Thank you, madam. Thank you so much.

Good evening, friends. Good evening, ladies and gentlemen.

It is a pleasure to have you with us today in the analyst meet after the announcement of our Q2 FY27 financial results. Thank you for your continued interest and engagement with Bank of India.

I look forward to sharing our quarterly performance and engaging with you in our progress and priorities. As we look ahead for the second half of FY27, the global environment remains challenging, with geopolitical conflicts, elevated crude oil prices, and tighter financial conditions keeping inflationary pressures alive and prompting several central banks to raise interest rates.

Against this backdrop, India has demonstrated resilience, with Q2 GDP growth reflecting the strength of the domestic demand and the economy's firm underlying fundamentals. At the same time, rising inflation has prompted the RBI to raise the repo rate by 25 basis points, balancing price stability with the need to sustain the growth.

For banks, the opportunity now lies in translating this stability into stronger business growth. My remarks today are divided into three parts: one is the institutional initiatives, second is with respect to the business, and third is with respect to the asset quality and the profitability.

As far as the institutional initiatives are concerned, the first initiative during the quarter that we have taken is under the Predict, Monitor, Supervise framework, we have developed the STAR RADAR, a predictive model that analyzes the data to identify emerging risks of our branch network and trigger early warnings for swift intervention. This is with respect to the operational risks which are there at the field level, and this comes under the aegis of our audit department.

The second initiative that we have taken is that we have formed a dedicated Gold Loan Cell, which has been set up to drive the robust portfolio monitoring, its policy implementation, and direct operational support for our branches which are doing the gold loan. The third is with respect to the Yuva Banking Mitras.

These Yuva Banking Mitras have been identified in each of the designated branches to assist the youth account opening, promote youth-focused products, and encourage safe and responsible digital banking. OCR-based CTS validation is being implemented as an additional alphanumeric layer in the cheque truncation system to verify cheque codes during the clearing and bolstering the fraud prevention.

As regards the business is concerned, the global business has grown by more than 21% on a YoY basis from ₹15,62,000 crores in September '25 to ₹18,92,000 crores in September '26, with an incremental growth of ₹3,30,000 crores. Global deposits have increased by more than 21% on a YoY basis from ₹8.53 lakh crores in September '25 to ₹10.37 lakh crores in September '26, with an incremental growth of ₹1.84 lakh crores.

Domestic deposits have increased by 23% on a YoY basis from ₹7.3 lakh crores in September '25 to ₹9 lakh crores in September '26, with incremental growth of ₹1.70 lakh crores. CASA has increased on a YoY basis from ₹2.86 lakh crores in September '25 to ₹3.07 lakh crores in September '26, with an incremental growth of more than ₹20,000 crores, and the CASA ratio stood at 34.16%.

Global gross advances have increased by more than 20% on a YoY basis from ₹7.09 lakh crores in September '25 to ₹8.55 lakh crores in September '26, with an incremental growth of ₹1.46 lakh crores. Domestic gross advances have increased by more than 17% on a YoY basis from ₹5.97 lakh crores in September '25 to ₹7.04 lakh crores in September '26, with an incremental growth of more than ₹1,07,000 crores.

RAM advances have also increased by more than 18% on a YoY basis from ₹3.48 lakh crores to ₹4.13 lakh crores as on September '26, constituting 58% of the gross advances in September '26, with an incremental growth of ₹65,000 crores. As regards the profitability and asset quality is concerned, operating profit has improved by 33% on a YoY basis and stood at ₹5,089 crores for September '26 as against ₹3,821 crores in September '25.

Net profit has increased by more than 25% on a YoY basis and stood at ₹3,202 crores for September '26 as against ₹2,555 crores. Net interest income has also increased by more than 18% on a YoY basis and stood at ₹7,007 crores for September '26 as against ₹5,912 crores.

Non-interest income has also increased by more than 24% on a YoY basis and stood at ₹2,770 crores for September '26 as against ₹2,220 crores. Global NIM stood at 2.47% in September '26 as against 2.41% in September '25.

Slippage ratio stood at 0.15% in September '26 as against 0.14% in September '25. Credit cost stood at 0.12% in September '26 as against 0.15% in June '26.

There has been improvement in the asset quality with the reduction in both gross NPA ratio and net NPA ratio. Gross NPA ratio has improved by 94 basis points on a YoY basis to 1.60% only, and net NPA ratio has improved by 23 basis points on a YoY basis to 0.42% only in September '26.

PCR, provision coverage ratio, has improved to 94.45% in September '26 as against 93.39% in September '25. As on 30th September, bank's CRAR stood at 17.78% against 16.69% as on September '25.

In the end, I would conclude by saying that as we progress through the second half of FY27, the emphasis will be on strengthening the bank's competitive position, deepening the customer relationships, and leveraging the emerging opportunities across the banking landscape. Our focus will remain on building a resilient institution that delivers consistent performance and creates long-term value for all stakeholders.

Against this backdrop, our guidance for FY27 is global advances to grow at 15 to 16% and global deposits to grow at 16 to 17%. Going forward, bank's emphasis will be on strengthening the ability to respond to the changing economic and regulatory environment, capitalizing on emerging opportunities across business segments, and ensuring that our growth translates into consistent financial performance and lasting stakeholder confidence.

Thank you once again for joining us today and sparing your time. Thank you.

Thank you.

I am Ashok Ajmera, Chairman of Ajcon Global Services Limited. Sir, compliments to you, sir, for fantastic set of numbers.

Most of the banks who have declared results so far have given good results, but yours is phenomenal. On all the fronts, if you see the business growth, the credit and deposit growth, not only in the quarter, overall year-on-year and quarter-on-quarter also, it's a fantastic growth.

Congratulations for the same.

Thank you.

Another good thing is that you have given the target of deposit higher than the target of the credit for the whole year, I think you said deposit growth target 16-17% and advances 15-16%?

Correct.

Which is also a fantastic point. Having said that, sir, there is not much to speak on the profitability, also you did well.

I would just like to know about the provisions which are there. I think the standard provisions is reduced by ₹200 crore in this quarter.

Even in the last quarter also, there was a reduction, whereas in many of the other banks, the provisioning is increasing because of the ECL and various other factors in the contingency which is being there globally happening. One thing on that, on the ECL provisioning, what is our preparedness?

How much is the total amount which we need to provide? How much has already been provided, and what is the road ahead on that?

My second question, which is concerning everybody, that you have given the growth target and even achieved also, the past performance is also good, but looking the current situation, especially the global situation internationally what is happening, the crude, and locally also we are facing severe drought in the country. On this background, do you still maintain this kind of targets and you're still hopeful of achieving it?

If yes, then how are you meeting these challenges, sir?

Yeah. Yeah.

Thank you so much, Ajmera ji. On your first question with respect to provisions, if you see, the provisions have been reversed in the standard assets.

That is one of the major components where ₹213 crores has been reversed in this quarter. To just give you a sense that this is because of our good credit monitoring and our zonal collection centers which are working.

If you go to our slide number 25, you will see that for SMA ₹5 crores and above, we have reduced that number now to ₹2,553 crores as against ₹6,000-plus crores as on September '25. Our SMA, which is ₹5 crore and above as on 30th September '26, is now only 0.3% of our standard advances, which was earlier 0.98, 0.9% [0.89%?]

. This reduction in the number, standard asset, on others is because of the one account which was under SMA which has now fully moved out of SMA, and as per the RBI circular, we had made some provisions, that provision has been reversed.

That is the advantage now we have with good credit monitoring and the SMA numbers which are coming down with the bank. That is one point which is there.

Second point was with respect to the ECL and its provisioning. ECL impact, we have already started doing the computation and other kinds of things, whether it is the PD, whether it is the LGD, SICR, and other kinds of things.

Already we have onboarded a consultant. Technology kind of interventions, they have also started.

We have to go to the board with the note about the ECL and its numbers as far as the RBI guidelines are concerned, which kicks on 1st April, as you are aware. Broad numbers on the total amount I would not be sharing at this moment because we have to go to the board with the note, but the ballpark number on the impact is that on the CRAR side, it may impact somewhere around 0.5% our CRAR on an annual basis in the next four years.

If I share with you the CRAR as on 30th September, it is well above 17% as against the regulatory requirement of 11%. Apart from that, we have a profit of ₹6,000 crores of the H1, and with this run rate, we should have a profit of around ₹12,000 crores in this financial year.

With that kind of profitability being there, the additional provision of 0.5% per annum, the profitability itself will take care. In fact, profitability is much more than that.

That is also taken care of. As far as the headwinds which are there with respect to the West Asia crisis, as you rightly said, El Niño impact which is coming, and some of the places where drought condition in some districts like in Maharashtra which is coming.

See, this situation was there since the start of this current financial year. West Asia crisis started in February, we have already completed two quarters, not only for our bank, for the entire industry.

All the banks are giving good numbers, economy is quite healthy in that respect. Crude issue was there, but that has also been smartly solved by the government, and there is no issue of the availability of the crude in the country.

Only thing is that the price has increased, because of which some inflation tick has happened. However, if you see the GST collections on a month-on-month basis, more than ₹2 lakh collection is coming per month in the GST on a regular continuous basis.

Second thing is that all the reports which are coming, whether it is from IMF, whether it is coming from the RBI data, the estimation of the GDP for FY27 is also very robust. In fact, IMF says that it should be somewhere around 6.7.

Even if it is 6.7, though the Indian estimates are higher than that, even that 6.7 is somewhere which is very high compared to other countries across the globe. That's why definitely the fundamentals within the country are strong, banking fundamentals are also strong, asset quality is good.

This El Niño effect was there also during the monsoon, there were certain pockets in the country where there was impact of the monsoon, but that also has been taken care of. If you see the numbers of most of the banks which have started coming, there has not been much impact as far as the asset quality is concerned.

We feel that with the kind of robust systems that the bank has built, all the banks have built and we have also built, and the agility with which we are working, we are confident that we'll be able to ride with this headwinds which are there.

Sir. Point well taken, sir.

I will just add to what—

Yes, sir.

Yes, sir. You see our results, what we have done with respect to provisions is we have substantially increased the provisions for bad and doubtful debts during this half year.

Yeah. Correct.

If you see the last half year provisions that we have made, it was only ₹1,500 crores as of that date. Today, if you see, we almost got ₹2,500 plus, theek hai?

In so far as the provision for standard assets, it is actually a reduction trajectory, but outstanding as of now the provisions that we hold for standard continues to be at around near ₹400 crores, okay? Which is not reflected in the figures.

We have sufficient provisions. If you look at our SMA as a whole, it is around 2.6%.

Very good. So

2.6% of the total advances. 2.6% if you take for argument's sake the entire is going to become bad, still we have enough room to provide for it without any problem, okay, under the ECL, even worst-case scenario, theek hai?

Yes, sir. My second observation and some question is on the declining percentage of CASA over last, I think two, three quarters.

This quarter, it might be because of the overall deposits have increased because of the FCNR and the dollar deposit which has come in, and it is affecting to some extent our NIM also. If the NIM is also overall if you see is as against 2.58, 2.52, now 2.47.

At the same time, because of the rate hike, now we are going to benefit because the lag period is there, the deposit rates are going to be increased maybe much later, whereas interest rates have already increased on the repo-linked loans. The benefit of that if you factor in, how much do you think the NIM can improve or how many basis point we are going to get the benefit because of this rate hike in the next couple of quarters?

How do you plan to increase the CASA percentage again and thereby increasing the NIM?

Yes, CASA percentage has come down, you are rightly saying. Present CASA percentage is somewhere around 34.16%.

However, if you see in absolute terms, we have grown our CASA by 7% in spite of these challenging times, and also on absolute number, it has grown by more than ₹20,000 crores on a YoY basis. That is one point I just wanted to make.

As a franchise, we are totally monitoring as far as the CASA numbers are concerned, and also retail term deposits are concerned. If you see our presentation, you will see that our CASA percentage terms is around 34%, and retail term deposit percentage is around 43%, which makes it 77% from the franchise, which is the retail franchise, which means that the bulk deposit is only 23%.

However, having said that, let me say that our franchise for advances, credit growth is also very strong at the branch level. We are having good pipelines in corporate loans, we are having good pipeline for the RAM advances also, because of which the intake which is there because of the credit flow, we need to raise resources for the meeting this credit growth which is there in the system.

To meet that credit growth, we are taking some bulk deposits, because of which, as a function, this CASA percentage is looking lower, which is at present 34%, but nonetheless, we are working on it. Lot of strategic moves we have taken in order to improve not only the amount of CASA which is there in absolute terms, but also in percentage terms.

That is one part. As far as the NIM part is concerned, as you rightly observed that NIM, because of this, the NIM is also getting impacted, you are right.

If you see our global NIM, which was 2.52%, has come down to 2.47% as on 30th of September, and there is been a reduction of 5 basis points. FCNR raising of deposit has also taken this one impact on this reduction of NIM.

If I share with you the data, we have raised FCNR of $2.2 billion, $2.2 billion on the liability side and $2.2 billion on the asset side in the international book, where the leverage has been given. That impact on this around ₹40,000 crores is around 5 basis points.

That is the impact which has happened in the global NIM. This 5% 5 basis point impact is because of the FCNR which is there.

As regards the increase in repo by RBI is concerned, there we have done a ballpark calculation. See, RBI has raised the repo rate by 25 basis points.

If you see our presentation, also 66% of our domestic advances are external benchmark linked, which is repo only. The day the repo was raised by the RBI, we also had a ALCO meeting, same day we have passed on the increase in the repo rate.

Positive impact we will be getting in this quarter, full quarter. That impact will be there, and on the deposit side, the rates will obviously increase because the repo has also increased.

As you rightly said that that impact will be staggered because, as you are aware, that nearly 60% of our term deposits are in the category of one year to 18 months, so that they will take time to mature and then the repricing will happen only after that. This increase in the repo rate will also, as on a ballpark number presently that we have done is, may help the bank in improvement in the NIM by around 6 to 7 basis points.

Yeah. The

last on the technology front, sir, lot of things are happening, and especially in the compliance and the cybersecurity on that front, and now DPDP coming in and on that. How prepared we are on the technology front, especially since so many things are happening around in the various banks in the financial institutions?

How prepared we are on that front, and what kind of still the so many journeys which are still pending, and what kind of budget do we have for the technology in the remaining part of the financial year '27, sir?

Yeah. As far as the technology is concerned, see, as I already said in my last conference after our Q1 results that whatever the budget we have kept ourselves for the IT part, technology part, whether it is the opex or the capex, whether it is for core IT, whether it is for digital banking or cybersecurity, that budget remains intact.

That kind of spending will be doing in this financial year, FY27. As far as our technology preparedness is concerned, we already have a Big Four consultant with us who is guiding us on the transformation of IT, digital, and cybersecurity.

Our system is fully prepared and agile as far as the cybersecurity risk and other kinds of things are there, whether this e-Mudhra was there, there also the certifications which are there, we are having those certifications. Continuous advisories are also coming from various government departments on these kinds of risks which are emanating, and we are immediately complying with those guidelines and doing the necessary changes which are there.

There are a lot of journeys which are going on as far as our products are concerned, whether liability products, whether it is our asset products, or whether it is on the wealth management product side. These journeys will continue, and every quarter, we'll be launching some products.

In this presentation also, if you see, there are four products we have launched in this quarter on the digital side. On the analytics side, now through our data lake project, which is under the artificial intelligence and machine learning, now the book is more than ₹21,000 crores on the analytics-led leads which are coming through the CRM platform.

Lot of money is being spent on technology, not only for the business growth, but also on cybersecurity part, and we are pretty confident that the bank, on the technology platform, is quite strong and robust now. Thank you.

Congratulations to team Bank of India for excellent performance and your initial guidance. Sir, looking at the performance, I think you're speaking a little lower than what we are achieving.

No, it's fine that we outperform the guidance. You replied to some of our questions which I would have prompted to ask: What is the size of the book which is sanctioned, unavailed?

What is the pipeline in corporate, in RAM, specifically where car loans are concerned, housing loan tickets are concerned, it is more customers or the average ticket per customers rising? Second thing is the same customer can be multiple products can be sold, how are we tapping them, and if so, how many products are we able to establish with each customer?

On digital spend, you said lot of budgets, but I understand in the marketplace, our supply chain, various other corporate-led solution, TReDS platform is yielding good advance yield compared to many other advances. Looking at that, can you elaborate a bit what Bank of India is engaging in which is changing our model from a traditional banking model?

Yeah. As far as the pipeline is concerned on the credit side, let me tell that as far as the corporate pipeline is concerned, as on 30th September, we are having a pipeline of around ₹65,000 crores.

That is the pipeline in the corporate side. Apart from that, in the RAM side also, we have a pipeline of around ₹20,000 crores, and then we also have pipeline created in the pool and co-lending and the supply chain platform, there is also a pipeline of around ₹4,000 crores.

Apart from that, we have a digital platform also now, as you are aware, there also we are having a pipeline of somewhere around ₹3,000 crores. In total, if you see the pipeline, which is a very secular pipeline, not only corporate, but also RAM, digital lending, and also pool and co-lending, and also supply chain, we have a total pipeline of somewhere around ₹86,000-₹87,000 crores total, including corporate credit.

If I give you a sense on the corporate credit side, the main numbers are from renewable energy of more than ₹12,000 crores, where we have pipeline in which we have sanctioned and yet to be disbursed, or in-principle approval is given and the proposal is under different stages of being placed to the committee. In power sector, we have more than ₹9,000 crores pipeline.

Road sector, again, we have more than ₹5,000 crores. Oil and gas, we have more than ₹5,000 crores.

Cement is there, which is again more than ₹4,000 crores. Manufacturing, particularly with textile and others, is more than ₹2,700 crores.

Construction also ₹2,100 crores. Automobiles also more than ₹2,000.

These are the major sectors where we are having these pipelines which are there. As regards, as you rightly said, that in the new economy which is coming, this supply chain and other kinds of things, we have now separately made one branch in Mumbai, centralized branch in the entire country, which we call the SBB, wherein the supply chains are now handled.

In that branch, entire pool, entire co-lending, entire TReDS, and supply chain is there. We have a very robust IT platform for that, for the supply chain financing which is there, and in that we have already started building up a book.

We have already given a target to our 69 zones that every month they have to onboard one new vendor for that supply chain. That work has already started.

Presently, the book has already touched more than around somewhere around ₹1,000 crores, and we are confident, because this has just started in this financial year only, on a dedicated way and with a dedicated team sitting there of around 20, 25 officers who are doing this work only. We are very confident that by the year-end, when the time it stabilizes, this branch stabilizes, under this supply chain financing, we should have you should be having a business of somewhere around ₹1,500 crores in the first year itself, and after which the scale-up will happen in that thing also.

As far as the other question was with respect to, I think these were the two main questions.

Average ticket size is going— Yeah.

Let me finish.

Average ticket—

Average ticket size is growing in housing loan on one hand, and vehicle loan also there is a good traction. Another thing I would like to add what MD has just said is in this digital initiatives, especially supply chain related where TReDS and all where you are saying that yield is good.

If you see our growth in the quarter, in the current quarter itself we are grown by almost 10% in that, okay? Most of the assets are booked in medium enterprises and small enterprises.

Medium enterprises mostly are coming through TReDS as well as supply chain. There is a good traction over there.

We go to continue to improve in that and then make a good book out of it. In terms of this one, there will be a lot of traction through digital, which will flow into this supply chain and other TReDS-related platforms.

The number is also growing. Our TReDS portfolio is also growing very, very robust.

That's how it is. Yes.

Hello? Let somebody ask.

My name is Mayur Gala from Dhruva Alpha Finvest. I'll directly come to the questions.

What is the current government's stance on its stake? Any OFS?

OFS of what? Yeah.

What is the current government's stance on its stake in the bank? Yeah.

Okay.

As far as this is concerned, see, SEBI guideline, we are a listed entity. SEBI guideline says that the promoters should be below 75%, we are already within that.

We are 73.8%, so that we are already complied. At present, we have no indication from the government to further reduce its number.

We don't have any plan also as on date, when we are speaking from board also, for raising any capital.

Okay. Next question is, what is the ROA target and when does the bank expect to reach it?

ROA, as I said in my last analyst presentation also, that we will now try to have ROA of above 1% on a quarter-on-quarter basis. If I give you just a sense, from the last three quarters, March '26, June '26, and now September '26, we have been able to have our ROA above 1%.

We will, at the top management side, that is our endeavor that we will have a ROA of above 1% in the ensuing quarters also. The overall March '27 also, we'll show a ROA of, that is our guidance, that we will be showing a ROA of above 1%.

Okay. Any higher targets for the future?

Presently, the guidance we are giving up to March '27 only. If you see traditionally our ROA has been somewhere between 0.89 to 0.94, 0.95 in the last two, three years, but this year consistently we have said that we will be having a ROA of 1%.

When we hit this mark of 1%, FY28 should be even better.

Okay. One question—

Thank you for the opportunity. Congratulations, sir, for good set of number.

My first question is about the recovery in written-off accounts, tripled to ₹978 crores this quarter. Are there any specific large resolutions driving this, and what is the sustainable quarterly run rate as the NPA pool now shrinks?

You mentioned this last time also, just wanted your view on that.

Recovery in written-off accounts, if you see that this number is at somewhere around ₹900 crores in this quarter as against the previous quarter, which was lower. There are two, three accounts, not a single account, but I can say that there are two, three accounts which were lumpy accounts.

We are expecting that with the kind of targeting that we have done for these accounts which are fully written off, where we are targeting some resolution for us, either through OTS or through NCLT or any other route, we are expecting that we want to maintain this kind of run rate during the entire year.

Perfect. My second question is about NPA provisions, which got doubled to ₹1,000 crore plus, and despite slippage at record low of 0.15%, is this front-loading under the new RBI provisioning norms, and which sectors have been provisioned for?

If you see this number, why it has increased, see, Q1 there were slippages of around ₹1,800 crore. This quarter also, there is a slippage of around ₹1,100 crore.

This provision which has been done is to take care as per IRAC norms for those provisions. Whatever is the NPA, we have provided as per the IRAC guidelines.

These are all those provisions which are as per the fresh slippages which are happening. Just to give you a sense, we have this PCR of more than 94% and tangible PCR of somewhere around 73%.

Got it. Thank you so much, sir.

Thank you.

Excellent set of numbers, growth on growth as you had indicated earlier. My name is Manoj Alimchandani.

A lot of questions have been asked, I'm changing the questions I had earlier planned. Sir, you mentioned you have made extra provisions, and now in response to query, you mentioned these are as per IRAC norms.

Now a couple of public sector banks have clearly articulated that they have started taking steps towards creating front-loading provisions for ECL.

Correct.

Indian Bank has clearly articulated two quarters. In fact, half of their ECL estimate, they are also been clear in giving estimate is already done.

A couple of other public sectors have also done. In fact, when we saw the slippages and provisions, we were wondering whether we are also taking the similar steps.

Why don't we have clarity and indicate to the investors whether we have front-loaded ₹1,000 crores or ₹2,000 crores, and if you can give the estimate as of today about the ECL provisions we need to make, how much we have already done, and in what period we should be front-loading, or we will go as per the glide path of RBI?

Yeah. As we are aware that the ECL provisions start from 1st April '27.

As far as the present provision on the ECL is concerned, we do not have any provision on ECL side. What we have decided is that the entire team is working on the ECL guidelines.

We have a consultant also. We are taking all the care as far as the IT platform is concerned for the ECL computation and other kinds of things.

We will go to the board, get the entire preparedness and other things got get approved from the board, and then we will start making the provisions. We expect that from Q3 onwards, we will be making the provision.

Q3 and Q4 will be the two quarters when we should be making the front-loading of the provisions as far as the ECL is concerned. That is the first part.

Second part is with respect to the how much it would be coming. I would just share with you one number.

If you see the SMA data which is there on page number 25 of our slide, as I told earlier, our SMA number has now come down to ₹2,200 crores above ₹5 crores, which was more than ₹6,000 crores as on September '25. It is only 0.3% of the our standard assets.

With this kind of very robust zonal collection centers that we have and the work which is being done from the credit monitoring side in the bank, we are very confident that the overall ECL provisioning will be at a very rational number for us with the impact being that our SMA numbers are in control. That is one part.

Second part, the ballpark calculation which is there, the impact should be somewhere around 0.5% on the CRAR per annum. It would be spread across over the next four years.

As I as you are aware that we have a CRAR of more than 17%, which is well above the RBI threshold of 11%, and with a profit already we have made a net profit of more than ₹6,000 crores. If you if I give you the guidance, if we double that, we should be having a profit of somewhere around ₹12,000 crores with this kind of run rate.

This profitability will also add to the CRAR, and this there will be hardly any impact on the CRAR also in that. Q3 after in the analyst presentation of Q3, by which time we will have the board approval also, we will be in a clear position to give you some clear guidance about the numbers.

Definitely this should start happening from the Q3 onwards.

Fine, thanks. Excellent.

Just second part of the question.

Yeah. Now we are looking, you gave a very clear guidance on the full year credit growth and all.

From your feeling, what type of feeling we are getting, now the festive season, Dussehra is already over,

Yes. but

from kind of a global headwinds coming, there's a lot of uncertainty in the minds. What type of growth we'll be having in terms of consumption, and this is a time everybody goes out and spends.

Everybody has been expecting for some relief from the government when they're announcing, hopefully it should come by the Diwali, but what is the kind of feeling we have in this quarter, festive consumption growth, also e-commerce and also on the ground, vehicles, homes, etc., etc.? Also if you can just highlight about what are the investments and applications of artificial intelligence for our growth?

Yeah. Yeah.

As far as this headwinds which are there, as you said, as I replied earlier also, I will say the same thing that the economy is quite robust in that sense that GST collections, as I said, on a monthly basis is now with a good run rate of more than ₹2 lakh crores per month. If you see this e-way bill data also, there also we have nearly 13 to 14 crore of e-way bill getting generated every month.

That kind of invoices and transactions are happening in the economy. In spite of the West Asia crisis which is there, in spite of the fact that some El Niño impact is coming, Indian economy has been quite robust, and we have been able to absorb it with the kind of infrastructure, the supply chain that has been built, and also the warehousing that has been built in the country.

As on now, we don't foresee any kind of impact which is coming out of that. As far as what the growth potential is there, as I already said that we have a credit pipeline of somewhere around ₹80,000 crore.

If you see our global loan book is somewhere around ₹8,55,000 crores loan book in the sense outstanding as on 31st of 30th of September. So ₹86,000 crore of loan book means that we have a credit pipeline of nearly 10% of our loan book.

That's a very handsome credit pipeline that we are having. At present, we do not see any impact which may have on our business growth numbers for this financial year.

Investment in AI. Yes, investment in AI, see, frankly speaking, we have just approved our AI policy from our board as per the RBI guidelines.

We have already started scouting for certain AI kind of features which are there, but a very preliminary level. We already have now our data lake project in which we are using AI as a predictive AI, not a generative AI, as a predictive AI kind of thing which is there.

The analytics lead which are coming under that, we have already touched the number of somewhere around ₹21,000 crores. In lot of the different areas, we are engaging with some of the vendors and other things for having AI components, particularly on the asset book side, liability side, wealth management, and also particularly on the transaction monitoring.

There we are trying to have some AI engagement, but once the deal is signed or anything, then only we can be able to divulge that.

Thank you,

sir.

As far as our non-interest income is concerned, we have grown it from ₹2,200 crore in September '25 to ₹2,700 crore. The main growth has come from recovery from the written-off assets, where the growth has been 190% on a YoY basis, and now it has touched ₹978 crores.

Also from the treasury income profit from the exchange transaction, where the growth is 157%, and it has touched the number of ₹411 crores. On the overall number, it is a YoY growth of 25%, and we are very hopeful that we will be able to maintain this run rate of more than ₹2,500 crore in an ongoing basis.

Okay. Okay.

As far as the gold loan outstanding as on 30th September is concerned, we are having a gold loan book of around ₹61,000 crores. As far as the split is concerned, majority of this gold loan is booked under agriculture, and some of which is also in MSME also, and the other part is the retail.

Retail.

Yeah.

Yeah.

Good evening, sir. My name is Bhavesh Shah.

Sir, recently one prominent NBFC has flagged concern about stress in their gold loan portfolio. Do you see this similar trend for you, or for that matter, any other asset classes?

Yeah.

What we have seen from the media reports and other kinds of things, there are certain issues in some of the NBFCs, gold loan NBFCs, where it is observed that even when the account is SMA, fresh sanctions is taking place. That is what the stress has been observed over there.

As far as our book is concerned, we do not have any much stress over there. If I tell you the NPA number, it is also at a very low number, it is hardly 1% is our—

0.13%.

Yeah, 0.13% is there. We have a very clear SOP as far as the gold loan is concerned.

In the SOP, it is very clear the moment it becomes NPA, there are two notices that we have to give to the borrower, after which we go for the auction of the gold which has been pledged to us. Unless and until there is some spurious gold and some fraud happens at the time of selling, we observe that some spurious gold was there, majority of the time, full recovery happens in such accounts.

We do not foresee any risk in our portfolio, and a lot of guardrails we have now put in the portfolio, which also includes because of the price volatility, on a daily basis now our CBS platform monitors the value of the gold so that the LTV of 25 loan-to-value of 75 basis is maintained at all times. We, at present, we are having a LTV of 75 in gold loan.

Thank you, sir.

Thank you.

Sir, Ramesh Bhojwani from Mehta & Vakil. One is an observation: Point 4 on page 4, overseas deposits have increased by 11.52% to ₹1,37,401 crore.

Overseas advances have increased by 35.21% year-on-year to ₹1,51,160 crore. Is there any specific cause or reason?

You're right. You have rightly observed that, yes, advances in overseas we have touched 1,51,000, in deposit this is ₹1,37,000 crores.

The entire leverage part of the FCNR is booked in the international loan book. That is why this number is coming.

As I said that we have raised $2.2 billion, which is more than ₹20,000 crores, everything is parked over here only.

It explains.

Yeah.

Second thought was inflation has spiraled beyond control. This is a very, very strong feeling and a strong experience by across the economy by all sectors.

The unspoken word is RBI may not wait till December to announce another rate hike, and this time it may be 50 basis points or even 75 to contain the inflation at any cost. If that's so, and if inflation still doesn't come under control, there is a fear of the projections made for GDP and growth may be toned down if not on an alarming basis.

What are your thoughts and comments on the same?

No, there is nothing much in that comment. This is the worst-case scenario, okay, you are telling.

As and when that scenario pans out, definitely we will be giving some guidance on that.

Thank you and all the best.

Sir, very quick question. A new vertical is emerging and a lot of money is pouring into AI-led capex, specifically on the infrastructure side as well as GPUs.

The quantums are significantly large. What is our view on this, and how are we approaching such transactions, because I'm sure there'll be a lot of traction going forward in the Indian market?

Yeah. Yes, as I said that in the corporate book, we have a credit pipeline of more than ₹60,000 crores, which is both domestic and international book.

As I said that we are there, it is totally secular. It is not only for one sector.

We are there in infrastructure, we are there in manufacturing, and they are in the new renewable energy also. It is in data center also.

It is for EV vehicles, batteries. Everywhere, we have given either sanctions or in-principle approvals.

Lot of good pipeline, robust pipeline, we are having in the corporate book in the capex side, and it is totally a secular pipeline which is there, and it is not for one or two sectors. It is spread across the sector.

In fact, it is there in steel also, we have given sanctions for cement also, we have given sanctions in textile also. It is spread across the board.

Sir,

I understand that we have an exposure to a lot of legacy industries, but specifically what sort of growth do you foresee from this vertical that I'm speaking about?

Pharma?

No, GPU-led capex, AI-led capex.

Steel?

No, AI-led capex. Achha,

AI-led capex, okay, okay. Data centers kind of thing.

Already we have given some sanctions, some of the sanction for data center are there, some in-principle approvals are already there. Lot of capacity is getting built up on data center.

We are very mindful of that, and we are looking at certain transactions which are there. Some of the in-principles and final approvals also we have given for the data center, and definitely this is one area which is in our mind for funding.

Just a small clarification: Are we looking at just the infra side within this, or GPUs as well?

Both, both.

Thank you.

Sir, this is Pritesh here, sir. Sir, our outstanding to real estate sector is a big proportion as we see in the sector.

Do you see any stress coming forward for next coming years? Right now it's okay, but the sector lending is very large as compared to other sectors, how do you comment on that?

Real estate?

Commercial real estate, CRE. Yeah.

See, basically it is like this: Most of the real estate exposure is coming through housing loans, okay? Commercial real estate as a project lending is very, very minuscule in our bank.

It is not even ₹2,000-₹3,000 crores, okay? Most of it is from housing sector.

It is mortgage housing, that's what we... We don't see much problem there, because many of them are all ticket size of 50, 60 lakhs is the average ticket size.

Most of them are either in tier 1—

Percentage of the lending to the real estate developer would be what percentage?

No, it is very, very minuscule. I can give you data subsequently.

That's why the amount is around ₹3,000-₹4,000 crores, not more than that.

That's all. Sir, as far as NBFC is concerned, NBFC is there, that growth rate is also quite good growth rate.

Do you see that retail is overreaching? Because we get a lot of calls, generally, that do you see this sector can come off, certain period of time?

See, there are two things: It depends on the exposure that the NBFCs take in terms of... If you look at our pool buyout or direct assignments that we take, most of them are all backed by securities.

Our unsecured portfolio is very less, it's hardly 7% of the total portfolio in retail. NBFCs who have very typical exposure to personal loans and other types of loans, they have a problem.

Otherwise, people who are NBFCs who are into SME lending, who are into LAP lending, there is no problem, we don't see much stress in that. Another thing that we do in terms of an NBFC lending is we look at the funding profile as well as the asset profile.

We also look at the NPA ratios over there and the collection efficiency ratios there very clearly before we take exposures. Even in NBFC exposures, we have a robust this one, that's what it is.

Sir, infrastructure, as far as infrastructure sector is concerned, as YoY there is some decrease, do you see that the overall infrastructure spending has come down as far as your exposure to a particular industry? No,

no, it is not like that. See, you have to look at the outstanding, if you see also our outstanding, it is more or less flat, right, in spite of the sanctions.

What is happening in the system is that many infra projects which are achieving their COD, they are coming for refinance, and they are being financed at a very low interest rate by other institutions. We have left quite a few transactions where we had lent during the construction stage where the COD happened, and after which we did not go into this refinance kind of thing because it was at a very low interest rate.

This kind of thing is there in the market which is happening, some churning of assets are happening in the infra side because of it. Otherwise also, whatever pipeline and sanctions we have given, infra takes lot of time to get disbursed, because it gets disbursed in stages.

It takes at least seven to eight quarters to get disbursed the full infra loan, whether it is a road, whether it is a port or any other kind of transmission line and other things.

Sir. Thank you very much, and all the best for the good result.

Thank you. Thank you.

Thank you.

Thank you.