Central Bank of India (CENTRALBK) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Central Bank of India Q1 FY27 Earnings Conference Call hosted by Anti-Stock Broking Ltd. As a reminder, all participant lines will be in the listener remote and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note this conference is being recorded. I now have the conference over to Mr. Raju Barnawal from Anti-Stockbroking Ltd. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone, and thank you for joining post-visual conference call of Central Bank of India for Q1FR27. Today, from the senior management side, we have with us Sri Kalyan Kumar, MD and CEO, sir, Sri Murali Krishna, Executive Director, Sri Mahendra Dohari, Executive Director, Sree E. Ratankumar, Executive Director, and Mr. Vivek Kumar, Chief Financial Officer. Now, without any further delay, I hand over the call to MD, sir, for their opening remarks, post which we will have a Q&A session. Thank you, and over to you, sir.

Thank you. Good afternoon. Today, I am very happy presenting the key facts, key performance of Central Bank of India in Q1, that is 30th June, 2026. Our total global business has grown by 18.29%, which is 8,33,320 crores, and deposit increased by 11.68% to 4,78,972 crores. Casa. Being remained our actually strong point of Central Bank of India, we maintained 46.61% of total deposit. And I would like to mention within CASA, saving account year on year has grown by 11.66%. And total CASA has grown by 11.16%. It shows our presence and trust of our customers in our brand value. Similarly, in advances side, gross global advances increased by 28.58% to 3,54,348 crores. And CD ratio, we have improved to 74.10. Towards asset quality also, gross NPA stood at 2.60. There is an year-on-year improvement of 53 basis points. Net NPA we have maintained at 0.49%. PCR approximately 96-95.86%. Operating profit for the financial year, it is at 2,186 crore. Net profit for the quarter increased by 13.26% to 1,324 crore. Net interest margin is above 3, aligning with our guidance to the market, it is 3.06. ROA is one. ROE improved to 14.92% from 14.17%. Cost to income ratio, again it is 55.40. June 25 quarter, it was 55.30. Slippage ratio stood at 0.29% for this quarter, and where we can mark an improvement of 6 basis points. Capital-wise also, Central Bank of India is resilient and it improved to, CRAR improved to 18.28 percent, of which tier 1 capital is 16.54 percent. In that way, another highlight towards profitability which I shared with you, I am happy to share net interest income grew by 15.70 percent on year-on-year basis, that is to 3,914 crore rupees. Total income for Q1 Financier 27 improved by 3.08% to 10,678 crores. And cost of deposit, again, moderated to, it has improved to 4.60 crores. 33 basis point improvement is there. In that way, I can tell that this cost of deposit has stabilized. Again, in business side, if I can tell you the RAM sector, again, RAM sector grew by 21.38 percent, and retail grown by 23.92 percent, and absolute terms it is 1,05,523 crores, and agriculture has grown by 21.14 percent, that is Rs. 54,274 crores. And MSME has grown by 18.03%, that is 71,308 crore. And RAM and corporate ratio is 68-32. It is also aligning with our guidance which we have given to market, 65-35 plus minus 5%. And we have maintained credit cost also at 0.40, that is improvement, because previous quarter, 25, it was 0.68%. And I am happy to share that Central Bank of India has opened one branch at GiveCity, and that platform we are going to leverage for our overseas business, for meeting our customers' requirements for our overseas business. And that already we have inaugurated on 29th June this year only, 26th. Today, Central Bank of India is having Pan-India presence with 22,346 touch points with 4,605 branches, and with network of branches in rural semi-urban, it is 65 percent, and one IFSC banking unit, 3,820 ATMs, 1,390 BC outlets, and also our presence in rural semi-urban, I want to highlight. It is reflected in our achievement of priority-centered targets also. Against the mandated 40%, we have actually crossed it, and it is at 58%. And small and marginal farmers, 10%, against 10%, we have crossed more than 11%. For micro-enterprises, which is actually really, I can tell you, the growth engine for our economy. Thank you. In two sense, in Bharat, by supporting Indian economy in all these important areas. CASA, I have already told, we have maintained 46.61%. Trump before it has grown by more than 12%. In that way, TD ratio from 64% it was in June 25. Now our TD ratio has improved to 74%. Liquidity coverage ratio was actually more than 210 percent. Now it is moderated to 156 percent. In that way, overall improvement in terms of interest income, in terms of growth, in terms of our commitment towards public, we have done this. And also some structural changes I would like to highlight. We are working on our people process and technology. In people side, our thousand credit officers who were undergoing training, specialized training for credit, they are going to join us in the first week of October. We are going to deploy them on our all potential credit center. We have planned to open more corporate finance grants and mid-corporate grants so that we can play meaningfully in the growth history of Indian banking. Secondly, for Forex side and for improvement in non-interest income side, we have open centralized BG cell, and centralized Forex cell is already operating. We have 159 NRI desks in our different branches, and we are going to market all these products which Central Bank of India is having through all these strength, physical presence, and marketing team. We have hired 300 marketing officers. They are also being posted now. They have reported, and they are getting posting. We have opened customer acquisition centers at 35 places and government business centers also at 9 places. So, through this, we are actually really coming back into the market with all these structural changes, capability building, process simplification, and technological upgradation. We are actually really looking for good growth and good profitability in coming years. Thank you. Now, I am open for questions.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-down telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Ashok Ajmehra with H.K.Jobal. Please go ahead.

That is clear. Sir, terms and conditions, that last column will be formalized when the final agreement becomes... Ajmehra ji.

Uh, Ashok Ajmehra sir, your line has been unmuted. Please go ahead with your question.

Good morning, everyone.

She is not speaking to us.

Yes, sir. We'll move on to the next question. It's from the line of Sushil Chokshi with English Equity Advisors. Please go ahead. Sir, congratulations on excellent performance in the quarter.

Sir, I...unless I missed... Can I get some guidance on growth for the year, looking at such high advance? What is the ROE, ROE, NIM guidance? About the corporate and RAM book, you've given a guidance. Do we see, because of big city, what kind of pipeline are we likely to generate? What is our undisbursed corporate loan and retail pipeline looking like? So more of a flavor because you are one of the high end of growth in the current quarter where PSU banks and the established results are up. We get a better flavor for the coming quarters.

Yeah, actually, I have given you guidance about composition of our advances, rem and corporate, and our guidance to market towards resources side 11 to 12 percent in deposits growth and 14 to 16 percent in advances growth. I am still confident that in the current quarter also, we are going to align with this guidance, which we have already given to the market. And RAM side, retail agriculture, MSME side, growth which I have already told, that RAM sector grown by 21.38%, retail approximately 24%, agriculture 21%, MSME 18%. The opportunities are there. Our presence, our network is also very supportive, conducive. In that way, I am sure that these growth, which we have given guidance to the market, we are going to achieve. And major areas, in corporate side also, if you can see, as of June 25, our corporate book was 76,966 crores, and it has grown to 1,13,770 crores, and growth is 46.52%. As base was very low, that's why this growth number is visible to us. And major areas in corporate side is renewable energy, data centers, and also some projects in ham side. And good opportunities we are observing. We are getting good proposals, some CRE proposals also. And these are the areas in corporate side. MSME side also we are getting good traction, agriculture. Gold loan and SHG are going to be the growth engine. We have brought in some structural changes also. Dedicated gold loan division and also SSG division are being opened where head of these verticals will directly work under the guidance of executive director. And in gold loan segment, total book is 36,000 crore, though growth is good as compared to previous years, but still lot of scope is available in terms of our presence in South India, which has very good experience of gold loan. SSG side also, there is growth, but still lot of opportunities are available. We are going to harness these segments, which are going to be the growth engine for our credit growth. Deposit side, already in my earlier address also, I have already conveyed that products are already, several products for several customers are available. I will give you an example regarding one product, Scent Queen. Actually, very good traction. 1,457 crores we have mobilized under St. Queen. There is one product that is salaries and prestige. 787 crore we mobilized in that segment. These things actually act as platform for cross-selling for our retail business. Vehicle loan, housing loan, car loan. In that way, I can tell you that these numbers are very, we will be able to achieve very easily. Now, coming to your ROA and name. I have given guidance, NIM will be 3 and above, and still we are maintaining. ROA 1 and above, that also we are, this time also we maintain, and we have, we are still saying that it will be 1 and above, return on asset. And regarding other ROE, ROE also improved from 14.17 to 14.92 percent. In that way, all these efficiency parameters, again, business per branched. We are at 185 crores per branch. Per employee business also improved to 24 crores. In that way, I can assure you, not only in growth numbers, but also in efficiency numbers also, Central Bank of India is progressing towards not only growth, but also resiliency.

Sir, what would be our growth advance, undisbursed number today, and where do you see you ending at CD ratio for the year, and outlook on treasury and digital spend for the year?

Undisbursed pension is approximately 5,000 crore. And other, NBG, we conduct every week, and there are proposals which we are receiving, but undisbursed as of previous quarter is 5000 crores. And regarding treasury income, this time it is, income is 276 crores. And as compared to previous year, it is less. You understand due to market conditions and all, it got impacted. But this time, our aim for getting more return in investment side also, we are taking initiative. Their side also, expecting some moderation and improvement, we are expecting.

Sir, any view on ECL provisioning?

ECL, actually, already we have made provision of stage 1 and stage 2 for 1,525 crores, that buffer we are having, and approximately 4,500 to 5,000 crores total will require. For that purpose, I understand our current profit numbers are enough, and CRAR, you have seen, 18.28% is there, even though There are provisions, we can stagger it to five years, but even though we go for one time also, we take it, then 80 basis point only impact we are expecting. And due to improvement in credit underwriting qualities and other improvement in credit monitoring mechanism, I am sure that this PD calculation for these numbers will be under control and will be easily able to shift to ECL from 1st April 27th.

My last question in this round, sir, what is your expectation for recovery and monetizing the recovery even from technical return of books?

See, for technical written of book, we are having 32,900 plus crores in the treaty, and 9,200 odd numbers in our actually normal books. So, absolute numbers I am talking about. So, we expect, if I can tell you, last previous year's number, 1,300, 1,400, 1,700, and 2,100 crores we have recovered out of technical return-off account. In last few years, year-wise, I have told you. This year also, I am expecting from 2,200 to 2,500 crores out of this technically return-off account. Approximately in major accounts, we are expecting 235 crores through OTS or liquidation or sale of property. And also another 200 crores we are expecting from NCLT. Means 500 crores we are expecting from return of account in this quarter. And apart from that, I will like to tell you. Regarding one-time settlement in eligible accounts, we are pursuing, and also auction of secured assets under Sarsity Act. In first quarter, we have sold property and approved OTS in 121 cases out of 810 properties put on auction. In the current financial year, we are targeting to sell 600 to 700 properties against 460 properties in the last financial year. And we are organizing property expos and utilizing services of property consultants so that visibility and marketability of properties get enhanced. In that way, I can assure you that from recovery side, this quarter, we are going to achieve the numbers.

Congratulations to Centralites, and best wishes for the year to come here.

Thank you. Thank you.

The next question comes in the line of Tanya Khothari with AUM Capital Market. Please go ahead.

Congratulations to the management team on delivering another quarter of healthy business growth and continued improvement in asset quality. I just have a couple of questions. The board has approved raising up to around 3,000 crores to equity or basal tree instruments. What is the expected timeline and the record group for the capital raising?

Sir, your voice is capital raising. Actually, see, our already CRAR is 18.28% this year, and CT1 is also 16.24%. In that way, we are having enough capital, and we don't need to support our growth guidance, which we have given to the market. We are having enough capital. Therefore, there is no any current plan for raising capital.

Sir, the liquidating carbonation declines from 245% to 156% and also NSFR reduced from 147% to 128%. But both remain above regulatory requirements. But the call is very sharp. Can you elaborate on this, sir?

Actually, first we should understand what is the optimum level for LCR and NSFR. And what is the purpose behind it? Keeping it. High quality liquid assets for this LCR. So having comfort of having 215% and having CD ratio of 66% or 64% for any vibrant organization and growing organization, it is liability. Because those high-quality liquid assets and all those things comes with a cost. Therefore, those things must be deployed optimally so that we can get better return out of it. So that's why those were comforted with Central Bank of India was having, now as our CT ratio has increased from 64% as of June 25 to 74% as of June 26, we are utilizing all these, leveraging on all these, means resources available within us, and that is good sign that to the market that we are optimally utilizing our liquidity and still... It is as compared to other organizations, you can see that those are 130 range in liquidity coverage ratio. You are still above that. So whatever is the as per risk management, whatever is the threshold level, you are still above those levels. That's why this is a good sign I would like to tell you.

Okay, sir. Sir, the advanced group was very strong, 28.6% here all year, ahead of the linguistics group.

I'm sorry, sorry to interrupt. Tanya, ma'am, could you please use your handset?

The price is not very clear, actually.

Yes, ma'am.

Just a second, sir.

You can continue. You can speak. No issue. We are making out.

Sir, advanced group... A strong 28% year-on-year ahead of the industry growth. Which segments are driving this growth and what safeguards are in place to ensure that credit writing standards are not diluted?

Actually, if you see, as of June 25, our corporate loan book was 76,699 crore. Thank you. Currently, as of June 26, it is 112,500 crores. So the growth is 46% and 46.52% to be precise. This is only due to low base effect. We are having 76,966, and from there we have grown to 1,12,770 crores. So that's why, but REM sector, you see, our growth is 21.38%. Retail has grown by 23.94%. Agriculture by 21%. MSME by 18%. We are not an outlier as we are having very small base. That's why it is looking that our growth is more than 28%. And as far as trade underwriting is concerned, I can tell you, we have done one analysis that The trade growth after 1st October, 1,22,000 crore was dispersed. Out of that, stress was very, very, very less, and the slippage ratio, it is 0.29 this time, and there is consistent improvement in slippage ratio, and I will tell you. If we reduce the agriculture, KCC numbers which got slipped, 200 crores out of total 986 crores, which got slipped. And previous year, June 25, it was 989 crores. So that agriculture side, 200 crores was the contributor. You know that debt waiver scheme is coming and those things will get liquidated. If we remove those KCC numbers, then our slippery ratio is 0.19. So, there is consistent improvement in underwriting quality, post disbursement, trade monitoring quality. In that way, I can assure you that we have very clear-cut control and oversight over this underwriting standard and also this lending processes.

Thank you so much, sir, and thank you, Shasta, for your upcoming quarter.

Thank you, madam. Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. The next question comes from the line of Ashle Shonjee with Kotak Securities. Please go ahead.

Hi, sir. Good evening. Sir, three, four questions from my side. Firstly, on the term deposit book, is there any further repricing left of the term deposits which can help you reduce the cost of deposits going forward?

Some deposit almost is repriced now, and 4.60 is the cost of deposit. So almost it is over now, by now. That I can tell you. But in growth side, if you want to know, some deposit has grown by 12% in our bank. And majority are below 3 crores, means retail deposit. 85% of our deposit are under 3 crores segment.

Sir, you said 55%.

85% are below 3 crores.

Understood.

Sir, secondly, on the FCNR deposits, how much have we mobilized thus far, and how much do you expect to mobilize till the scheme is available?

FCNR, till now, we have mobilized 8.4 million US dollars, and we are expecting to mobilize by September 400 million US dollars.

Understood, sir.

Thirdly, on ECLGS scheme, how much have you sanctioned thus far, and how much have you dispersed?

ECLGS sanctioned, numbers actually approximately 4,000 crore. I will just tell you. Just a minute. Yeah. Total application. Actually, sanctioned is 34,824. Amount is Rs. 4,646 crores. And issued, guarantee issued is 30,561 accounts. Amount is Rs. 4,353 crores. Within which disbursement happened in 27,567 accounts. And it is Rs. 3693 crores. This is about ECLGS 5.

Sir, and just lastly, you now have a fairly large corporate loan book of Rs. 1.1 trillion, roughly. What is the average yield on this corporate book in this quarter, June quarter, and what was it in the March quarter? Average yield on the corporate book.

Yield on advances is 7.89. It has improved from 7.78. But for corporate yield separately, which is available? Corporate? We will provide you. Currently, we don't have. But overall yield on advances have improved to 7.89. Previous quarter, it was 7.78.

Okay, sir. So just to put the question differently, do you expect the overall yield to go up going forward?

Yes, overall it will go forward because... The RAM side, we are focusing on gold loan SSG. We are bringing structural changes. Head of these two divisions are going to report directly to ED. Under guidance of ED, they will work. And our physical presence in South India and other... Thank you.

These are all NCLR-linked loans on Gold Loan?

Gold Loan, actually, it is based upon fee, Gold Loan 8.11. Naturally. For agriculture, it is MCLR link, and retail, it is non-MCLR. It is external benchmark link.

Understood, sir. Perfect. Thank you very much. Those were all the questions.

Thank you.

The next question comes from the line of Amit Mishra with Indus Equity Advisors. Please go ahead.

Hello, good evening, sir. Thanks for the opportunity. Sir, I have a few questions. First, sir, cost to income, you have a given target of less than 56%. And we have been in past three years, we are around somewhere around 58-57%. So what a step additional we are taking this year, you know, to get it below 56%. I just wanted to know that.

See, this is one of the efficiency area, which is our priority. So both towards improvement in income and also cost curtailment, both strategically we are working. First of all, I will talk about the improvement in income. You see, our interest income has increased significantly, and NIE has grown by more than 15.70%. Now, we are focusing upon non-interest income side, where fee-based income we can maximize. We have opened centralized Forex sale. We have opened centralized BG sale. And in these two areas, we are focusing upon our, actually, LCLG business, where our own clients who are availing these services outside our bank, we are contacting them, we are bringing them, we are organizing exporter meet, three, four centers we have already organized. And we are going to organize. We have opened NRI sale. Gift City will also support us in actually ramping up this fee waste and other income. In that way, for bringing improvement in income, we are having generally life insurance and non-life insurance. In both segments, we are expecting, because previous year was establishment stage, now they have been stabilized. This year, we are expecting good income from those business side. Those are our, actually, opportunities available to us. So, there we are going big way. And also, one important intervention, we have open marketing sales. Headed by General Manager, and 35 customer acquisition centers we have opened, and 9 government business centers we have opened. Through these marketing officers, we are going to play big way for mobilizing this insurance business, this LCLG business through the concept of... 1,000 credit officers, we are placing them as relationship managers also for big corporates. In that way, we will be able to garner better return and bring overall improvement in the income side. To our cost curtailment, we have identified different cost centers, like from maintenance of cash retention balance. Two, how optimized you can use, we can use our ATMs, we can use our currency chest, also how we can actually see our proper utilization of our land bank and also assets, curtailment. Expenditure under electricity, water, stationery, all these things in a structured format, we are following up, monitoring, and these things, I am sure that in coming year, 1.5% to 1.6% every year, I am sure that we will be able to reduce our cost to income tissue.

Okay. Thank you, sir. You mentioned in income part, are we planning to launch any credit cards or other valued services? I've seen some other banks also started their credit cards. So, have you plans for our bank? Yeah. We used to have a good portfolio of credit cards earlier.

See, we are having 8.33 crore customer base. Therefore, we have got approval from the board for establishment of wealth management vertical, credit card vertical, NRI and marketing. We are entering into credit card segment also. We have initiated the steps for establishing these segments, which is very much required for salary accounts and mobilization of other businesses, some premium customers also. So, you are right in asking us that this segment also we are entering in near future.

Okay, sir. Sir, one last question. Sir, in Gift City, I think we have dispersed around 470 crores right now. So any plans for full year? How much portfolio you want in that from Gift City? What kind of yields are we getting there, if you can mention?

See, deposit of $200 million and trade book of $500 million over the next few years, we are planning. And as on 29th June only it was inaugurated, we are contacting our existing customers and also prospective customers so that we can get good business from this platform.

Okay, sir. Thank you. Thank you so much.

Thank you.

Thank you. Participants, if you wish to ask a question, you may press star and 1. We have a follow-up question. It's from the line of Ashok Ajmera from Atcon Global. Please go ahead.

Yeah, I'm extremely sorry, sir. My name had come in the first question itself, but a very urgent another call had come, and I think I disturbed you also for some 5-10 seconds. Yeah, I heard most of your discussion, the answers. Many of the questions have already been answered. I have a couple of specific observations and some questions, sir. First of all, compliments to you for a good set of numbers. Very good on profitability. Many of the other parameters are also met or a little beyond than the targets which were given. Having said that, my first thing is, sir, though on an annualized basis, our credit growth is 28.58%, the credit growth for the quarter is only 2.85%. So, going forward, in order to meet our performance and our kind of results which we give, how do you plan to increase our loan book in the remaining three quarters? So what do you have in mind and what do you have to say on this, sir?

See, growth actually is not a challenge for Central Bank of India now. We have enough capital, we have enough resources, and the momentum, and also credit underwriting quality, post disbursement, monitoring part, all these things we have taken care of. So that actually gives us enough confidence to grow at a faster rate. Resources are available, capital is available, systems and processes are in place, better oversight mechanism are there, which is being reflected in maintaining asset quality, slippage. In that way, I am still aligning with my guidance, which I have given to the market, deposit 11 to 12 percent and advances 14 to 16 percent. We are very easily will be able to maintain this growth rate. As you told that quarter-on-quarter growth looks actually approximately 3%. So that actually I am sure that these things will be continued because we are getting good proposals in the corporate side also. And the ram sector also, as I have told you, retail we have grown by approximately 23.9 percent. Agriculture grown by 21 percent. MSME grown by 18 percent. And now with the opening of Gold Center, the head will directly work under the guidance of executive director. This segment, we are finding good traction because our presence in South India, where these products are very popular, we are entering in those areas with proper branding and proper strategy. I am sure that yield will also improve as it has already improved, you have seen from our number. The yield will also improve and numbers will also improve, both RAM segment and also corporate segment.

Sir, some color on this ECGL, ECGLG, how much is sanctioned and dispersed and how much total it will help in increasing our loan book?

ECGLG, our total applications received on Jansomar total was 5,803. Amount was 5,800 crore, within which we have sanctioned 34,824 eligible accounts. Amount was 4,646 crore. And guarantee suit in the account of 30,561, our amount is 4,353 crore rupees. Within which disbursement already done in 27,567 accounts, amount is Rs. 3,693 crore. This is the actually data related to ECLGS.

Yes, sir. Sir, one, there's a whole question on this recovery from that old aviation account. So, what is happening on that, sir? Whether it has been substantial recovery has already taken place in past one, one and a half years, or are we expecting because that property sale was also there? So, can you give some color on that, sir? Go ahead, recovery.

We have received 515 crore as CGT-MSC guarantee. And there is a parcel of land, you told. We are putting it on auction. Again, in the month of August, we are going for fresh auction of this parcel of land. But that is the recovery in this account. That I want to tell you.

Okay, so something on the progress on this, our insurance acquisitions, generally central life and generally non-life. What is the progress there, sir, and how much capital has so far additionally has been put in?

See, we have 26% stake in both entities. Yes, yes. Life and generally central non-life. So, we have 26% stake. And previous year, it was under establishment was getting done. Now, they are back in the business. And this year, we are expecting good amount of income from both life and non-life businesses. So, but regarding exact amount of capital, I will provide you later. Currently, I am not having that number. You are having that number? Can you speak? In both. 627 crore is the capital invested by us in both the companies. I hope you have heard.

Sir, one just a small observation on the segment results. There is a lot of variations in the quarterly numbers. Treasury income 621 crore as against 353, that is okay, may be acceptable. In case of the retail book, the profit is 1377 crores against 633 crore. And in wholesale book, it is minus 139 crore against 284 crore. And unallocated minus 75 crore, again the profit of 322 crores. So is there any change in the… Is it the segment allocation of the profitability or it is because of the provisioning, imbalance of the provisioning in the various segments?

Provisioning has actually come down. That is not the case. That is not the case. And what you are saying, it depends upon the numbers or which undergoes changes realistically.

Anyway, thanks, sir. Thank you very much.

Thank you.

Thank you. A reminder to all participants that you may press star and 1 to ask a question.

Thank you.

As there are no further questions at this time, I would like to hand the conference over to the management for closing comments.

Thank you. And again, I have actually already conveyed our strategy and also conveyed about the numbers. I can assure all the stakeholders that Central Bank of India is strong-fitting in terms of growth. And we have a well-led plan, not only for this year, but for next year also. And our team is working on those directions. The steps towards capability building, towards structural changes, and also the strength which Central Bank of India is having in terms of physical presence, in terms of network, in terms of its strength of CASA. And also other interventions which have been taken. I can assure the guidance which we have given to the market, we are not only going to achieve but also exceed those numbers. With this, thank you and all the best.

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