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| So, when you look at these two metrics, it's a very strong, very healthy numbers, which is what we have mentioned several times over that even on such a large scale that we -- the bank will have the energy to continue to grow at a pace that we have done in the past, even on such a larger book |
| You know well that the GST collections were healthy in manufacturing services, PMI, and in the expansionary zone |
| The key logistics indicators were quite healthy and good |
| And we are looking at a book that is strongly positioned |
| Our results reflect robustness in growth after consummating the merger, 5.3% sequential momentum in deposit growth, 5.7% sequential momentum in retail deposit growth and advances growth of -- or a sequential increase of 4.9% |
| And the demand is quite good |
| Payment acceptance points currently at 4.9 million and year-on-year growth of 43% as adoption of the Vyapar app builds momentum there |
| These extremely high-quality book where we're extremely comfortable from the quality of the book now and into the future |
| So, all-in-all, I am very, very happy with the performance |
| This showcases the power of our execution |
| We have mentioned in the early release that they did the highest-ever retail mortgage loans of 170,000 in numbers and INR48,000 crores of disbursals, the highest ever |
| Quality of the book continues to see sustained improvement with gross stage 3 at 2.38% as of September against 4.88% prior year |
| After INR1,000 crores write-back of tax provisions no longer required consequent to favorable appellate orders, net profit after tax for the quarter was INR15,976 crores, grew by 50% over prior year |
| So, the innate strength of the institution, to galvanize energy, to execute consistently even on a larger base is what we have demonstrated year after year for 28-plus years |
| And as we look ahead, we see the environment is good for robust growth |
| So, without much ado, I just wanted to tell you that we are extremely excited about this merger and we will slowly but surely demonstrate to the world that how we will execute the way we have done in the past |
| That gives enormous confidence to the RMs to pitch a product to a customer |
| I want to start with the macro content -- context provided that it provided a good healthy tailwind in the quarter, right? We continued to see a good domestic demand conditions and push from government through CapEx |
| These are the things that keeps us charged and ensures that we drive to the best potential both market has to offer and the people here are capable of delivering |
| So, we are very sanguine and very confident that funding is never going to be an issue and you will see the kind of execution that we are capable of going forward as well |
| Why is it that branch opening is always back-ended? Srinivasan Vaidyanathan Very important and good |
| And one is about the sales process itself, right, in terms of -- so, say a customer comes in into a branch and works with an RM or an RM visits a customer for various sales processes, the sales support has significantly enhanced, right, in terms of making the product features and the product kind of a dynamic much more articulated to the customers |
| And when you gain that currently, if you look at the recent times, the share in the market share gains is faster than what it was five years ago, meaning, the larger distribution and the bigger the scale, the opportunity space for gaining more market share is available and that is what in the recent times that we have done |
| Customer franchise grew to 13.6 million customers with 6.3% additions during the quarter |
| The profit before tax was INR19,790 crores and grew by 39% over prior year |
| But we are confident that this is a strategic growth area for us |
| This provides the opportunity to further engage and deepen the customer relationships |
| Our estimate of the GDP growth for this year FY '24 is 6.3%, which will demonstrate that it's one of the fastest growing economies in the world |
| Term deposits had been the bedrock of this growth given the interest rate scenario and the customer preferences, aggregated to INR13.6 lakh crores, registering healthy growth of 7.8% sequentially |
| You're able to turnaround quite fast |
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| That's what we have seen over the last two years that we have seen, too, right? As much as we would like it to be even through the year, there are other constraints of availability, and that makes it tough for us to get there |
| Just wanted to understand, last two quarters have been a bit weaker than expected |
| Just lastly, in terms of personal loans last couple of quarters, especially this quarter has been a slowdown |
| Net trading and mark-to-market income was INR1,041 crores for the quarter, prior quarter was INR552 crores and prior year was a negative INR387 crores |
| But till last quarter, everybody was concerned about how we will fund |
| See, if you look at that book and look at this book over a period of six quarters at least now, it has been on a decline, right, which is this book has been assessed from a bank risk assessment perspective and it has been -- there has been a de-growth that has been happening |
| These outflows in the larger ticket deposits or the non-retail deposits [masked] (ph) the outflow of the core momentum of the retail ones |
| Parag Thakkar Sir, just last one last question because everybody is concerned, now that you have gathered deposits of more than INR1 lakh crores, I think that concern is gone |
| But most of the margin decline from pro-forma 3.7% to 3.4% is largely excess liquidity and ICRR or.. |
| I think a lot of people probably mistook some of them to be destroying or value the equity, but it's not |
| So, I think in the opening remarks, you alluded to like a 25 bps hit on the margins because of the ICRR and the excess liquidity |
| Operator Saurabh, sorry, we again lost your audio |
| Saurabh Kumar Will that be the excess liquidity you will referring to? Srinivasan Vaidyanathan Saurabh, we lost you, man |
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