cetera, where exactly you look the major chunk coming from? I mean what kind of industry or as per our pipeline, sanctions and other things? Is it renewable energy? Or is it some engineering or some other SME companies? So what is the composition which you expect? And from where this kind of growth is going to come, sir, in this year?

See, actually, mainly the areas where we are finding the scope is in the data center, logistics and only 1 or 2 manufacturing sectors, not more than that. And much is on the government or government-backed entities whether it is the NTPC or the [ IREDA ] like that. So this is the broad composition, and we are not just keeping anything away from our radar. As and when the opportunity appears and then in our judgment, it appears it is prudent, we are ready to take the call on that. Even LRDs are also coming now, a lot of LRDs. Repricing is happening in the market because of this repo cut. Things are there.

Okay. And sir, one point is on that SRs. Now with this I mean the valuation being allowed. In this quarter, there was any happening in this SR or asset sale to the asset recovery companies?

There was a write-back of around INR 2 crores, 2.5 crores. That's all.

Only INR 2.5 crores.

Okay. In one account, it came roughly around INR 30 crores, INR 34 crores also, yes. In one account, it was there. So roughly around INR 34 crores, INR 35 crores.

That is the issue -- fresh issue of SRs or...

Yes. Yes, during this quarter, where we didn't -- we were not required to make any provisions on SRs.

Yes. So 15% must have come in cash and balance in this SRs?

Yes.

And they are on NARCL?

Yes, yes, NARCL.

NARCL only -- and sir, this in treasury book, like what is our position of the non-SLR investment? And is there any increase and where these investments are mainly?

Non-SLR investments, they have not increased really. And if you see from our debenture bonds, they are mainly to our public sector entities. So it has not increased, say, it was INR 26 -- INR 27,000 crores last year. It was -- it is now at the same level, INR 27,000 crores.

Did we have any exposure on that MTNL?

No.

We didn't have anything on that. And sir, I mean, now again, since the IPO market has again picked up recently in last 1, 2 months, I think earlier, I remember we made a good profit in investing into the IPOs and getting out on the listing, making a good profit, whether the strategy still continues, or we are off IPO?

No, we are continuing. We are continuing that wherever we see good listing gains, we are continuing to do investment, and that would continue.

[Operator Instructions] The next question is from the line of Bhavik Shah from InCred Capital.

Sir, 2 bits. Sir, firstly, sir, do you see your margins coming off by 20 basis points year on in second quarter?

Sorry?

Yes, yes, NIM, NIM.

No, NIMs, see, we are at 3.16% right now. And as MD sir explained, we are very conscious about our bottom line and the margins also. And that is why we took a conscious call that we'll not give the corporate loans at sub-6 rates. So we'll continue to be guided by that. And our guidance is that we'll stay above 3% as far as the NIMs is concerned. And we'll ensure that we -- our NIM stay above 3%.

Understood. And sir, do we -- so for a standard account, which is 30 days past due, if we think that, that account is going to go delinquent, do we propose OTS schemes to them? Like can we do a OTS scheme for a substandard standard account?

Substandard is okay. But our standard accounts, even if it is just some 30, 60 days past due, no OTS is there.

As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir.

Yes. Thank you. Thank you for all the time you have given to us. And then to assure you further, going forward, we are going to strengthen further to onboard our customers on our omnichannel that is working fine with the new technology platform and digital lending platform, which is also now operational and a lot of acquisition and then underwriting is happening through the DLP. And then integrated customer care, which is well established during this year is going to yield us and also address the customer grievances at speed. And the collection management system has really yielded well when you see the slippages, just it is 0.35%. It is also adding value to the entire system. And another thing what DTA part, already our CFO explained, that we are going to consume this part and then we will be moving to the lower tax regime in the next financial year. That is going to add another 9 to 10 basis points upside for our return on assets. And then you may also have noticed this AGM, which has happened just 2 days before that for this first quarter also, we have declared our interim dividend. So we are hopeful of maintaining all these positive tracks and also addressing the customer requirements well in time. Thank you. Thank you for all the time and energy, what you have given to us. Thank you.

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