Q4 2026 ICICI Bank Ltd Earnings Call - Media Conference

Operator: 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. Over to you, sir.

It's Mr. Sandeep Batra executive director ICSC, a bank and so on.

Linda Biology group, Chief Financial Officer, I see I see a bank.

So, but I'll give you an overview of the results, which can be followed by Q&A session. Thank you and over to you Sir.

Thank you good evening, everyone and thank you all for joining us today.

Sandeep Batra: Thank you. Good evening, everyone, and thank you all for joining us today. Amidst these global uncertainties, the Indian economy has continued to show resilience, supported by timely and effective measures taken by the government and regulators. We continue to monitor the development closely and remain focused on a long-term strategy aligned with India's evolving economic landscape. At ICICI Bank, our strategic focus continues to be on growing profitable tax through the 360-degree customer-centric approach and by serving opportunities across each and micro-market. We continue to operate within the framework of our values to strengthen our franchise. Maintaining high standards of governance, deepening coverage, and enhancing delivery capabilities with a focus on simplicity and operational resilience are key drivers of our risk-calibrated profitable growth. Our board has today approved the financial results of ICICI Bank for the quarter and year ended 31 March 2026.

Amidst this global certainly because they didnt economy has continued to show resilience.

And by timely and effective measures taken by the government and regulators.

We continue to monitor development closely and remain focused on our long term strategy aligns with India is evolving it landscape.

And I think our bankers diabetic focus continues to be ongoing problem.

So the 360 degree customer centric approach and by serving opportunities across the globe.

And micro market.

We continue to operate within the framework of our value to strengthen our franchise maintaining high standards of governance deepening coverage and enhancing delivery capabilities with a focus on simplicity and operational resilience.

Key drivers of our risk kind of bitchy profit profitable growth.

Uh huh.

Our board has today approved the financial results of HSA Bank for the quarter and year ended March 31 2026.

I would like to highlight some key numbers.

First moving on profit and capital.

Sandeep Batra: I would like to highlight some key numbers. First, moving on profit and capital. The net interest income grew by 8.4% year-on-year to INR 22,979 crore in Q4 2026. Net interest margin was 4.32 in Q4 2026 compared to 4.3% in Q3 2026. Fee income grew by 7.5% year-on-year to INR 6,779 crore in Q4 2026. Operating expenses grew by 12% year-on-year to INR 12,089 crore in Q4 2026. Core operating profit grew by 5.1% year-on-year to INR 18,305 crore in Q4 2026. Provision, excluding provision for tax, were INR 96 crore in Q4 2026, reflecting healthy asset quality and higher recoveries and write-backs.

The net interest income grew by eight 4% year on year to 22979 clause beans in Q4 2026.

Net interest margin was 432 in Q4 2026 compared to four 3% in Q3 2026.

Fee income grew by seven 5% year on year to 6779 core fees in Q4 2026.

Operating expenses grew by 12% year on year to $12 89 quarter piece in Q4 2026.

Core operating profit grew by five 1% year on year to 18300 <unk> in Q4 2026.

Provision excluding provision for tax we're 96 crore rupees in Q4, 2026, reflecting LDF, it quality and higher recoveries and write backs.

Profit before tax excluding treasury grew by 10, 1% year on year to 18209 copies that Q4, 2026 and grew by seven 1% year on year to 65021 critical piece in FY 'twenty six.

Sandeep Batra: Profit before tax, excluding treasury, grew by 10.1% year-on-year to INR 18,209 in Q4 2026 and grew by 7.1% year-on-year to INR 65,021 crore in FY26. Profit after tax grew by 8.5% year-on-year to INR 13,702 crore in Q4 2026 and grew by 6.2% and was above INR 50,000 crore in FY26. Consolidated profit after tax grew by 9.3% year-on-year to INR 14,755 crore in Q4 2026 and grew by 6.2% year-on-year to INR 54,208 crore in FY26. Board has recommended a dividend of INR 12 per share for FY26.

Profit after tax grew by eight 5% year on year to $13 7 million.

Core <unk> in Q4, 2026 and grew by six 2% and was above 50000 crore rupees and if by mid 2006.

Consolidated profit after tax grew by nine 3% year on year to 14755 crore rupees in Q4, 2026 and grew by six 2% year on year to 54208 crore rupees in FY 'twenty.

The board has recommended a dividend of 12 rupees per share for FY 'twenty 'twenty six.

Aviation and payment of dividend is subject to requisite approvals.

Sandeep Batra: The declaration and payment of dividend is subject to requisite approvals. At 31 March 2026, the bank had a network of INR 3.4 lakh crore. After reckoning for impact of proposed dividend, the CET ratio was 16.35%, and the total capital adequacy ratio was 17.18%. Moving on to deposit growth. The total period end deposit increased by 11.4% year-on-year and 8.1% quarter-on-quarter at 31 March 2026. Average current and savings account deposits increased by 11.3% year-on-year. The bank opened 126 branches during Q4 2026 and 528 branches in the last 12 months and had a network of 7,511 branches and 12,087 ATMs and cash recycling machines at 31 March 2026. Moving on to loan growth.

At March 31, 2026, the bank had a net worth of three for lack of a beef.

Does it mean for impact of proposed dividend. The CET ratio was 16, three 5% and appropriate capital adequacy ratio was $17 1 million.

Moving on to deposit growth.

Period end deposits increased by 11, 4% year on year, and eight 1% quarter on quarter at March 31 2026.

Average current and savings account deposits increased by 11, 3% year on year.

The bank of 136 branches during Q4, 2026, and 528 branches in the last 12 months and had a network of 7511 branches and 12087 Atms in cash recycling machines at March 31 instruments.

Moving on to loan growth.

The total loan profit.

The total loan portfolio grew by 15, 8% year on year and 6% quarter on quarter at March 31 2026.

Sandeep Batra: The total loan portfolio grew by 15.8% year-on-year and 6% quarter-on-quarter at 31 March 2026. The retail loan portfolio grew by 9.5% year-on-year. Including non-fund outstanding, the retail loan portfolio was 41.7% of the total portfolio. The mortgage portfolio grew by 13.2% year-on-year. The Business Banking portfolio grew by 24.4% year-on-year. Growth in the Domestic Corporate portfolio was 9.3% year-on-year at 31 March 2026. About 71.9% of corporate loan portfolio was rated A minus and above at 31 March 2026. Moving on to asset quality. Net NPA ratio was 0.33% at 31 March 2026, compared to 0.37% at 31 December 2025.

The retail loan portfolio grew by 99, 5% year on year.

Including non current outstanding the retail loan portfolio was 41, 7% of the total portfolio. The mortgage portfolio grew by 13, 2% year on year.

The business banking portfolio grew by 24, 4% year on.

Growth in the domestic corporate portfolio was nine 3% year on year at March 31, 2026.

About 71, 9% of corporate loan portfolio is rated a minus in the boat at March 31 2026.

Moving on to asset quality.

Net NPA ratio was 0.33% at March 31, 2026 compared to.

The $3 seven at December 31, 2025.

During Q4 2026, there were net additions and growth in peers are 1174 crore bookings.

Sandeep Batra: During Q4 2026, there were net additions in gross NPAs of INR 1,174 crore. Gross NPA additions were INR 4,242 crore in Q4 2026. Recoveries and upgrades of NPAs, excluding write-offs and sale, were INR 3,068 crore in Q4 2026. Gross NPAs written off were INR 1,768 crore in Q4 2026. There was a sale of NPA of INR 112 crore in the current quarter. Provision coverage ratio for non-performing loans was 75.8% at 31 March 2026.

Gross NPA additions were 4242, <unk> in Q4, 2026, and recoveries and upgrades of NPA is excluding write offs and sales were $3 68, <unk> in Q4 2026.

They're often peers written off or 1768 deals in Q4 2026.

There was a sale of NPA of 112 core fees in the current quarter.

Provision coverage ratio for nonperforming loans were 75, 8% at March 31 2026.

Fund based outstanding to all borrowers under resolution Expo, various extent regulation or the 1496 core cookies.

Sandeep Batra: Total fund-based outstanding to all borrowers under resolution as per various extent regulations was INR 1,496 crore. Loans and non-fund based outstanding at performing corporate borrowers rated double B and below was INR 3,519 crore at 31 March 2026. Total provisions during Q4 2026 were INR 96 crore, 0.5% of core operating profit and 0.03% of average. The bank continues to hold contingency provision of INR 13,100 crore at 31 March 2026. Customers are at the heart of what we do, and providing them a safe environment is paramount. I would like to share some of the recent initiatives on our customer centricity approach. Enhancing our digital banking platform. We have redefined our digital platforms to better align with customer needs.

Loans and non fund based outstanding at performing corporate borrowers rated BB and below.

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Total provisions during Q4 2026.

Over 96 crore rupees.

5% of core operating profit and 0.0% to 3% of average month.

The bank continues to hold contingency provision of $13 and 104 days at March 31 2026.

Customers are at the heart of what we do at providing them a safe environment of Panama.

I would like to share some of the recent initiatives on our customer Centricity approach.

Enhancing our digital banking platform that we have redefined our digital platforms.

Better align with customer needs.

And our mobile banking apps mobile the myeloma section has been redesigned for a more streamlined experience customers can now view all loans in statements in one piece, Jack overdue and access the no objections or more do certificate and income tax certificate with these.

Sandeep Batra: In our mobile banking apps, iMobile, the My Loan section has been redesigned for a more streamlined experience. Customers can now view all loans and statements in one place, check overdues, and access the no objections or no due certificate and income tax certificate with ease. Blogs and FAQs have also been added in for additional guidance. We have revamped the user interface of InstaBIZ, our mobile banking app for business, and our corporate net banking platform. The redesigned interfaces simple, simplify navigation and provide a more comprehensive view of all the sections. On InstaBIZ, role-based dashboards for makers and checkers help speed up transaction approvals and improve traceability. We are also making banking more convenient for NRI customers. NRI customers can now access Money2India, our money transfer platform, through iMobile app. This feature is available in US, UK, Canada, Europe, and UAE, making cross-border banking more accessible.

Blogs and the <unk> have also been added in for additional guidance.

We have revamped the user interface of install base, our mobile banking app for business and our corporate net banking platform.

The redesign interfaces simple simplified navigation and provide a more comprehensive view of all the friction.

On <unk>.

They're all based dashboards for makers in shekels and speed up transition approved with an improve traceability.

We are also making banking more convenient for our customers and our customers can now access money to India.

Money transfer platform to our mobile App <unk> is available in the U S UK, Canada, Europe, and UAE, making cross border banking more expert.

We have also launched a mobile global a unified banking.

I've put NRI NRI customers. It is currently available in the UK and will soon be expanded to other international geographies.

Sandeep Batra: We have also launched iMobile Global, a unified banking app for NRIs, NRI customers. It is currently available in UK and will soon be expanded to other international geographies. The app provides a consolidated view of both domestic and NRO, NRE savings account. As part of our initiative to further simplify banking, we have introduced various features on iMobile. Customers now can instantly access, download, and share their digitally canceled checks directly from the app without the need of a physical check. It makes account verification and payment setup effortless. We have also enhanced the inward remittance experience. All the key details a recipient in India needs to share with an overseas sender, including purpose and currency, are now consolidated in a single document with an option to download and share.

That provides a consolidated view of both domestic and in auto and <unk> savings come.

As part of our initiative to further simplify banking we have introduced various features enabled by customers now consistently acts of download and share the digitally enhanced <unk> directive.

Without the need of good Jim.

It makes account verification and payments effortless, we have also enhanced the inward remittance experience all the TD deal a recipient and India needs to shares with an overseas centers, including <unk> and currency are now consolidated in a single document with an option to download and chew.

Through these initiatives, we continue to make meaningful steps to improve service quality and support customers in their everyday banking needs.

Sandeep Batra: Through these initiatives, we continue to make meaningful steps to improve service quality and support customers in their everyday banking needs. Going forward, we will continue to operate within a strategic framework while focusing on micro markets and ecosystems. The principles of fair to customer, fair to bank, one bank, one team, and return of capital will guide our operations. We focus on building a culture where every employee in the bank serves customers with humility and upholds the value of brand ICICI. We aim to be a trusted financial service provider of choice for our customers and deliver sustainable returns to our shareholders. With this, I conclude my opening remarks and will be happy to take your questions.

Going forward, we will continue to operate within our strategic framework, focusing on micro markets and ecosystems.

The principles of air to customer Fay to bank, one bank <unk> and return of capital will guide our operations.

The focus on building a culture, where every employee in the bank serves customers with humility and opposed the value brand Ics.

We aim to be a trusted financial service provider of choice for our customers and deliver sustainable returns to our shareholders.

With this I conclude my opening remarks, and then we'll be happy to take your questions.

Thank you very much.

We will now begin the Q&A session, Mr Butler and Mr. <unk>.

Operator: Thank you very much. We will now begin the Q&A session with Mr. Batra and Mr. Banerjee. Anyone who wishes to ask a question may press star and one on their telephone. If you wish to remove yourself from the question queue, you may press star and two. Today's announcement is on the bank's financial performance. Hence, we would like to request you to ask questions related to that. Please write to the corporate communications team separately for any other queries. Due to time constraints, I request all of you to ask two questions at a time. If you have additional queries, you may join the queue again if time permits. Thank you. We'll take our first question from Mayur Shetty from The Times of India. Please go ahead.

Anyone who wishes to ask a question May press star and one on the telephone.

I wish to remove yourself from the question queue, you May press star two.

Today's announcement is on the bank's financial performance, Hence we would like to my question to ask questions related to that please.

Please read the cockpit communications team separately for any other queries.

Each bank contains adequate all of you to ask two questions at a time. If you have additional queries you may join the queue again, if time permits. Thank you.

We'll take our first question from <unk> <unk> from times of India. Please go ahead.

Hi.

Hello.

Please go ahead, yeah, yeah, congratulations on the milestone the profit.

Mayur Shetty: Hi. Hello?

Operator: Yes, Mayur, please go ahead.

Mayur Shetty: Yeah. Yeah. Congratulations on the milestone profits. I had a couple of questions. Firstly, like, did you all have to make any, were there any losses on account of these RBI measures to put limits on the Forex transactions? Secondly, there was a report that ICICI Bank is facilitating payments to Iran. Just wanted to check because would that expose you to any kind of risk since there's a sanction?

I had a couple of questions.

Firstly did you don't have to make any.

Were there any losses on account of this.

RBI measures to put a limit on the orix transaction.

And secondly, there was a report that.

Okay bankers, but we did have agreements too.

Iran.

Just wanted to check.

You too.

Instead the pension.

So first question is on I'll just answer the first question.

There was I mean, the accounts if you have seen that there have been a treasury loss of about 106 crores in Q4 compared to a loss of about 157 crores in the previous quarter and the gain of 239 crores in Q4 of the previous year.

Kaushik: First question is on-

Sandeep Batra: I'll just answer the first question. I mean, the accounts if you have seen are, there have been a treasury loss of about INR 106 crore in Q4 compared to a loss of about INR 157 crore in the previous quarter and a gain of INR 239 crore in Q4 of the previous year. These primarily reflect market movements. Of course, the bank had some open positions on onshore market, which were required to be reduced as per RBI guideline. Treasury income of this INR 109 crore loss does reflect the impact of the widening of spread post issuance of this guideline.

This primarily reflect market movement of the bank at some open positions on onshore market, which are required to be reduced as per RBI guidelines and treasury income of this.

109 core loss does reflect the impact of the widening of spreads.

Issuance of the segment.

<unk> here on the second questions about the Iranian oil I would rather request to concentrate on this topic, which is the quarterly numbers, we can discuss how that question separately.

Kaushik: Mayur, Kaushik here. On the second questions about the Iranian oil, I would rather request you to, you know, concentrate on today's topic, which is the quarterly numbers. We can discuss other questions separately. Thanks. Next question. Thank you.

Next question.

Thank you.

Let's take the next question from Joanna <unk> from economic Times. Please go ahead.

Operator: Thank you. We'll take the next question from Joel Rebello from Economic Times. Please go ahead.

So thank you can you hear me clearly.

Yes.

Joel Rebello: Thank you. Can you hear me clearly?

Thank you.

I just want that acquisition to fill my asking my question.

Kaushik: Yes.

Operator: Yes.

Joel Rebello: Thank you. Sir, I just want clarification before I ask my question. There is a 90% drop in provision year-on-year. I just wanted to understand because that's a huge drop. Can you explain why that 90% drop has happened? I know asset quality is good and everything, but if you can explain because it's a huge drop. Hello.

There's a 90% drop in provisions year on year.

I just wanted to understand because that's a huge growth.

I explained why does 90% drop in copper I know asset quality scores and everything but if.

If you can explain the clinically useful.

Okay.

Okay.

Okay.

Yes.

Hello.

Sorry, sorry, yes.

So youre talking about the drop I think yes, the total grow his or her in this quarter has been lifted.

Sandeep Batra: Sorry. No, sorry. Sorry, Ajay.

Joel Rebello: Yeah.

Sandeep Batra: You're talking about the drop. I think, yes, the total provisions during this quarter has been less than unusual.

Compared to 891 quarter of the previous quarter the.

CFM improvement in quality of the portfolio and also certain corporate recoveries, which have come from written off accounts.

Joel Rebello: Yeah.

Sandeep Batra: Of INR 891 crores in the previous quarter. We have seen some improvement in quality of the portfolio and also certain corporate recoveries which have come from written-off accounts. We have also not utilized the contingency provisions. I think we are very careful about our asset quality and, but adjusted for these, you know, one-offs, et cetera, I mean, and normalizing for agri loans, our normalized credit cost has been under 50 basis points for FY26. We will see how it goes forward, but we do expect to maintain a healthy trend line, and we are monitoring the current economic environment very carefully. There's nothing specific to call out here in this quarter.

And we are also not utilize the contingency provisions so I think of our <unk>.

Yes, very careful about our asset quantity, but adjusted for these one offs et cetera.

Normalizing for that.

Loans are normalized credit costs.

Been under 50 bps once for FY 'twenty six.

No.

I mean, we will see how it goes forward, but we do expect to maintain a healthy trend line and we are monitoring the current economic environment very carefully there is nothing specific to call out.

So it will be quite favorable Ralph imposing mainly because of our asset quality being good is that correct.

Joel Rebello: Okay. Basically, if I say that the drop in provisions was mainly because of asset quality being good, is that correct?

Because one of the I think the.

The second is we have the.

Sandeep Batra: In it, which is one of the aspects. The second is we had certain recoveries from the written-off accounts. It is both these.

Coverings from the written off accounts. So it is both of these.

Okay. My second question has to do with the deposit.

Joel Rebello: Okay. My second question is to do with deposits, sir. We have seen deposit rates falling quite substantially in the last six months or so. With the current situation that we are in, liquidity and everything taken into account, how do you foresee deposit rates going? Do you think that the rates could go up?

<unk> deposit.

Falling quite quite substantially in the last six months or so.

With the current situation that we are adding liquidity and everything taking into account how do you foresee deposit rates going do you think that that rates could go up.

Okay.

To make this but.

At the end of it both the lending and deposit growth.

Sandeep Batra: It's very difficult to make this, I mean, at the end of it, both lending rate and deposit growth move in tandem. Of course, some of it happens with a lag. We will I mean, we and as far as we are concerned, we are just focused on money in the bank. We try to get both current account, savings account, and deposit accounts. Our focus has been largely around, you know, quality customers and try to become the primary banker and try to get a good share of customers' wallets. We do hope that, we do hope that continues. From then this happens across a range of customers, whether from retail to blue banking or corporate banking.

Move in tandem of course, some of its happens with a lag so we will I mean.

And as far as we are concerned we are just focused on money in the bank. So we try to get both current account savings account and deposit.

Posit to Collins, so and our focus has been largely around quality customers and try to become the primary bank debt and try to get a good share of customers' wallets. So we do hope that and we do hope that continues and from and then this happens across a range of customers with little detail.

Our corporate banking.

How the interest rate move.

Largely dependent on macro and given the uncertainty at this point of time, it's very difficult to make along to Columbus.

Sandeep Batra: How the interest rate moves is largely dependent on macros. Given the uncertainty at this point of time, it's very difficult to make a long-term call on this.

All the waiver so thank you so much.

Thank you next.

Joel Rebello: Okay. All the very best, sir. Thank you so much.

Next question is from <unk> Misra from <unk>. Please go ahead.

Operator: Thank you. Next question is from Ankur Mishra from ET Now Swadesh. Please go ahead. Ankur?

Yeah.

Encore.

Good evening gentlemen.

I want to comment on the net profit numbers, which.

Ankur Mishra: Good evening, gentlemen. I want to get your comment on the net profit numbers per se, which has grown 8.5% YOY. How much is it driven by low provisions versus core income growth?

Which have grown eight 5% how much is that driven by lower provisions positive or income growth.

Clearly your commentary Youre talking about this.

Just wanted to talk on the NIM.

Sandeep Batra: Sorry, you come again. You were talking about the?

Thanks, Bob.

Ankur Mishra: Just wanted to talk about the NIM. Net profit numbers.

Yeah.

First of all.

Okay.

Our core operating profit for the year ago level seven.

Sandeep Batra: For the what?

Ankur Mishra: NIM.

Sandeep Batra: Our core operating profit for the year has grown by about 7.7%, and for the quarter at about 5.1%. The profit before tax for the year grew by 5.8%, and the profit after tax for the year again grew by about 6.2%. It's, I'm just talking about the yearly numbers. For the quarter, you will see that the core operating profit grew by 5.1%. There has been a decline in provisions, which I just talked about, by 89%. Profit before tax excluding treasury has been about 10%. There's been hardly any change on the treasury income line.

For the quarter at about.

Five 1%.

The profit before tax for the year grew by five 8%.

The profit after tax for the year again grew about six 2% so.

I'm just talking of the yearly number.

For the quarter.

You'll see that the core operating profit grew by five 1%. There has been a decline in provisions, which I just talked about by 89% and profit before tax excluding treasury has been about 10%.

So there has been hardly any change on the JV income line.

Yeah.

Okay. That's helpful.

Sure.

Oh.

On the in stock are you.

Operator: Thank you.

Sandeep Batra: Does that answer your question?

Youll have well maintained.

Ankur Mishra: On the NIMs, you have maintained 4.32%, have actually margins peaked in this cycle? Overall on the growth also, including advances, growth in the current scenario, you think that will be sustainable?

Three 2%.

Actually margins <unk> been recycling overall on that growth also including a launches broaden that got any scenario you think that will be offsetting.

Okay.

Okay.

Having no further interest rates, we have been able to maintain margins.

Sandeep Batra: You know, this, I mean, of course, interest rates, sorry, we have been able to maintain margins. Very difficult to say about the future, given the fact that the NIM trajectory will depend on number of factors, including geopolitical developments on the domestic economy, liquidity, deposit rates, and of course, competitive intensity. We do expect to be NIMs to be range bound in FY27. From our perspective, we continue to focus on risk-calibrated operating profit, which we have been saying for a long period of time. As the Indian economy continues to grow, we will, we should be, we do have the liquidity, the capital to leverage our franchise for good quality customers. We remain focused on this.

Very difficult to.

Say about the future.

Given the fact that the NIM trajectory will depend on number of factors, including geopolitical developments on the domestic economy liquidity deposit rates and of course the competitive intensity.

We do expect.

To be named to be range bound in FY 'twenty seven.

From our perspective, we continue to focus on.

This calibrated operating profit, which we have been saying for the.

Long period of time and as the Indian economy continues to grow.

We will we should be we do have the.

Liquidity the capital to leverage our franchise for good quality customers. We remain focused on this but at the same time, we are mindful of the developments that are happening.

Sandeep Batra: At the same time, we are mindful of the developments that are happening on geopolitical side, and we'll keep a close watch on this. Our approach on risk-calibrated growth will continue as it has been in the past. Within this framework, we do see reasonable opportunities coming our way.

On geopolitical site and we'll keep a close watch on this so our approach on this TV growth will continue.

As it has been in the past and it within this framework, we do see these level of opportunities coming our way.

Thank you Bill.

We'll move onto the next question from Piyush <unk> from Ndtv profit. Please go ahead.

Operator: Thank you. We'll move on to the next question from Piyush Shukla from NDTV Profit. Please go ahead.

Good evening with a backdrop I have to wait for new buses on the.

Piyush Shukla: Good evening, Mr. Batra. I have two queries for you. First is on. You have posted a strong loan growth in Q4. What would be your guidance in terms of both loans and deposit growth in FY27? The other question I wanted to understand, you are the second largest private bank and have a fair view of how macros will be impacted this second and third order impact from the West Asian conflict on banks' balance sheet. Can you give us some color? There are expectations that the petroleum prices may rise or input costs may rise. There could be supply chain issues. Eventually it will end up on the layman, the client customer.

The momentum of yard you are all set up strong loan growth in Q4, what would be your guidance in terms of what long term deposit growth in FY 'twenty, Kevin. The other question I wanted to understand you are the second largest bank.

And we all saw how the macros will be impacted.

Third order impact from the retina is unclear on bankers balance sheet can you give us some color.

There are.

Our expectation that.

<unk> geysers meat input costs may rise, there could be supply chain issues.

Eventually it will end up on the Lehman and customer beauty do you see.

Material impact.

Impact on banking.

Piyush Shukla: Do you see material sort of impact on banking, you know, banking industry in the next financial year in terms of asset quality and what are the pain points?

And all our banking industry in the next financial year in terms of asset quality and what are the pain points.

Sure.

Very difficult to make a forecast in this David forecast relative to you is not even a deal at this point of time, but given the overall scenario. There has been an immediate impact on market yields as you are aware it won't there has been an impact on currency in prices and some of this is reflected in the numbers.

Sandeep Batra: Look, Piyush, I mean, very difficult to make a forecast in this day where forecast validity is not even a day at this point of time. Given the overall scenario, there has been an immediate impact on market yield, which you are aware of. There has been an impact on currency trading prices, and some of this is reflected in the numbers for the Q4. Of course, during the Q4 there was a very little period of the West Asian conflict. We will continue to monitor these indicators. The impact on economic growth and potential credit demand will depend on the duration of the conflict. Of course, even RBI has did have mentioned that there is some amount of uncertainties on account of supply shocks. We do hope things become better sooner.

For the Q4 of cost during the Q4, there was a very busy period.

<unk>.

Optimization conflict.

We'll continue to monitor these indicators the impact on economic growth and potential demand will depend on the duration of the contract of course, even Rbis.

This has mentioned that there is some amount of uncertainty. It is on account of supply shocks, we do hope things become better sooner.

As far as we are concerned we do have a strong balance sheet in terms of liquidity provisioning capital and a good technology architecture, and we will continue to leverage our franchise and grow within our risk parameters and we will continue to monitor.

Sandeep Batra: As far as we are concerned, we do have a strong balance sheet in terms of liquidity, provisioning capital and a good technology architecture, and we will continue to leverage our franchise and grow within our risk parameters, and we will continue to monitor developments across. Given this scenario, I mean, we have been saying we look at risk, we look at profitability, we look at good quality customers and what falls within our framework. We will continue to be, we'll continue to grow within that area.

Development across so given the scenario.

I think so.

We have been saying the.

We look at risk we look at profitability, we look at good quality customers and what falls within our framework, we will continue to be.

We will continue to grow within that area.

Thank you.

We have our next question Glenn.

Okay.

Operator: Thank you.

Sandeep Batra: What was the second question?

Should we go ahead Sir.

Operator: We have a next question.

Sandeep Batra: When? How was it?

Firstly, we have a next question from <unk> <unk> from many controller. Please go ahead.

Operator: Should we go ahead, sir?

Sandeep Batra: Yes, please.

Operator: We have a next question from Hamsini Karthik from Moneycontrol. Please go ahead.

Uh huh.

Yeah.

Uh huh.

Handset mode. Please.

Hamsini Karthik [Editor: Hi, sir. Am I audible?

Thank you.

Sandeep Batra: Yes, ma'am.

Operator: Hamsini, can you use your handset mode, please?

Yes. Please go ahead.

Yes.

Hamsini Karthik [Editor: Yeah, am I audible?

Oh yeah.

Operator: Yes, please go ahead.

Two questions from my end.

Hamsini Karthik [Editor: Yes. Good afternoon. Two questions from my end. One is that for most of the gone by fiscal, FY twenty- growth in single digits. Should we assume that these growth levels new normal for ICICI, considering the operating environment we are in? My second question is on SME loans. The business banking segment, particularly, this has been growing at a healthy 17% plus run rate for most quarters of last fiscal. Given the geopolitical tension and this is a segment where people are saying given tariffs and the war impact, et cetera, one needs to watch out for asset quality. What is your commentary on the business banking segment?

Is that.

One basis.

All right.

Yes.

Single digit.

The growth in single digits.

Yeah, you bet.

The <unk> model.

Yeah.

The operating environment, we already.

Okay.

SME loan.

But this is a banking law.

We need a healthy.

18% plus one more.

Our philosophy.

I'll give you a geopolitical tension.

Meanwhile, people I think given that is on the water boxes backdrop.

One needs to watch our basketball.

Your commentary on the business banking segment.

How do you expect this particular business.

Buffy White body. These are my two questions. Thank you.

Hamsini Karthik [Editor: How do you expect this particular business to sort of shape up in FY27? These are my two questions. Thank you.

I think so.

<unk>.

One I just want to mention that we continue to see.

Sandeep Batra: Hamsini, I think, I just want to mention that we continue to see strong growth on the asset size and deposit mobilizations. The NIM-

Strong growth on the asset size and deposit mobilization the NIM, but the profit growth is also a function of.

The interest rate cycles as you are aware.

Sandeep Batra: Sorry. The profit growth is also a function of, you know, the interest rate cycles, as you are aware. I mean, that aside, if coming back to the advances that you really talked about, I think the advances reflect the strong momentum of economic activity in the country, which has been supported by policy measures and a fairly stable policy rate. Within this framework, we have seen growth in mortgages, we have seen in rural portfolio. We have also seen some pickup in personal loans. During this.

So.

That aside if it's coming back to the advances that you really talked about I think the advances reflect the strong momentum of economic activity in the country, which has been supported by policy measures in a fairly stable policy rate. So within this framework, we have seen growth in mortgages as you have seen in Google.

For newly have also seen some pick up in personal loans during the quarter. We are seeing even some pick up in corporate loans, yes, we have seen.

Sandeep Batra: quarter, we are seeing even some pickup in corporate loans. Yes, we have seen.

The growth in the business banking and from our point of view, we look at the completely integrated approach. We look at coverage. We look at delivery, we look at technology and quality customers, they're a passionate team and from our perspective, we look at customers on a 360 degree angle and the broker relationship value so within that framework.

Sandeep Batra: Healthy growth in the business banking. From our point of view, we look at a completely integrated approach. We look at coverage, we look at delivery, we look at technology. For good quality customers, there are opportunities. From our perspective, we look at customers on a 360-degree angle and the total relationship value. Within that framework.

Within our risk thresholds, we are happy to grow within the overall environment.

Sandeep Batra: We will, within our risk threshold, we are happy to grow within the overall environment. Of course, as you rightly said, there are developments and some, and the impact of that could be as and when they become more visible, we will be cognizant of it and take appropriate action, both in terms of growth as well as our risk measures. We keep track of these developments very closely.

Of course.

There are development and.

And some I mean.

And the impact of that as and when they become more visible.

We'll be cognizant of it and take appropriate action, both in terms of growth as well as our risk measures.

We keep track of these developments very closely.

I think in the payment of the bat, Okay now both on the cost takeout.

Hamsini Karthik [Editor: Is pricing in the favor of the banks right now, sir, both on the corporate level and on the retail front? Does pricing power continue to work with bankers or are customers able to negotiate better deals on certain instances?

Dale.

I think I'll continue the Westwood Banca launch I'll talk to him was able to negotiate better deals on subsidy sensors.

No, it's a competitive environment and within the competition you have to.

Sandeep Batra: No, it's a competitive environment, within the competition you have to find the right price. From our perspective, whenever we need to ensure that we get a good quality customer and a fair pricing. As long as both of these are met, we are happy to grow.

And the right price and from our perspective, whenever we need to ensure that we get a good quality customer and a fair pricing as long as both of these are met we are happy to grow.

Hello.

Thank you.

Thank you.

Next question is from Cheyenne Ghoulish from Min. Please go ahead.

Hamsini Karthik [Editor: Mm-hmm. Thank you. Thank you.

Operator: Thank you. Next question is from Shayan Ghosh from Mint. Please go ahead.

Alright. Thanks.

First question is on are you getting.

Shayan Ghosh: Hi. Thanks, Vedra. The first question is, are you witnessing your corporate customers delay investment as a result of, you know, the uncertain situation? Are they holding back on investments?

Your corporate customers delay investment.

Thanks.

The uncertain situation.

Are they holding back on investments China's just a few early to call out too early frankly, it's too early to call out I mean, just look at the quarter gone by I mean, most of the developments that happened in the month of April.

Sandeep Batra: I think it's too early to call out. It's too early, frankly. It's too early to call out. I mean, just look at the quarter gone by. I mean, most of the developments have happened in the month of April. I mean, if I just go back to what has happened on West Asia. I think we have to remember that the long-term story of India remains intact. We cannot deny that the developments of West Asia will have some kind of an impact on overall. Given the overall framework, I think corporate India will get back to growth.

I guess.

Just go back to what has happened on best Asia, I think we have to remember that the long term.

<unk> of India remains intact.

We cannot deny that the development of this T shirt will have some kind of an <unk>.

Back to normal, but given the overall framework I think corporate India will really get back to growth.

Okay, you can see that reflected in all the forecast by I mean by RBI or.

Shayan Ghosh: Okay.

Sandeep Batra: You can see that reflected in all the forecasts by, I mean, by RBI or even IMF. I mean, they know I mean, will there be a bit of a impact on the GDP growth in FY27? The answer is yes, but it is still going to be growing. Within that there will be enough opportunities for both corporate India and for us to grow.

Even IMS I mean.

No I mean will there be a bit of a impact on the GDP growth in FY 2017, the answer is yes, but it is still.

We're still going to be growing and within that there will be enough opportunities for both corporate India and for us to grow.

Okay. Okay.

And just on yours co lending arrangements.

Shayan Ghosh: Okay. Okay. The second is on your co-lending arrangements. See, what I wanted to understand is the NPA ratio there is much higher than your other portfolio, regular portfolio, which is slightly above 1%. Here it's close to 5%.

What I wanted to understand is the NPA.

<unk> issue that is much higher than others portfolio, our regular portfolio, which is slightly above 1% and its close.

Close with microphones.

Don't think we'll be gift <unk> ratio separately.

Sandeep Batra: I don't think so we give co-lending NPA ratios separately.

Given the given the total portfolio given the amount of in beer than it is.

Shayan Ghosh: You have given the total portfolio and given the amount of NPA there. This is on page eight of the financials.

On page eight of the financial.

Sure.

Sorry.

<unk> Securities.

Sandeep Batra: Sorry. Where are we?

Yeah.

Ooh.

Shayan Ghosh: Securitization.

I think we can get back to you separately a boon.

Sandeep Batra: No. I think we can get back to you separately.

Okay.

<unk>.

Opex entirely.

Shayan Ghosh: It is there on page eight of the exchange filing.

Thanks.

Sorry, if I seem to have overall and it won't be an issue at this 0.33% and gross NPL ratio was 112% and then if I just remembered what it was in <unk>.

Sandeep Batra: No, if I see a total overall net NPA ratio, it is 0.33% and gross NPA ratio is 1.4%. I mean, if I just look at what it was in year back, our gross NPAs was 1.67%. It is down to 1.4%. Net was 0.39%, and it's down to 0.33%. I think their NPA ratios are pretty healthy.

Back.

Our gross NPA was $1 six revenues are down to one point Fortinet was 0.39, and it's down to three three so.

I think they are in theory shows us pretty healthy.

I think you said.

Microsemi was primarily on the on the co lending because we've got much higher than your usual portfolio.

Shayan Ghosh: I take it that my question was primarily on the co-lending because these are much higher than your usual portfolio NPA. These seem to be secured also. The categories that you mentioned are home loans, LAP. What's really happening there on the co-lending arrangement side?

B B.

These seem to be secure so the categories that you mentioned, our home loan flap whats really happening there on the call luminary site.

The third proposal portfolio.

Less than 1500 crores on Reno.

Anindya Banerjee: I think it's a total portfolio of less than 1,500 crores on, you know, our retail plus SME portfolios would be about close to 900 crores or so. It's really, you know, maybe.

The retail plus SME portfolios would be about the close to nine a quarter or so so it really.

Yes.

Comment on how this figure into the final kind of thing.

Shayan Ghosh: Yeah.

And it is really something which has started to be losers Watson as we go along.

Anindya Banerjee: Early stage to comment on how this will eventually pan out. I think this is a relatively recent thing which has started. We will just watch it as we go along in the.

Thanks.

In terms of the portfolio, it's not material at all and I think we will continue to pursue these co lending opportunities and see how it pans out.

Sandeep Batra: Are you seeing any signs of stress there?

Anindya Banerjee: In terms of the portfolio, it's not material at all. I think we would continue to pursue these co-lending opportunities and see how it pans out.

Well thank you.

We'll take our next question from Ritu <unk> from CNBC TV <unk>. Please go ahead.

Shayan Ghosh: Okay.

Operator: Thank you.

Shayan Ghosh: Thank you.

Operator: We'll take our next question from Ritu Singh from CNBC-TV18. Please go ahead.

That's a mouthful.

Yeah advances growth I, just wanted to clarify the 15, 8% kind of growth we haven't seen the strong numbers from the bank in a REIT.

Ritu Singh: Mr. Sandeep Batra, you know, firstly on your advances growth, I just wanted to clarify the 15.8% kind of a growth year on year. We haven't seen this stronger number from the bank in a while. Should we see it as is the new normal? Can you sustain this kind of growth rate? Apart from some of the segments you highlighted, rural, corporate picking up, where exactly has this come from? Secondly, even your asset quality, which has improved this quarter, you have about INR 4,200 odd crores of slip deals. In the last 1 month or so since the 27 March when the West Asian conflict started, your inventory books in particular, has that been any impact? Have you expected any impact on your end?

Is it normal can you sustain this kind of globally.

Abbas holds all of a sudden you.

Highlighted Google conference as well.

Exactly as you come from.

Uh huh.

This quarter you have about 4200 golf courses.

The last one month or so.

Nonetheless Asia.

Got it.

Any more.

Any impact.

We've been.

What you don't really.

Get to my next one.

I Couldnt hear the second part of your question, but let me answer the question on the on the on the on the on the loan growth.

Ritu Singh: If that you could answer, I'll just get to the next one.

Sandeep Batra: Ritu, I couldn't hear the second part of your question, but let me answer the question on the loan growth for the quarter. Yes, we have seen a prosperous growth. We have been mentioning over the previous quarter, growth has been picking up, driven by opportunities as well, as our continuous effort on distribution and allocating appropriate resources in growth markets. I think it's just a question of focus. Our standards around growing in a risk-calibrated manner remains. Yes, it is a competitive environment. Within this framework, I think we have probably had a quarter where we have seen all round growth. If you see year-on-year numbers, retail has grown by 9.5%. Rural portfolio has grown by about 25%, 26%. Business, 24%.

For the quarter, yes, we have seen a proxy vote.

We have been maintaining over the previous quarter growth has been picking up driven by opportunity there as well as our continuous effort on distribution and allocating appropriate yourselves within growth markets. I think it's just a question of focus.

Standards around the going in a risk calibrated manner remains yes. It is a competitive environment within this framework I think we have probably had a quarter where you have seen.

All round growth.

Year on year numbers retail has grown by nine and a half total portfolio is growing by about 25, 26% for.

For domestic corporate book also has grown by about 99, 3% and for US there's been a bit of a growth even in the overseas. So Paul around yes, youre right its about 15, 8%.

Sandeep Batra: Domestic corporate book also has grown by about 9.3%. For us, there's been a bit of a growth even in the overseas book. All round, you are right, it's about 15.8%. As you are aware, we do not give any specific targets for going forward. We will continue to assess the both the risk and the profits that potentially that we can make from our customers. If they meet our thresholds, we are more than happy to grow. As you're aware, we would like to deliver 360 to our customers. We like to work with good quality customers, and that strategy has been there for a long period of time, as you are aware, and we will continue to remain focused on it.

As you are aware that we do not give any specific targets for going forward, we will continue to assess.

Both the risk.

Our risk and the profits that potentially that we can make from our customers of the meter.

So we are more than happy to grow as you are aware.

We'd like to deliver 362 customers, who will like to work with good quality customers and that strategy has been there for a long period of time as you are aware and we will continue to remain focused on it. If you can come back on the second part of the question, which I couldn't hear.

Sandeep Batra: If you can come back on the second part of the question, which I couldn't hear.

Oh, we don't want to go I wanted to clarify this 90% book to Bill.

Ritu Singh: You know, on the provisions also, I wanted to clarify this 90% drop. Just to be clear, there is no drop down from your contingent buffers and no change in the additional provision for about INR 1,200, 1,300 crore year to date, you know, on account of the RBI in Q3. You know, what is left is a sharp fall exactly. It's not very clear. If you could address that as well. The second question was on the stress, if any, you're seeing on account of what's happening in West Asia, in the last 1 month, if you've seen any, particularly in the MSME book and going ahead. You know, of course, you said the duration of the war will impact it, do you see any impact going ahead as well on the asset quality?

There is no doubt well down somewhat contingent.

And no change in the additional provision of about <unk> 12 on the funding on the calls with you.

1000 <unk>.

The third quarter.

What is left to the shop, one is backing not break here, if you could address that as well.

Second question was on that Chris if any do you want to kind of what's happening in Asia.

And the last one month, if you've seen anything you can add in DNS anymore.

And going ahead.

Of course, he said the duration of the Royalton and boxes that you see and in fact going ahead as well on the asset quality and what are you doing to buffet.

Yeah.

No.

Ritu Singh: What are you doing to buffer yourself?

I mean, if you see I mean Glenn.

Clarify that we have not utilized the contingency provision of 113100, <unk> and deep standard asset provisions, which we had made about 12 83 crores as directed by our EBITDA on the Agri launched in the last quarters, we have not touched that.

Sandeep Batra: No. Ritu, I mean, if you see, I mean, to clarify that we have not utilized the contingency provision of INR 113,100 crores and the standard asset provisions which we had made of about INR 1,283 crores as directed by RBI on the agri loan in the last quarter. We have not touched that at all. We have had a provisions of INR 96 crores in this quarter. This has been aided by one, of course, improvement in the quality of the portfolio, and there have been certain corporate recoveries which were there from written off accounts, and those are sort of one-off. I mean, adjusted for everything, I mean, these recoveries will normalize credit costs.

Not at all.

We have had a provisions of nine up 96 crores in this quarter. This is the.

Be needed by one of cost improvement in the quality of the portfolio and there being certain cartridge recovery.

Are there from a written off accounts and all that sort of one offs.

So adjusted for everything.

These recoveries are normalized credit costs, we have we have we have.

<unk> been saying that it is still under 50 basis points for FY 'twenty six we will continue to watch the portfolio or is it going on it coming back to your question on this Dacia as I did mention there has been an immediate impact on market yields currency really prizes. Some of it is it has got reflected in the Q4 numbers.

Sandeep Batra: We have been saying that it is still under 50 basis points for FY26. We will continue to watch the portfolio as we're going ahead. Coming back to your question on West Asia, as I did mention, there has been an immediate impact on market yields, currency, equity prices. Some of it is just has got reflected in the Q4 numbers. Very difficult to make long-term predictions at this point of time, as you are aware. We continue to monitor all these indicators going forward very carefully. It is safe to assume there will be some kind of economic impact. We will, and that will also depend on the duration of the conflict. Things seem to be getting better in the last couple of days, and let's hope that continues.

Very difficult to make long term predictions at this point of time as you are aware the bulk we continue to monitor all of these indicators going forward very carefully it.

It is safe to assume there will be some kind of economic impact.

<unk>.

And that will also depend on the duration of the conflict things seem to be getting better in the last couple of days and let's hope that continues from our perspective, we do have a strong balance sheet in terms of capital liquidity provisioning has been healthy and we will continue to leverage our franchise, but theyre not as bad.

Sandeep Batra: From our perspective, we do have a strong balance sheet in terms of capital, liquidity. Provisioning has been healthy, and we will continue to leverage our franchise within our risk parameters. Of course, we will continue to monitor these developments across portfolios, including the areas that you mentioned.

Our meters and of course, we will continue to monitor this development across portfolios, including the areas that you mentioned.

Alright, thanks very much.

Thank you. Thank you.

Ritu Singh: All right, Mr. Bhatia. Thanks very much.

Next question is from Sumit that Banda from business Sandra. Please go ahead.

Operator: Thank you.

Sandeep Batra: Thank you.

Operator: Next question is from Subrata Panda from Business Standard. Please go ahead.

Hydro.

I don't do the two question on risk this year or using <unk>. So is there a infuse them on for working capital loans from DRAM SME clients to perhaps.

Subrata Panda: Hi, sir. Just to add on to Ritu's question on West Asia, I mean, is there an increased demand for working capital loans from your MSME clients to perhaps, you know, tide over this situation? Or are you seeing some kind of stress in their capital, you know, cash flows? If you can throw some light on that. Also on your, deposits and credit.

So what is the duration or are you seeing some constraints in.

No.

Cash flows. So if you can throw some light on that and also on your job.

Thirdly, the rollout of it.

So it's not going away.

Yes, so on the overall credit and greatest almost 16% growth, but deposits is there any of them.

Sandeep Batra: It's too early to call out on this. Sorry. Sorry, continue please.

Subrata Panda: On your credit and credit is almost 16% growth. Deposits is around eleven point and a half. There's a fair bit of gap there. If you could just help us understand how do you plan to grow your credit book when the deposits is running a bit, there's a lag in the deposit growth. Are you going to rely more on long-term instruments from the debt market? You have, I think, indicated that you'll raise around INR 25,000 crores in securities and also USD 1.5 billion from the overseas market. If you can just throw some light on that.

So there's a fair bit of gap there.

If you could just help us understand how you plan to grow UK vendor deposits is running a bit there's a lag in the deposit growth.

Are you going to rely more on long term instruments from the rec market.

<unk> indicated that you would either under any growth.

In Securities and also $1 5 billion from dilutive markets. So if you can just throw some light on that deal.

Okay.

On the debt market side, which you've talked about these are enabling provision.

Sandeep Batra: No. Okay. On the debt market side, which you have talked about, these are enabling authority that we take at the beginning of the year, so nothing specific to call out. I think over a period deposits and credit have to go in tandem. There will be certain quarters where it is, it changes. I think from our perspective, we have got a healthy LCR, which is at about 126%. I think, given the increase in net worth and increase in profits, that also contributes substantially to what we can do with our. I mean, mathematically, both have to grow in tandem.

Enabling the targeting that we take at the beginning of the year. So nothing specific to call out at the <unk> deposit.

Deposit and third it has to go in tandem daily certain quarters, where it does it changes I think from a process to be awarded.

Ldlc us.

Which is at a 126% I think.

Given the increase of network that an increase in profits that also contribute substantially to what we can do with us.

In terms of.

Well I mean, I mean mathematically both have to grow in tandem and in case, there is a need and we will look at when you look at borrowing in a limited fashion so our.

Sandeep Batra: In case there is a need, we will look at, we'll look at borrowings in a limited fashion. Our, there is also, if you see this, during the course of the year, there was also a CRR cut which also helped in the funding the loan growth.

There is also you'll see that during the course of the year. There was also a Sierra cut which also helped in.

And the.

In funding funding the loan growth so overall.

As I mentioned, we will look at.

I mentioned that there has been a healthy 146%. So we do have enough cash and I don't think so.

Subrata Panda: LCR, 120.

Sandeep Batra: I mentioned that. The LCR has been a healthy 126%. We do have enough cash, and I don't think so, we are going to miss out on opportunities for want of deposit growth. I mean, that's how we see it.

We are going to miss out on opportunities for want of deposit growth.

So that's that's how we see it.

And the real issue.

Our masstige nothing further to add.

Subrata Panda: On the West Asia?

During the quarter, which has been really no impact on the portfolio that we have seen there.

Sandeep Batra: On West Asia, nothing further to add. There has been, I mean, during the quarter there has been really no impact on the portfolio that we have seen. It is in a way reflected in the numbers. Of course, it is too early to call out. As you are aware, there have been some amount of supply related disruptions. We will see. We are continuing to monitor the situations and if things become better soon, and I'm sure corporate India is resilient, and the portfolio that we have built is fairly healthy. We will continue to watch these developments carefully.

It doesn't have a reflective in the numbers of course, but it's too early to call out as as you are aware there have been some amount of supply.

Related disruption, we will see we are continuing to monitor the situations and if things become better soon and I'm sure for corporate India is booked up.

Resilient.

Oh and the portfolio that we have basis is fairly empty until towards the developments carefully.

Understood. Thank you so much.

<unk>.

The next question is from ship, hoping it comes from financial expense. Please go ahead.

Subrata Panda: Understood. Thank you so much.

Operator: Thank you. The next question is from Kshipra Petkar from The Financial Express. Please go ahead.

Yeah.

Oh, hi, good evening.

Uh huh.

Oh, sorry, that's not going to use your handset audio is not very clear.

Kshipra Petkar: Hello, good evening. My first question is based on.

Operator: Sorry to interrupt. Kshipra, can you use your handset more? Your audio is not very clear.

Yes. Please go ahead.

Kshipra Petkar: Am I audible now?

Just wanted to go on the bundle.

Operator: Yes, please go ahead.

When that is.

Kshipra Petkar: Just wanted to understand, given that there is, as Subrata Mukherji also said, there are certain gaps in the deposit growth and the credit growth. Just wanted to understand what's going to be the strategy for deposit mobilization going ahead. The second question is for FY27, which segments are you basically seeing driving good growth for FY27?

So like I also said, that's both a GAAP and in deposits.

Deposit goes on.

Oh.

It's hard to see for deposit.

I guess just going ahead.

And the second question as well.

Okay.

Uh huh.

Okay.

So I think our deposit strategy has been very similar to what we have been doing in the past we will continue to focus on quality customers and hope that the.

Sandeep Batra: I think our deposit strategy has been very similar for what we have been doing in the past. We will continue to focus on quality customers and hope that the primary bankers is us, and we would like to have a substantially high share of the market. This goes across segments between retail banking, business banking, and corporate. I think, it's a question of having, you know, fairly a good technology platform, a good reach, and having fair charges and being fair to the customers. These are three principles that we really talk about. I think they seem to be working well. We have been able to grow our deposits in a healthy fashion.

Primary bankers with us and we would like to have a substantially higher share of the market and the growth across segments between retail banking business banking corporate I think up to.

A question of having.

Fairly a good technology platform, a good reach and having fair charges and being fair to the customer than the other three principles that we really talk about what they like and I think they seem to be working when we have been able to grow.

Deposits in a healthy fashion and that is where we see the franchise going forward, we don't see a challenging.

Sandeep Batra: That is where we see the franchise going forward. We don't see a challenge in deposit growth to meet our credit needs. Sorry, the other question was around? Sorry, what was the second question?

In deposit growth to meet us.

Sorry.

And the other question was around.

Okay.

Okay.

Oh, sorry no.

Kshipra Petkar: Segments which could drive cross-sell as well for us.

<unk> I don't think that we focus on any particular segment, where there was a portion of these come across.

Sandeep Batra: Sorry. No, Shipra, I don't think so we focus on any particular segment. Wherever opportunities come across, we are happy to grow. We have grown business banking. We saw opportunities there. Corporate, the corporate loan book seems to be seeing a healthy growth. We could well see opportunities coming out in this in the current year. Retail mortgages has also been growing well. Rural India gold loans are doing well. Across segments, we will keep on focusing on customers. It is not necessarily about segments. We get good quality customers. We get a reasonable price. We are happy to grow across segments within the country.

We're happy to grow we have we have growing business banking, we saw opportunities there corporate the corporate.

Corporate loan book tends to be seen as the growth.

Well see opportunities coming out of this.

In the current year.

Retail mortgages, it's also been great.

Rural India corridor.

So across segments, we will keep on focusing on aftermarket is not necessarily about segments, we get good quality customers.

The zip.

He's level price, we are happy to grow.

Across segments within the country.

Yeah.

Thank you.

We'll take our next question from Ben from New Indian Express. Please go ahead.

Operator: Thank you. We'll take our next question from Ben from The New Indian Express. Please go ahead.

Hi.

Hello.

Please go ahead.

Benn Kochuveedan: Hi. Hello?

Sandeep this is about.

Operator: Yes, Ben, please go ahead. Yes.

The Forex loss can you just repeat the number nine crore in the quarter.

Benn Kochuveedan: Yeah. Sandeep, this is about the Forex loss. Can you just repeat the number? INR 109 crore in the quarter.

How much was that last quarter.

That is that is that alright, with the total losses about.

Sandeep Batra: That is right. The total loss is about INR -106 crore. That is the loss that we had.

906 crore that philosophy has changed on this essentially law, which includes the impact of the.

Benn Kochuveedan: Change-

Sandeep Batra: No, this is a treasury loss.

Okay.

Benn Kochuveedan: -an item which includes the impact of the Okay, okay. Got it. Good. Good. Good. This is on, again, on West Asia. Have you, are you seeing any stress in your accounts with the companies, those who have a focus on West Asia or business focus West Asia?

Got it got it.

This is on the again on the.

Mr Shaw.

Adios.

The strength in your.

The Nevada coincidental with the companies those hover polka, so divestiture or business with cliffs is not there yet, but it is too early to call out.

Okay.

Sandeep Batra: It's not as yet, but it is too early to call out.

During the quarter I think the customers seem to be doing this.

Benn Kochuveedan: Okay. Okay. Okay.

Sandeep Batra: Too early to call out. During the quarter, I think the customers seem to be doing well.

And my other standouts from loan waiver last part, but what do you sort of course of tomorrow restaurants.

Benn Kochuveedan: Maharashtra announced a farm loan waiver last month. What is your exposure to Maharashtra in the agri book, farm loan book?

The Agri book loan book.

We do not give state level.

Data.

Sandeep Batra: We do not give state-level data, Benn.

Okay.

So that's why I asked.

No Robin we will look at it et cetera, but whenever you come through in the normal course of things.

Benn Kochuveedan: No, because it's a waiver. That is why I asked.

Sandeep Batra: No, I mean, we will look at it, et cetera, but whenever it will come through in the normal course of things. That we will see. I think the customers are also, whether they are farmers or all, are cognizant of the importance of credit discipline. We will see how that plays out.

We will see I think the customers are also for whether they are almost all of.

<unk> of the importance of credit discipline, we will even see how it all definitely for me. Please.

Latest deliverables as part of that is just building up in the gold loan book or what is your what is your assessment.

Benn Kochuveedan: Okay. Latest CIBIL report says that there is stress building up in the gold loan book. What is your assessment? How good are your book and how big is your gold loan book?

I hope it gives you a call.

How big is sort of all the we have not separately given our good loan book, but it's fair to assume a significant part of the order book is going to be honest.

Sandeep Batra: How big is our gold loan book? We have not separately given a gold loan book, but fair to assume a significant part of the rural book is gold loan. We are happy with the gold loan book. Secondly, I think I just want to reemphasize again, we are not really looking at a product. We look at a customer, and that is true across segments. Even, I mean, whether it is gold loan, personal loan, credit cards, mortgages or that book is behaving.

We are happy with the Golar loan book that can be I think I just wanted to emphasize again, we have not really looking at the product we look at our customers.

And that goes that is true across segments. So even.

But there is a good loan personal loan credit cards mortgages.

That book is behaving well.

<unk> is behaving well for us.

Deposits.

Kshipra Petkar: Treasury

Kshipra Petkar: is behaving well for us.

Okay.

Thank you.

Kshipra Petkar: Deposits will improve. Yeah. 10.8.

Next question is from Ashish <unk> from BPI. Please go ahead.

Operator: Thank you. Next question is from Ashish Agashe from PTI. Please go ahead.

Okay.

Thank you so much hope hope.

Hope I'm audible quote yes, Ashley Please go ahead.

Ashish Agashe: Thank you so much. Hope I'm audible, sir.

Uh huh.

Just delivering the best associates.

Operator: Yes, Ashish, please go ahead.

Ashish Agashe: Yeah, sir, just lingering a bit on the West Asia thing. In the numbers that you have reported today, apart from the Forex related measures impact because of RBI's measures, what could be the number impact of the crisis really playing out if you were to look at it? Apart from the numbers, you also have operations in the affected region. How are you managing sort of your presence there? Also, what are the early trends which you are seeing in remittances?

So.

The numbers that you have reported to date.

Apart from the product.

But because of RBA Michelle.

Okay.

Could it be the number impact.

So it could be only pulling those through correctly.

Got it.

Apart from the <unk>.

<unk>.

All of our kids eat them.

How are you managing Oh.

Your present that and also what are the things, which are putting them in a little bit.

So.

I think this tissue prices I mean, we have really we have flipped.

Sandeep Batra: So, uh, I-

<unk> talked about it yes, we do have some kind of we do have presence in.

Kshipra Petkar: Let me talk.

Kshipra Petkar: I think West Asian conflict, I mean, we have really talked about it. Yes, we do have some kind of presence in both Dubai and Bahrain. I mean, from our point of view, we have tried to ensure the safety of our employees. That is first of all is paramount. I think there is nothing specific to be called out here. Business is happening even in this sort of difficult times in those areas. As I have mentioned, we will continue to watch these developments. We will take, we will grow within the acceptable risk parameters and continue to focus on good quality customers. That is the strategy that we have been adopting that remains unchanged.

Or Dubai, and a body camera point of view, we have tried to ensure the safety of our employees that is first of all is Paramount and I think.

There is nothing specific to be called out your business is happening even.

Even in this sort of difficult times in those areas. So as I have mentioned, we have we will continue to watch these developments we have loss.

Sure.

The ability.

We will grow within the acceptable risk parameters and continue to focus on good quality customers. So that is the strategy that we have been adopting that.

Means.

Unchanged.

The image sensors, so again too early to talk about.

Sandeep Batra: Remittances, again, too early to talk about. If a lot of people come back to the country, then of course there could be some impact. We do hope that things normalize and people are able to go get back and some reconstruction activities whenever it starts in West Asia. It will provide opportunities for Indian companies and Indian labor to go back there and, I mean, and things should come get back to normal.

If if a lot of people come back to the country. Then of course, there could be some impact, but we do hope that things normalize and people are able to go to get back and some reconstruction activities whenever it south.

And this T shirt.

It will provide opportunities for Indian companies in Indian Labor to go back there and Oh.

I mean.

Things should get back to normal.

Okay and the second question, we have seen.

Sort of selling the auto loan book come to 41%.

Ashish Agashe: On the second question, sir. We have seen retail sort of share in the overall loan book come to 41%. Say, in the over medium term, where do you see that? Would it sort of continue to trend? Because you are saying that India represents a lot of opportunities right now. Will corporate really pick up and retail go down? How do you see the loan mix going ahead, sir?

In the quarter medium term ready feedback.

<unk> continued to grow.

You are saying.

7%.

Of opportunities right now so we'll call it really pick up and it will go down obviously the loan mix.

Right.

Northern Bank Ashish is a function as an outcome of what happens on the ground. We are not focused on a particular loan book.

Sandeep Batra: The loan mix, Ashish, is a function, is an outcome of what happens on the ground. We are not focused on a particular loan book. You are right. We, I mean, our, today our corporate book is about 20%. It can be much higher than this, or it can be lower than this. It will be a function of identifying growth opportunities within our risk framework. That is all going to be an outcome of that. We do not have any particular mix in mind. Wherever the economy grows, wherever we are able to find good customers, we are happy to grow.

You are right we are.

May not.

Today, our corporate book is about 20% it can be much higher than that but it can be lower than this it will be a function of.

Identifying growth opportunities within that.

Framework that is all going to be an outcome of that we do not have any particular mix in mind wherever the economy goes where there will be unable to find good customers. We are happy to grow.

Okay small kind of thing.

Is this 0.5% credit cost.

Ashish Agashe: Okay. Small final thing. Is this 0.5% credit cost, how sustainable is it in FY27? How do you look at it, especially with lack of clarity on the Middle East part?

Sustainable is it in a quite 27, how do you look at it.

EBIT lack of clarity on the.

The middle East part right, there's lack of clarity on the same sort of a how do I make.

Sandeep Batra: Right. There is lack of clarity on the same. How do I mean, make a forecast at this point of time? We're just going to focus on good quality customers, and we will watch the developments carefully.

Haven't make a forecast at this point of time, we just want to focus on good quality customer than we will watch the developments carefully.

Yes.

Thank you Sam.

Next question is from CST Sharma from <unk>. Please go ahead.

Ashish Agashe: Thank you.

Operator: Thank you. Next question is from Srishti Sharma from ET BFSI. Please go ahead.

Thank you good evening management.

Question.

Srishti Sharma: Thank you. Good evening, management. Three questions. First on the market share of ICICI Bank's credit cards. It recently, it was approximately around 17% for a good long time. Recently came down to 16%. I mean, correct me if I'm wrong. What is ICICI Bank's strategy out over here? Second question, July onwards, credit institutions are supposed to report 4 times a month to CIC.

First on the market share.

I see it as advanced connected card side do you think it was about to meet me around 17% transient longtime decently came down to 16 to kind of connect eat them. Jon. So what is <unk> bank strategy out of reach.

Second question July onwards.

The poster at five four times a month.

But at this point.

Part of that.

Got it.

Please go ahead. Thank you.

Sandeep Batra: Correct.

Srishti Sharma: What is your focus on that? Third, we are already into FY27. Have you laid out your hiring plans? When I see your employee cost, quarter-on-quarter or yearly basis, it's been increasing. Do we mean you've been adding headcounts? I mean, help just give more color in that. Thank you.

Have you laid out your hiring plans.

Nice quarter.

Quarter on quarter year on year.

The only basis, meaning could easing so do we made you've been adding head count head.

And just give more color. Thank you.

So the employee.

Cost increase is largely a function of the instruments that could ever happen within the course of the year.

Sandeep Batra: The employee cost increase is largely a function of the increments that could have happened during the course of the year. Coming on the credit card book, yes, our objective is to drive a risk-calibrated profitable growth, and of course do customer 360. Again, to repeat, we do not focus on a product. We try to focus on the customer. During the year, we are focused on onboarding quality customers, driving profitable spends, and also exiting riskier and unprofitable segments. That in a way, you can see some moderation of growth or it has remained flat, but profitability remains very healthy. Looking ahead, we continue to see opportunities to focus on the segment. We will continue to leverage our distribution franchise and also co-branded partnerships.

I mean on the credit card book yet.

Our objective is to drive a stellar digit profitable growth.

And of course after monthly 16, so again with the <unk>.

We do not focus on our products, we're trying to focus on the customer.

During the year, we are focused on onboarding quality customers driving profitable Spence and also exiting this year and unprofitable segments. So that in a way you can.

See some moderation of growth of items remain flat, but profitability remains very healthy.

Looking ahead, we continue to see opportunities to focus on the segment, we will continue to leverage our distribution franchise and also co.

Branded partnerships there has been a bit of a dive into instead of us some amount of decline that you talked about the off late though there has been some.

Sandeep Batra: There has been a bit of, I mean, there was some amount of decline that you talked about. The, of late, there has been some month on month increase which is happening. From our perspective, we would like to focus on a profitable segments here, which seem to be doing well.

Month on month increase to happening so from our perspective, we would like to focus on our profitability.

Profitable segments here, which seem to be doing better.

Onto the credit God, when you say Youre mindfully.

Srishti Sharma: Onto the credit card. When you say, you mindfully, you know, sort of cut down on the credit card spend, why so? You say you were exiting the riskier portfolios, right? What does that mean?

Come down on the credit card space.

All right, so you're saying it was exiting your portfolio.

Where does that I didn't mention riskier and unprofitable segments wherever they come across namely we have exited those.

Sandeep Batra: I did mention riskier and unprofitable segments. Wherever they come across, we have exited those.

Okay. Okay, and then you say co branded is when do you want to.

Srishti Sharma: Okay. Okay. You say co-branded is what you want to, you know, grow more aggressively.

Little more head count.

I will look at the co branding is also one of the channels to grow we look at.

Sandeep Batra: No, I just said that I will look at co-branded is also one of the channels to grow. We look at customer 360. There are customers of ours who may not be having a credit card. We look at our distribution franchise. We focus on, I mean, across opportunities. I mean, as we have been talking about, Srishti, we have been focusing on the customer. Clearly that good quality customers will be given credit cards, and we are happy to grow that segment.

Customer 360, there are customers of ours, who may not be having a trade God. We look at our distribution franchise, we focus on.

I mean across opportunities I mean, as we have been talking about shifting we have been focusing on the customers and clearly good.

Good quality customers will be given credit cards, and we are happy to grow that segment.

Okay and on the credit reporting tool.

Yeah, Yeah that was settled in Azure right now become more fortnightly basis.

Srishti Sharma: Okay. On the credit reporting, to CIC?

Sandeep Batra: That is settled in now. Yeah. That is settled in. Yes, you are right. It's now become a fortnightly basis. It is settled.

Yeah.

No no no. So it's going to be four times a month just CIC is July onwards.

Srishti Sharma: No, no. It's going to be 4 times a month to CICs July onwards. What is the status there?

What does the seamless because what it did it has moved from monthly to more tightly and then so be it.

Sandeep Batra: It is what it is. It has moved from monthly to fortnightly and then, weekly. Be it.

Okay. Okay, and then when you say employee cost is the addition of the interim.

Srishti Sharma: Okay. Okay. When you say, employee cost is addition of the increments, what's the outlook?

No.

Okay and would you be at once.

Outlook.

No we do not look at it that way I think we look at the overall business strategy ended some bottoms up if we need to hire more frequently with highest so there is nothing specific to call out here at this point of time.

Sandeep Batra: No, we do not look at it that way. I think we look at the overall business strategy and it comes bottoms up. If we need to hire more people, we will hire. There is nothing specific to call out here at this point of time.

Thank you.

This bank conference call to an end on behalf of ICSC a bank. We thank you all for joining US you may now disconnect. Your lines. Thank you again.

Operator: 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.