Ladies and gentlemen, we welcome you all to ICICI Bank's results conference call with Mr. Sandeep Batra, Executive Director, ICICI Bank and Mr. Anindya Banerjee, Group Chief Financial Officer, ICICI Bank. Mr. Batra will now give you an overview of the results which will be followed by a Q&A session. Thank you and over to you sir.

Thank you. Good evening everyone and thank you all for joining us today. I know it's going to be a busy afternoon for all of you. Amidst the global uncertainties, the Indian economy continues to be resilient as reflected in high-frequency indicators backed by various initiatives taken by policymakers. We continue to monitor the developments closely and remain focused on a long-term strategy aligned with India's evolving economic landscape. At Ajay Chah Bank, our strategy focus continues to be on growing profit before tax, excluding treasury, through the 360 degree customer centric approach and by serving opportunities across ecosystems and micro markets. We continue to operate within the framework of our value systems and our franchise. Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities with a focus on simplicity and operation are key drivers for our risk calibrated profitable growth. Our board has approved the financial results of ICICI Bank for the quarter ended June 30th, 2026. I would like to highlight some of the key numbers. First, moving on to profit and capital. One, the net interest income grew by 12.7% year-on-year to Rs. 24,384 crore in Q1 2027. Net interest margin was 4.36% in Q1 2027 compared to 4.32% in Q4 2026. Free income grew by 23.5% year-on-year to Rs.7,286 crore in Q1,2027. Operating expenses grew by 10.4% year-on-year to Rs.6,574 crore in Q1,2027. Core operating profit grew by 15.6% year-on-year to Rs.20,235 crore in Q1,2027. Core operating profit excluding dividend from subsidiaries grew by 18.3% year-on-year to Rs. 19,125 crore in Q1 2027. Provision excluding provisions for tax were Rs. 1264 crore in Q1 2027. Profit before tax excluding treasury grew by 20.9% year-on-year to Rs. 18,975 crore in Q1 2027. Profit after tax grew by 15.9% year-on-year to 14,805 crore rupees in Q1 2027. Stand-alone ROE was 17.1% in Q1 2027. At June 30, 2026, the bank had an S-worth of about 3.5 lakh crore rupees. CET1 ratio was 16.19% and capital adequacy ratio was 16.84% at June 30, 2026. Moving on to deposit growth, The total period and deposit increased by 14% year-on-year to 2.2% quarter-on-quarter at June 30, 2026. Average deposits increased by 14% year-on-year and 6.1% sequentially during Q1, 2027. Average current and savings account deposit increased by 12.1% year-on-year. Bank Opal sent 97 branches during Q1, 2027 and a network of 7,680 practices and 12,190 ATMs and cash recycling machines at June 30th, 2026. Moving on to loan growth, the total loan portfolio grew by 19.6% year-on-year and 5% quarter-on-quarter at June 30th, 2020. The retail loan portfolio grew by 12% year-on-year including non-fund outstanding The retail portfolio was 41.1% of the total portfolio. The mortgage portfolio grew by 14.6% year-on-year. The personal loan portfolio grew by 12.9% year-on-year. The credit card portfolio declined by 1.9% year-on-year. The rural portfolio grew by 35.4% year-on-year. The business banking portfolio grew by 28.2% year-on-year. Growth in the domestic corporate portfolio was 18.5% year-on-year at June 30, 2026. About 71.9% of the corporate loan portfolio was retail A- and above as at June 30th, 2026. Now moving to asset quality, net NPR ratio was 0.35% at June 30th, 2026 compared to 0.33% at March 31st, 2026 and 0.41% at June 30th, 2025. During Q1, 2027, There were net additions to gross NPAs of Rs.2,774. Gross NPA additions were Rs.5,552 crore in Q1 2020. Recoveries and upgrades of NPAs excluding write-offs and fail were Rs.2,845 crore in Q1 2020. Gross NPAs written off were Rs.1,673 crore in Q1 2027. There was sale of NPAs of 239 crore rupees for cash in the current quarter. Provision coverage ratio on non-performing loans was 74.7% as June 30th, 2026. Total fund-based outstanding to all borrowers under resolution as per various extent regulations was 1363 crore rupees. Loans and non-fund-based outstanding to performing corporate borrowers rated Double B and below were 3485 crore rupees at June 30th, 2026. The TOFI provisions during Q1, 2027 were 1260 crore rupees or 6.2% of core operating profit and 0.32% of average advances. The bank continues to hold contingency provisions of 13,100 crore rupees at June 30th, 2026. At Ajay Kher Bank, customers continue to remain at the heart of every initiative. I would like to share some of the latest updates on AI that we are making to make banking simpler, safer and more convenient. ICICI Bank has established a structured and disciplined approach to scale AI with a focus on long-term value creation, risk management and enterprise-wide adoption. The bank is invested in Enterprise AI platform which serves as a secure environment for development, hosting and development of AI and generative AI use cases. The bank continues to invest in AI and AI use cases across areas such as portfolio monitoring, customer onboarding, fraud detection, document extraction and summarization, and customer servicing among others. These capabilities empower the bank to enhance customer communication, improve efficiencies, achieve software program time, support decision making across functions, and deliver seamless customer experience. Our approach places emphasis on information security, data privacy and responsible AI. We have implemented a comprehensive framework of guardrails including defining ring-fenced areas for AI usage, human-in-the-loop oversight, stringent data access control and effective model governance protocols. Parallely, the bank continues to invest in internal capability building with focus of scaling initiatives across businesses, digital and technology, into students and enterprise-wide Readiness and support, sustainable scaling of AI capabilities across the organization. Going forward, we will continue to operate within our strategic framework while focusing on micro-markets and ecosystems, the principles of fair to customer, fair to bank, one bank, one team, after capital decider operation. We focus on building a culture where every employee of the bank serves customers with stability and upholds the values of brand ICICI. We aim to be a trusted financial services provider of choice for our customers and deliver sustainable returns to our shareholders. This I conclude my opening remarks and I would be happy to take on your questions. Thank you. Thank you.

Thank you very much sir. We will now begin the Q&A session with Mr. Batra and Mr. Banerjee. Anyone who wishes to ask the question may press star and 1 on the telephone. Thank you. We'll take our first question from Ritu Singh from CNBC TV18. Please go ahead.

Good evening, Mr. Batra and Mr. Banerjee. First, I want to start by asking about your margins that really stood out, especially compared to almost all other banks that have reported numbers today. This further expansion you've been able to achieve now at almost 4.36%. Is this the normalized rate we should look at? How sustainable are these levels? Do you have leverage to further expand? That is the first part. Second is why is it that we've seen substantially in the quarter from about 4,200 odd crores to about 5,500 crores? How much of this is seasonal? And are you seeing any stress on the count of what's happening in West India? Because this is the first quarter. When do you see some of that impact come through? And if I may add a question on loan growth as well, which has been pretty strong. Corporate also seems to be doing well. What are the segments, of course, within your risk-calibrated, you know, in your view, that you think are seeing higher credit demands that you believe will drive incremental credit growth for the bank?

Thank you, Ritu. That's lots of questions.

I think, first of all, I'll start with the name question that you asked. As you are aware, as we have reported, the NIM increased by about 12.7% year-on-year and about 6.1% sequentially. This quarter, we had the benefit of income tax refunds, which helped in the margin improvement. This was about 8 basis points compared to about 5 basis points in the previous quarter and 7 bips in the Q1 of last year. The margins in Q1 are also reflective of the benefits due to repricing of term deposits impact of higher interest refunds offset partially by higher interest on reversal of KCC portfolio. To your point on outlook, I think the NIM trajectory would depend on a number of factors which includes of course the geopolitical development, monetary policy, liquidity, loan growth, and local pricing. Our expectations of NIM is that in FY27 it should be range bound assuming no rate movement Of course, there will be some impact on account of SCNRB deposit program and loans against SCNR deposit, which could be sort of slightly NIM diluted. But overall, as a bank, we would continue to look at leveraging, you know, growth and as you rightly pointed out, risk calibrated profits through optimizing various levers where NIM is clearly one of them. Coming to your point on slippage, I think it will be better if you compare that number over Q126 over Q127. I think there are seasonality impacts. If you look at that number in Q126, it was about 62 billion, which is now down to 55 billion. Moving on to loan growth. If you are aware, you are seeing loan growths across all the segments. In particular, corporate loans, we have seen some amount of sequentially pickup which has been largely due to, I mean, from our point of view, we continue to have active engagements with our corporate clients and we continue to seek opportunities whichever meet within our risk and reward thresholds. During the current quarter in particular, I think there was a little more demand on account of working capital and also we have seen some kind of moderation in the bond markets and equity markets which has been an opportunity for us to capitalize.

I presume I have answered all your questions. You know, the reason why there was a sequential rise in slippages and even on FD&R since you bring it up, what's the target you think, how much could the bank raise and what kind of...

The first one is seasonal, so I don't think I would like to call out anything specific on the quarter. It's just a question of seasonality. Actually, you have to look at, and most of it is, I mean, the difference is because of Kisan credit cards. So, on SCNRB, since we are talking about the subject, I think we are, I mean, it's a great measure from a government point of view. and of course it is early stages yet and this will evolve over the couple of months and as you are aware we are going to continue to focus, sorry we will be tapping on the Indian diaspora. You are aware that we have got a large international presence and we will leverage all our international branches especially those in West Asia. We have also tied up with various partners for providing leverages. We will be raising bonds This amount will, I mean, we do expect the momentum to pick up as we go along. And of course, we are committed for this, committed to make this initiative of RBI a success.

But no amount, Mr. Batra? You could share?

No, we can't. It's very difficult to say at this point of time.

All right. Thank you.

Thank you. Next question is from Siddhi Nair from Bloomberg. Please go ahead. Hi sir, am I audible?

Yes, please go ahead.

Hi, I just wanted to take some of Ritesh's questions forward. The 20% loan growth that we have seen for you, I think it's among the highest in the last few quarters. I wanted to understand how sustainable is that and are you foreseeing any risks that could happen to this kind of credit growth for ICH and for the banking sector as well?

I think growth is reflective of the continuous momentum of economic activity and also the impact of various policy initiatives which have been taken by the policy makers. From our point of view, we continue to see growth across segments, whether it is mortgages, rural portfolio, personal loans. We have also seen healthy growth in business banking. And this quarter, as I already mentioned, There has been a good sequential pickup in corporate loans. So we continue to engage with the entire spectrum and wherever we get opportunities which meet our risk thresholds and meet the pricing framework that we have, we are happy to lend. And from our perspective, it's not only about the loan growth. We look at customers on a 360 basis and the overall relationship with the customer and within that framework we take various calls. So this is... So we do have a strong balance sheet and we will continue to look at various opportunities as they come along.

On the FCNR part, I may ask what is the kind of leverage that you are offering And what is the indicative demand looking like? I mean, there are some conflicting reports about, you know, inflows being very slow. Some say they have received a lot of inflows. You being the second largest private bank in the country, what is the demand on ground that you're seeing for FCNR flows? And if you could also share the leverage that you're offering, sir, to this product.

So, we will offer leverage based on the customer profile and whatever leverage our partners are willing to offer. We are not giving any specific numbers at this point of time. But rest assured, I think the customers will get a reasonable return and from our point of view, we are, as I did mention, we are committed to making this scheme of the government and RBI a success and we will continue to remain focused on it. I think there is a and the rates will evolve over a period of time. I mean, there is, I mean, as you are reading various newspaper reports of various competitive activities. From our point of view, we will, we look at, as I mentioned, we are looking both as leverage from our partner banks as well as raising bonds from our side and which will help our customers and we do expect decent pickup to happen over the next couple of weeks and months.

Lastly, is there scope for you to raise? Do you see the need to raise these SPNR deposit rates beyond 6% that's on 5 years?

At this point of time, I don't think there is any need. I mean, we will see how it goes along.

Sure. Thank you so much. Thank you. Next question is from Sandeepa Mehta from Economic Times. Please go ahead. Thank you, sir.

Sir, wanted to know what is the estimated provision for ECL and other thing is that what is the corporate pipeline looking like because you have already had 20% in first quarter. So, specifically corporate pipeline and third is that what is the max leverage that ICICI would be willing to provide to the best rated customer?

No, ECL is effective from 1st of April next year. Yeah, so what is the... Those are the numbers that we will start sharing from a next year basis. At this point of time, we do not see a material impact on an ongoing basis. As we mentioned in the last call, there would be some marginal impact during the transition period for which we have got adequate provisions are already in place. We will see. That is as far as the ECL is concerned. Sorry, the second question was on corporate. As I mentioned, we have been engaging with our corporate customers over a long period of time. And whenever we get opportunities which meet our risk and reward thresholds, we are happy to lend to them. So there are adequate opportunities which are there. And this quarter did open up a fairly good number of opportunities. So, we will continue to engage with our corporate customers and as I have always mentioned, it is not necessarily about the loan pipeline. We look at the overall 60 relationship with all customers and in particular corporate customers and look at the whole ecosystems and take a decision based on that.

And so, what is the max leverage that you would be willing to offer?

We have not called that out that is at present.

Well, it will be, you know, it will be quite calibrated and, you know, it will be at calibrated levels and we will look at whether it, you know, what is, you know, the leverage that we will provide as the defense and what partner banks may provide and there will, of course, be some unleveraged inflows as well.

Have you tied up any line of credit of bilateral loans in the recent, in the last one month?

No. So these are all evolving things, you know, and this is an activity which has started effectively only towards the end of June once all the FAQs, etc. have come out. So it will evolve over, you know, the second quarter and of course when we do the second quarter results, we will have a full picture.

Okay. Just one last thing. Can you share how much you have raised so far in the last one month under FCNRG?

As I said, these details would be shared, you know, in the Thank you. We will take our next question from Shivam Killer from NDTV Profit. Please go ahead. Shivam, can you use your handset more please? Shivam, sorry to interrupt you.

Can you use your handset more please? The audio is very feeble.

Shivam, as we have always said that we do not have any targets across any segment and in particular corporate load as well.

We look at opportunities and at the cost of repeating whenever we find opportunities which meet our risk thresholds, risk and reward and pricing thresholds, we are happy to lend and we are focused on customer 360 and try to access the overall ecosystem.

As I mentioned earlier, this is going to be range bound. I think I have already responded to that question. So, at the cost of repeating I will mention.

We do expect to be range bound and of course it's going to get impacted by many things like monetary policy, liquidity, etc. It could well be a little bit diluted given the FCNR borrowing and deposits which because of the FCNR deposits that we are going to be raising but we will continue to leverage I mean as far as we are concerned we are looking at increasing the risk calibrated profit and using all the levers which go into it and in particular NIM is an important part of that.

Yes, sir. And sir, if I could squeeze one more question regarding the cost of funds. Do you see the cost of funds trajectory declining going forward?

It's very difficult to make that statement. It is again depends on all the things that I really talked about. At this point of time, we expect this to be very long.

Thank you. Next question is from Mayur Shetty from Times of India. Please go ahead.

Thank you. I have a question on gold loans. Could you share the size of your gold loan book and also the year on year growth rate?

Mayur, we do not give specifically but this is part of our rural portfolio. I mean substantial part of our rural portfolio is actually Goldloan. This Goldloan portfolio, the overall rural portfolio is grown by 35% year on year and I mean and from our perspective loan is, the loan product is just a product, Goldloan is just a product. We are focused more on the customer and whenever we get opportunities to give loans to good customers, there are various production options which are available. So, this is part of that overall portfolio. Thank you. Next question is from Hamsini Karthik from Money Control.

Please go ahead.

Hi, good evening.

Two questions. One, for almost four quarters in a row, ICICI Bank's corporate loan growth has sort of exceeded the retail book's performance. Would it be fair to say that at a bank level, You are more comfortable today with corporate portfolio versus retail. That is also where the strategy is largely getting headed to. Would that be a reasonable assumption to make?

Hansani, I think we have been talking about, you know, for a bank, we look at cash flows. Our objective is to look at good quality customers, whether they come from corporate, business banking and retail. is not so important. Whichever segment gives results which meets the credit parameters, which meets the return parameters, we are happy to grow. What you are seeing is more an outcome of working with good quality customers. We do not have any particular target what portion of our book should be corporate or retail or business 90. I mean these numbers can well be varied. Corporate loans have not been going in the past for various reasons which we have talked about. Essentially, of course, there have been opportunities which is a function of the increased working capital requirement by the corporate books as well as moderation which we have seen in the equity markets as well as in the bond markets. So, we keep on and further I think the corporate book also we have to get a reasonable pricing and it has to meet our threshold. As long as these two things are met we are happy to lend to that segment.

So you are comfortable on the pricing side as well in the corporate segment?

We will not lend if we are not comfortable.

Fair point, fair point. My next question pertains to FCNRD. I've heard of whatever you said, but let me try asking it a little differently. Most of the banks currently are offering leverage between 9% to 11%, 12%. The kind of leverage that ICICI Bank offers, would it be at par with what your competitors are offering or are you a little more cautious than what the current fund rate is? And as an add-on to that particular question, do you expect your cost of funds to come down maybe two quarters or three quarters down the line because there's a possibility of you to replenish some high-cost bulky deposits with these SEMRDs?

No, Hansali, in a way we answered this when I was looking, when I was responding to the NIM question. Overall, our FNR deposit program would be marginally NIM dilutive. So, that's about, that's about it. But, sorry.

On the leverage question, you know, it will be calibrated. We are not giving a particular number because it is also early days yet. We will see how this thing goes. But as in all our businesses, we will be calibrated and and reasonable about it. And on the NIM, etc., as Sandeep explained in detail, we expect it to be range-bound. And what the impact of the SCNRV program is, we will have to see. Of course, it will be an earnings accretive program. Because of the growth in offshore balance sheet, etc., there may be some marginal impact on NIM.

Thank you. Oh, thank you. Next question is from Shubrata Panda from Business Standard. Please go ahead.

Hi, I have a couple of questions.

First is on your plans to tap the overseas bond market. You have guided for a $2.5 billion borrowing program.

So how much of it would be under the Ajay's concession swap window? Also, why haven't you tapped the market as of now?

I think most of your competitors have already. Is the market spread more right now? That's why you are not tapping it. So, what is your strategy on the acquisition financing front? Also, on the first question, I think each bank has its own timing and its own approach and strategy. So, you know, we are looking at various options and we have taken this enabling approval. So, we will see how it goes. But, you know, there is nothing specific to the timing as such. It is just a normal process of planning and decision making that would happen in any organization. and on the acquisition financing, Sandeep, there is nothing specific to say. I mean, again, as in all our businesses, we would be focused on, you know, the counterparty risk and for counterparties with whom we are trying to do business, we would be trying to do this product as well.

So, there is no specific number as to how much you will raise under the Ajay's concessions pop-in law?

No, all these things will evolve over the next two months, you know.

Understood. Thanks.

Thank you. We have a next question from Ashish Agashe from PTI. Please go ahead.

Thank you so much. Sir, just from the loan growth for FY20 current perspective, you mentioned in the context of corporate loans that there is adequate demand. Is this about 20% overall loan growth? How sustainable is it from a fiscal standpoint? and also where is this demand really coming up from? Is there any bit of green field, brown field there? And given your calibrated approach to lending, what are the segments you are staying away from right now?

We look at good quality customers. I don't think there is Coming from any particular segment, as long as we are able to find good quality customers for segments, we are able to lend. We really do not give a guidance on how it will ship out in the future. This quarter waiver opportunities, we have been able to seize them and we will see how it goes along in the future. So there is nothing specific to call out. There is no change of strategy. As we continue to scan the markets, we continue to calibrate our risk and wherever we see opportunities, we are happy to lend.

Okay sir, and earlier you spoke in your initial comments, you spoke about bank-wide upskilling program on AI especially and how you have invested on the AI front. So what sort of impact would it have on hiring, replacement of retiring employees going forward and should we look at a leaner organization Going ahead and how extensive is this entire AI bit such that even the leaner aspect does not really accrue any cost to income gains?

Now, because these are early days in AI, as I did mention, we have calibrated our approach. We look at the cost, we look at the risk, and we look at the benefits. The final objective is to make the journeys of our customers simpler. and I think there are enough opportunities out there. I don't think there's going to be any material impact on employees per se on this. This is still early days. We are focused on more on the governance side at this point of time. We are looking at long-term value creation but we do see a fair bit of opportunities coming across and I did mention about various areas that we are focused on. Finally, the numbers will have to get reflected in the PBT number and that's essentially that we are focused on. The rest are actually inputs. It's just one of the levers that we are using. As you are aware, over decades, we have used technology largely to benefit our customers and improve our efficiencies across. That approach will continue to remain there. I don't think so anyone can take away the importance of a human relationship and more particular in a banking kind of relationship. So we continue to invest in our human capital. as well as technology capitalists and it is actually a section of both of it. We do expect we will be able to deliver a decent value to our customers.

Sir, just a quick follow-up, sir. There are these worries over the extensiveness of tokenization and other things coming in from the tech front and probably the mayors would also be questioning the entire efficacy from a sense perspective on AI. Early days, I agree, but okay, how do you look at this right now?

Whenever new technology comes, you have to look at the cost, you have to look at the list, and you have to look at the benefits and continue to make investments in these and calibrate your way across. We don't really have to be in a hurry or be a pioneer here. but I mean over the year, over the reasonable period of time we have, we think we have been able to make, I mean we have been able to address various areas where we can actually benefit over a longer term perspective. We have remained invested in it. If the cost becomes too high we will recalibrate our strategy. This is a continuous exercise which happens with any technology deployment and that includes for AI itself. Thank you.

Thank you. Next question is from Aryan Khanna from Informist. Please go ahead.

Hello.

Yes, Aryan. Please go ahead.

Okay. Great. Sir, so congratulations on a great quarter.

Do you see any levels that you can tap for better profitability in the rest of the financial year?

including maybe some high yielding loan portfolio listings considering that there is a risk to NIMS from the SCNR deposits that are going to be coming in.

Aryan, I think we are focused on increasing our PBT number per se and for that there are multiple rewards which includes NIMS, fees, expenses, provisions etc. So, we look at all the levels and finally we would really like to add value to our customers. So, that is the overall framework that we have been working on and we hope to continue to work on that frame, remain focused on that framework. Within that, wherever opportunities do come, we would capitalize on the same. Okay, so I got it.

And my second question being, you know, if you could mention color to the MPA trajectory for the rest of the financial year, you know, especially as the risk status situation, you know, has continued to flare up and remain uncertain. So, you know, the last two quarters have been really good, both in the March quarter and June. you know we've seen in the zoom photo we saw a YOY fall in recoveries and then the net NPA ratio has sort of eased up sequentially so have we bottomed out on NPAs and like do you see an expansion in the rest of the effort?

It's difficult to make that assessment I know because the geopolitical developments as you said is uncertain in terms of outlook we've been I mean if you see We have gone through a fair bit of challenges over the last year as well. It's not that this has been the first time that we have got all these challenges. But we continue to monitor our asset quality and we will continue to closely look at all the developments which have been happening over this period of time and work closely with our customers. So there is much more that I don't think I can add much more to that. In this case, you want to add?

Yeah, so first of all, there is really no inching up of NPLs or anything in the ratio. Seasonally, in Q1 and Q3 of every year, we do see higher NPLs from the agri-related lending. And then, you know, and the credit costs are slightly higher, and they even out over the rest of the year. And even in this quarter, you know, our net credit cost is just about 30-32 basis points of Average Loans. I think as far as the outlook is concerned, I think if you look at the government, RBI, etc., have taken a number of measures to make sure that the Indian economy stays resilient, which is reflected in all the high frequency indicators as well as the NPL performance across banks and all the results which have come so far. How it will evolve, we will have to see. But as of today, I don't think we have... Next question is from Manju AB from Financial Express. Please go ahead.

Good afternoon, can you hear me?

Yes.

I wanted to ask you how will you bridge the gap between the deposit and credit growth and how sustainable is the credit growth?

So Manjit, credit and deposit growth will have to go hand in hand. I mean there could be a quarter or so where there is a gap but finally credit and deposit grow hand in hand. Of course, I mean advances also get supported by by the increase in net worth and there could well be some amount of opportunities on borrowing which you can take but over a period of time they have to balance. It is mathematically impossible for the two not to go hand in hand.

I am not asking about the target that you have for the XNRP deposits but how much of those deposits will help you to reduce your wholesale deposits? and can you give us an idea of the deposit rate, how much is termed deposit wholesale and how much is...

So, Manju, we do not look at this, we just look at money in the bank and wherever we can, I mean, whether this is CASA or FDs and clearly the preference is within getting CASA and retail deposits. In case we need more funding that gets topped up by wholesale deposits, that's the approach that we have been following all the time and we will continue to report on that.

And the 5500 crore of NPL, the fresh addition, from where is it coming from, this segment? Is it more retail or?

This is a pretty normal trend. So, if we look at on a year-on-year basis, you know, the retail NPL formation has actually come down, principally, you know, in the unsecured segment. Other segments are anyway quite stable. and you know business banking is at business banking and rural and are at the kind of similar levels as they were. Corporate there is virtually no new NPL formation.

Thank you.

Next question is from Falaknath Sai from Deccan Chronicle. Please go ahead.

Yeah.

So banks, you have tied up with, international banks you have tied up for CNR mobilization?

As we said, these are all evolving issues and we will report the outcomes, you know, at the appropriate time. Nothing really to announce as of now.

And recovery pipeline, what is it like?

I am sorry?

Recovery pipeline?

So that is an ongoing process, you know, from the, you know, retail and SME portfolios, you know, there is always an inflow and outflow of, you know, NCLs. On the corporate side, there are, you know, some recoveries that also keep coming through out of the older portfolio whenever there is a settlement or some, you know, NCL detachment and so on. So that is there, no specific pipeline that we can talk of.

Thank you. and there is 5500 crore NPA so there is no from the public side so mostly largely they have come from the retail system which is true and that has been the case for the last I would say you know 4-5 years also so can you give a break up is there some home loans no we don't give that break up ok thank you thank you Next question is from Ram Kumar from Hindu Business Line. Please go ahead.

Hello.

Please go ahead. Sir, how much surplus SLR are you having right now and what was it in the year ago period actually?

I am sorry?

No, we don't really give any surplus SLR. I think the LCR for the quarter which is really the operative Liquidity metric was at 124%. Okay.

How much is the IRFK share there? 124%.

And what was it in the year ago period, sir? 128.

Okay. And, you know, given the, how much is your total deposit is on account of non-delivered Indians, actually?

No, we are not.

And when is the proportion going to change?

We have not given that break up and yeah I mean I guess as we extend as the flows start and pick up that number will go up yeah. Thank you.

Thank you. This brings the conference call to an end. On behalf of ICICI Bank we thank you all for joining us. You may now disconnect your lines. Thank you again.