Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mahrukh Adajania from Nuvama Wealth. Please go ahead.

Yes, good afternoon. I have a couple of questions. My first question is on the provision. So last quarter, we had discussed that there's going to be a write -back of provisions from an account which other banks like Union has already writt en back in the second quarter, and we were supposed to take that write-back on provisions in the third quarter. And that was roughly around INR7 billion to INR9 billion. So why wasn't the floating provision offset against that? I think that if we had that much of a write-back and our floating provisions were also around INR9 billion only, then there shouldn't have been an increase in provisions, right? That was my question. And -- so that was my first question, and I'll let you know the others.

Yes. Good afternoon, madam. First of all, I will give you the clarity that provision, we have not released. That account, you are right, that account was -- became a standard in the last quarter, but the provision which we are holding in the standard account is still we are holding it. We have not yet released that amount. This INR955 crores floating provision which we have made, it is from the -- other than whatever the profitability was available in our system. From that, we have made this floating p rovision, keeping in mind that ECL implementation is going to happen from 1st April 2027. So, the pressure will not be there in our balance sheet going forward. Since we had a good profitability, good operating profit and net profit, we have made this provision. If we would not have made this provision, our profit would have been more than INR6,000 crores.

Okay, sir. And any specific reason on why the provision was not released? You don't want to release it or any other reason because other banks seem to have released this.

No, no, no. We do not want to release -- it is not like that. We are still looking for that. And maybe we'll take a call at the right time. Maybe in the Q4, we may take the call. But that is -- provision is still -- we are holding it more than around INR900 crores, that is there in the standard.

Okay. And sir, my other question was on ECL. So, most PSU banks seem to suggest a 40 to 50 basis points credit cost run rate under ECL. What woul d that be for PNB? Because our credit cost last quarter and last 2 last quarters were very negligible, I'm talking about second and first quarters now. So, what will be the run rate of provisions, say, once the ECL is implemented, how much of credit cost per quarter or per year do you expect? Would it be 40 to 50 basis points? Would it be lower? And also, if you could spell out the SMA-1, SMA-2 below INR5 crores?

Yes, yes. First of all, I will give you some clarity about the ECL calculation and where we are now. I think last time also, we had given because it is a rough calculation. Bank has done it. We are putting the digital framework in place. Then we will have the exact calculation, but rough calculation, which we have done, it comes to around INR9,000 crores to INR10,000 crores. That is the total capital that is required for the full implementation to happen in the 5 years' time. Now if you see, out of this INR1,775 crores, already we have made the provision. Like this quarter, we have m ade INR955 crores provision. And last quarter also, we had made some provision. So floating provision against this INR9,000 to INR10,000 ECL requirement, which is going to have, we have already INR1,775 crores provision now. So that is already in place. So, bank is not going to have any impact -- major impact on account of ECL implementation. Because INR5,000 crores and above -- every quarter, profit is going to happen. With that thing in place, I think every quarter, we will have something where we will keep the extra for the floating provision. And that when the ECL gets implemented, we will adjust this floating provision against that ECL as per the RBI guidelines. So absolutely, I want to clarify to you as well as to all the analysts who are present here that this quarter, once you see the elevated provision of INR 1341 crores, it is on account of a conscious decision of the bank to make additional provision of INR955 crores. Otherwise, our actual provision, which is required only INR386 crores on accou nt of the slippages, which has happened and to keep 97% of the PCR. Otherwise, other than that, absolutely, there is no pressure in the bank as far as the provisioning requirement is concerned.

Sir, my question was a little different. I know that you are well prepared for the transition impact of ECL. You had stated that perhaps in your last quarter as well. But I'm talking about the run rate impact, say, ECL was to be implemented this quarter. What would be the actual credit cost? Because under ECL, you have to provide for Stage 2, you have to provide for Stage 1, and of course, you have to provide for Stage 3 as well. So, on a run rate basis, say, ECL is already implemented, what will be the credit cost every quarter? Will it be 40 basis points? Will it be 50 basis points? What will it be?

No, no, no. It will not be. First of all, I will tell you, at Stage 1, we are already providing 0.40%. So absolutely, there is not going to be impact on the Stage 1 because standard asset already we are doing that. Stage 3 also having 97% provision coverage ratio, we are not going to have any impact on the Stage 3 provision also. Stage 2 only because of the elevated provision is there, 5%. There only, the impact is going to come. And that calculation roughly as of today is around -- around INR10,000 crores. Now if I distribute this INR10,000 crores for 5 years, 5 years, multiply by 4 quarters, it comes to 20 quarters. So, 20 quarters means every quarter, if I am able to do INR500 crores, I am able to meet that requirement. And that INR500 crores every quarter, hardly it comes to around 10 to 15 basis points. Like in this quarter, INR955 crores we have kept. And with that, the credit cost with INR386 crores, it comes to only 0.46%. So, with this implementation, every quarter, around INR500 crores will be required. With that, hardly around 15 basis point credit cost will increase.

Okay, sir. So, there will be an increase of maybe 15 to 20? And what will be the SMA -1 and SMA-2 below INR5 crores?

I will give you the entire portfolio, SMA-0, 1, 2 all put together. The ratio in the bank is 4.61%.

And that is below INR5 crores and above.

All, all. INR1 to the higher amount, all put together.

So 4.8% of loans?

4.61%. 4.61%, that is the total SMA of the bank.

Okay, okay sir got it. Thank you very much and all the best.

Thank you. Our next question is from the line of Jai Mundhra from ICICI Securities. Please go ahead.

No, no, no. They are not part of net NPA.

Okay. So that is good. And secondly, sir, if you...

That's why you are seeing the absolute number, INR3,834 crores in the net NPA.

Correct. Correct. Okay. So that is good. And secondly, sir, if you have the number separate for 0, 1, 2, that will help because maybe you need not provide for SMA-0 as per the draft regulation, but the 1, 2 on a continuous basis, bank may ha ve to provide. So, if you have that number separately for 0, 1 and 2 for SMA loans of the bank?

SMA-0, what is the percentage? You can tell, madam. Our CGM in charge, the CRMD Risk Management is there. She will tell you.

SMA-0 is INR34,176…

No, percentage.

Sir, absolute number is also okay.

No, I'll give you the percentage. SMA -0 is INR34,176; SMA -1, INR9,439; and SMA -2, INR13,122.

Sure sir. And sir, would you have also done a calculation that, let us say, if in this quarter itself, you were to apply for ECL norms, what would be the credit cost? I mean that is what I think Mahrukh was also trying to understand, that assuming you are in ECL, what could have been the provision in this quarter, let us say?

See, if 5 years implementation period is there as per the RBI guidelines, so it means I have 20 quarters to implement it. And a rough calculation, which we have done, it comes to around INR10,000 crores. It means, sir, INR500 crores every quarter, we need to provide for ECL implementation for 5 years. It's INR500 crores, hardly it comes to around 15 basis points down, 0.15%. And since INR10,000 crores is required, out of that, INR1,775 crores I have already provid ed. So, since we had a cushion in this quarter and we had a good profitability, we took a conscious decision that let us make the provision floating. And as per the RBI guidelines, this floating provision will get adjusted against the ECL when it gets impl emented. So, it is -- for a strengthening of our balance sheet, this provision has been made this year, this quarter.

Right. No, no. This is all welcome, sir. I understand this is contingent and floating in nature for the contingency only. Okay. And second question is, sir, a few banks have sounded some RBI compliance on PC Agri crop loan PSL requirement, that the criteria for maybe PSL tagging has been tightened. Has that exercise been over for our bank? And what is the status here?

No, no, no. We don't have any such challenge. And the bank, which you are quoting, their RBI supervisory review had happened. In our bank also, every bank, RBI supervisory review happens every year. And we are totally compliant in that. We don't have any such challenge.

Sure. And lastly, sir, this quarter, the interest on -- I mean we have a very good -- we had a very good TWO, but still the interest income that has gone to NII from TWO recovery is more or less similar, right, INR400-odd crores. That has not changed. So that has no material impact, right? I mean despite having a large TWO recovery?

No, no. It almost around INR400 crores to INR500 crores RI recovery every quarter happens. So that has remained the same. Because whatever recovery we do in TWO, generally, it goes in our operating profit straight away, not through the interest route.

Sure. And sir, one thing that I observed was interest on investment, right, that has declined. Is there any one -off? Or you think that could be the new normal basis, the interest rate environment? Or is there any reason for a slightly higher decline in that line item?

No, no, no. It is not -- it is in line with the market scenario. Nothing else. You can't -- you should not read anything else other than this.

Sure. Okay. Thanks a lot, sir. I will come back in the queue. Thanks, and all the very best.

Thank you.

Thank you. Our next question is from the line of Kunal Shah from Citigroup. Please go ahead.

Yes. Thanks for taking the question. So firstly, on margins, again, so I think there would have been some impact of repo repricing and we have like 50% EBLR portfolio. So that would have taken the knock-on margins. But in terms of deposit repricing, when should we actually start to see the deposit repricing benefit? If we look at it, it's hardly like, say, 25-odd basis points, which we have over the last 3 quarters. So when does that happen? And in fact, w e revised our margin guidance also down. So was it purely the repo rate cut, which is leading to the revision in the guidance? Or is there any other element in terms of lower benefit from deposits coming through?

No, absolutely -- it is only because of the 125-basis point repo cut. And second thing related with this is the deposit rate pricing. Because 125 basis point rate cut has happened in the credit side and that you are very rightly mentioned that more than 50%, we have the Repo Linked...

Sir, sorry to interrupt you. Kunal, can you please mute your line.

Yes.

So since 50% and above the Repo Linked rates were there -- so that we have passed on immediately. In fact, in our bank, immediately on the next working day, we pass on those benefits. But to that extent, we have not gone for the deposit repricing. In fact, we are very mindful of the deposits, the scenarios, dynamic situation and keeping the customers' interest also because we have 18 Crore plus customers, and they have a lot of faith in our system. So we thought that let us continue that deposit rate. That is the reason in the Q3, we have not cut much the deposit rate. We have kept it intact. And that is the reason that has impacted our -- the overall NIM. And going forward, what we are seeing that we had one special scheme where we had mobilized more than INR 248,000 crores. That deposit was for 440 days. And that scheme was there till March 2025. Now from 1 st April 2025, this scheme was withdrawn. Now those deposits are getting repriced. 70% repricing has already happened by December’25. And 21% is going to be repriced in the fourth quarter, this quarter and 9% still it will get repriced in the first 2 months of first quarter of '26- '27. So entire deposit repricing will happen by somewhere in the month of May 15. By that time, this entire thing, which is there at 7.25%, it will at least 60 to 70 basis points, the reduction will happen in when the repricing happens. And you all know that -- see all these impacts will be visible after 6, 7 months now. So I am expecting that by Q2FY '27, at least the impact of these things will be visible in the system.

Sure. Got that. And secondly, with respect to growth, so still in terms of the guidance, we are at 11% to 12%-odd, while maybe year-to-date growth itself is like, say, 10.5% to 11%. So would we be seeing some kind of traction on the corporate side or we should able to...

Sorry to interrupt.

Credit growth, I am expecting that as of now, 9 months credit growth is 10.9%. And I am confident that this 11% to 12% guidance which we have given by March also, we will be crossing this guidance. Deposit growth guidance also 9% to 10% we have given. And as of now, we are at 8.5%. 100%, we are going to touch around 9% of the deposit growth. So there has been good momentum in the system, and we are encashing those opportunities. At the same time, there are some low-yielding advances are there in the corpor ate book. That also we are selling it and we are replacing it with high-yielding advances. Otherwise, our corporate loan book would have grown more than 11% to 12%. So we are also ensuring that all those -- the low-yielding advances, slowly, we should rep lace it with high - yielding advances. And that is the reason corporate loan book is still at around 9.5%.

And this would continue even in the next quarter. So that's the reason like even after 11% -odd we are saying that 11% to 12% is the only guidance and not revising it to like 13%, 14%-odd or so?

Yes. In this quarter also, we are going to s hed some deposits, corporate loan book. And that is the reason I am still holding that 11% to 12% growth will be there, overall credit growth.

Thank you. Our next question is from the line of Bhavik Shah from InCred Capital. Please go ahead.

Hi, sir. Thanks for the opportunity and congrats on good quarter. Sir, I just wanted to understand what was your average LCR for this quarter?

125% -- yes, 127%. At September, it was more than 125% -- 130%. It is 130%. 130%.

Okay. And sir, there is a change in guidelines of LCR from 1 st April 2026. How much of that impact will have?

I think around 5.25% impact will be there, yes.

Negative impact?

Positive impact. Yes, yes.

Okay. Okay, sir. And sir, this quarter, we had a good treasury gain. Does it include the stake sale of Canara HSBC Life?

Yes, yes, yes. That includes that.

How much was it?

Net gain was around INR912 crore. That is actual impact of that sale.

And the balance INR400 crores would be the normal treasury gains?

Yes.

Sir, I just want to understand this year...

And one more point, and more point, there has been a hit of INR400 crores MTM also, despite that INR300 crores now.

Understood, sir. So we have done very good on treasury gains over the past 2 years, and that has also been because of the yields. Now incrementally, the yields are kind of steady or rising. So how should one understand treasury gains in F '27? Like will it be INR2,000 crores or no, I mean that is not how we think. We have clocked like INR4,000 crores over the past few years?

I think you are talking about the next year, let us wait for another -- it is a very, very dynamic situation now. So one more MPC will come in between, and then we will see how the impact comes. And anyway, I think March, we are also coming out with the strategy paper for '26- '27. And definitely somewhere in the March, April, we will discuss about the '26-'27.

See, if you see, MSME, we are growing at 18%. Retail, excluding IBPC, we are growing at more than 18.5%. IBPC, every quarter, we are reducing it. And December '24 to December '25, the net reduction in the IBPC book is more than INR 13,000 crores. So what is happening, we are growing in the credit scenario. But at the same time, there are some low -yielding advances are there, including this IBPC. We want to come out of those things so that going forward, we will have the good quality high - yielding advances, and that will be sustainable for a longer period. So that is the reason we are not revising this 11% to 12%. Otherwise, sector -wise, if you see, we are growing at more than 17%, 18%.

Sir, assuming in FY '27, deposit growth is 9%, 10%, would you grow at 15% plus?

I will give you the number once the strategic paper comes o ut, Board strategy meet happens, but...

You carry forward thought process, sir.

I'm giving you the thought process. I'm telling you my thought process because 1 or 2 quarters more, I will take for in the '26 -'27 also to reduce my low-yielding corporate loan book. And afterwards, definitely, bank will grow at more than 12% to 13%.

Understood, sir. And sir, just last question. Sir, any guidance on your recovery from written-off for 4Q and next year?

Yes. For the Q4 also, we are likely to grow more than INR4,000 crores of total recovery and around INR1,500 crores to INR1,600 crores, TWO recovery we are expecting, and that is a thing which we have targeted.

Okay. Okay. And sir, FY '27, would it be broadly similar to FY '26 or lower?

It will be -- I think let us wait for that '26-'27 number. But definitely, I think the last year also, if you see around INR12,000 crores to INR13,000 crores. So definitely between INR13,000 crores to INR15,000 crores, we will be aiming for another 2 years.

Understood, sir. Okay. Thank you so much, sir. And that is all, sir.

Thank you. Our next question is from the line of Vansh Solanki from RSPN Ventures. Please go ahead.

Hello. Good afternoon, team. Am I audible?

Yes, good afternoon. Yes, you are audible.

Yes, yes. You are absolutely right. See, what has happened, there is an MTM loss was there for one account, INR400 crores. In the last quarter, there was a gain of MTM was there of around INR350 crores in the same account. So, there is a fluctuation in the re -- in that sometimes loss happens, sometimes profit happens, but the treasury gain will be in the line of around INR1,300 crores to INR1,500 crores.

Okay. And my last question is on the new labour code. So how much impact we have -- like onetime impact we have taken here?

No impact on implementation of labour code. Bank was already implementing all those clauses which the labour code has provided and absolutely nil impact.

Okay. And the fee-based income, I just want to ask that even after a good growth, why our fee- based income is almost in a similar line of Q2? Like will it increase in Q4 and like next year or will be in the same range?

Generally, what happens in the fee -based income, there are some components like processing charges, the ATM charges, the locker rent, all these things we collect in the very first quarter of every financial year. So first quarter, there will be very good collection. And afterwards, all the renewals whatever happens for the new proposal which we source, to that extent, only the fee - based income will increase. So it will be muted in the Q2, Q3, Q4. But first quarter of every year, it will be substantially, it will be high. But we have come out with 3 new streams. And I'm very hopeful that going forward, there will be a lot of traction will happen in the fee -based income. One is the supply chain vertical, which we have created in this financial year. And there is a INR4,500 crores is a sanction book under the supply chain. Their vendor financing, dealer financing, this new vertical we have created. Second vertical, which we have created is the cash management services, which is totally it is a fee -based income only. So this vertical also, second quarter, we had created, and we are expecting good revenue should happen from this stream also in the '26-'27 financial year. And third vertical, which we have created headed by General Manager is credit card vertical now. And we have also launched a first-time metal credit card, very high net worth individuals, the PNB LUXURA. And there also, we want to build up a good number now. We already have a credit card in our bank, and that is owned by our bank itself and more than 7 lakh credit cards are there in that scheme. But this is a high -end credit card, which we have launched PNB LUXURA. Through all those things, I want to see that on a sustainable basis, on a regular basis, there has to be improvement in the fee-based income in the '26, '27 financial year.

Okay. Thank you. That is from my side and all the best for the future. Thank you.

Thank you. Our next question is from the line of Anand Dama from Emkay Global. Please go ahead.

Thank you for the opportunity. Si r, what explains the sharp fall in your investment yield? And how do you see margins on a quarter-on-quarter basis? I know that for a full year, basically, you have downgraded the margin guidance. But on a quarter -on-quarter basis, how should we look at th e margins here on? And if you can explain why the investment yields have fallen on a quarter-on-quarter basis?

The yield, you are all knowing that it is a totally market driven now. And we are all seeing that as of today also yield is quite tough now, very hard now. So it all depends upon the market scenarios and what opportunities that comes in that particular segment. And the -- I'm not seeing that sharp decline is happening. It was 6.87% December '24 and today, it is 6.76% now. So decline is hardly around 11 basis points Y-o-Y.

But sir, if you look at from where it has come down, it was about 6.9% or so. And there from...

September, it was 6.9%. September, it was 6.9%. And see, when the average yield is coming down, so definitely, it will have the impact here also. But there is no concern -- as far as the revenues are concerned and the total contribution from the treasury book, I think it is -- contribution is intact, INR1,300 crores to INR1,700 crores every quarte r we are getting it. This quarter also, we got INR1,300 crores. And going forward also, we have a visibility that we are going to have a good gain overall credit -- the total contribution from the treasury book.

And sir, is there any labor code impact that you have taken during the quarter? Or is it very negligible for the public sector bank because you do not have any contractual labor?

Yes, yes, correct. We don't have any impact because of the same reason what you have mentioned. So we are already being guided by the salary revision of IBA. And we are already paying to whatever that has been mentioned in the labor code. More than that, we are doing it. So absolutely, there is no impact.

And sir, during the current qua rter, you have had a very strong recovery from written off pool. Is there any large specific account that you can talk about which has been recovered? And do you expect similar kind of a trend in fourth quarter as well?

Yes. Out of this INR4,100 crores recovery, there is one account where we got more than INR700 crores. So other than that, all was below INR100 crores recovery. All small, small accounts were there. This quarter, we are also expecting around INR400 crores t o INR500 crores one single account. And all other accounts are below INR100 crores, and that momentum is there in this particular quarter also. So, we have already set the target for this quarter that more than INR4,000 crores of recovery overall and INR1, 500 crores TWO recovery should happen in this quarter also.

Thank you.

Thank you. Our next question is from the line of Ashlesh Sonje from Kotak Securities. Please go ahead.

Hi sir, good afternoon. A few clarifications, firstly from my side. Can you explain why the tax rate was a bit lower at 19%? That is one. Secondly, this INR9,000 crores to INR10,000 crores ECL impact which you quoted, is that the provision shortfall? Or is that the post-tax impact on capital? And thirdly, your -- the progress on PSL compliance seems to be quite good over the past few quarters. Do you expect to purchase any PSL certificates in the next year?

Yes. First of all, I will touch that part, PSLC. I think this year, we have made good progress under that PSLC. And I'm expecting that at least around 50 to 60 basis point cut should be happening in the next year. More than that, we are already targeting in that direction n ow. And we are already compliant as far the RBI regulatory guidelines are concerned. We don't have any issues related with the PSLC compliant. Your -- another question was related with?

Tax rate and ECL impact.

ECL, yes. ECL, see, there are 3 stages are there, all of you know. So Stage 1, 0.40% provisions are required. And we are...

Yes, sorry to interrupt you, sir. I understand the calculation you have mentioned. I'm just asking if this INR10,000 crores, is that the pre-tax impact or the post-tax impact? That's all.

Post-tax impact.

Understood. Okay. And lastly -- and the tax rate?

Yes, yes. You can –

Actually, we have made a tax provision of INR1,231 crores this time. And there was a reversal of provisions to the extent of INR506 crores in the tax provisions because when the actual computation of the tax liability, it come up to be less, which we envisaged during the 31st March 2025. So there was a reversal of INR506 crores. So net change to about INR1,230 crores, which may be giving you a percentage of 19%.

Understood. And one more question from my side. On the margin front, you had guided last quarter that it would improve by 5 basis points Q -o-Q. I understand a couple of things would have changed. One is the repo rate cut, which I assume would have had an impact of about 5, 6, 7 basis points. The second one, which you mentioned was on TD rates that you have not cut in this quarter, but I assume that would have a negligible impact because TD rates take time to pass through. So what exactly changed as per your earlier expectation?

No. It was -- one is that the 25 basis points, the rate cut has happened, definitely, that has put some impact. And the repricing, which we were expecting that will happen and that too, with the revised rate, we were expecting that we'll cut some rate in the month of October and November, but we have not done that. Now that exe rcise we have done on the 1st of January. We have cut some deposit rate in the different bucket now around 20 to 30 basis points. If you would have cut that, definitely some impact would have come. See INR100 crores to INR200 crores is still impact the NIM now. So 3 to 4 basis points. So that is the impact it brings in the overall calculation. Overall, if you see, our total NII is greater than the September quarter. But once we get a final number, I think it has -- in the NIM calculation, it has impacted. S o I'm expecting that this repricing is going to be fully complete by end of April, somewhere 15th of May. Entire INR2,48,000 crore, which we had mobilized at a very high rate last year, the retail term deposits, 7.05 and 7.25, I think that is going to be repriced with the revised rate. And I think another 3, 4 months, it will take to bring down the NIM. I'm expecting that somewhere from the Q1 and Q2 onwards, definitely, the NIM will improve, and we will be back to the original scenario.

Understood, sir. Thank you very much.

Thank you.

Thank you. Our next question is from the line of Ankit Bansal from AB Investment. Please go ahead.

Hello? Am I audible?

Yes.

Sir, my question first will be, sir, what will be your net guidance net for net NPAs and net GNPAs now for quarter 4 and for whole FY '26?

Gross NPA, it will be below 3%, which we have already given the guidance in the beginning of this financial year. We will be below 3%. Net NPA below 0.35%. We are already at 0.32%. So definitely, this guidance which we have given, we are going to do and we are going to achieve that.

Any revision in net NPAs guidance?

No, I think we are trying to bring it below 0.30. We'll try to do it. But guidance which we have given, we are already -- we have done that. Somehow we'll try that. We'll try to bring it below 0.30.

Okay. Sir, my -- the bigger question, bigger picture is that, sir, PNB delivers numbers like you say one quarter good, other quarter. Sir, the momentum is not keeping like this quarter, you have done a provision like last quarter slippages elevated happen. Sir, how an investor which is invested in PNB for years, how it could feel safe after 1 or 2 quarters, he feels, okay, bank is delivering good numbers like this. Another quarter slippages happens of any reason. I'm not saying you will happening, of any re ason. This quarter provision happens. Sir, look at other banks like State Bank, Bank of Baroda, they are delivering a constant set of numbers. So investor feels safe in these banks. Sir, can you please assure your investor that is invested in you and invested a lot of their faith in your bank?

Sir, we have full confidence. I will tell you, you should have full confidence in the performance. First of all, you see none of the parameters, the guidance which we have given in the beginning of the financial year, despite the strain in the system, despite 125 basis point cut in the system, we have not revised any of my guidance. You see the guidance which was given in the month of April. We gave the guidance that gross NPA below 3%, net NPA 0.35%. C redit cost, which you are talking about in this particular quarter, credit cost, our guidance was below 0.5% in the entire year. In this particular quarter, we are at 0.46%. That also deliberately, we have kept it because of the ECL implementation, which is going to happen from 1st April 2027. Now we had the profitability in this particular quarter, and it was the right time for us to keep the INR955 crores set aside and that we have kept it as a floating provision as per the RBI guidelines. Now this will help us in adjusting our ECL implementation, which is going to happen from 1st April 2027. So whatever guidance -- you see the guidance on return on assets. We have given a guidance of above 1%. We are at 1.06%. September, we were at 1.05%. So slippages ratio, we gave the guidance of below 1%. We are at 0.7% in this particular quarter, we are at 0.67%. And 9 months, if you see, we are at 0.56%. Credit growth, we gave a guidance of 11% to 12%. We are at 10.9%. So all the parameters, we are maintaining the guidance. Operating profit, we gave a guidance of 8% to 9%. We are at 13%. That is the growth which we are showing you. I think that should -- you should see the overall guidance which the bank has given and whether we are meeting those guidance or not. And this is always better to see that whatever the future that is going to happen, prepare ourselves for the future situation. When the ECL got the announcement happened somewhere I think Q1 or Q2, I think this is the right time if we have the cushion, why to get a hit when the actual implementation happens. So I think you should see broader things and not Q1 or Q2. You should see the consistency in our performance. You tell me in any of the parameter, except the NIM, except the NIM, any parameter, there has be en a degradation or downward reduction, anywhere in any of the parameters. We are very mindful that for the investor, there has to be consistency. And each and every quarter, there has to be improvement in every ratio. We are committed to that, and we are doing it. This quarter also, you see except the NIM, all parameters, there has been improvement. Every parameter improvement is there.

Yes, thank you, sir. Thank you for giving me a chance to ask a question again. Sir, my question was on investments. So could it be that the investment yield has declined because of treasury profits booked over the last few quarters? Could that be a reason?

That is also one of the reasons. Second reason is, in the Q2, there was one-time income of INR60 crores was there from one company that was booked in that partic ular quarter. So there was another one dividend income there to an extent of INR130 crores, which was booked in the Q2, which has not...

But that is in income on investments?

Yes. Yes, income on investment. These are all income on investments. Otherwise, there is a consistency there in the treasury income also and INR1,300 crores to INR1,500 crores income will be there from this particular treasury.

Okay. And sir, how much of HTM would we have sold in the first 9 months?

Out of 5% cushion, we have just used around 1.5%. We have not sold.

HTM.

HTM, I'm talking, yes. We have utilized only about 1.5%.

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

Thank you, madam.

Thank you. I would now like to hand the conference over to management for closing comments.

So, thank you very much for all the analysts and who are reposing faith in our performance. We are committe d to the consistency -- consistent performance and the quarter -to-quarter improvement in all the parameters. In this quarter also, if you see in all the parameters, including the operating profit, net profit, all the efficiency ratios, I think we have show n the consistency, and we are committed to do that. We value your relationship with our bank and you being one of the stakeholders in our organization, definitely, I think we are committed to provide good value to you for -- in the long run, and we will do whatever best is possible to do that. Thank you very much.

Thank you. On behalf of Elara Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.