Bank of Maharashtra (MAHABANK) Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Bank of Maharaja Limited Q1 FY '27 Earnings Conference Call, hosted by Nuvama [ wealth]. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Mr. [ Raj Jha ] from [ NuvaMagel]. Thank you, and over to you, sir.

Thank you, Sagar. Good evening, everyone. Thank you all for joining Bank of Maharashtra Q1 FY '27 Post Results Conference Call. From the management team, we have Mr. Nidhu Saxena, Managing Director and CEO; Mr. Prabhat Kiran, Executive Director; and Mr. [indiscernible], Executive Director. We, at the [indiscernible] grateful to the bank for giving us the opportunity to host this conference call. Without further delay, I would now like to hand over the call to Mr. Nidhu Saxena for his opening remarks. Post that, we will open the floor for the Q&A session. Over to you, sir.

Thank you. And at the outset, I extend a warm welcome to all the investors for joining this investor call. June 2026, Q1 of this FY has yet another good quarter of business growth for the bank, wherein we have seen no major challenges around our asset quality, which is getting maintained at the same good healthy levels. The stress in the loan book also is being well managed. There has been improvement around that. Our efficiency ratios, profitability ratios also have -- is showing signs of consistency, and we continue to consistently maintain our performance over now past several quarters. Coming to specific numbers. We had, in my last interaction, shared the guidance number on around 1,516 parameters. I'm happy to share that all the guidance around the growth parameters, the profitability parameters, asset quality, parameters, profitability, efficiency parameters. We are maintaining a performance in this Q1, which is above the guidance numbers. Specifically speaking, total business, which was guidance of [ 16 to 17 million]. We have grown year-on-year by 19% [ 1 lakh 4,000 ] crores of business is added in the past 1 year. Total advances against 18%, we have grown at Y-o-Y 27%, [ INR 65,000 crores ] of advances have been added. Total deposits also [ 14% ] against [ '14 ] guidance, we have 14%. The [ CASA ] within which has also grown year-on-year by 9% by -- in percentage terms and INR 14,000 crores in amount terms. The RAM book versus corporate group, the ratio has been maintained at 63-37. Our individually, our retail has grown at 25%, agri at 30% MSME at 23%, and corporate book also has a healthy 30% growth year-on-year. Gross NPA is maintained at the March level 1.45% against our guidance of maintaining it below 2% and NPA likewise, against our guidance of maintaining less than 0.25% is maintained at 0.13%. PCR stands at a healthy 98.55%. Recovery performance in the Q1 also has been reasonably good. INR 709 crores of recovery has happened within which cash is INR 490 crores odd, and upgrades are INR 208 crores. Recovery from the write-off book has been INR 305 crores in the Q1. Our stress percentage also has come down in the overall loan book to 3.18%, which is 140 bps improvement year-on-year in the stress percentage. In terms of amount wise also, the stress number has come down in absolute terms by INR 1,300 crores. The leaving [ SMA-0 ] [ SMA1 ] [ SMA 2 ] that book also has registered an improvement of 5 basis points. It is now at 1.34% year-on-year. Coming to the profitability. Operating profit has shown a healthy growth of 21% year-on-year. with adding INR 547 crores, our OP is INR 3,117 crores. Net profit for the Q1 is INR 2,020 crores which is a year-on-year increase of 27%. The NIM stands at 3.85. It has been a reduction of 10 bps, but we are healthy 10 bps above our guidance number of 3.75, which again, I would say, is decent number to maintain at this level. ROA at 1.9% is, again, an improvement of 10 bps year-on-year. Likewise, ROE has improved 165 bps year-on-year and stands at 24.65%. The cost of funds and cost of deposits both have seen improvement by way of reduction by 25 bps and 22 bps, respectively. Our credit cost has also come down by 20 basis points and has remained within our guidance of maintaining credit cost below 1%. CET1 capital adequacy, [ 15.5 ] CRAR at 18.64% qualifies us to be well-capitalized adequately capitalized bank. I think these are the high-level information that I will share. I would like to take questions from investors and then we would like to also keep adding some more inputs around the overall decent performance in the bank in the Q1.

Should we open the floor for questions now, sir?

Yes, please.

[Operator Instructions] Your first question comes from the line of Priyank Chheda with Vallum Capital.

This is a Priyank Chheda from Vallum Capital. What a fantastic start to FY '27 [indiscernible], sir? First question, our NII growth, which is net interest income growth has lagged our total advances growth of 27% versus NII growth of 14.5 And I understand as well as reconciled that [ PPOP ] growth, which is operating profit growth has been 21%, which is again higher, but still lagging the loan growth, which only means that NIMs have a bit compressed. And yet, they are higher than what you have guided. So just would like to understand, would you want us to only focus on operating profit growth along with the higher loan growth, which is which is with the system level growth, which is also expanding and improving. So just guide us on how NII growth with loan growth would pan out for the full year or Q1, anything to call out as one-off.

Sorry for that, sir. Yes.

So I'll be audible to the investor, right? Okay. There was a, I think, recorded message, which played. Anyway. Coming to the question, if you see the NII guidance, which was given a 15% and the NIM guidance, you rightly observed at 3.75%. What we have done in Q1, it is we have maintained both the numbers. And I think we are as a management, as a bank, we are committed to the guidance numbers that we have shared. And we will, going forward, keep continuing to maintain these levels. Profitability and doing growth not mindlessly or increasing your top line has always been a conscious element in our growth journey. So we are always focusing on growth, which is a profitable one, where there is no compromise on the asset quality. And that's medium to long term. So this year to look at getting good interest income the overall profitability from the system. We have done a couple of initiatives which are different and probably, I would say, [ finering ] it in the industry in our review mechanism with our feed leaderships. So today, there is a -- my risk management has developed a simple profitability dashboard, which gives a sense to my branch manager and the zonal manager as to if the incremental business in the quarter has happened at some rate, whether the profitability out of that incremental business has grown at the same level or at the higher level or at the lower level. So they are very consciously tracking this top line growth as well as the bottom line growth. And that's how we have built the consciousness down to the branch had level that in the individual accounts also when they are negotiating the pricing with the clients, they are ensuring that the negotiation is a smart negotiation. The negotiation leads to a price with the Bank of Maharashtra brand deserves to charge to the client. And we are very conscious about our good tact, good experience to the client. And sometimes, we even try to see that clients happily pay a price for the good service or the turnaround time, which is reasonable or a decent turnaround time. So with every credit decision we have built this consciousness around. So we are also seeing probably in coming quarters we will see that we are commanding good rates at the account level, the concessions in charges also are well negotiated. And that's how we will see our NII growth also is happening this thing in the manner, it ought to be.

Perfectly, we understood, sir, definitely, there are a lot of operating level changes happening. And no doubt of that. when you guided for loan growth in FY '27 at the start of this year or meaning at the end of last quarter, the system level growth has been accelerating versus what you had guided at that point of time. And rightfully, even your advances growth has been accelerating in that manner. Would you want to revisit your guidance of 18% loan growth for the full year to the higher number? And wanted on the other side, I wanted your observation on the current account balances. I understand that Q1 is usually weaker and it's usually 10% softer than the Q4 or year-ending quarter. This time, it was quite a bit steeper decline that we saw in current account balances I could not reconcile if there was a corporate loan growth happening. So I thought that current account balance sheet stood at seen in. Anything -- any observations on that would be happy to hear.

Right. So coming to first, your question on advances. Advances 27% growth, 3% growth out of this 27% growth is the contribution coming from the IBU, which today has become a sizable book for us, INR 8,200 crores in almost 8 to 9 months is what we have built there. The 24% is, yes, a healthy growth. We have seen traction in all the verticals, retail, agri, SME even the corporate is growing at a decently good rate. We are maintaining this kind of high double-digit corporate loan growth. For the last 4 quarters, I'm seeing it is 17%, 18%. And this time, it is almost 30%. So this is what is going to continue. I would not like to look at relook at, revisit our guidance of 15% growth. But I think the way things are happening, it looks that we are able to perform likewise, other plays in the industry at a higher level. But we will maintain the guidance at 18%. As regards to the current account, it is not a major concern at all. It is just 2,500 to 3,000 bps in the overall current account book is not a very big size when you compare with SB book of 1.28 lakhs. Current account doesn't compare to the INR 3,000 crores of negative. And these things fluctuations do come sometimes. But the way we are growing our CASA, which is today, CASA in this, despite this degrowth has grown Y-o-Y 9%. And we have added INR 14,000 crores of CASA in our city. A lot of initiatives are taken around trying to see that fresh accounts get added to the bank, it's a new individual deposits, which are stable deposits come and add to the bank it -- we are the bank which is also differentiated in terms of faster expansion. We are opening branches annually at the rate of 200 branches, expanding our footprints in the country. And all these new branches are being opened at potential growth centers in the country, very scientifically identified using a lot of [ Pincode ] level data. And these branches today are bringing us the stable deposits of individuals, including savings and current. And in terms of new offerings, new products that we are giving to our field they are actually finding that differentiated options, which are not available in the -- from the other players are being provided to them which gives them the definite advantage and reasons for clients to choose us over the other banks. Last year, we had done a product around and claiming it as global saving options brought to you in India by the bank. And that product has really brought a lot of traction and it is going to continue to contribute in the core stable CASA. We also have looked at CASA for giving some technology support there. So our mobile banking application, which is a revamped application, which is now 9 months around it has spent the new version. And we have seen that the active registered users number in the old version from 2.75 lakhs. The number has crossed 14 lakhs, 3 days back, and it is counting. So when you are getting more and more people onboarded on your mobile platform, we are seeing that the balances that are getting maintained in these individual accounts are also going up. And that's how a lot of technology, new product ideas are being given its support to see that the stable core CASA in the book grows.

So very [indiscernible] to hear that. And just last question. On the provisions, quarter-on-quarter, a slight increase had to do with most likely to be with agri loans and maybe a deferment of that we were seeing, if you can confirm that. And additionally, with that debt we were coming in, I would like to mention what can be the benefit and the P&L implications order balance sheet implications for Bank of Maharashtra? And one clarification required on the taxation rate, what should we assume for '27? I remember we had utilized all the [ DDA ] last year. So what explains the current lower tax rate, which is a percentage of -- 3 question, sorry. Last, sorry.

Yes. So I will take them one by one. Debt waiver is what I remember. So debt waiver, the scheme is still under formulation. But we have the covenants of the scheme and our eligible portfolio, we have rough numbers to share. And around INR 3,500 crores is eligible amount in case of debt waiver from the government receivable to us will be INR 2,750 and INR 260 crores out of this amount has to come from the farmers. That's what the scheme is. [ Max haircut ] to the bank is around the range of INR 450 crores to INR 500 crores. We hold already a provision of INR 1,700 crores in this debt waiver eligible accounts. There is also a TWO of INR 1,100 crores in this debt waver eligible accounts. So I think like the other banks, since we have a predominant presence in agri, predominantly book agri, large part is also in Maharashtra. I think we stand to also benefit in this debt waiver scheme when we will see that the accounts which are identified already, there is a TW book of INR 1,100 crores, and total overall provisions that I'm holding is INR 1,700 crores. So any haircut we are taking is actually already provided for. And with TW recovery that may happen out of this, will also incrementally help my [ OP ] in that way. Of course, there is also one element, which is for regular payments by farmers. The government is -- the Maharashtra government has created a provision of incentivizing them. And INR 50,000 per account per farmer would be giving us the incentive in their SB accounts. So we have our calculations. We may get some SB balance also in a significant number through this debt waiver settlement whenever that is coming. And of course, it is expected to happened within this FY, definitely, the way things are moving. Credit cost also has come down against our guidance to maintain it below 1. It has been 0.99% for this Q1 and which is a Y-o-Y 20 bps improvement in this metric.

Sir, with regards to tax rate, so sir, like last -- earlier also, we said that our tax rate is on the OP basis, it is coming 13% to 14%. And if you are asking for a PBT basis, then it is 16% to 17%. So earlier, we also said that we have multiple levers and so our -- now we are normal tax bucket rate that is on a [ 3P ] basis, 16% to 17% rate is there.

Sorry, I was -- I couldn't hear you clearly. What would be that benefit, if you can help us repeat for the larger audience? Is this a structural would it change for 1 year or will it remain for multiple years?

Basically, tax rate for the -- we are getting the benefit of [indiscernible] advances since our measure most of the branches having rural advances around 40% branches in rural. So that benefit we are getting under tax rate. And apart from that also be write-off, we are getting the tax benefit and apart from that, sir, DTA also is the one of the sector impacting. So considering all these sectors, our operating profit of [ OT ] basis, the tax rate will be coming around 12% to 13% and PBT basis, it is coming around 16% to 17%.

The next question comes from the line of Akshay Badlani with [indiscernible] Oswal.

First question is around the lines of deposits. The CD ratio is now around 87%, 88%. So how is the deposit growth going beyond the state of Maharashtra? Until what CD ratio would we be comfortable given the growth has been very healthy. So where would we be comfortable with CV ratio? And what kind of progress we have done in the Institute, specialty institutional deposits outside Maharashtra?

I will answer this question in 2 ways. One is the deposit growth you have mentioned and I would like to give you a perspective that how we have done in this Q1. Very consciously looking at the margins and what are the various sources, deposits that your branches are bringing from the individuals, the institutional deposits, government, corporates, that is coming to you. You have refinanced also as an option, you have options to raise CDs also. So if you look at my deposit growth, the average deposit growth, what we have seen this Q1, we decided for some time, we are not doing any fresh CD issuances. In Q1, I have this deposit growth of 13% with no CD rates in the Q1. While the PSB average is 11% deposit growth and minus the CD because most of the players have taken the help of CD. So 10% the PSBs as a group have grown. Private banks, 14% is the deposit growth and 11% is the minus CD, the core deposit time or demand deposits, they have grown. So 3% more than that. So we have grown 13% with no rate CD rates in the Q1. So if you see the way we look at it, CD is going to be coming with a runoff factor of 14%. It is by intrinsic short-term nature, maximum tenor is 1 year. What we are doing is we are funding our credit growth entirely by deposits. So we are not borrowing and funding. And this we are doing why, because we are very conscious about the margins. So coming to the CD ratio. Yes, CD ratio, you may see it elevated. My global CD ratio because has a composition of IBU also where we don't have deposits that we are doing borrowings and lending. Look at the domestic CD is also -- while we have -- what we have done is for last, I think, now 6 quarters I've been talking about this sharing even the numbers. We have gone for a lot of refinance and refinance, which in the last year was INR 14,000 crores, INR 15,000 crores, we have almost INR 19,000 crores of refinance that we have taken. If I consider this refinance, my CD ratio is 81.99%. So refinance again why we decided not to go for high-cost [ old ] deposit, the blended cost that we have experienced while we go for refinance is in the range of 6% to 6.5%. Now when we are going for refinance, there is no CRR and SLR loading. So we found that this is a viable proposition to raise resources for funding my credit growth rather than going for high-cost oil deposits. And ultimately, the outcome is that we are conscious about the margin part of it. Having said this, CDs refinance, we also -- yes, we are also mindful of this. We are tracking this number. We feel the high credit growth that is happening, we would not like to lose any new opportunity for growth. So we have other sources. Today, if you see the ecosystem, there is a clear marked shift of consumers moving to other asset classes. So if you keep depending always on individual deposits and bank plans to grow, I think there is a high time we need to relook this. So we are very consciously seeing, analyzing this. And we are seeing a clear shift. People are going to other asset classes, SIP, mutual funds and all those things. So your deposits are going to go down in the -- so refinance this option, you can do CDs. We also have a board-approved plan, capital raising plan for raising equity, INR 5,000 crores for this FY. RBI approval is with us. Shareholders have approved. We have sent our request to the government and the moment government approval is coming, we are good to go. Any time, opportune time during this FY to support our fast credit growth, we can raise equity also. While I'm adequately capitalized, I don't have an urgent dire need to raise -- to maintain. But this is how we are looking at. And to answer your question, last year, we are tracking these numbers because a lot of new branch openings are also happening. So last year, INR 21,000 crores in deposits we have raised outside Maharashtra. Out of our total growth of INR 43,000 crores in deposits, INR 21,000 crores contribution is coming from outside Maharashtra. So I think I have answered all your questions, sir.

Yes, sir. And just one last question was around the OpEx. I think this quarter, our OpEx growth has been around 8%, 9% against a balance sheet growth of over 20%. So is this like a one-off in this quarter? Or are we structurally seeing better operating leverage going forward?

Staff cost, it is -- that you are -- there is a -- see, today, the way we are growing, expanding our national footprint, we need a lot of manpower to man these new branches. Today, 2 years back, the star strength stood around INR 13,000 crores, we are now INR 17,500 crores -- sorry, I'm sorry, 17,500 in numbers. And the way we look at it, any new brands that we are opening, if you don't adequately staff, you are also into the business of finance, and we should not unnecessarily open ourselves to any operational risk. So the minimum staffing that we feel is required is provided to the branches from the day 1 and they are not just focusing on doing the transactions. They are also required to be making new customer acquisitions in the new geography in the new [ PIN code ] that where we have opened a branch. So we'd rather like to stack the branch adequately. And that recruitment exercise is going to keep going on. What we have found that in the long or in the medium run, what we have seen -- if you see my cost to income guidance has been to maintain it below 40%. The way we are increasing our OpEx by opening new branches, recruiting staff, I was thinking with 37, 38 kind of 36, 37, 38 that we've been maintaining, we should try to maintain it below 40. But we have been maintaining a good cost to income and large part is seen that whatever branches that we've opened, we are seeing the branches which were open 3 years or more from now all have turned profitable. Two years to 3 years, there was some data we had taken. So a significant percentage of branches at breakeven. So that's what we are seeing. When you're opening branches in the right locations, potential centers, potential growth centers of the country, you will see that new business will come fast and the branch will also breakeven first. And the incremental cost that is coming by opening new branches, the revenue that they are generating, the profitability they are generating, it is more than offsetting the cost that is -- we are experiencing in opening new branches recruiting. So that's how we are into the growth story. We are not reducing the pace of opening branches or recruiting staff. We will keep doing the same pace as per the need. We are -- so maybe some staff OpEx costs would have gone up. But today, if you see the cost to income, the time made [indiscernible] a decent number. Many of the private banks also don't -- I mean they are around that or at least, I would say, a guidance of maintaining below 40 is a decent cost to income to maintain, which we are maintaining.

Next question comes from the line of Parth Gupta with 360 ONE Capital.

Sir, my first question is, can you give some color why advances declined so sharply during the quarter?

I think you'll have to read it again because advances growth has happened, sir. We have -- in fact, this Q1 has seen advances growth of 27% Y-o-Y.

I'm talking about the yield on advances, sir.

Yield. I did not hear that. Sorry. we heard advances I'm sorry let me just look at that. So yes, 8.7%, 71 bps is what you are looking at. So there is [ MCLR ] reset we had with these rate cuts in the past FY which were announced. So the full year effect, I would say, would have been felt by the -- this I think this time around, when we have started to cut the [ MCLR ] the eligible portfolio with MCLR gets to reset annually when the account is coming through review. And in fact, 1 of the reasons I decided to keep our NIM guidance at 3.75, we were expecting probably there will be further rate cuts. But now the way the West Asia crisis has come in and these have evolved, at least now discussions are not around any further rate cuts, it simply looks like for sure. And rather maybe there could be a review and you may see an interest rate going up. So this is how -- but I think we are very, very conscious in terms of profitability of the business that we are doing. And as I just explained with some example also, that at the transaction level, that sensibility we are trying to bring to our branches that the profitability is not a central office function alone that central office verticals only do. And the field only focuses on the top line growth. But now in their review, we have made this as an essential element of review. And we have also decided to quickly see how the first quarter outcomes are. Maybe I may even decide to allocate in their performance appraisals some [ weightage ] towards -- if they're doing business growth, how profitable the growth is, we will work out some mechanism around and assign them due marks towards increasing business and increasing business profitably. So if that kind of sensibility is going to come, I think we will see that in any case, bank is maintaining a good profitability, a healthy number, which is there. And one last thing, which I'd like to mention, see, [ Gift IBU ] has been an addition in the bank 8 to 9 months back, and we have now 65 million of sanctions in the IBU, INR 8,200 crores of book. So in the 8.57%, what I have mentioned is the global yield. So the domestic yield if you look at 8.66, so which is only not 20 bps, it is 13 bps difference over the [indiscernible]. But I think that's how we are very mindful and conscious of doing profitable business, both on the asset side and the liability side.

Sure, sir. And sir, my second question is, how are you thinking in terms of the cover provision buffer that you had -- you had around INR 1,200 crores. Last year and then we draw down we draw down some provisions. So how are we thinking on that? And the follow-up on the provision is we do not hold any provisions towards ETL. Is that the right assessment?

So see provisions, in terms of COVID book, I think we peaked around almost 1,200 or something as a COVID provision. When 2021, when we started to build this provision. And there were some INR 4,000 crores of restructured book that we were keeping at that time. And now it has come down to almost INR 1,050 crores. So we almost have provisioned 100% of the restructured book which is actually not required as you rightly pointed out. But this is, again, a prudent way to provide for any unforeseen or featured delinquencies is what has happened over the last 3, 4 years. In terms of ECL, and this gives me only extra buffer and cushion and we are always mindful whenever there are any high-level suggestions coming from the RBI also when 1 governor or [ Dipti ] governors, they are speaking for the last 1, 2 years, I recall -- the broad nudge was that we are passing a benign phase and we are the best times. But you need to keep yourselves adequately capitalized. You need to create buffers and cushions and that's exactly what we've been doing. But today, as you rightly said, with 1,000 INR 1,000 crores of the restructured book and equal amount of [indiscernible] provision. We don't need to really make that, but we have other avenues to utilize this write back this, which we will be looking at gradually as the quarter on quarters are there. As regard to ECL, we already have -- even when the draft stage guidelines were there, we had decided -- and we had made a provision of INR 255 crores. Today, we -- in terms of ECL, our calculations are it is INR 2,500 crores is the total provision that I may require to keep maintained in a 4-year period up to 31st March 2031, which gives me around every quarter, 125. 125 crores every quarter I have to make for ECL. So for around 2 quarters, we have already done when the draft stage was there. And when the guidelines set in I see no challenge at all in being able to create this extra provision on this ECL also. The ECL guidelines, which have now been conveyed, they've also said that any provisioning you are doing is going to impact your net worth and not impact the P&L. So that change also is now seen, which I think going forward, ECL does not remain a concern anymore. Otherwise, also, it was not. And it does not -- with this final guidelines from the regulator where it does not impact your PL, it is the network that gets adjusted with the provisions. Maybe I'd like to ask my CFO also to just add anything to what I said?

Sir, further with regards to this also that RBI has changed the [indiscernible] calculations. Now the quarterly profit is also allowed for the taking the [ CRA ] calculation and considering that key 4-year part we have to give the usual impact on the [ car ] to considering all these things. We are not seeing that anything is required as of now, and we are sufficiently having buffer provisioning also. So considering that we are very comfortable on initial side.

Sure, sir. And my last 2 questions. When I see the gross NPA across all your retail segments, housing education loans has gone up Q-o-Q. And also within the MSL segment, micro, small and medium, the gross NPA has gone up on a Q-o-Q basis. So anything to read into your [indiscernible]. That's my first question. And second is, what was the LCR at the end of the quarter?

So NPA, if you ask me segment-wise, while we'll look at the NPA amount, but the retail is 0.34%. Agri is 7.58%, which again has reduced from 9% in a couple of quarters back. MSME stands at 1.60 and total [indiscernible] in the RAM is 1.23%. It is not a cause of serious concern to look at. And will this -- but still in amount wise, have we changed?

INR 73 crore.

Okay. So whatever change I'm looking at the slide, it is not something that we need to be worrying of we are very, very conscious in new underwriting. In fact, whatever growth this bank we are adjusting in the last 12 to 15 months, we have stringent underwriting standards. Benchmark, there's no compromise on the quality. As I said earlier, we have stopped underwriting any segment loan, even in personal segment where the TransUnion [ civil ] score, where we have benchmarked our entire underwriting in the bank, where the individual [ CIBIL ] score is less than 681, so which is the definition of civil transfusion as a subprime category. So all our rationing in the past 15 months had been in the segment, which are prime and super prime categories. We had even looked at the sanctions that happened in say, home loans, which is one of the big categories, 50% of retail book comes through home loans. So home loans after we set this strengthened underwriting benchmark we had 57 -- 23% of sanctions in 12 months in home loans were where the [ CIBIL ] score was 800 and above, and 750 to 800 Cisco, 57% sanctions in the past 1 year. You add 57 plus [ 23%], it becomes new sanctions in home loans was from the prime and super prime categories. So we are very, very conscious about the loan book that is being created both in all the segments. We have been very mindful about not achieving growth on parameters are important. The mantra is very clear. It has to be a profitable growth and no compromise on the quality. So whether it's a ramp book or the corporate book, we are very conscious on what new clients are getting added to us. This is what I would like to also share LCR on an average basis, we have kept the band of 15 to 20, we on an average basis was 118% is what we are maintaining, [ Terminal LCR ] was 11%, but we feel that LCR between 115 to 120 is prudent to maintain and you are able to see that good deployment and interest earning is happening. If you are maintaining the liquidity, it will be spent.