CSB Bank Ltd

NSE:CSBBANK

Earnings Call Transcript 2023-Q2

[Operator]

Ladies and gentlemen, good day, and welcome to the CSB Bank Q2 FY '23 Results Conference Call hosted by Axis Capital Limited. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Manish Shukla from Axis Capital. Thank you, and over to you, sir.

[Manish Shukla, analyst]

Thank you, Gati, and good evening, everyone. On behalf of Axis Capital, I welcome you all to this call. From the management team, we have with us Mr. Pralay Mondal, MD and CEO; and Mr. B.K. Divakara, CFO; and other colleagues from the management team.

I would request Mr. Mondal to make a few opening remarks. And after that, we can open the floor for Q&A. With that, over to you, Mr. Mondal.

[Pralay Mondal, executive]

Thank you, Manish, and thank you, everybody, for joining the Q2 earnings call for FY '23. I wish to start with wishing a very, very happy Diwali to everybody and their family in advance.

Coming to our bank results, I would like to just talk a little bit briefly about how -- what's happening, what kind of an environment we are in, both globally and in India, and then straight get into specifics of our results, and also give a little bit of a brief of what our medium-term and long-term vision is because more than a quarter result, I think, for our bank, the key story is about what we want to do in the medium and long term.

So starting on the global side, we all know that we are going through post-COVID, a very different kind of a challenge with global growth being animate with all kinds of issues there. This interest rates are just skyrocketing. Inflation is kind of hitting, whether it is in U.S., whether it is in Europe. The U.S. 10-year yield has cross 4%, 2%. A 2-year yield has skyrocketed yesterday. I was also seeing U.S. dollar indexes volatile, but very, very high.

Indian rupee has also now crossed 83, which is a concern. It also issues on CAD and things like that.

So I think we are passing through a fairly volatile uncertain kind of a situation globally. And while India is relatively in a better place to be in and more stable, but we cannot be completely away from some of the global challenges. And that is shown once the FMC places the interest rates, which again is expected to be anywhere between 75 to 100 basis points, and they have given -- they are constantly keep on raising the bar in terms of where they can go.

RBI also, to some extent, has to follow suit. Though our inflation, I think, they have already said that they sort of peaked and various NPC commentary has been showing that things are sort of stabilizing on a higher base.

I think growth is coming back as we see that the banking credit growth this quarter should be somewhere around 18% to 19%. And as our governor has already said, that going forward, monthly policy will remain watchful, stability while supporting growth.

Having said that, India has always have challenge of this oil price and oil price is right now stable, but there are various OPEC announcements spending by U.S. oil. Results are expected to be not so high at this point of time. So we have to wait and watch how the oil price and impacts comes.

We had significant outflow from the country. In terms of FYI, it came back. And again, this quarter -- this month, outflow has also been slightly high. So to that extent, I think we have this volatility. And in this volatility, I think the banking ecosystem has done extremely well for us as a country. And more and more results are coming, I'm seeing that broadly, this has been a good quarter for most of the companies.

And hence, we remain very, very positive and hopeful that we are in a good place at this point of time.

With this macro, I will just get into CSB's specifics. You probably have already got the numbers, but I'll state -- go through them, the key numbers, a little bit. So we had a significant improvement in net profits, 31% year-on-year. And Mr. Divakara will expand later on as and when those questions comes up on our operating profits and things like that. There are certain factors, which kept our operating profit a little muted.

For the quarter ended, net profit is 5% higher than last quarter at INR 120 crores. Provisioning buffer of around INR 200 crores, over and above the regulatory requirements. Because we take accelerated provision, we also have COVID provision, which you call it INR 106 crores.

We could maintain again, I mean, about 5% on a yearly basis, 5.6% and 5.38% on a on a yearly basis and quarterly basis, 5.6%. So last quarter was one of the highest NIM for us at 5.6%. But I'll come back to this that obviously this is not sustainable.

ROE improved from 1.53% in H1 '22 to 1.81% in H1 '23, while sequentially, we improved from 1.75% to 1.87%. So broadly, we are in line with what I keep talking that we'll be between 1.5% to 1.8%, we are in that range.

Liability growth is gradually coming back. So CASA growth was 16%. Overall growth was -- deposits was a little more than 10%. Cost of deposits reduced from 4.39% in H1 FY '22 to 4.14% in FY '23, though gradually we are seeing that this will start picking up now, which will impact, to some extent, the NIM over a period of time.

Net advances growth has been positive. It has been 24% Y-o-Y and 8% Q-o-Q, and this is one of the things which have been telling everybody that we will focus on growth and quality growth while we keep up sharp reserve focus on our credit quality. So year-on-year, 24%; and Q-o-Q, 8% says that we have been consistent in terms of what we are promising. But we will continue to try and grow faster than the system.

Gold portfolio registered growth of 47% and yield on advances was at 10.7%.

On the asset quality side, things improved further. So GNPA was 1.65%; NNPA, 0.57%; PCR, 90%. This year, this, of course, includes the write-offs. If you take that out, it will be marginally below 70%.

Contingency provisions accounted in the books is higher than NNPA continuing with accelerated NPA provisioning, as I said before.

Robust capital base, there are very few banks who has a capital base of more than 25% and ROE more than 18%. So this, of course, is possibly, to a great extent, because of our large size of the golden portfolio. And this, again, is not sustainable as we grow the mix of other businesses over a period of time.

Shareholder value creation from that perspective, book value per share has reached INR 1.58; EPS, INR 27.1; ROE of 18.49%, which I just mentioned before.

And we continued to open our branches. So these year also we opened 100 branches, 81 locations already approved, work in progress. We are confident of opening 100 more branches this year, and we'll continue to grow at least by 100 branches every year, if not more. And there's a significant investments planned and the execution has started in a big way on technology, whether it is LOS, core system migration processes, thinking LMS, [indiscernible] alarm system. So we are thinking significant investment into the technology stack.

So those are for the numbers. Slightly on the midterm to long term what we are planning, I don't think the commentary is changing and I hope it doesn't change in the next 3 to 4 years. Because one thing what I have learned in banking is, be consistent and ensure that we deliver every quarter what we promise.

So we continue to invest. So as per our SBS strategies, Sustain, Build and Scale 2030 vision, we have clear vision where we want to reach, how we will reach there in 2030. We want to have a sustained growth. I said that before that in the next 3 years, CHER of 25%, give and take a little bit here and there. And post that, higher growth, hopefully because that time we should have all our technology stack, credit processes, entire collections ecosystem, which helps us in building our retail businesses, the payments ecosystem, the SME. And also, we are starting to invest into a little bit on transaction banking, both in terms of leadership, processes, technology, everything.

So by 2024, FY '24, we should be ready with all that. And then next 2, 3 years, we will start building those businesses. And last 3 years of this decade, which is SBS 2030, we should have a hockey stick approach in terms of retail growth and SME growth. So because by that time, we'll have everything ready, technology, distribution, leadership, processes. And then it's a multiplier effect because one leads to the other, as we all know what happens in a banking ecosystem.

So we are looking for that hockey stick somewhere between '27 and '30. And hence, directionally, while our cost-to-income where is today, I've always said that it will be within 55% to 60% and I don't mind me taking closer to 60%, provided most of those are happening because of investments and not because of cost, cost will be managed through productivity, investments will be managed through a payback period of those investments. And if we do the right, I -- in the cost-to-income, in cost, I mentioned this and not income, right investments, then we hope that by end of this decade, we should be able to bring the cost-to-income below 45%. So that's the [indiscernible].

We'll also ensure that the business mix is more balanced. So again, exit 2030, we should have -- the highest portion of the book should be retail, more than 30%. And then between gold, SME and wholesale, the rest will be shared equally or little with 1 or 2, 3 percentage here and there.

So that's the thought process. But right now, as you see that as I have said before, that gold proportion is only going up. And it can go up to 45% before we start rationalizing, but it will not go beyond 45% because we also need the income.

The other important thing is we will continue to focus on other income to noninterest income to total income. There, our proportion is very low, and we want to take it up. And this year, there's a specific -- this quarter, there's a specific question why it is low because if you take out the year-on-year PSL income, which is a special income and the treasury income, which is negative this quarter for various business, including SLR and including some of the other reasons, treasury bills and things like that, we booked some losses strategically, our actual core noninterest income actually has grown by 48%, I think.

So which is -- and that is the mission, right? That will continue to grow because as we add more products, more transaction banking products, retail products, payment products, third-party businesses, more customers coming into the system and customer acquisition is going to be one of our key focus areas, then we expect our ability to grow the noninterest -- core noninterest income to the total income. And then even if we have our -- which will happen, even if our NIM comes down, which will happen, our ROE will sustain between 1.5% to 1.8% primarily because of some of these fee income that will continue to grow. And that is typically how the market operates.

So we cannot be an outlier. As we grow, we have to be part of the system. So we'll continue to grow. The other important focus, and this is my last statement before I open it up for questions and Sir Divakara's comments, if any, is growth can only happen provided it is quality growth. It is -- and I don't see a challenge at all in the asset growth. So we have to fund it. So we have to have a significant focus on liability, whether it is CASA, whether it is actually risk customers. And along with that, [indiscernible] everything will come, we'll create focus structures on task, which is trust associations, et cetera. We obviously do not want to depend too much on wholesale deposits, though we are giving targets to our SME wholesale team to also be say as self-funded as possible.

But liability -- quality liability and customer acquisition and partner franchise is key because even when we tomorrow have the assets, products ready and we have the processes ready, we need a significant best to cross-sell this too. And also today, we need to ensure that to retain our NCR and to sustain -- to support a sustainable growth of -- faster than the system, we need a sustainable liability franchise.

And hence, a lot of our focus is going into building the APRA store's liability and how do we talk to customers and get those deposits.

In conclusion, I'll say that we will -- we are very bullish about how we want to grow. We will be consistent. There will be -- hopefully, there will be no surprises and shocks. When you look at the NPA slippages -- again, a word on the credit cost, it looks negative, but obviously, negative credit cost is technically too good to be true. So obviously, we will have but some credit cost eventually coming in as slippages as we grow. But we will continue to have our gross and net NPA below 2% and below 1% over a period of time. And this quarter has been testimony to that, that we can hold on to a good performance on that and make it even better.

So with that remarks, I would like to hand it back to -- in case Mr. Divakara has any comments. Otherwise, we'll hand it back to -- for questions from all of you.

[B. Divakara, executive]

No, helpful. We have covered, Pralay. I don't think anything needs to be supplemented. But during the course of question-and-answer session, if something is to be supplemented, I will do that.

[Pralay Mondal, executive]

Sure, thank you. So let's get into Q&A then.

[Operator]

[Operator Instructions] The first question is from the line of Mona Khetan from Dolat Capital.

[Mona Khetan, analyst]

Congratulations on a good set of numbers. So firstly, my question was on the PSLC market. So what exactly is going on? You mentioned in your comments about draining of opportunity. So what exactly is happening there that's lowering the PSLC income for us?

[Pralay Mondal, executive]

So it's very simple, Mona, that we had booked PSLC income last year by now. But this year, what we have seen is that the pricing is not attractive right now to sell the PSLC, but pricing is very attractive to buy anything, which we need for micro and things like that.

So we have just done the reverse. So we have bought what we needed to, for the year, hopefully, and we have not sold anything because we think by Q3, Q4, we will get a better price. So that's earning which we expect to come and that's a buffer which are holding at this point of time. At the same time, I think last year, Mr. Divakara can confirm, I think we are around INR 34 crores or INR 35 crores -- INR 33.4 crores. Yes. So that is something which we have not yet booked this year because the pricing is not attractive right now, but we have the pool which we can use.

[Mona Khetan, analyst]

But as I understand, in Q3 and Q4, the pricing anyway becomes less attractive. So is it fair to say that the full year profit from PSLC book could be lower than what we've been seeing?

[Pralay Mondal, executive]

The cycles are different now. What else? Either everybody has done very well on PSLC suddenly or -- so we can only know in the Q3 and Q4 what the story is. But we believe that we should be able to get better pricing in Q3 and Q4. It's a call, which you have taken.

[Mona Khetan, analyst]

Sure. And coming to the gold book. So we have seen very strong growth, much higher than what we have seen towards the other banks and even mainstream NBFCs.

So what really is helping such growth trends? And if you could give some sense on how much of these could be balance transfers from other entities, especially NBFCs, that would help.

[Pralay Mondal, executive]

Sure. So our segment of customers is slightly different to the NBFC segment of customers. Like as I said before that the bigger banks work in a different segment and a different price yield skills kind of -- our yields are different. Our segments are different and this obviously there will be always a 20% overlap and things like that.

So not too much. I know why you're asking this question because there is a lot of noise on this right now. But frankly speaking, 2 things are happening in our portfolio. Our tonnage is increasing because price has not really been very volatile. It has remained similar kind of a price. So obviously, tonnages has improved to that extent. And a lot of existing customers are getting new tonnage to the bank as well as we've added lots more customers.

So it's a function of execution what we have done well. And this gives us the confidence that the branches are getting ready. Tomorrow, you will see that even liability, the branches are able to execute better.

So the question is, if somebody can execute better the gold, they can execute better the liability and tomorrow when you have the assets or SME or whatever else, they should be able to execute better. I think we are able to get better productivity of our branch right now because of execution focus, monitoring, leadership, on-ground excitement and things like that. That is what is helping us.

So I think it's business as usual for us at this point of time. And our portfolio is small. I mean percentages don't save the things they have, our portfolio is small. So even if you focus on it and do a little better, the growth automatically comes. But we are ensuring that we are not depending on this growth.

So I have told very clearly because we don't -- this quarter, we want to grow slightly better on SME, a little more on the wholesale side. And retail will take time because retail is a high road, it will take some time. And we don't want to depend on gold so much at this point of time. So I think that gold will be steady. Don't expect that -- there's a lot of disturbance on the line.

[Mona Khetan, analyst]

Follow-up question on gold side again, with growth trends getting better across segments, the general credit environment getting better. Do you see the competitive environment in this space getting better versus the last 2, 3 years?

[Pralay Mondal, executive]

When you say better, what does it mean?

[Mona Khetan, analyst]

In the sense that pricing is less competitive.

[Pralay Mondal, executive]

Yes. So it is going to happen because once the liquidity has ran up in the ecosystem and cost of funding starting to go up, so some of the NBFCs, some of the banks, et cetera, will -- easy liquidity is not there anymore. So pricing will have -- the right pricing for the right risk and right operating cost will be put in place.

So yes, I think that eventually, whether it is SME, whether it is gold, I think, even on -- to some extent, in the mid-market where we operate on the wholesale side, we are seeing pricing rationality coming back.

[Mona Khetan, analyst]

Sure. And just finally, on the SME book, again, despite a small base, we are not seeing -- and a focus area for you, we are somewhat not seeing growth coming, so what is the outlook there? You just mentioned we are seeing growth from this quarter also, but what sort of growth trends could we build in? Or what sort of disbursements are we seeing in the last few quarters even if there are some runout, yes.

[Pralay Mondal, executive]

So what happens is -- when I know this that both our retail and SME has a large component of an old book, okay? And so some of them, we are allowing to -- I mean, some of them naturally runs off, the TAM loans and on the.

[Technical Difficulty]

[Operator]

Yes, we can hear you now, sir.

[Pralay Mondal, executive]

Yes, I don't know what is happening. So what I'm saying is, so we have significantly enhanced our credit governance on the SME side as well as on the wholesale side. We said that -- we want to do risk less pricing. We want to ensure that we do businesses at certain ratings and things like that. So we always had those policies, but we have implemented with a little more iron hand because we want a sustainable growth.

So to that extent, some of the businesses, which are running off, we are happy. But the new businesses, which we are building is also very good quality. Our ratings, best pricing, all of that is falling in place.

So we are putting a lot more science behind it, and hence, I would see that the second half of the year, we have done all that corrections in the portfolio in the last 6 months. I think the second half of the year, you will see our growth in the SME portfolio.

[Operator]

Ma'am, you're done with your questions?

[Mona Khetan, analyst]

Yes. I was just asking, it should be in line with the rest of the book, the second half growth in SME?

[Pralay Mondal, executive]

Yes. I think SME should be having the growth in line with our bank growth, second half.

[Operator]

[Operator Instructions] The next question is from the line of Pruthul Shah from Anupati Advisors.

[Pruthul Shah, analyst]

My question is with respect to the overall industry growth. Like if we see that large banks and small banks all are giving decent growth in -- decent advances growth, but now that the interest cycle is going up, what is your understanding on credit growth going forward?

And normally, how much time it takes to impact the economy, like what is the lag in impacting the credit growth because of this interest up cycle?

[Pralay Mondal, executive]

I am not sure I understood the question fully but let me try. So credit growth is a function of various things, including the investor -- sorry, customer confidence, the salary growth, if you see the -- some of the numbers on the savings on the consumer side, it has actually come down a little bit. The debt to GDP has actually gone up.

So if you look at some of these numbers, people are having the confidence somewhere, and there's a little bit of a pent-up demand as well because of COVID and some of the other stuff. There has been a muted demand, both on retail and SME in the last few years. And wholesale has been absolutely muted because -- and still investments has not come back. FX has now did come back and things like that. Project finance, et cetera, are starting a little bit here and there.

But generally, the feel is that everybody is seeing that there is a growth picking up almost everywhere. I mean private investments should start coming in. The CapEx should start picking up. So I think, generally, the view is that credit growth upwards of 15% because it's typically -- India has always done credit growth more than the nominal GDP.

And today, even if you have a nominal GDP, if you have a credit to have the nominal GDP, you have to be somewhere around 15%. So given that perspective, I think we see a minimum of 15% growth credit wise going ahead. And we are saying -- and yes, interest cycle, sometimes what happens the other way around that if interest cycle starts going up, it impacts the credit growth because sometimes the ability to repay, our ability to consume is little lesser in the customers because there's lesser money in the customer hands to pay EMIs and things like that.

So -- and also with liquidity, which is not abundant right now, banks also have to be careful in terms of how they build the liability balance sheet and how they fund the credit growth. So it is going to be interesting to see how it works. But good part about all this is that there is a rationalization of pricing, and the classical banking practices are coming back between NBFCs, banks, asset base, et cetera, because in between there is the scenario where the interest rates are so low that sometimes it was below savings rate also.

So now I think the classical banking is coming back. And hence, I think a normal credit growth is expected. I'm quite confident unless there is a significant global headwind, which is possibly because we are not completely shielded from that, we should be able to see a reasonable credit growth in our industry. And we, as a bank, we will -- we are not -- because we don't -- we are not such a large part of the ecosystem, our growth is so much more dependent on what we execute. So our credit growth may or may not be so much dependent on what is happening in the ecosystem. How is this more execution, product processes, building scale, building distribution. So we are more confident of the kind of credit growth, which we'll bring in.

[Pruthul Shah, analyst]

Okay. Okay. Got it. And my next question is with respect to the increase in NIM. So Y-o-Y we see that our advances has grown up by 24% and absolute NIM is up by 17% despite NIM percentage increasing from 5.22% to 5.6% in this quarter. So can you explain why this difference is there? Like advances are up 32% and NIM is up by 17%?

[Pralay Mondal, executive]

Yes. Let me try this, but this is a more technical question so Divakara will answer better but let me see if I know a little bit.

So I think it's also -- see that our CD ratio has gone up to 87% and our CD ratio is significantly lower than this. And this is a story of the industry. Also, our investment book has rationalized a lot more. And hence, on an overall basis, the NIM looks better at this point of time.

Mr. Divakara, you want to respond to this?

[B. Divakara, executive]

Yes. It will not grow in proportion to the growth in advances. So beyond a point, we may not be able to increase the pricing. So it has to be at a certain level. So from 5.17% to 5.60%, so it is in line with what we had expected. So I don't think it will grow in proportion to the growth in advances.

[Pralay Mondal, executive]

The mix between investments and advances are changing. That is one of the reasons and the CD ratio.

[Operator]

[Operator Instructions] The next question is from the line of Anuja from Elara Capital.

[Unknown Analyst]

Congratulations on good set of numbers. I just have one question. At the moment, CD ratio is almost 87%. What is the comfortable level of this? And can you give some guidance on deposit growth? I understand that we are trying to build quality deposit franchise. But is there any quantitative guidance for this?

[Pralay Mondal, executive]

So guidance is very simple that if you have to grow faster, so it's -- the answer lies in the question that if we are at the CD ratio of 87% and if you want to grow faster than the industry on the credit growth, we have no choice but to build a deposit franchise better than what we have done in the last few quarters.

I mean we don't have a choice, and hence, we are fully focused on that. And when you say deposit franchise, it's basically growing liability because we also have to be cognizant of the NCR has to be between 100% to 120% or somewhere there.

So given that perspective, granular deposit growth, NRI focus -- generally, NRI has -- for the ecosystem has come down a little bit for various reasons, which you all know. But we expect that to reverse at some point of time, and that will give us some growth.

Also, we are -- there is no substitute to execution in deposit or liability franchise. So going -- adding more customers, building task franchise, also we are looking at government businesses and things like that. Of course, in the NCL, we will continue to focus.

So from that perspective, I think it's all execution. On the comfort level on -- and we don't have a choice. We have to build the liability, okay.

Now coming to comfort, I think overall the system CD ratio must have gone up significantly this quarter. I mean it's automatic because if there's a credit growth of 18%, 19% and if liquidity is where it is today, CD ratio has to be much higher, especially here on the private sector banks, who are growing faster.

So given that perspective, 87% is reasonably comfortable, in my view, on a relative basis. But anything above 90%, we need to be monitoring it a little more carefully. And obviously, we don't want to -- even not an NBFC, we are a bank, so we will not depend on CDs and things like that to build better. But if we have to dip into that once in a while, on some tactical stuff, we'll do it, but that's not the strategy. We'll build up a very clear granular liability franchise.

And we have people with us who have built granular liability franchise in one of the largest banks who knows how to build it, our head of retail. He was actually in the liability sales franchise in HDFC Bank many years back. So it's -- and we have seen that time also, it's all about execution.

So let me put it this way. We are clearly focused on building granular liability franchise because doing assets is easy. And the core strength of a bank is the liability franchise, we all understand that. So we'll build that.

[Unknown Analyst]

Understood, sir. Sir, and if time permits, I would like to add one more question. At the moment, NIMs are 5.6%, which is not sustainable as you mentioned in your commentary. We used to give guidance of 4.5% to 5% for NIM. Do we stick to same guidance? Or are we revising to upward?

[Pralay Mondal, executive]

It's a difficult question, I'll tell you why. I mean, just because I've given a guidance and if I have ability to do more, why should I say, no, okay? But to be very frank, when I said that 4.5% to 5%, I was talking about our slightly longer-term kind of -- because if you have to have a sustainable growth on the mix, which I said by 2030 or by 2027 while we'll be there, automatically the NIMs will come down.

Typically, the way it works, you would know that, that even if NIMs comes down, your ROA won't go down because ROA will be based on customer level profitability. And if you do not -- for example, if you don't have a home loans with a customer, if you don't have a payment products with a customer, your liability franchise will also not go up. It's like it's a cycle, right? You have to locate the money through its liability and assets and EMIs and payments and ecosystem, et cetera.

So to that extent, we have to start looking at, once we have all the products and processes and it's still 3, 4 years away and that was the guidance that 4.5% to 5% is that time, then we will get customer-level profitability and our ROA through -- by that time, we should be having our noninterest income to total income close to 13%. And I mean somewhere between 10% to 15%. And our customer level profitability has to significantly go up. Cross-sell ratio has to significantly go up at a customer level, which today is very low.

So NIM is not the only way to create ROA. But when you are running a niche franchise, that's the only way. But long run, when we have a 4.5% to 5%, there will be many other income streams that will come along in clearing transaction banking, wholesale and so on and so forth.

In the medium term, I think if you look at the next 12 months or so, I think we should be able to maintain between 5% to 5.5%. But I don't think that NIM is the only judgment of a franchise. Sometimes 4.5% to 5% is better than 5% to 5.5% depending on how we look at the overall franchise.

[Operator]

The next question is from the line of Pruthul Shah from Anupati Advisors.

[Pruthul Shah, analyst]

Yes. Sir, in last call, you guided that for the full year, we are going to open 100 more branches and if we see in current 6 months there are 5 branches, which have been opened. So is that guidance still remaining the same for the full year?

[Pralay Mondal, executive]

Yes, yes. We should be able to -- give and take, 5 and 10 here and there because of some last-minute acquisition issues, et cetera, we should be able to open around 100 branches this year as well.

It typically happens in the last 2 quarters and more it happens in the last quarter. That's the way it works for us. So we will be able to do somewhere close to 90 to 100 branches this year also.

We have to give you more granularity on that. We have already identified 80 locations where work is on, okay?

[Operator]

Ladies and gentlemen, this was the last question for today. I now hand the conference over to the management for the closing comments. Over to you, sir.

[Pralay Mondal, executive]

Thank you. Thank you, Manish, and Axis Capital for organizing this call. And again, I wish to thank everybody for joining us on this Q2 FY '23 call of CSB, and wish everybody a very, very happy Diwali, a long weekend ahead. And I'm sure a lot of you are taking Tuesday also as a holiday. So have a wonderful 5-day long weekend. Thank you very much, and have a very, very good festive season.

[B. Divakara, executive]

Thank you.

[Operator]

Thank you, members of the management. Ladies and gentlemen, on behalf of Axis Capital, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

[Pralay Mondal, executive]

Thank you very much.