Yeah. Thank you, Rutuja, and good evening everyone.

On behalf of Ambit Capital, I would like to thank the management of City Union Bank for allowing us the opportunity to host Q3 FY 2026 and 9 months FY 2026 earnings call. We have along with us Dr.

N. Kamakodi, MD and CEO; Mr.

R. Vijay Anandh, Executive Director; Mr.

V. Ramesh, Executive Director; Mr.

J. Sadagopan, CFO; and the management team of City Union Bank.

I'll now hand over the call to Dr. N.

Kamakodi, MD and CEO of City Union Bank for the opening remarks. Over to you, sir.

Good evening, everyone. Dr.

Kamakodi here. Hearty welcome to all of you for this concall to discuss the un-audited financial results of City Union Bank for the third quarter 9 months ended 31st December, 2025 for financial year 2026.

The board approved the results today, and I hope all of you have received the copies of the results and the presentations. As you all know, the 15 years will be completed on 30th April.

As you all know, this is my 59th quarter today. We have one more quarter to go.

Based on the regulations currently in force, I have to complete my tenure on 30th April. Keeping that into account, our board has sent the list of candidates to RBI, and once we receive the further approval, we will be in a position to communicate to you all the status.

Far, everything is going as per the planning and all so far so good. We are also happy to note that our net worth has crossed ₹10,000 crore mark today, which is an important milestone in the history of the bank.

We are also happy to inform you one of our board members, Professor V. Kamakoti, who is also the Director of the IIT Madras, had been honored with the country's prestigious Padma award, Padma Shri, and his significant contributions to our country's science and technology sector, and we are happy to share with you all.

Also, we have a new induction to our board today: Sri K. Subramanian, Chartered Accountant, and also an executive with almost 38, 39 years service with the Tata Consultancy Services, had been inducted into our board, we expect a good contribution from him in the future.

Other details are available in the presentation. With this, I hand over the mic to our Executive Director, Mr.

Vijay Anandh, who will discuss the numbers. Also, we will be discussing the questions and answers at the end.

Over to Vijay Anandh.

Thank you, sir. Good evening, all.

During last concall, we had shared with you our expectations for the current financial year as below. We could see the visibility in achieving mid-teen to high-teen growth, at least 2% to 3% over and above that of the industry.

Our deposit growth is aligning with credit growth, and this will continue. CRR cut is giving positive impact, and we are expecting some positive bias in the NIM during Q3 and Q4.

ROA is expected to remain at our current level of 1.5% plus. Our cost-to-income ratio remains in the range of 48% to 50% for financial year 2026.

For the current quarter, 9 months ended FY 2026, our performance is more or less aligned with our expectations whatever we have shared with you all. You could see we have surpassed on some counts.

Advance growth: we had registered 21% advance growth in Q3 financial year 2026 YoY, and our advance have increased to ₹60,892 crore from ₹50,409 crore in Q3 FY 2025. This growth is consistent starting from Q1 FY 2025, and we had achieved double-digit credit growth all the quarters up to Q3 FY 2026.

That is for the last seven consecutive quarters, we have achieved this double-digit growth. In Q3 alone, our advances had grown over by ₹3,300 crore, which is more or less similar to our Q2 growth.

Also, the growth of 21% is the highest credit growth after financial year 2018, which is almost after 28 quarters. As given earlier, we will continue with the targeted growth of mid-teen, which is 2% to 3% over and above the system growth.

At the same time, we will not let go the opportunities when we encounter. The focus continues on core MSME, gold loans, and secured retail.

Deposit front: our deposits also had a growth of 21%, similar to advances, and our deposits stood at ₹70,516 crore for Q3 FY 2026 as compared to ₹58,271 crore in Q3 FY 2025. Our average CD ratio for Q3 FY 2026 stood at 86%.

The CASA percentage to total deposits stood at 27%. The daily average CASA grew by 3% between Q2 FY 2026 and Q3 FY 2026, and 19% year-on-year, which is Q3 FY 2025 and Q3 FY 2026.

As we had received AA rating last quarter, which enhanced our opportunities to participate in the wholesale deposit market. To test the waters, we went for a certificate for ₹49 crore in Q2 FY 2026 and around ₹1,150 crore in Q3 FY 2026 to get a feel for the market.

Anyway, our focus will be on granular retail deposits, and this participation in CD market is purely to get an experience. Asset quality status: in asset quality front, we are continuing with the trend of recoveries over and above slippages as we have seen in last several quarters.

For Q3 FY 2026, the slippages is around ₹193 crore, while the total recoveries is ₹219 crore, consisting of ₹164 crore from live NPA and ₹55 crore from technically written-off accounts, resulting in reduced NPA figures. Our gross NPA percentage had reduced to 2.17% from 2.42% in Q2 FY 2026 and 2.99% in Q1 FY 2026.

Both gross NPA and net NPA, in both percentage and absolute terms, is reducing quarter-by-quarter for the last 11 quarters or, say, close to three years on continuous basis. When compared to Q3 FY 2025, the GNPA had reduced from 3.36%, which is almost 119 bps reduction.

Similarly, our net NPA number had come below the ₹500 crore mark and decreased to ₹469 crore, and our net NPA percentage to 0.78% in Q3 FY 2026 as compared to 1.42%, resulting in 64 bps reduction in net NPA on year-on-year basis. Net NPA was at 1.2% in Q1 FY 2026 and 0.9% in Q2 FY 2026.

We are now at 0.78%, showing substantial sequential decrease. In our last concall, we have stated that our overall SMA, including SMA-0, 1, and 2 put together, are in decreasing trend for the past few quarters.

The total SMA numbers for Q3 FY 2026 stood at 3.68% compared to 5.06% in last quarter, showing significant improvement in these numbers. Overall SMA-2 to total advance had come down below 1% and stood at 0.95% in Q3 FY 2026 as compared to 1.34% to Q2 FY 2026 and 1.59% in Q1 FY 2026.

As we speak today, we are at 0.95% for this quarter. For Q3 FY 2026, PCR with technical write-off stood at 83%, which has improved from 77% in Q3 last year.

Starting from Q1 FY 2025, we had been increasing our PCR without TW to bring it closer to the industry levels. For the current quarter, PCR without technical write-off had improved to 64% compared to 59% in Q3 FY 2025.

Interest income: our interest income had grown by 19% in Q3 FY 2026 and improved to ₹1,756 crore from ₹1,479 crore in Q3 FY 2025. For 9 months ended FY 2026, our interest income stood at ₹5,014 crore as compared to ₹4,301 crore, showing 17% growth: ₹5,014 crore compared to ₹4,301 crore.

Yield: on yield front, our yield on assets stood at 9.73% in Q3 FY 2026 as compared to 9.81% in Q3 last year. Compared to Q2 FY 2026, the yield has marginally improved by 7 bps.

For 9 months FY 2026, the same is 9.73% as against 9.74% similar period last year. On the cost side, the cost of deposits have reduced by 14 bps sequentially due to the repricing benefit, and stood at 5.57% for the quarter compared to 5.71% in Q2 FY 2026.

As a result, our NIM has increased from 3.63% in Q2 FY 2026 to 3.89% in Q3 FY 2026. Faster repricing of deposits and increase in gold portfolio with fixed rate is driving this improved NIM.

For the 9 months ended FY 2026, the NIM is at 3.69% as compared to 3.59% for the same period in FY 2025. We expect a stable NIM for Q4 as well, with 10 bps plus or minus.

The other income for 9 months FY 2026 has increased by 16% to ₹748 crore from ₹647 crore last year. Further opportunities on treasury profits are getting limited, which we are working hard to compensate through other means like insurance income, processing charges, etc.

Our operating profit had grown by 18% in Q3 FY 2026 and stood at ₹513 crore compared to ₹436 crore in Q3 FY 2025, which is in tune with 21% business growth. For year-to-date, that is 9 months ended FY 2026, it had improved to ₹1,435 crore from ₹1,238 crore for 9 months ended FY 2025, registering a 16% growth.

The total PAT had grown by 16% for 9 months ended FY 2026; it stood at ₹967 crore as against ₹836 crore in the corresponding period in FY 2025. Q3 FY 2026, our PAT was at ₹332 crore as against ₹286 crore in Q3 FY 2025.

Cost to income: our cost-to-income ratio for Q3 FY 2026 stood at 48.56% compared to 49.16% in Q2 FY 2026, showing some decrease, while for 9 months ended FY 2026 it stood at 48.62%. ROA: our ROA for Q3 FY 2026 is at 1.53%, and our 9 months FY 2026 ROA is at 1.55%, which is over and above our long-term level of 1.5%.

To sum up, we have achieved consistent double-digit growth in all the four quarters of FY 2025 and also three quarters for the current financial year. We would end up in high-teen growth for FY 2026, which will be over and above the industry-level growth.

Our focus continues to be in the areas of core MSME, gold loan, and secured retail. Our deposit growth will be aligned with the credit growth, with focus on CASA and granular deposits.

The effects of CRR cut will have some positive bias in the next quarter, as well as in our NIM levels. ROA is expected to remain at our current level of 1.5% plus, and our cost-to-income ratio remains in the range of 48% to 50% for financial year 2026.

Thanks a lot to everyone. Happy to take the questions.

Thank you for the opportunity, sir, and congrats on a fantastic set of numbers. Just wanted to understand the provisioning breakup for this quarter given that it is slightly higher on a sequential basis.

Does it also involve any floating or standard asset provisions? I can also see that PCR has gone up.

If you could elaborate the thought process here, I think it will be helpful.

See, we had ₹74 crore provision for NPA vis-à-vis ₹40 crore for the last quarter, and provision for tax is almost stable at ₹85 crore both here, and the standard assets provision increased from ₹7 crore to ₹22 crore. See, the logic is when I hand over, I have to reduce the NPA level as much as possible.

We have achieved our targeted ROA of 1.5% plus, and we are going for higher provision to improve the coverage ratio and also reduce the net NPA numbers.

Yes, okay, fair enough. Thank you so much.

Secondly, if one were to look at incrementally, how should one look at slippage ratios going ahead because we are now on a reasonably strong growth trajectory and also share of retail assets continues to inch up. If you could comment on that, especially for FY 2027 if you can share some thoughts, that will be great.

See, basically, for many quarters now, the total recoveries of live NPA and technically written-off NPA together are more than the slippage numbers. Using that and also having some incremental provision, we were slightly behind the pack in terms of gross and net NPA percentage even last year, which we have caught up to a greater extent.

Whenever we feel that gross NPA and net NPA numbers are comfortable and we can go for higher profits, we will be taking the call, and we will be reviewing that situation. Probably Vijay will also concur with me.

Based on that decision, the incremental credit provisioning will be decided.

Sure, sir. Okay.

That's all from my side. Thank you and all the best.

Congrats again.

Sir, thank you for the opportunity and congratulations for a good set of results. Sir, what is basically driving up our margins?

We saw your interest on advances actually shooting up this quarter despite most players reporting a rate cut. Is it that last year or basically earlier on we had a lot of interest reversals which is not happening now or the incremental loans are basically coming at a better yields?

The MCLR-related regulatory issues that we had, that also seems to be largely behind. What basically explains the jump in the interest on advances that we are seeing at this point of time?

Sir, basically we had a repricing on deposits as mentioned in my commentary. Almost ₹14,200 crore got repriced.

This is from the deposit side. From the advances side, we have moved to fixed rate in gold loans, so that is now stable.

In MSME also we have targeting the numbers what they are supposed to, as well in retail secured. I think the combination of these factors is helping us in getting it right.

Do you expect the interest on loans to go up further?

I don't think so, sir. Quite difficult.

Okay. Your cost will keep coming down.

One more thing which you have to keep in account, Anand Dama: the reduced CRR ratio also is helping us, and also we are operating at a slightly inched-up average CD ratio. All are helping us to have a better margin.

Okay. That basically gives you confidence that in fourth quarter margin should be largely flattish.

That's why we have, as usual we have given plus or minus 10 basis point band.

Sir, how should we look at FY 2027? Should the margins be in the range of about 3.9% or should inch up further?

Ask for one quarter at a time, boss. You are still not sure how the RBI rate cuts are, how it is going to move and all.

There are multiple factors which we have to look into. Whatever that happens, our endeavor is to have it, that 3.75% to 4% is what we had done in the previous cycle for few quarters.

That stability is what we are targeting and trying to work out.

If assuming there is no rate cut, then we should expect a stable to better margins next year?

Yes.

Secondly, what is driving up the other opex during the current quarter? It was ₹254 crore versus ₹251, ₹230 crore last quarter.

Is it more related to business or was there some one-off over here?

No, I think it's almost same. It is flat.

We had at ₹455 crore in Q2, and we are at ₹484 crore. Majorly it's going to be technology expenses and salaries.

Nothing much.

You've largely taken the labour code impact, right, this quarter itself?

See, fortunately, right from the beginning, you have to calculate based on the basic plus DA. We are not getting impacted because right from the beginning our calculations on the retirals benefits and all, everything is based on the basic plus DA basis only.

It was not purely based on the basic. Also that both the things should come above 50% is also not making any impact to us.

Only thing impacting us in a minor form is the gratuity you have to give for even one year unlike what it was 10 years in the past, for which we don't expect a big impact and all. We have not yet got the actuarial calculations and all from our LIC, which is managing our fund and all.

Expecting those things, we have made a marginal provision of ₹2 crore for the current quarter.

Okay. Sir, ECL provision you made last quarter, this quarter you've not made any ECL provision?

This quarter also about ₹4, ₹5 crore we have made. This quarter we have not made any incremental provision for ECL.

Okay. You expect you're going to make it next quarter?

See, basically after that SMA numbers are coming down, we are seeing some moderation. Based on the requirement and the clarity, we will be taking that.

We are just keeping a tab on that and trying to look at how we can take it forward.

Sure. Sir, lastly, the RBI supervision would be over by now hopefully.

You would have got the final report. Any observations over there in terms of PSL or anything else that you want to highlight?

No. I think if you remember, we had that heat about 3 years back.

After that, this year cycle is over, and so far so good, and nothing to declare to market.

Great, sir. Great.

Thanks. Thanks a lot, sir.

Hi sir. Thanks a lot for the opportunity.

Sir, my first question is your gold loan portfolio within agriculture has declined on a 2% on a QoQ basis. Anything to read into that?

That's my first question. My second question is what proportion of the deposits are yet to be repriced in quarter four?

My third and the last question is within the overall advances, last time around you quoted that there's a ₹500 crore renewable energy portfolio, which is slightly higher in yield than your core MSME portfolio. Just within the overall advances, what proportion is these higher yielding portfolio, and what would be that proportion say two, three quarters down the line?

Those were my questions. Thank you.

Gold loans, we don't expect much. It's an agricultural gold loan which has come down.

It's again based on the season, harvesting, and other things. I think it should be back to normal.

Nothing much materialistically in this. With respect to the next question of repricing of deposits, another ₹10,782 crore to go.

This is a repricing which is going to happen in the next couple of quarters. This is on your second question.

Sorry, I missed your third question. I'm sorry, sir.

Third question was: so last time in the last quarter's concall, you had mentioned that you have started doing renewable energy portfolio, which was around ₹500 crore as of Q2. There were certain other segments where you are earning slightly higher yield than your core MSME portfolio.

Just trying to understand what are those segments and what would be the proportion of those segments, say, two, three quarters down the line?

See, I think you are linking what we got from the IFC when we sold that is the purpose is kept for the solar. Many of our customers are asking, and there is a slow and steady progress.

Our expectation is that we should be able to complete that before the completion of the calendar year 2026. The progress is slow and steady without much issues so far.

Okay. Sir.

Thanks, sir.

Hi sir, good evening. Congrats on a great set of numbers.

Just few questions. One is that what is the growth outlook from here on?

We've seen a very strong loan growth. You had guided in the last quarter that we may also do something around 18, 20.

It's more than that. How do you see that from here on?

Sir, as explained in the summary, we are expecting it to mid to high-teen. We will continue to grow like this.

Mid to high-teen, I think you can expect it from us.

Sir, if I want to ask a follow-up on that is: what CD ratio we are comfortable on from here on? It was 86% almost.

We want it to be between 85% to 86%. That's a number which we are looking at.

Okay. 85% to 86% is where we are comfortable at.

Yeah. Yeah.

Right. Sir, can you give some data on this: how much is EBLR, fixed, MCLR as a share in our loans?

See, the EBLR around 48%, MCLR around 17%, and 32% by way of fixed rate for gold loans, and 3% towards gross NPA put together. And

3% is for?

NPA. Non-performing.

Okay. Got it.

Last question was on write-off. We've seen write-off going up a bit quarter-to-quarter.

Last quarter we had Of course, quarter-on-quarter it has fallen, but as a number still looks like we doing about plus ₹1,000 crore. What is the thought process there and what is entailing that write-off?

See, as I told for I think one of the earlier questions, Kamakodi here, the thought process involved is like this. One, wherever we have made maximum provisions and all, we are using this opportunity to reduce it so that the management of gross and net NPA will be better.

Number two, it also helps in the taxation purpose also. Considering both, and you can also see that we continuously have a decent stream of recoveries from the return-off assets.

Even this year also we had a very reasonable sum. This technical write-off is one instrument which we are using for quite some time, and we feel comfortable with that, and our future also we feel we will be continuing with the same methodology.

Sure, sir. Sir, if I can squeeze one more.

Our tax rate has been consistently lower, right, about 20%, and we managed to keep that for some time. Can that continue for some time more given is there some room there?

You mentioned about write-offs.

It will go as far as we are once again depending upon how much write-offs we are doing and how much incremental provision we are making. It will take a comprehensive step on all these parameters put together.

This will probably continue for at least another two, three, or four quarters, maybe even to the completion of the next year. Further future will be depending upon increase in your NPA slippage cycle, which we hope we should be another not less than four, five quarters away.

Sure, sir. Got it.

Thank you so much and all the best for future.

Good evening, sir. Thanks for the opportunity and congrats for a good set of numbers.

Sir, in the repo cuts which have happened up till now, we have been able to manage by not transmitting the entire cut to the borrowers. For the 25 bps cut that has happened in December, will that be a complete transmission or where will we be able to manage with lower cut?

Has that got reflected in the yields this quarter?

Whatever the rate cut which has happened by December, this has completely got transferred to the customers and there is nothing much left in EBLR.

Effectively 25 basis point has got transmitted? Yes.

Yes. For all the loans which are in EBLR.

We have 30% in, yeah, 30% in gold loan. Those portions will not get these thing.

That's why the overall impact will be less than 25 basis point. Just to give you, our overall annual impact because of this rate cut comes to about 40-odd crore, ₹45 crore, which translate into about ₹11 crore per quarter because of this last rate cut whatever we had.

One thing is that in this third quarter, it has happened only towards the last 1 month or so. This impact will be there for all the 3 months in this current quarter, but you will be having that compensation from the benefits we are getting on the repricing of term deposits, which Vijay Anandh gave a figure of about ₹14,000 to ₹17,000 crore or something like that.

With that, taking both these things into account only, we said based on our expectation that our NIM will be by and large stable, may even have an upward bias, but will be in the band of plus or minus 10 bps.

Sure. Sir, just on the yield on the MSME portfolio, how would it have moved in the last 9 months vis-à-vis March to December?

MSME we are maintaining at 9.5%. The yield is more or less same.

Broadly no changes in the quarter, sir.

In March also it would have been at a similar level, in March?

By and large,

yes, same. 10,

15

bps. Not a big difference, sir.

Sure. Sir, on the standard asset provision of ₹22 crore this quarter, is it only linked to the increase in the balance sheet or is there any other component here?

Only increase in the balance sheet.

Sure. Sir, with the reduction in SMA, where do we stand on the ECL provisions versus the requirements?

We we have in fact discussed about this in the, I think, last quarter or I think even on the second quarter we discussed that at length. We are seeing, like say, negative bias even in that requirement in the last couple of quarters because of the lower SMA numbers.

You can probably get details from the, I think, last quarter or first quarter

last quarter

only, yeah, last quarter concall. We have discussed at length on these numbers.

Right. Sure.

As per the assessment as of 3Q end—

I also clearly said I will not be giving any exact number till other banks give the exact numbers. I stand to that statement.

I will not be one of the first banks to give that. Directionally I have given everything possible with which you can make your own assessment.

After I declared that, there is still downward bias on that requirement is what I can add.

Sure, sir. Sure.

Thanks. Thanks a lot.

Hi sir. Good evening.

Congrats for a good set of numbers. My first question is: what are the segments in retail facing competition, and how is the yield for each segment has changed after the rate cut?

Sir, retail our major focus is on LAP and home loans, and of course we are leveraging our rural branches for affordable home loans. LAP, I think we have down by 20, 25 bps what we used to do before.

What advantage we are getting is our DSA sourcing, so-called third-party sourcing, is negligible. We don't go beyond 10%, 15%.

That's giving us a benefit. As we speak, the LAP is around 9.5%, 9.4%, 9.5%.

Affordable in rural, we have been consistent basis the branch sourcing, and that's giving us a double-digit yield. In home loans, we are always at around 8.8% to 9%.

That's been our core thing. Yeah.

Just to add to Vijay Anand's comments and also just to give a right perspective to your question: after the RBI rate cut, at industry level, we are not seeing any equal or substantial reduction on the new files procured. By and large, old rates are holding up because of liquidity position in the overall industry.

We had a few weeks when we could even, what do you call, negotiate increase in the rates also.

Okay. Okay.

Thank you.

Overall speaking, yeah, on weighted average basis, there is some downward push, but it is not exactly correlating with the 25 basis point rate cut. It is somewhere in between.

Got it. My second question is on the deposits.

Deposit is currently growing at a low-teen base. Going forward, how do you see this would be growing at a high base?

See, we have given adding the CD and other things, both have grown by about 21% is what you are seeing on point-to-point basis. For us, what we have seen is that it is not that every quarter the growth rate of deposits and growth rate of advances will match.

There are fluctuations here and there. As explained by ED Mr.

Vijay Anandh, the focus for us is on retail term deposits and also granular CASA. We don't have anything to currently suggest that the deposit growth will not be matching with the credit growth or whatever it is.

Both deposit and credit growth on overall business basis on a, what do you call, one year full basis, as suggested by ED Mr. Vijay Anandh, in fact, earlier we used to say low to mid-teens; now we are seeing mid to high-teens.

Some amount of positive bias we are able to see. We don't get any threatening now or to suggest that we will not be having sufficient deposit growth and all.

That could be quarterly aberrations. To manage that liquidity position only, we have made trials on the certificate of deposits and understood the process and all, and keeping it as a backup.

One or two quarter liquidity management can be done by that, but overall growth rate of our business will be from the retail term deposits, granular CASA, and also on advances front, MSME, gold loan, and secured retail.

Okay. Thank you, sir.

Hi sir, good evening. Thanks for taking my question.

Firstly, on the quarter-on-quarter opex growth, there is no meaningful change in our channel sourcing or payments to DSAs or any such thing, right, because the quarter-on-quarter opex growth is up. If not, what is driving this?

Some color and how we should think about this going ahead. Yeah.

Very very negligible for DSA payout as I said couple of minutes before. The DSA sourcing is hardly from 10% to 12% for us.

There is no DSA. See,

just to give you a perspective, in third quarter, there will be a provision for the Diwali bonus and things like that. Last year if you look into, our salary increase between Q2 and Q3, depending upon where we give, it was with ₹178 to ₹196 crore, about ₹18 crore growth was.

Last year it happened in the fourth quarter, and some amount of quarterly aberrations will be there based on when we give our the variable pay and other things for our these things. There is an increase of about on salary between Q2 and Q3 about ₹6, ₹7 crore.

About ₹30 crore increase in the overall operating expenditure. In that, depreciation also increased from ₹25.7 crore to ₹29 crore, another ₹4 crore.

Like that, in different items. Another item basically on GST taxation payment, it increased from ₹12.25 crore in the Q2 to ₹21 crore in the Q3, about ₹9 crore.

The ₹35 crore, ₹29 crore incremental cost, the breakup is coming from for Q2 to Q3, breakup of increased salary is about ₹3, ₹4 crore, the GST payment by about ₹8, ₹9 crore, and depreciation about ₹4, ₹5 crore. Like that, it is getting segregated among multiple headcounts.

That depending upon the situation, overall cost-to-income ratio whatever we had indicated during the year beginning, it is holding up, and feel in fact there is a small reduction in the overall cost-to-income ratio also.

Fair enough, sir. Largely on business as usual,

nothing abnormal in the pattern between Q2 and Q3.

Nothing abnormal in the pattern between Q2 and Q3. Fair enough.

Sir, next on the gold loans, if you can tell us what is the LTV on sourcing roughly and on book also?

At the onboarding time, it's around 65%. When you add the interest for the 1-year period for all the non-agri gold loan, it comes to 72% or 73%.

72% including the interest. Okay.

Okay. On your book basis on average roughly you would have an idea?

Now after the increase in the gold price, it's worked out to around 55% to the overall portfolio.

Okay. Fair amount of equity is there.

That part is clear. Thirdly, sir, how to think about growth going into FY 2027?

I heard in the opening commentary we are clearly surpassing our normal trend line. This is our best growth since FY 2018, as you called out.

How to think about growth going into next year?

We have given, what do you call, a lot of sentences on this question asked. You are asking a question for which we don't have any returned answers with us.

What you can infer is that earlier we said we will be growing from low to mid-teens; so now we say mid to high-teens. This is the sum and substance.

Okay. Fair enough.

Congratulations on the quarter, sir. Thank you so much.

Thank you, sir, and congrats. Just one question on the gold book, right?

You mentioned 30% of your total book is gold, right?

Yes.

Okay. That is fixed rate.

What will be the tenure of these loans?

For agri, it may be in the range of 18 months to 24 months, whereas for non-agri, it's around 12 months.

Okay. Within 12 months, these can be repriced.

Yes.

Okay. That's it.

Thanks a lot.

Thank you all for attending this conference, and if you have any more questions, you can always contact Mr. Jayaraman or our ED Mr.

Vijay Anandh. As I explained to you, I have successfully completed my 59th quarter, and so far so good.

Things have been working out well, and I think going from here, on every parameter, you will start seeing improvement. With this few words, I once again thank you all for joining and also thanks to Ambit for arranging this.

Thank you all.