Thank you and a very good afternoon to all of you, and welcome to our Quarter 3 earnings call. On this call, I am joined by the senior leadership team of the bank.

Before we dive into the details, we trust that the new year has begun on a very positive and prosperous note for all of you and your families. Now coming to results for Quarter 3, as we have been articulating over the past several quarters, Yes Bank's strategy is firmly anchored around profitable growth, and in that context, Quarter 3 was a breakout quarter with an all-around strong core operating performance across profitability, asset quality, and granularity, while maintaining a sharp focus on operational efficiency.

Let me first start with the profitability. Despite the heightened competitive intensity and multiple rate cuts causing pressure on the margins, the bank has continued to strengthen its earning profile.

For Quarter 3, the bank reported net profit of 952 crores, registering a strong growth of 55% YoY and 45% on a quarter-on-quarter basis. The reported annualized ROA for the quarter further improved to 0.9% against 0.6% in the previous quarter as well as the corresponding quarter last year.

Moreover, the annualized reported ROA for nine months has now improved to 0.8% against 0.5% for nine months of the last financial year. It is important to call out that our reported net profit for Quarter 3 had an impact of 155 crores due to incremental gratuity provision on account of change in the wage definition under the new labor code, as separately called out on page 6 of the investor presentation.

Adjusting for this impact, the net profit after tax is actually 1,068 crores, translating to an annualized ROA of 1%. The guidance of achieving closer to 1% ROA in the exit quarter of FY26 and for the full year of FY27.

Similarly, the bank also reported a sustained improvement in its pre-provisioning operating profits, adjusted for our gratuity impact, which improved by 28.7% YoY and 7.1% on sequential basis, and actually is 1,389 crores. This core operating profit has been driven primarily by expansion in our operating leverage, with 9.7% YoY growth in total income against 2% YoY growth in operating expenses, adjusted for gratuity impact over the same period.

As a result, the cost-to-income ratio for the bank, adjusted for gratuity, was 66% against 67.1% in Quarter 2 and 71.1% in Quarter 3 last year. Over the last few quarters, as we shifted the franchise towards higher profitability, the bank also kept costs well under control, resulting in one of the lowest operating expense growth rates amongst peers, which is also a key driver of our continued improvement in our cost-to-income ratio.

The operating profit to asset ratio now stands at 1.2% for Quarter 3. At the same time, it is important to call out that bank's four critical profitability levers continue to perform well.

We are talking about the structural rundown of legacy RIDF balances, number one, the granular and profitability-centric deposit and asset engine, number two, the strict focus on cost optimization with productivity enhancement, number three, and lastly, the significant improvement in our asset quality. As we have been highlighting in the past, a critical component of our profitability improvement is the resolution of the legacy priority sector lending shortfall.

Since FY24, the bank has maintained 100% compliance across all PSL subcategories, ensuring that no incremental burden is added to our RIDF stock. As a result, our RIDF balances have continued their steady decline from a peak of 11% in FY24 to 6.9% in Quarter 3, and bank remains well on track to further reduce it to below 5% of total assets by FY27, in line with our guidance.

As these low-yielding RIDF assets mature, we are systematically also retiring our higher-cost borrowings, as well as redeploying them into higher-yielding advances. Within advances, we continue to see sustained strong traction in our main business segments of SME and mid-corporate.

However, within retail and corporate and institutional banking segment, we continue to remain selective and are strategically expanding our portfolio in those sub-segments that deliver the most attractive risk-adjusted returns. At the end of Quarter 3, total advances at 2.57 lakh crores, with a healthy sequential growth of 2.9% quarter-on-quarter.

However, on a YoY basis, the growth came in at 5.2%. The advances mix: retail segment around 47%, commercial and CIB segment each around 26 to 27%.

Though our headline credit growth currently lags the system growth, we would like to highlight the following. The bank's commercial banking segment growth continues to be robust and amongst the best in the industry.

In the corporate and institutional banking segment, despite disadvantage of the cost of funds vis-a-vis the government banks as well as bigger private banking peers, we are picking up decent traction, especially aided by our comprehensive product suite, which includes differentiated product offering of API and transaction banking, financial markets, and other advisory services. In the retail segment, it is important to note that the bank has strategically chosen not to pursue aggressive growth in two major product categories, that is the home loans and new car loans, as these product sub-segments currently do not generate attractive risk-adjusted returns given our cost of funding position and the elevated competitive intensity in the market.

Similarly, although gold loans have been one of the fastest-growing segments in the recent quarters, the bank has deliberately deprioritized this product for the time being. Excluding these three segments, retail growth momentum has been strengthening over the past two quarters, and this improving trajectory is expected to translate into higher book growth over the coming quarters.

Within the retail banking advances, the credit card outstanding has grown by 21% YOY, driven by a 26% increase in the spends. The rural banking portfolio has also grown by around 17% during quarter three.

There is a sustained momentum in our retail asset disbursement, which increased 15% YOY, supported by improved risk metrics and better vintage performance in both secured and unsecured products. The products which witnessed a YOY disbursement growth in excess of 20% included personal loans and both secured and unsecured business loans.

Like I said earlier, our focus remains on profitable growth, being selective in low-yield segments and prioritizing products with superior risk-adjusted returns. Importantly, asset quality has seen a marked improvement due to robust underwriting, collection, and monitoring frameworks.

As we have been consistently articulating over the past several quarters, our branches serve as the core fulcrum of our business, acting as the primary hub for both granular customer acquisition and holistic relationship management. Our strategy is designed to leverage this physical network not just for gathering liabilities, but as multi-product engine, capable of generating assets, fee income, and high-velocity transaction flows.

During the year, we have expanded our branch network to 1,328 branches by adding 33 new branches in quarter three and overall 76 branches in the nine months of current financial year, against a full-year target of 80 branches. This focus on branch network expansion is already yielding significant structural dividends, with internal sourcing from our branches now accounting for approximately 52% of our retail asset disbursement, a substantial increase from just 37% around two years ago.

Our deposit franchise continues to demonstrate healthy momentum. Total end-of-period deposits stand at 2.93 lakh crores, registering 5.5% growth.

On quarterly average balance basis, bank's total deposits have grown by 5.7%. This growth needs to be considered from two perspectives.

First, the bank has taken sharp rate actions in the deposit space, in fact one of the highest amongst the peers. Despite this, the bank has been able to maintain this growth level and actually outperform the industry on the CASA front.

Secondly, in advances in deposit also, the bank is prioritizing profitability and granularity. Bank's incremental deposit mobilization is increasingly retail-led and CASA accretive.

On average quarterly balance basis, retail deposits have grown 12% YOY, with robust momentum in retail CASA, and within that, retail current account balances have grown 19.4% YOY, and retail saving balances have grown by 16.3% YOY, reflecting deeper engagement and growing customer trust, while also achieving a lower cost of funds. On an EOP basis, retail balances have grown by 9.1% YOY.

This outpaced total deposit, evidencing a continued shift towards granular retail funding. Retail and branch-led deposits now contribute approximately 60% of total deposits, growing at a rate faster than that of bank's total deposits, underscoring the strength of our branch network.

Within saving accounts, growths up to 1 crore and individual cohort underscores franchise depth, even as wholesale deposit remains subdued, highlighting the resilience and quality of our retail deposit engine. The bank's CASA and retail TD, which reflects granularity in our deposit, stand at 66.2% of total deposits, against 62.6% in quarter three of last financial year.

This outperformance in deposits in a tight liquidity environment is a testament to our branch-led deposit engine and our shift to a service-led fulfillment model. Along with this, the bank has also maintained a strong focus on sustained reduction in its cost of deposit, which has reduced to 5.6% from 6.1% last year, driven by higher deposit rates relative to the rate cuts undertaken by RBI and competitors.

This is a reflection of banks' strong franchise and focus on acquisition of better quality customers with higher NIMs. Similarly, cost of funds has seen a reduction of 60 basis points to 5.9% from 6.5% last year, driven by reduction in high-cost borrowings, which were used to fund the Bank's legacy PSL-related deposits.

All of these efforts and initiatives in PSL, asset mix and liabilities have also resulted in gradual improvement in our NIM, which will be the biggest driver of our ROA expansion journey from here on. The NIM for quarter three has come in at 2.6%, which is a 12 basis point expansion on quarter-on-quarter basis and 24 basis point on year-on-year basis.

Both on quarter-on-quarter and year-on-year basis, the balance sheet mix improvement has more than offset the impact of interest rate cuts. On the asset side, a marked reduction in RIDA balances from over 11% to under 7% has reduced the negative drag, while the corresponding improvement in advances mix is further contributing to gradual NIM accretion.

Similarly, on the liability side, a favorable funding mix shift, with shrinking share of high-cost borrowings, coupled with a sustained rise in CASA, has led to relatively superior improvement in our cost of funds in the recent quarters, and even amidst challenging industry backdrop. Moreover, the profitability traction of last few quarters has led to gradually increasing contribution of capital in the funding mix.

On the rates front, it is critical to appreciate that the Bank has significantly contained the impact of interest rate cuts on the loan spreads through proactive action on the deposit rates. Here again, the deposit rate reduction achieved by the Bank has been one of the highest among peers.

Now moving on to the next critical aspect, that is asset quality. Our growth calibration and proactive risk management efforts of last four to six quarters, which included tightening of sourcing, underwriting scorecard, and improving our collections infrastructure, including early intervention, has yielded a marked improvement in our asset quality outcome, with headline gross NPA improving to 1.5% from 1.6%.

Similarly, net NPAs remained stable at 0.3%, while the provision coverage ratio increased to 83.3 against 81% in quarter two and sharply higher compared to levels of 71.2 witnessed in quarter three of the last financial year. Similarly, the quarter three was the second consecutive quarter of improvement in overall fresh slippages, which were contained at 1,050 crores against 1,248 crores in quarter two and 1,458 crores in quarter one.

As a result, the Bank level slippage ratio improved to 1.6% of the period-end advances against 2% in quarter two and 2.4% in quarter one. This is the lowest slippage level seen in the last eight quarters, which is primarily led by a sharp improvement in fresh slippages in the retail segment advances.

Within retail, the slippage has improved across both secured and unsecured portfolios. Similarly, there is a good improvement in the early delinquency overdue bucket of 31 to 90 days across the portfolio.

During the quarter, the aggregate recoveries and upgrades at 1,224 crores, and within this, the recoveries from the fully provided security receipts at 555 crores takes our cumulative recoveries from security receipts for the year to almost 1,113 crores and in line with our guidance of 1,200 crores for the financial year. It is important to highlight that on account of P&L gains from the SR portfolio, while the net credit costs were negligible for the quarter, even normalized for this impact, if we were to look at just provision for NPAs, these stood at only 0.5% of the average assets against 0.7% for both quarter two as well as quarter three of the last financial year.

As regards the non-interest income, the core fees are up by 9.8% year-on-year, driven by strong traction in fee income streams, which includes the processing fee, the third-party distribution, and general banking. If I have to summarize strategically, the Bank's profitability is being driven by margin expansion through RIDA rundown, CASA mix improvement and deposit price action.

Going forward, we expect to see benefit from retail mix improvement on the asset side. Number two, sustained growth in fee income, leveraging digital platforms and cross-sell opportunities.

Number three, our continued focus on cost optimization and productivity enhancement, which has helped us achieve improvement in cost-to-income ratio and should further drive operating leverage as income growth accelerates. Lastly, normalization of credit cost, particularly in the retail segment.

Looking ahead, Yes Bank remains committed to its strategic roadmap of profitable growth, targeting full-year 1% ROA for FY27 and 1.5% in midterm, with growth outlook which will be in line or marginally higher than the industry. Having said that, at the same time, we will calibrate the growth depending on our profitability objectives as well as opportunities in the market.

Once again, I would like to thank you so much for your continued support. Now we can take your questions.

Good afternoon, sir.

Good afternoon.

Sir, many congratulations for outstanding results. I have two questions, basically these are two queries.

The books that has been delivered to JM Florence, 48,000 crores. How much cumulative recovery has been done from that book?

Is there any legacy slippages has been left? Secondly, retail banking continue to slip.

How many more quarters it will take so bank could be getting profitability from retail banking, sir? Thank you, sir.

Pankaj, first thank you so much for continuing to remain interested in Yes Bank franchise. To your first question on the recovery from the JRC, since we have assigned this to JRC, on a cash basis we have recovered 7,500 crores for Yes Bank, okay?

That is one thing, and we continue to have almost 1,800 crores of outstanding security receipts, which would be we would be getting monetization of both security receipts as well as the upside from the resolution of those assets. Still there are a lot of juice available in that portfolio.

Second, in terms of your question on the retail, I am very happy to report that this quarter our retail businesses have breakeven, okay? Going forward, we would going to see a significant contribution in the profitability of the bank from the retail.

Because if you just like I would like to bring to your notice, that for the last four-five years, especially after COVID, there was a time where we were continuously investing on the retail side, and when you invest, it takes time to have returns out of that. In between, the industry also faced a very adverse credit cycle on the retail.

I think not only our investment has started yielding the right results, and with the turnaround in our asset quality cycle on the retail, where we are seeing a lower slippage, better recoveries. Not only retail asset has breakeven, but would contribute, I think significantly going forward in the profitability of the bank.

If I can just clarify what Prashant is saying. When you look at our segmental results, you will find that the retail will still have a negative number, but that is also because we have taken a one-time charge for the gratuity.

If you adjust for that, and there are certain internally we report that as part of retail, but for the segmental disclosure we are classifying them as outside retail. If we build that back into the retail business, we have breakeven.

I think that is the important point we wanted to make.

Thank you very much, sir, and best wishes. We hope that Yes Bank will reclaim its earlier position very soon.

Thank you, sir.

Thank you so much for this.

Thank you, sir.

Thank you for the opportunity. The first question is on the retail disbursals.

I see it's slightly down Q-o-Q by around 400, 300-odd crores. I was under the impression that given the asset quality trajectory, this should be moving up.

Why this sort of, I know it's not a sharp decline, but why this calibration over here, and how should we think about the next two-three quarters in the retail disbursals? That's the first question.

I'll come back with a second one.

Or you can, I think, complete your question, then we can respond.

For second one is on CASA. Absolute number seems to be not moving up meaningfully for the past couple of quarters.

If you could also shed light over there. I know we have taken a lot of pricing actions.

Again, when do we see that growth or uptick being meaningful on the absolute CASA balances?

I think there are two things. First in terms of retail disbursement, if you see the confidence in terms of the underwriting and the collection, I think we have started seeing the disbursement, which is 15% higher on a Y-o-Y basis.

We have also seen, since we are not there in the prime home loan and the new car loan and the good loan. We are seeing, every month, the disbursement happening at a higher level.

I think the current quarter should be much better than what we have seen in the past. I think this is a continuous path, where the trend is absolutely improved, continuous improvement path.

We'll see, I think, much better on this. On your CASA, I think I would just like to make one point.

Today if you see our overall deposit growth and the deposit growth on the CASA, okay, is doing much better than what the industry is doing, especially when I talk about the retail. I think if you need to grow on the overall liability side at a rate, okay, which would be higher than the industry, then it means for improving the CASA ratio further, you need to grow on CASA much higher than the overall deposit growth.

Which in the current times, if you see the trend across the industry, we feel it's a tough thing. I think the important part is that we have taken actions in terms of reducing our rate of interest on saving bank, where the cost of saving bank has come down by almost 150 basis points.

Despite this, we are improving. I think it would be a balanced approach where we would continue to have the rate action and have the growth also.

Can I give one more question. If the third quarter disbursals do improve, the way you are implying at, should we now think of next year growth closer to the mid-teen number, or how should we think about next year growth?

Absolutely, Jayanth. If we see in terms of the growth for the current quarter, sequential growth, which is 2.9%, okay, we are very confident that sequentially we would be able to grow more than 3% in the current quarter, which will take our credit growth to around 8%.

Definitely next year, after, I think, able to solve the issues in terms of better underwriting and better risk policies control on the retail, and also in terms of all the, I would be saying, the high-risk corporate loans have already been repaid. I think we would be definitely targeting a loan growth which would be more or less in line with the market, barring, I think, if we need to exclude the growth, especially on the products like prime home loan and the car loan.

That is

very understandable. Thank you, sir.

Jayant,

Niranjan here. I just wanted to add to what Prashant said on the CASA.

I wanted to say that, look, one, we did call out that in September, sometimes there are certain transient flows that kind of go in on the deposit side, especially on the current account side. Therefore, if I just bring your attention to the average performances here, both on current account and savings account at the full bank level, we have seen almost like an 8% increase in current account Y-o-Y and about 17% in savings account Y-o-Y.

If I bring that attention more to sequential numbers, both CA and SA has grown by 5% each. Yes, sometimes we do see some noise that kind of comes through the reported numbers.

The fact that current account actually has sequentially grown 5% has also been one of the contributors from a net interest margin standpoint as well. I thought I would clarify that.

This is very helpful. The average CASA growth of 5% is, I think I missed that commentary.

This is very helpful, I think, that puts my concerns to rest. Thank you guys very much.

All the best.

Good afternoon, team. I have two questions.

My first question is, as the bank moves beyond stabilization, how do you see Yes Bank positioning itself for growth in the retail and SME lending while also expanding digital banking? Could you share your vision on how the bank will differentiate itself in the next few years against larger private sector peers?

That's my first question. I'll ask my second question after this.

Thank you.

Why don't you complete your questions? We'll respond to both.

Yeah. My second question is in regards to profitability and margins.

Again, with profitability improving, how are you thinking about balancing cost discipline with the investment needs for tech and branch expansion over the next few years? What steps are you taking to ensure the margin remains stable while the bank scales itself and the SME business?

Thank you.

I think first responding to your second question in terms of investment for future and also at the same time maintaining a balance between the profitability. I think if you see last four-five years, we have heavily invested in both technology and our retail network expansion.

Despite this, we have been able to control our cost to asset. If you see our cost to asset, despite this kind of investment, has not gone up.

Actually, we have been able to control within 2.5 to 2.6%. If you see even the current growth on the OPEX is one of the lowest in the industry, and despite continue to invest in terms of opening new branches, better digital capabilities.

I think we have been able to reach that inflection point where whatever we have invested in the future, it has started giving the results to us. It's a cycle where we will continue to invest for the future and we also get the rewards for our investment of the past.

I think we are quite confident that we would be able to invest also and we would be able to have a balance between the cost as well as on the profitability side. Coming to the first question in terms of how we need to differentiate in terms of our SME and digital side, I think if you see on the SME, we are showing one of the best loan growths.

Even if you see our total advances, 29.3% of our advances are actually the SME advances, which is again one of the highest in the industry. I think this is one area on the SME which offers a huge opportunity in our country, and we have a very good understanding and the distribution network in terms of acquiring new customers, having a good turnaround time and meet their requirements not only from the loan purpose but also in terms of solutions coming from the digital and the tech side.

I think this is one area where we would like to continue to outpace the industry. On the retail side, I think currently our strategy is definitely in terms of chasing a profitable growth, and we would not like to grow in those asset classes where the returns are not as per the risk.

Definitely we are looking for some products on the retail where we are currently not there in terms of building our capabilities and start growing on this. I can name just two things.

Maybe one I am not saying on the loan side, but definitely on the wealth side is one area where we would like to explore and build our strength in this side. Plus we may also look in terms of if the product like gold loan offers a good opportunity, how we can start building our capabilities for that product also.

I think the last part of the guidance was very important, and I wish the entire team best of luck for the next quarter. Thank you.

Thank you so much.

Hi, sir. Congratulations on a steady quarter, sir.

I have two questions. One is you specified the impact of gratuity under the new labor code, but the number seems relatively very high if you compare other banks, those who have given the preliminary assessment.

Any reason, sir? Other banks are saying only maybe one-fourth, one-sixth number of what you have reported.

Any more details you could share there? Hello?

Are you able to help me? Hello?

Hello?

I can hear you now, sir.

I think we were disconnected in between. There in terms of our understanding of the wage bill is talking about that you need to calculate gratuity assuming that your wages have to be at least 50% of your fixed pay, okay?

Correct. As per, at least as per our wages structure, currently the basic pay is around 30% of the total fixed pay.

If we have to define as per the new wage bill, then the gratuity has to be worked only basis of if the basic becomes almost 50% of that. Sure.

Now if we take it from 30% to 50%, and this is how we have worked our liability. We have been very, very, say, I would be saying careful in terms of why not to make provisions.

Instead of the coming quarters, we continue to have a negative impact. Basically the strategy was more in terms of workout, as per our understanding, make a one-time provision so that the future earnings are not being impacted from any possible interpretation of the issue.

Right. Sure.

Thank you, sir. The second question, sir, on SMBC, right now they are majority, they are the largest shareholder but not promoter, and they also have through their four Indian branch.

Do you see a possibility wherein four Indian branch of SMBC is amalgamated or converted to wholly-owned subsidiary, or how does it work? Can they run parallelly, or do you think there is going to be an impending change there?

Or how should one look at that?

Jayanth, my understanding is almost similar to what understanding you would be having on this. Nothing different, okay.

They are currently 24.99%. We have also seen a news item that got approval for a wholly-owned subsidiary.

How things will shape up in the future, I think all of us together will see that.

No, sir. I am not asking you to give me any future thing.

Why I wanted to check, they can, those four branches, can they run separately, or they have to be mixed with Yes Bank current operation as of now? Nothing into future.

They can run separately, or they have to be...

Because this is the first time this is happening in the Indian banking space. Very, very difficult to give a definite answer in terms of having a complete understanding how the regulator would think about it.

I think at this point of time, let's see how the whole thing would take shape in future.

Sure. Last, and sir, on asset quality, right, this quarter you have done exceedingly well.

The SR redemption continues and the specific provisions are negligible. Sir, if I look at last quarter, right, so, somehow it is creating a bit more volatility in the specific provisions.

If you look at last quarter, there was a bump-up, and this quarter, there has been significant decline. Fair to say that if you continue to receive, let's say 500 crores kind of an SR redemption, you can sustain the current negligible kind of a credit cost, or that can again have a volatility in this line item?

Jayanth, if you look at our, I think the right metric to look, Jayanth, is really the NPA provisioning, because as you rightly said, SR provisioning can at times be unpredictable. It is not a function of what we are doing; it's a reflection of what the asset reconstruction company is doing, although we keep getting cash flows from them.

I think just on the NPA provisioning, the credit cost, in March we did see provisions of about 900 crores. It kind of came for the next two quarters at about 680-odd crores, which has now come down to about 533 crores, right?

It's also clearly coinciding with the way our core asset quality performance has improved. Slippages have also come down.

Now on the security receipts, look, we did see a dip last quarter. We did see some increase now.

I think that's the way some of these things will play out. On the whole, we've always said that, we had guided last year that our net credit cost, non-tax provisions to assets, should be below 50 basis points for the full year.

I think we're happy to state that I think that's something we should be able to continue, regardless of the volatility that will happen during different quarters.

Right. Sure.

If you have any rough-cut range of this redemption over the next, let's say, two to four quarters from this SR portfolio?

No, I think, Jay, it would be difficult to say, but I think today if you see that out of 6,800 crores of security receipts, now we are left with only 1,800 crores. 5,000 crores have been fully resolved, and in addition to 5,000 crore, we have also received an upside of almost 2,500 crores.

I think if we see that part, definitely for the remaining book, things would become more difficult and it will take more time. I think we have given a guidance for this year in terms of having recoveries of 1,200 crores for the entire year.

We have already achieved 1,111 crores. I think fortunately, our estimation on this part has been proved correct.

I think next year onwards also we would be seeing maybe recoveries in the range of 800 kind of thing.

Right. Understood.

Niranjan, if you have the number in rupees crore for PL and credit card slippages, because I see that there has been a lot of improvement in the retail slippages. Just that number in absolute crore will be very, very helpful.

If you can bear with me for 30 seconds, we will have that number. PL, you're saying the gross slippage number is about 180 crore, and credit cards would be about 140 crore.

Okay. They are clearly down, right?

If you have the corresponding number last quarter.

Last year this number was about, same time was about 250 crore. Credit cards was about 190-200 crore.

We continue to see improvements from those numbers. Yeah.

Jay, just to add— Rajan here. Just to add to this, one is the gross slippage number.

The other one also is to look at the entry rates, right? Entry rates in cards from 20% is down to around 12%, right?

Which gives us significant confidence on the way things are panning out. Similarly for retail assets, I don't have here for only PL, but overall for retail assets, it is down to 8.7% as compared to a high of around 10.7% a couple of quarters away, right?

Both in terms of entry rates, resolution, and slippage and recovery, each of the product, including cards, is showing a significant improvement.

Sorry, I did not catch this entry— did you say entry rate, or what is that? Entry into delinquency?

The check bouncing rate, entry into the...

Sure. Thank you very much, and all the very best.

Thank you.

Thank you.

Good afternoon, gentlemen. Can you hear my voice?

Can you hear my voice? Hello?

We can hear you, sir, but there's a disturbance on your line.

Good afternoon, management team. Good afternoon.

Yes. Congrats.

Splendid set of numbers again. My question is regarding the advance growth, okay?

Are you confident to achieve the advance growth in the figure of high teen or mid-teen?

No, I think we are not aspiring for that kind of loan growth, okay? We are more in terms of a profitable loan growth.

We don't want to simply grow for its top line purpose, okay, without having profitability. I think mid-teen or high-teen is sometimes away, okay?

Immediately what we are looking for the current financial year would be somewhere around 8%, and for next financial year we would like to be in line with the market.

Sure. No problem.

Yeah. Good evening.

Am I audible? Yes, you are audible.

Yeah. I think congratulations for an excellent set of numbers in these competitive market conditions.

I just have a small question. As a retail individual investor, when can we expect a nominal simple dividend from the bank in future?

Nagesh, thank you so much. I think I recall, you were also participating in the earlier call.

I think fundamentally if you see, from where we started, we have been able to show quite a decent performance in very tough market. Definitely we would like to see that going forward we continue to perform much better and reward our investors.

Yes. Any rough tentative timeline, one year, two years, something like that?

Because the equity is very high, servicing this kind of an equity is difficult, I understand.

Nagesh, at this point of time, I think it's very, very difficult. We need to discuss this part in terms of board and other.

I think at the right time we would also come back.

Thank you very much and all the best, sir.

Thank you so much.

Yes, hi, can you hear me? Please go ahead.

Mr. Prashant Kumar, first of all my appreciation.

I hope my words don't sound bad, but you came in at a time and adopted an orphan and brought it to this level. To you personally and to everybody else who turned around Yes Bank, that it could attract an investor like SMBC.

Secondly, I am joining this for the first time, your conference, but I am a little difficult investor. I don't want to get satisfied with a dividend, but I have my own estimation of the stock price with this SMBC coming in.

When can you, and I know you have already said that you're looking for profitable growth on your loan book. When can you, or when can we see a doubling of your loan book so that my stock price can go up to 200?

No, but I think first of all, thank you so much for understanding and appreciating the performance of the bank. I think what we also need to be conscious of that ultimately what is the expectation?

As per our understanding, the expectation from the investor is always in terms of profitable growth, instead of maybe doubling the loan book where you don't earn and you come across the credit issues going forward. I think for any bank it's very, very important to diversify the loan portfolio, have some time in terms of understanding, doing it better, gradually grow, and this is exactly what we are doing.

If you see continuously every quarter has been better than the previous quarter. I think we would still like to be very, very calibrated, cautious, okay?

Would not like to do anything which can create any pain point for our investors or the depositors. We are quite, I would be saying, confident and feel happy that we are absolutely moving on the right track.

I don't want to even ask about SMBC because I think you have already indicated in the conference, and we will let the things unfold at the natural pace, as per your own understanding internally what you have with them. I think it's a beautiful chapter which we are waiting to unfold, for it to unfold.

My best wishes to you and your team, and once again, you must be, I think, I have a feeling that you're probably underappreciated at this point of time in the banking industry as the task on your hands five years back was very, very difficult. I'm trying to bring in this point, although it may not matter to people who are listening to this, but I know how difficult it is to keep a team motivated and bring them to a level of semblance.

Best wishes for you. Thank you.

Thank you. Thank you so much for your understanding and appreciation.

All the best to you, and thanks for this opportunity for discussion. Thank you.

Thank you.

Again, thank you so much for your continued interest in Yes Bank, attending the conference call and asking all the questions. I can only assure you that as a bank we would continue to work for showing a better performance and to the benefit of all our depositors and investors.

Thank you so much and wish all of you and your family a very happy New Year.