ICICI Bank (NSE:ICICIBANK) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, we welcome you all to ICICI Bank's results conference call with Mr. Sandeep Batra, Executive Director, ICICI Bank and Mr. Anindya Banerjee, Group Chief Financial Officer, ICICI Bank. Mr. Batra will now give you an overview of the results which will be followed by a Q&A session. Thank you and over to you, sir. Good evening, everyone. Thank you all for joining us on this busy Saturday afternoon. The Indian economy continues to remain resilient as reflected by India's economic fundamentals, supported by consistent actions and initiatives of the policymakers. We continue to monitor the developments closely and remain focused on our long-term strategy, aligned with India's evolving economic landscape.

0:50 At ICICI Bank, our strategic focus continues to be on growing profit before tax, including treasury through the 360-degree customer-centric approach, and by serving opportunities across ecosystems and micro markets. We continue to operate within the framework of our 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 the key drivers for our risk-eliminated profitable growth. Our board today approved the financial results of ICICI Bank for the quarter and the quarter and half year ended September 30th, 2026. I would like to highlight some key numbers.

1:35 First, moving on to profit and capital. The net interest income grew by 17.7% year-on-year to Rs. 25,339 crore in Q2 2027. The net interest margin was 4.18% in Q2 2027 compared to 4.36% in Q1 2027. Excluding the benefit of interest on income tax refund, the net interest margin would have been 4.28% in Q1 2027. The fee income grew by 20.1% year-on-year to Rs. 7,795 crore in Q2 2027. Operating expenses grew by 8.5% year-on-year to Rs. 12,811 crore in Q2 2027. Our core operating profit grew by 21.8% year-on-year to Rs. 20,805 crore in Q2 2027. Core operating profit excluding dividend from subsidiaries grew by 25% year-on-year to Rs. 20,342 crore in Q2 2027. Provision, excluding provisions for tax, were Rs. 851 crore in Q2 2027.

2:56 The profit before tax excluding treasury grew by 23.4% year-on-year to Rs.19,954 crore in Q2 2027. Profit after tax grew by 20.1% year-on-year to Rs.14,843 crore in Q2 2027. Stand-alone ROE was 16.6% in Q2 2027. At September 30, 2026, the bank had a net worth of about Rs.3.6 lakh crore. 3T ratio was 16.01 and total capital RxT ratio was 16.68% at September 30th, 2026. Moving on to deposit growth, the total period in deposits increased by 27.1% year-on-year and 11.8% quarter-on-quarter at September 30th, 2026.

3:48 The bank has mobilized FCNRB deposits of 48 billion USD pursuant to Reserve Bank of India's swap facility. The average deposits increased by 21.2% year-on-year and 8% sequentially during Q2 2027. Average current and savings account deposits increased by 10.7% year-on-year. The bank opened 145 branches in H1 2027 and had a network of 7,656 branches and 12,143 ATMs and cash recycling machines at September 30, 2026. Moving on to loan growth, The total loan portfolio grew by 30% year-on-year and 12.3% quarter-on-quarter at September 30, 2026.

4:34 The retail and rural loan book grew by 14.8% year-on-year. Including non-fund outstanding, the retail loan portfolio was 43% of the total portfolio. The mortgage portfolio grew by 15.3% year-on-year. The personal loan portfolio grew by 16.6% year-on-year. The credit card portfolio declined by 9.7% year-on-year. Dual loans grew by 79.4% year-on-year. The business banking portfolio grew by 33.8% year-on-year. Growth in the domestic corporate portfolio was 30.6% year-on-year at September 30, 2026. About 73.2% of the corporate portfolio was rated A- and above at September 30, 2026. Now moving to asset quality.

5:23 Net NP ratio was 0.3% at September 30th, 2026 compared to 0.35% at June 30th, 2026 and 0.39% at September 30th, 2025. During Q2 2027, there were net additions to gross NPAs of Rs. 1,213 crore. Gross NP additions were Rs. 4,833 crore in Q2 2027. Recoveries and upgrades of NPAs excluding write-offs and sale were Rs. 3,620 crore in Q2, 2027. Cross NPAs return off were Rs. 1,592 crore in Q2, 2027. There was a sale of NPAs of Rs. 133 crore for cash in the current quarter.

6:12 Provision coverage ratio on non-performing loans was 75% at September 30, 2026. Total fund-based outstanding to all borrowers under his position as per various extent of the equation was 1,185 crore rupees. Loans and non-fund-based outstanding to performing corporate borrowers rated double B and below were 3,547 crore rupees on September 30, 2026. The total provisions during Q2 2027 were 861 crore rupees. are 4.1% of core operating profit and 0.2% of average advances. The bank continues to hold contingency provisions of Rs. 13,100 crore at September 30, 2026.

6:58 As I say to a bank, customers remain at the heart of every initiative. I would like to share some of the latest updates on AI that make banking simpler, safer and more convenient. We continue to use AI as an opportunity to strengthen the ways we serve our customers and run our operations. Our efforts in this area are guided by a clear approach to scaling its use responsibly while creating long-term value for the bank. We have built an enterprise AI platform that enables teams to develop and deploy AI and generative AI solutions in a secure environment. The areas span across a range of functions like software development, cybersecurity, Customer Onboarding, Fraud Detection, Portfolio Monitoring, Document Extraction and Summarization and Customer Service. Together these capabilities help simplify processes, improve turnaround times and support decision making across multiple banking functions.

7:53 The bank is also working with multiple startups in the area of AI to explore and develop banking solutions. As the bank expands its use of AI, strong governance and risk management remains central to our approach. We have put in place guardrails that define the boundaries for AI usage, ensure human oversight of AI-driven processes, enforce stringent data access controls, and establish protocols for effective model governance. We are also focused on upscaling initiatives for our digital and technology teams. Going forward, we will continue to operate within our strategic framework while focusing on micromarkets and e-commerce. The principles of fair to customer, fair to bank, one bank, one team and return of capital will guide our operation. We focus on building a culture where every employee of the bank serves customers with humility and upholds the value of brand ICICI.

8:46 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 we will be happy to take your questions. Thank you very much, sir. 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 1 on the telephone. If you wish to remove yourself from the question queue, you may press star and 2. Today's announcement is on the bank's financial performance. Hence, we would like to request you to ask questions related to that. Please contact 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.

9:35 If you have additional queries, you may join the queue again if time permits. Thank you. We'll take our first question from Ritu Singh from CNBC TV AP. Please go ahead. Thanks very much for that and good evening, Mr. Batra. You know, I just quickly wanted to start by understanding what's happened on the margin front. That 18 basis point decline, could you give us an explanation how much is because of the SP&R flows and how much because of this one-line tax refund in the first quarter? and you know where you see margin sort of stabilizing, that's the first question. Also, the sustainability of your deposit is very good. Almost 27-28% of your deposit goes, but excluding SP&R, deposit shifts to about 17%. Again, the loan looks from 30% to about 24%, excluding the loans by international branches.

10:27 So, where do you see growth? How do you see that stabilizing? And if you could add only a percentage of 4833 crores, where they came from? Anything you'd like to add? All right, that's three questions, Ritu, but let me answer this. As we have reported, the net interest income increased by about 17.7% year-on-year and about 3.9% sequentially. The NIM was 4.18 for this quarter compared to 4.36 in the previous quarter. As I had mentioned, if I exclude the interest on tax refund, it was 4.28 in the previous quarter. So, we are really talking of a decline from 4.28 to 4.18.

11:15 That is largely a function of SCNRB which accordingly results in a higher deposit amount and a lower CASA as you are aware. As you would have seen, ACASA ratio has marginally declined which has been responsible for the smaller decline, I mean marginal decline in the NIMS. I think this large sequential increase in retail term deposits and of course increase in overseas branches of total assets has also led in moderation of margins and the full impact would largely get reflected in the third quarter after which we expect the margins to start moving up even based on the current level of policy rate. The other thing which I want to talk about given you talked about, I think the SCNRB has also provided us a lot of opportunities to interact with a new set of NRI customers. So as a bank, we continue to be focused on PBT and that's an area that we will look forward to expand as we go forward.

12:15 You talked about the deposit growth including SCNRB. Our outstanding deposits As you would have noticed, we grew by about 27% year-on-year. For the period-end deposits, excluding STNRB, we have grown by about 17% and 3.1% sequentially. So it's a... And as you would be aware, we continue to use our focus on money in bank rather than delivering any particular kind of deposits, whether it's costs or deposits, and it's really up to the customer to choose. Our overall approach, which continues to have quality customers and be the primary bankers, with a good share of customer wallet across retail system banking and cost of this thing. You also asked about loan portfolio.

13:04 The total loan portfolio grew by 13% year-on-year and 8.3% sequentially compared to 19.6% year-on-year and 5% sequentially in the last quarter. Excluding leverage on FCNRV deposits, the total loan portfolio also grew by 24% year-on-year and 7.3% sequentially. and as far as going forward is concerned, I think we have always been saying we look at a risk calibrated approach and wherever we get opportunities across retail, business banking or corporate book, we will be happy to expand this book. We really do not have any particular target in terms of loan or deposit growth per se. Did I answer all your questions or there was one more question?

14:03 Something you're comfortable with or is this just a result of what we're seeing in the market because bond markets in the other markets rates are going up and therefore some of these corporates are coming back to banks. Do you expect that kind of a pace of growth in your corporate book to also continue? Our corporate portfolio, I think you rightly pointed out, grew by about 30%. The growth has been largely broad-based and it includes segments across capex, higher working capital cycle Yes, and there has been some demand shift from bond market ECBs towards banks borrowing and also the corporates have been building buffers to ensure resiliency. As you are aware, we are a very active franchise and engagement with corporate clients across the spectrum and we continue to pursue opportunities and work with them and we are happy to lend as long as they fit within our risk and return threshold and have a 360 degrees relationship with the customer.

15:01 That's been an approach that we have been having and We intend to continue with that approach. In terms of, you know, I think the earlier questions around slipages, I think we have had a gross addition to NPAs of about 4,300 crores moving the quarter, out of which rural and retail is 2,700 and property tax is about 1,100. Against the 4800 of gross additions, there has been recovery and upgrades of 3600. The split between the rural and retail of this is 2600 is in rural retail and corporate and business banking is about 1000 crores. So the net addition has been just about 1200 crores.

15:50 Then there is some amount of write-offs and sale of NPS. Thank you. Next question is from Piyush Shukla from Etina, Swadesh. Please go ahead. Good evening, Mr. Batra. I have just a couple of queries on this. HCNRB, sir, you have garnered around 18 billion odd deposits under the scheme. So, where do you plan to deploy that, will it be for reducing your bulk deposits or to, you know, this inorganic growth possible? Where exactly do you plan to deposit these high value of HCNRB? One is that, sir, Other is I wanted to understand your views on the proposed IIDI insurance distribution guidelines.

16:41 What sort of impact do you see on the bank on the fee income side because you get commission from your subsidiary. In terms of fee income sir and in terms of FCNRG funds deployment if you can help us get some sense on this. Thank you, Piyush. I think you rightly pointed out we have mobilized about $18 billion from FCNRB. Our focus is on optimal deployment by focusing on risk and return and that's been a measure that we have been, sorry, that's been a guiding principle that we have been following. These funds are available for us in a three to five year provide which actually gives us a very stable source of funding and we have used it in Many areas including what you really mentioned, we have deployed this in paying off some bulk deposits. Some of this has gone and deployed in the loan growth which has happened during the quarter.

17:43 The other balance, we would deploy it over the next two quarters. As you are aware, these deposits are exempt from SLR, CRR and PSL requirements which ensures that these incremental deposits are earning accretive. They also provide, as I did mention a little while ago, that this deposit provide a great opportunity to build the NRI franchise across all geographies. In terms of commissions, I think we have been saying that we follow the principle of fair to customer and fair to bank and provide third party products which meet the customer's financial needs. We, in fact, only sell products from the ICSI group as far as insurance is concerned. In the overall context, the third party's fees income is less than 1% of our total income. So, I think whatever changes happen, they will have minimal impact on the bank. And I am sure IIDA, as part of its overall development approach, has factored in customer needs in the overall approach and they will take Thank you.

19:01 Next question is from Srishti Sharma from ET DFSR. Please go ahead. Thank you. Mr. Batra, first question on the bank assurance income of your annual fee income that you garnered. What percentage comes from bank assurance income? Second question, you in your introductory remark mentioned credit card book has declined. Why is that so and what remains your stance and strategy going forward? If I can add one more question, since the rate hike cycle has started, when do the deposits reprice for you and how many of rate hikes do you think might come going forward? Thank you. Thank you. Alright, on fees, as I mentioned, the bank assurance fees are less than 1% of our total income and about 5% of our total fees, so it is not really material in the overall scheme of things. Moving on to credit cards, I think our objective on credit cards continues to be focusing on risk-calibrated profitable growth with every product segment and that includes credit cards.

20:10 We have been focused on onboarding quality customers, driving profitable spins and exiting riskier and unprofitable segments. That approach continues to be there. While there has been some moderation, the profitability across this remains quite healthy and in fact has been improving due to lower credit costs. The year-on-year decline in credit card portfolios is probably due to higher festive spends towards the end of Q2 last year. are driven by early onset of festive season. Going forward, we continue to see growth and our focus on these specific segments, leveraging distribution across co-branded partnership will continue. There have been a fair bit of new additions which have happened and we hope that in the upcoming festive season 2-3, we do expect to drive profitable growth across these segments.

21:03 Moving on to the, you talked about the West Asia conflict Sorry, sorry, no, it was on the... The positive repricing. Yeah, I mean, as you are aware, when repo repricing happens, there is a positive movement on the name, but it is, I mean, we do expect that our repo rates can go up to 6%, but it's probably another two heights of 25 basis each. I think that we'll continue to watch the situation from our perspective and Overall profitability and growth will be a function of liquidity, market dynamics, competition and various other factors. So based on that, we will respond to both the macro environment, monetary policy and competition in an appropriate fashion.

21:57 But when do deposits reprice, sir? Any timeline on that? No real timelines. As I did mention, there will be some amount of moderate increase which will happen. Right now, there has been a fair bit of liquidity which is there, which I think RBI is slowly and systematically withdrawing the surplus liquidity. So, it will be a function of competitive intensity and the requirement of deposits as we move on. The banks also have got ST and RB deposits at this point of time which will get deployed over the next two quarters. One more quick follow-up on the credit card. Since you mentioned you're exiting the riskier segments, where will your market share stand by the end of FY27 in SADISAS?

22:51 Shishti, we do not look at market share at that segment. We focus on Working at a customer level as opposed to a product level market share, our approach has been to focus with good quality customers and within that we let the customer choose what product he or she might need and that is the approach that we have been consistently following for many years and that continues to remain so. Thank you. Next question is from Shivam Killer from MBTV Profit. Please go ahead. My first question would be on margins. So we have seen the margins that has been impacted and this is mainly due to the FCNR drag. But I would like to ask like what would have been the margins if we exclude the FCNR impact?

23:38 So my first question is that and also in terms of competitive pricing that has remained intense in last quarter. So is that the competitive pricing has nearly increased or decreased in this quarter? So what is your take on that? So I think we have to look at the SNRB in the context of the overall CASA ratio. As I did mention, there has been a marginal decline in CASA ratio and the impact of that mixed chain between CASA and term deposits has been about 9 to 10 basis points. As a bank, I mean the absolute net interest income has expanded. We are also as a bank focused on PBT from a water bank perspective and that will continue to remain our focus. And your second question was?

24:31 That was regarding the competitive pricing that has remained intact in last quarter as that was indicated by the management. So is that competitive pricing still remains? Has it increased in quarter 2 or what kind of situation are we facing on that front for competitive price? Shivam, competition will always be there. I don't think there is any significant changes around it. From a bank perspective, we need to be continuously focusing on our internal processes, identifying good quality customers and give them the best possible service. That has been our strategy and we will continue to remain focused on that space. Also, one more question would be on, if I could say again, that was on agri-portfolio.

25:17 So, agri-remediation process was incomplete. So, what is the latest status on that agriculture portfolio remediation exercise and when could this provision right back become possible? So, we have done the necessary review and I think once we have a final Thank you. Next question is from Hamsini Karthik from Money Control. Please go ahead. Hi, good evening. Mr. Batra, a couple of things I'd like to understand from you.

26:03 So the $18 billion FCNRV inflow, how much of it would be through SDLC instruments? What's the number that you had sort of targeted back in June when The RBI made an announcement in this regard. Did it exceed your expectations internally? And the last bit I'd like to understand on SCNR is if you could give a geographical color on, you know, which of your branches outside the India, outside the home country really helped you garner these sort of deposits? I'll come back to you with my next question, sir. Out of the 18 billion that we garnered, our leverage deposits were about close to 10 billion and with partner bank leverage was about 3.63 and there was a retail customers who did not take any leverage was about 4.34.

27:00 I think we disclosed this as part of our earlier filing if you could refer to that. I think our approach to SANRD was to put our best foot forward from a bank perspective. Our international branches, our domestic teams and including all operations were fully aligned. The whole bank was focused on it. It was a requirement from an overall national need for foreign exchange and we put our best foot forward. I think we have done pretty well on this and Frankly, I would say that we would have done better than what we originally thought we would do when this scheme started. We were also...

27:45 So, I mean, it has been universal across our branches, across Gulf, Singapore, Hong Kong, UK, US, etc. So, I wouldn't really call out anything here. I think the seamless way in which the bank worked along with the teams back in India was was something that was really good. Okay. So we are in for a rate hike cycle. We saw one just Do you believe that where things stand today, banks including ICICI are well positioned to pass on the rate hikes on both funds, on loans as well as on deposits to customers without hurting growth or would you have to absorb some of these rates in order to ensure that growth is kept at these levels? and I just have one last question after this.

28:41 We saw one of your very important, you know, senior executive move to a competitor. How does that sort of reflect on your internal talent pool when it comes to planning for succession at ICICI because that's something that you'll have to start deliberating maybe another two years from now. These are my last two questions, sir. Okay. I think on the second question our value propositions to our employees is learning care and of course compensations. We do have a strong branch within the bank and whoever leaves us we wish them the very best and we continue to invest in our people and we have a very strong branch within the system at various levels and we are very comfortable with that.

29:34 The first The repo rate, I mean, we do expect more repo rates, I mean, hikes to happen. Our internal house users will probably be two more rate hike. We have been doing it in the context of managing inflation as well as financial stability and balancing growth. From our point of view, we always look at a risk calibrated approach and we are not particularly I mean, of course, we have to keep the macroeconomic environment in mind. But from a trajectory point of view, since a large portion of our book is repo-linked, the repo-linked hikes happen much faster, which is followed by deposit rate hikes, which is a function of many other factors. We have seen that in previous cycles as well.

30:27 And we do expect a similar cycle to play out this time as well. So, you don't expect growth to take a risk because of hikes. At this point of time, we have about a 7% market share. So, we continue to remain focused on our approach with our customers. Within that segment, we will continue to see how to expand the market. And as long as we have managed to get a good amount of deposits, which as part of SVNRD, which will stand us in good stead over the next A couple of founders who have a strong franchise and we will continue to build on it. Thank you very much Mr. Bhatia. Thank you. Next question is from Ashish Adashi from PTI.

31:12 Please go ahead. Thank you so much sir. I hope I am audible. Yes Ashish. Given the expectation of two aid hikes, what is the NIM outlook which you are keeping? What should be the exit FY27 number? which we should look at sir. Ashish, we do not give a forecast as I did mention in my call. Given the I mean given the full impact of SCNRB would not have paid out in the current quarter. We do expect a marginal decline in NIM in the current quarter but after that we do expect NIM to start increasing even at the current policy rate levels. I think that should be I mean that is yeah that's about it.

31:59 Okay sir, I mean, hello. Yeah, answer second, you explained about the festive season arriving a bit earlier last year and that is amongst the reasons for the credit card decline of about 9%. were there any sort of a call taken basis the macro picture from a risk perspective that you see Ajay is playing in that 9.7% decline in credit card portfolios and if so which segments or pockets are you cautious about and which are the ones because you stressed that the profitability is not impacted so which are the segments which you are keeping off from sir?

32:44 No, Ajay, it's not a particular segment. We are focused on a customer as opposed to a product. For good quality customers, we are very happy to give more cards and more limits and serve them to the best of our ability. That will continue. What I did mention was if there were segments which were unprofitable, we have been exiting that. That's about it. It is not a credit issue. Okay, which are these segments which are unprofitable? Well, I mean, I think we keep on doing our internal analysis. They are pretty granular in nature. And whenever we find any particular micro-segment which is unprofitable, we exit. Thank you.

33:34 Next question is from Samriti Mahar from Mint. Please go ahead. Good evening, sir. I am a auditor. Yes, go ahead. Yes, okay. Sir, there was a reported treasury loss of around Rs. 230 crores this quarter as compared to the Rs. 151 crore gain in the previous quarter. How should we view this? Do we see this as a normal quarterly volatility or any particular positions or market factors that drove this loss? No, I think this is largely, I mean... Reflect the market movement in the fixed income portfolio. There have been increase in G-Tech years which has sort of impacted the portfolio but that's nothing more than that call out here.

34:20 Okay. Sir, also there was large growth in the Jualji loan segment about 79% this quarter. Can you maybe shed light on what is driving this growth? Where are you seeing most of the Which segments are you seeing this come from and how do you see the risk of this segment going forward? So gold loan has been a sort of focus area for us for about a little over a year. I think that growth that you are seeing is largely from a much smaller base. And as you are aware, the portfolio is fully secured and we are very comfortable with growing this portfolio. And from a sequential basis, it's just grown by about 4.5%.

35:07 This is happening across geographies and the interesting thing is Gold Loan is no longer a rural product. It is as much becoming an urban product and it is spanning across all customer segments. We continue to see healthy traction in this area. Lastly, I just wanted to ask if the IRDI consultation paper comes as it is without any kind of dilution in norms. How do you expect your ties with your insurance partners to maybe change going forward? No, nothing has changed. We have always been following the law and RBI regulations to the health. RBI will do whatever is good from a customer and industry perspective and we will support that fully.

35:56 IRDI issues, right? Yes. Just a follow up, will there be no, maybe are you not assessing any changes in business strategy? No, our strategy continues to be the customer. Whatever products are good from a customer perspective, we will continue to remain focused on it. It is not a function of the commissions, etc. We have been following IIDA guidelines always and we will continue to remain so and support whatever regulations which come from the regulator. Thank you. And as I did mention, the impact on the P&L of the bank is minimal. It is absolutely minimal. Thank you, sir. We'll take our next question from Subrata Panda from Business Standards.

36:43 Please go ahead. Hi, sir. So, a few questions. Just on the S&R part, first I just wanted to understand what is the landed cost of the deposits, including the hedging on the interest part of it? and you all, given your large peers didn't get, got only around $11 billion for the SBI and HDFC, what prompted you to go so far, like almost 50% more than them at 18, so what prompted you to do that? And also you got, I think, $3.5 billion in dollar bonds, that's also the Harrison industry, so what prompted that? And lastly, have you made any calculations on the gains that you would get from the NDR and UPI? And One last thing, when can we see you on the Apple Pay ecosystem?

37:30 On the cost, part of it, I think the landed cost comes to about 6.5% that includes hedging and everything else on HPNRD. I think it's an important source of growth. Additionally, we did mention that HPNRD is exempt from FLR and CRR and PFL requirements and we will deploy these in whatever opportunities that we whatever we get. We continue to look at opportunities across product segments and there is no specific thing that I really want to call out at this point of time. On the MDR part and the Apple Pay part. Sorry, the MDR part I think the MDR part we will be guided by whatever the regulations do come in whenever they do come in.

38:20 I think it's clearly a positive mood and to I think it's important that I mean it's important NPCI continues to invest in innovation for prevention and cyber security. To that extent we are very happy to capitalize the opportunities. I mean as you are aware banks are the backbone of UPI payments across the system. We remain invested in that area and whatever guidance comes from NPCIs to government in the matter we will follow it. Have you made any calculation as to how much you will gain from the India? We don't look at it on a marginal basis. I mean, we will wait for the overall. It's important, you know, it's clearly important that every payment systems, I mean, payment systems remain secure and sovereign.

39:12 To that extent, we support the initiatives, whatever NCCI takes in this matter. And your thoughts on Apple Pay? When can we see ICICI on the ecosystem? It I mean, I can't comment on that. Okay, thank you. Thank you. Next question is from Falatna Sayyed from Deccan Chronicle. Please go ahead. Yes, hi. Actually, some states have declared a goal. And Eleno and Ravi Production also has got impact. What impact it will have on your angry book? Even this weather uncertainty. How will this play out on your ally book?

39:57 As we speak, there is no material impact witnessed in our portfolio. I mean our processes continue to remain as usual and we will continue to monitor the situation as it develops. So there is nothing specific to call out at this point of time. Okay, thank you. And sorry, one more. Just for foreign exchange risk reserve mandate that has come What impact that will have on your liquidity? We will see how this goes. I think the RPIs measures are clearly aimed at curbing speculative activity and to support stability of foreign exchange market. Given these measures, we do expect moderation in volumes. From a client's perspective, there will be enhanced requirements of documentation while hedging their exposures. As these guidelines have just got issued, I mean we are assessing the full impact of these guidelines.

40:53 So, we will do whatever is required to be done and support RBI in its measures to address the foreign exchange fluctuations that they are trying to address. Thank you. Thank you. We will take our next question from Ashoka Mitranti from the Hindu Business Line. Please go ahead. Your audio is not very clear. Am I audible now? Am I audible? Little better. Please go ahead. Yeah, so... I'm sorry, your audio is again not clear. Can you please check your network and join back if you need?

41:43 Can you hear me now? Yeah, better. Go ahead, please. Yeah, better. Go ahead, please. Yeah, so I just wanted to ask, what is the performance of Agri Loans year on year and Q on Q? Do you see an impact of El Nino on that? Some of your peers have... I'm sorry, your audio is muffled again. It's okay, it's okay. Ashok, I mean, it's too early to talk of an impact. I mean, at this point of time, things appear to be normal. I mean, but of course, we are closely monitoring the situation.

42:30 I mean, the numbers, in a way, get reflected in the asset quality that we have been presenting, and the overall numbers are, seems to be, I mean, seems to be good. So, we are, we continue to remain focused on our portfolio. We will, but of course, you need to be watchful and we will keep watching the, I mean, watching the developments in this area. Do you want to put a number? I can't, it's very difficult to put a number at this point of time, Ashok. But this quarter, over last quarter, all I'm asking is, is there a slower growth rate of loans to agree? I am sorry your audio is muffled. I am just asking what is the role of Google alone?

43:16 Why do I need to use it? We have now given the retail and rural portfolio combined. If I look at farmer finance, that year-on-year book has grown by about close to 4%. Our dwell loan book has grown by about 79%. That's what got called out about which is a mix of, dwell loan is of course a mix of rural and urban. So, we generally do not give specific rural rules because farmer finance is pure rural and which is the number which I gave.

44:05 Thank you. Next question is from Atnadeep Ray from the Economic Times. Please go ahead. Thank you for this opportunity, Mr. Bhakta. A couple of queries. First, as you said that the leverage for S-Energy is about 10 billion. So that's impacted your pay growth this quarter. So do you expect a moderation in pay growth from the 30% you reported this time? and number one and number two is the associated question, what is the corporate pipeline you have at this point? This is one. Number two is, as you said, FCNRB has helped you shade burn deposits. Can you show a number? How much burn deposits you could shade?

44:50 And as you said, write-off amount is 1500 crore. What are the segments you can give us a break-up on this? On SCNRB, I think I did mention, even if I exclude the SCNRB deposits, the loans, grew by a healthy 23.9% year-on-year and 7.2% sequentially. You know, as you are aware, the loan growth has pitched up over the last three or four quarters across segments. This is largely a reflection of the continuing momentum of economic activity as well as impacts from very supportive policy measures by government and RBI. We participate in these opportunities within our risk and return threshold and also keep looking at opportunities. Within this, the retail growth has been supported by mortgage, personal loans and dual loans. Similarly, the loan growth and business banking has been pretty healthy. The corporate loan book I did talk about, it has been across banks.

45:58 segments, across segments and there are various reasons to it which I have already spoken about. From a bank's perspective, I continue to look at Customer 360, look at our credit and delivery focus for all customers and try to focus on simplifying processes and look at opportunities within the risk and returns framework. So, in terms of the MPA movement, I think I really called out the The numbers, there was a, I mean there has been a gross addition of NPA so about 4800 crores during the quarter and there have been recoveries about 3600 so the net addition has been about 1200 crores. We have had a write-off of about 1500 crores and a sale of NPA of about 133 crores during the quarter.

46:51 So, do you expect a moderation in your, we don't expect a moderation in trade growth number, right? You do not give a forward looking statement, Atma. We just look at if we can return opportunities and as long as, I mean, the customers meet our threshold, we are happy to grow. Okay. And how much of vulnerability do you shed using this HNIB cushion? We have not given that number separately. Okay. Thank you. We will take our next question from Ben from New Indian Express. Please go ahead. Hello.

47:38 Yes, we can hear you. Yes, please go ahead. Okay. No, no, I think it is a clarification. You said that of 18 billion, 10 billion came from the NRI deposit. What was the overall leveraged lending you undertook since then? What was the amount? I think I am clear that amount. No, we gave this as part of our of the release. About 10 billion is leveraged and then partner leverage is about close to 4 billion and retail I mean retail, pure retail customers is about 4 billion. So that's how it is. Yeah, okay. Can I have one more question? Go ahead, go ahead.

48:24 You had a loss in the treasury book and the board yield increased by 4.5 days during the quarter. What is your outlook on the fixed income and your treasury income in the next quarter? Is it continuing? We keep on assessing the situation on a regular basis and our treasury looks at opportunities and risk at various points of time. It's a pretty dynamic process. Very difficult to give an outlook on anything which is market facing. Bond outlook. It's an outlook on the bond. Very difficult for us to give an outlook on the function of many factors including macro, the things, effects, flows and demand and supply. So I think I mean if we just keep on monitoring the situation and look at opportunities within this framework.

49:15 Thank you Basta. 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.