Bank of Maharashtra Ltd (NSE: MAHABANK) Q4 2025 Earnings Call dated Apr. 25, 2025
Corporate Participants:
Nidhu Saxena — Chief Executive Officer, Managing Director
Amit Kumar Sharma — General Manager
V. P. Srivastava — Chief Financial Officer
Analysts:
Jai Mundhra — Analyst
Ashok Ajmera — Analyst
Pinaki Banerjee — Analyst
Darshan Jhaveri — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Bank of Maharashtra Q4 and FY 2025 Earnings Conference Call. We have with us from the management, Sri Saksena, Managing Director and Chief Executive Officer; Sri Ashish; Executive Director; Shri Rohit Rushi, Executive Director and all General Managers of Bank.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance in the conference call, please signal an operator by pressing star 10 0 on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Sri Saksena.
Nidhu Saxena — Chief Executive Officer, Managing Director
Thank you, and over to you, sir. Thank you and good afternoon. Thank you for joining this con-call and I’m very happy to share that we have ended yet another financial year very successfully where we’ve been able to showcase a and maintain a consistent growth across all parameters, whether it is business growth parameters, asset quality, profitability, capital adequacy, efficiency ratios and so on. And I will quickly share with you the highlights of it.
The total business has grown by 15.30% 30% year-on-year and has reached INR5,47,000 crores. Total deposits increased by 13.44% to INR3,700 crores. Advances increased at 17.76% to INR2,40,000 crores. NPA has declined in the bank to 1.74%. Net NPA also reduced to 0.18%. PCR is maintained at 98.3%. Our operating profit has grown by 14% to 2520 for this quarter and for the full-year, it is 16% year-on-year growth.
Net profit has increased by 36% and it has reached for full-year at INR5,520 crores NIM against this challenging environment where some lenders have been experiencing or at least claiming that they would be seeing some NIM contraction immediately, but we have been able to maintain and rather NIMs year-on-year was improved 8 bps and full-year NIM stands at 4% now. And Q-on-Q, we have improved our NIM by-4 bps and we are maintaining that high NIM of 4.01 for the Q4 as well. The ROA stands at a healthy 1.75%, which is a 25 bps increase over the last year. The CET1 capital adequacy healthy is 16% around CRAR is a healthy, 20.53%, LCR at 127%.
Our Government of India holding has been reduced during the last financial year, where we have done a successful capital raise and the same has been brought down to 79.6%. My other cost-to-income has come down again 22 bps year-on-year and stands at 38.5%. Yield on advances has improved year-on-year 16 basis-points, stands at 9.3%. Recovery, it has been a good year for the bank in terms of recovery and we have achieved what’s the number of recovery that we had planned for the bank. Our write-off recovery performance also has been fairly good. As regards the segment-wise growth, the RAM segment has seen a healthy growth. Within the RAM, retail grew by 25% year-on-year. A segment-wise home loan also grew 30%. Our other focus products, car loan grew by 47%. Gold year-on-year grew by 56%, corporate advances to wherever we are getting good income earning opportunities, we are present there. We are maintaining a RAM corporate ratio of 62.38 for March ’25 and corporate book also grew year-on-year by 15%.
The stress in the loan book has been managed well. We have seen improvement here as well. 129 bps reduction in the overall stress number of the bank from 4.71 to 3.42 for March ’25. Stress in accounts above INR5 crores have been standing at 0.11. SMA-1 plus 2% is a mere 2%. Lot of strategies were put in-place in the beginning of the year, which have actually helped this sustainable growth of business in the bank. We have also seen that the core business coming from the branches, the retail, retail sustainable portion of business have also grown-up in the bank.
We have seen that the dependence on full buyouts and direct assignment transactions also have been kept under control and wherever for strategic reasons only, we have gone ahead in entering into these transactions. So despite de-growth in pool transactions, we have seen our advances overall has grown at 18% and the satisfactory part of this growth is that the sustainable — the core portion of the business has grown in the bank. Branch opening, we have been one distinct bank to have been opening branches over the last three years, some 500 plus branches has helped the bank to have its presence across the major districts of the country.
Going-forward, we have approval from the Board to open 1,000 branches in five years at the rate of 200 to 220 the next 12 months. We are also taking help of an external expert to formulate a revise strategy if so felt where in terms of branch expansion that is going to happen in the bank going-forward. We have also been approved of a Gift City license of for opening an IPU at Gift City Gandhi Nagar and the project is being taken at a fast pace and this one enabler will open new opportunities for the bank, which will be are only helping us give more benefits to the bank and also our clients for who, for some of their existing needs were actually going to some other banks to fulfill those.
So this give CTI view will also ensure our global presence and this will happen a reality within this financial year. All the IT HR and other segment requirements have been assessed, they have been the steps have been taken to see that these are getting available so that the project is seen on-track as soon as possible. While we are growing our business, we have also been very mindful of the assurance function, the governance, the risk managing risk of different natures, including technology risk.
And lately, we have been onboarding talents wherever the internal skill-sets were not available. We have gone for these domain experts recruitments to strengthen the technology structure to strengthen the risk and the governance structure of the bank. So there is a strong understanding that if the bank is to grow and grow in a sustainable manner, the risk governance and assurance functions need to be strengthened and which have been very conf
Questions and Answers:
Operator
A reminder a reminder to all the participants that you must press star and 1 to ask a question. Once again a reminder to all the participants that you may press star and 1 to ask a question. Once again, a reminder to all the participants that you must press star and 1 to ask the question.
The next question comes from the line of Jay Mutra with ICICI Securities. Please go-ahead.
Jai Mundhra
Yeah, hi, sir. Congratulations on a steady and strong numbers. I have two questions, sir. But the growth that you mentioned, you also talked about that we have strengthened the assurance function. And I wanted to check of this growth, is this 100% delivered by branches or you have some tie-up with DSA or loan originator or this growth is entirely done by the launches itself.
Nidhu Saxena
So as you I did mention about it, let me further elaborate, we have, as I said, 500 plus branches and the new business that is coming into the bank, it is mostly from my existing set of branches and these new branches which have been identified to be opened in potential growth centers. They are contributing in a significant manner to the bank’s business.
And the focus in the last full-year, in fact, for the last 3/4, the way we are reviewing our zones, the field functionaries, it was ample clear that the bulk components of business are handled by the head office, corporate office centrally, but the zones in the field are ensuring that each of their branches are — are functioning at their optimum level and getting both the asset and the liability business that is available in the periphery or in the geography of the new branch or the existing branch that is opened.
So with that clear focus given to our field functionaries in the review, the impact, I will share a small data with you, which will — which will indicate that how the business that has been growing in the bank has been more from the branches, which is the core and the sustainable one. So if taking, for example, our NBFC relationships and the pool buyout and direct assignment transactions.
So in — in the previous years, we have been experiencing some year-on-year growth in this contribution coming from the tie-ups with the NBFC whether through pool or direct assignment transactions. But FY ’25 whole year has been the first year where there has been a degrowth in a pool buyer transaction by minus 7%. And despite this, the advance, the credit has grown by almost 18% in the bank. So that the strategy has worked and the branches have been given a lot of enablers from head office to help them source new business.
And as regards your question on DSA, we are very, very conscious and are considering that what loan book that is going to get created about the quality of it. So we are mindful of the quality and the underwriting benchmark standards. We have in fact in the last year has strengthened our underwriting standards and have said that below a point of, say, credit rate score for an individual segmented borrower, there is no underwriting permitted in the entire bank. So while that was a tough call, but we had seen that with the right enablers gone from head office, the growth has not gone down.
We have growing and maintained the growth and this growth rate is already — is only improved. But the satisfactory part of it is that the growth and the quality of loan growth has been ensured with the stricter underwriting standard. So to answer in one-line, there are no aggressive DSAs and acquisition strategies, it is my own core branches where we have complete control and asset quality is of supreme importance. I don’t mind achieving a level of business in, say, one or two more quarters if I take, but definitely there is no-compromise on the asset quality at any point of time.
Jai Mundhra
Right. Sir, what is the outstanding of this pool buyout, which has declined just to get a sense out of your INR2.36 lakh crore loan book, how much is the outstanding pool buyout?
Nidhu Saxena
Yeah. Amit, you would have those numbers ready with you. Can you share the numbers?
Amit Kumar Sharma
Sir, as of 31st March pool outstanding is INR12,998 crores as against 14,045 crore March 24.
Jai Mundhra
Okay, sure. And secondly, sir, on your benchmark, what would be the share of loan links to EBLR, NCLR, fixed-rate and other benchmarks.
Nidhu Saxena
Okay. So from my loan book, a 37% portfolio is linked to EBLR and 57% odd is what is linked to MCLR. You would see a distincting factor that there has been two rate cuts. I am not operating out-of-the system. I also would be affected going-forward. I’m sure impact is going to be felt by us, but the way we have managed our low business mix and there has not been the full-quarter — full-quarter impact for the last freight cut that we have seen. But if you see that NIM, in our case actually for the last 3/4, the number was 3.97989 and we have crossed to 4.01 for the Q4.
So we have always been mindful of the not only quality, but also the pricing aspect of it. So top-line growth has been driven in the bank very consciously to see that how it is impacting my bottom-line. Some of the businesses where we were seeing that there is no contribution or to the bottom-line, even sometimes due to competition where we are giving some — we are required to give some concessions, are we able to keep that relationship profitable by taking some ancillary business from the same set of borrowers. If those were not happening, some segments we have not taken exposure or exited.
Like for example, we have a Board-approved product where at table rate we could have built some portfolio. But we decided that whatever exposure we had, that people rate product today as of March ’25, the Exposure is not there. It is zero. So that’s how we have been driving business consciously that not only top-line but bottom-line, also how each and every ratio is quarter-on-quarter is maintained in the bank.
Operator
Thank you. MR. Monthra, please rejoin the queue for more questions. Next question comes from the line of Ashok with Global. Please go-ahead.
Ashok Ajmera
Thank you for giving this opportunity. Compliments to you, Sal, Ashish and and of course, Amit and GM Advance for the fantastic results quarter-after-quarter and year-after year now for last two, three years, four years. And if you look at the — I mean on all the parameters CEO performed well. I mean the CASA, which went down to 49.28% in December, which used to be always above 50 has again been brought up to 53.28%.
So in this scenario, having this kind of CASA is, I think you are the only bank maybe who is having this even on the credit front and I mean on all the parameters, sir, result is fantastic. Compliments to you for that. Having said that, sir, I’ve added a couple of observations and some questions on. Since we have noticed that the growth at the end-of-the year is good, whether it is a deposit or advances. But the major growth has come in this quarter, that is the January-March quarter. If you look at the advances, of course, it was like very small in the first-nine months, I think everyone in the deposit also only 3.5% in nine months and 10% down this quarter only, similarly in the credit also.
And if you look at further breakdowns and the savings deposits have gone up only in this quarter itself by 14.78% and the current account has also gone up by 31%. So whether this kind of growth, which has come only in this January-March quarter finally is sustainable, number-one. Number two, is it going to be the pattern for the next year also that you are little down little first and second-quarter and then you pick-up in the third and 4th-quarter. So what is the — your comments on that because it is something which is very, very unusual that in 1/4 only you have grown so fast and whether it is going to be sustained. So this is my first question, sir.
Nidhu Saxena
So, thank you for your noting the performance in the bank and the consistent — consistency in the performance. As regards our feeling regarding the growth happening only or mostly or majorly in the last quarter is not something very unusual in terms that you will see that Q1, Q2, Q3, Q4. In the entire industry, if you would have look at the data at the industry level or even at the individual bank level, you will see that the Q4 is the highest-performing quarter for any bank for any matter.
Now there have been some of the macro events we all have known about. So some, you know, maybe if it’s the Maharashtra general elections, the Maharashtra State elections or elections in some states and as we have robust kind of relationships at the government and the institutional business that we are commanding in Maharashtra, in outside Maharashtra and many states. So with these kind of macro events beyond the control, you would have also read that here is wherever we have relationships, then it was a news item that the state had released 500 GRs in the last three days of the financial year.
And out of that 500 GRs, 300 DRs happened on the last day only because that’s how the election activity had delayed the disbursement of funds. So these kind of events do impact that you will see sometimes more than unusual. This is something more than initial. Every year, you will not find elections happening. So this is one-off kind of an event. But let me tell you when we are reviewing our branches and zones. As I mentioned earlier, the focus is entirely on the core business that the zone and its set of 60 65 branches are going to generate for the bank.
As regards to institutional business, my vertical heads in corporate office in Central office sit and plan for that kind of business. So our focus is to have 100% on the core and which is a sustainable business, number-one. And our focus is also on the average business, because when we are reviewing the second part critical in our review mechanism, review format of our field is that what is the average business? It is not the terminal business basis which we are only reviewing and ending. It is the average business.
If it is the average — it is advances, the average advances in that quarter 90 days because concept given to the field is very clear, if you are doing business for the last one-week or the last terminal date does not advance, we will not need to have the bottom-line contribution. If we are 90 days earning advance only interest-only for seven days — for three days, that doesn’t add to my bottom-line. But if you see that even the bottom-line parameters have been correspondingly maintained.
So I think it is not true to us that it is majorly only in the last quarter that things are there. If I quote the numbers, my average advance has been at — growing at the rate of 18%. My average deposit in the bank has been growing at the rate of 14%. If you see the terminal number, the terminal number and the average number is the same. And so average advances, we are always excluding the quarter-end number and when we are calculating this figure. So I think, that answers your question.
Ashok Ajmera
Yes, sir. Yes, very well answered, sir. Sir, my one question is a little observation is on the restructured restructing of the standard, which has gone up by, I think INR439 crore only in the corporate book. So can you throw — would you like to throw some light on this that INR439 crores in the corporate book, which has gone to the structuring of the standard advance what is the nature of this — is it one or two accounts or is a multiple number of accounts?
Nidhu Saxena
And, would you like to respond to that?
V. P. Srivastava
It is only DTC extension. So nothing alarming there only because of DTC only extension.
Ashok Ajmera
In two accounts.
V. P. Srivastava
It does cost state government. Yeah, one is the PSU and the other one is state government account. So those are infra projects due to land issues, the got extended.
Ashok Ajmera
Okay. So on the capital raise, you have got the approval of INR1,500 crores for the QIP and INR10,000 for the long-term bonds. So what is the plans are sir there at this rate of the stock which in-spite of the good results today has also not yet responded, which I feel would do, would you be comfortable to immediately coming in this quarter, this April, June quarter of the QIP or a part of it.
Nidhu Saxena
Yeah. So Mr, when we begin our financial year, we make our assessment of the capital requirements for the full financial year. So this is a process of as being the beginning year of the Board meeting, the first of the Board meeting, along with results, we moved this paper, but there is a process that will follow after we have to go to shareholders, AGM and then government and get the approval.
Once the approval is done, our process is complete, we will then be taking a call what more will be used and at what time opportune that call will be taken during the course of the year. And one of the motivation with us is that since we have a — we are currently at 79.6% of Government of India holding, the CB requirement of 75% is not a difficult milestone to be achieved. So definitely we will be looking at the right time, right mode and taking our decision during the year.
Operator
Thank. MR. Ajumehra, please rejoin the queue for more questions. Next question comes from the line of Pinaki Banerjee with AUM Capital Private Limited. Please go-ahead Mr Banerjee, please go-ahead with your question. MR. Banerjee, if you have muted your line, please unmute the line and go-ahead with the question.
Pinaki Banerjee
Hello, sir, am I audible?
Nidhu Saxena
Yeah, yeah, go-ahead.
Pinaki Banerjee
Okay. Sir, congrats for the good set of numbers. Just a couple of questions. Regarding your loan portfolio, the maximum exposure is towards the infrastructure sector. So actually, can you segregate on what type of companies this exposure is, maybe regarding infrastructure, what is the types of companies the room book is?
Nidhu Saxena
So see, our — overall, if you see my business mix and the guidance that we had kept for ourselves was to maintain RAM corporate share of 60-40 and plus-minus 2%. And along with all other parameters, we have actually achieved or surpassed our guidance that we kept for the full-year last year, including this when we closed our year at 6238.
So the important part is wherever we are seeing the opportunities emerging, we will definitely participate and opportunities which are profitable for the bank. So adding to my top-end and also my bottom-line. So in the sectors where we are seeing traction, whether it is road HAM model, whether it is renewable energy or whether it is LRD. So these kind of areas we have been bullish on and we have been taking our considered calls in participating in new opportunities that are coming.
Amit or Rishiji, you would like to add if anything in this.
Amit Kumar Sharma
To be very specific, our additional exposure has come mainly in renewables or.
Pinaki Banerjee
Okay. Okay, sir. Sir. And sir, my last question is like now in the falling interest-rate scenario, sir, actually when you are expecting a fall in your NIMs NIM net interest margin. So actually on a conservative basis, how much are you expecting to report like from current 4%?
Nidhu Saxena
So if you see that in my entire last year, we have been of indicating our guidance for NIM. And quarter-on-quarter we have been performing beyond and against my NIM guidance of around 3.75 to 3.85, we have closed the full-year with 4 and the Q4 at 4.01. But while I have outperformed my guidance, I am mindful that there have been two rate cuts, my 37% of loan book is priced to repo rate — repo interest-rate loans and where I have to pass-on the benefit immediately.
During the year, yes, we had occasions where we had reviewed our MCLR around 30 bps of MCLR was increased in various buckets over during the year and repricing in some of those assets is also happening now still one or two more quarters to have that reset date reaching for those accounts. But yes, going-forward, with the accommodative stance given by RBI are — I am not operating out-of-the system.
So we are again going to keep a conservative guidance for NIM for the next year at 3.75. And if we see aggressive rate cuts, maybe like other banks, we may be also taking a conscious call to review the guidance. But as of now, after achieving 4 and maintaining this level of 3.95 to-4 for the past four quarters, 3.75% around is the guidance I’m keeping for myself for the next year.
Pinaki Banerjee
Okay, sir. Okay, sir. That’s all from my end. Thanks and all the best for the future.
Nidhu Saxena
Thank you.
Operator
Thank you. Next question comes from the line of with Crown Capital. Please go-ahead.
Darshan Jhaveri
Hello. Good evening, sir. Thank you so much for taking my question, sir. I’m sorry, I was disconnected in the line. So my — some questions of mine might be feeling repetitive, sir. So sir, just when we talked about NIMs right now, so any kind of guidance you want to give on what our advances and deposit growth would be?
Nidhu Saxena
Thank you yes, sure. So the guidance for advances, we are keeping at around 17%. For deposits, we are keeping around 14%. And our — when we talk of deposits, our focus always comes to the low-cost part of it. CASA will be maintained above 50%. So that’s the conservative numbers, the conservative guidance I’ve kept for myself and we will try to keep performing beyond that, those will be the efforts, but this is the guidance for the numbers you asked.
Darshan Jhaveri
And so any sort of guidance on ROA, GNPA, credit cost, that would be really helpful, sir?
Nidhu Saxena
Yes, sir. Sure. So ROA, we have achieved 1.75 for the full-year and my guidance for ROA is 1.75 we would like to maintain for the next year. GNPA has again seen a reduction has come down to 1.74%, but guidance is to maintain it below 2% and the credit cost to maintain below 1%.
Darshan Jhaveri
Okay. Okay, fair enough, sir. And sir, now just wanted to know with our expansion in branches that we are planning, so how do we see cost-to-income going-forward? Like are we — we said we are hiring also a bit more talent. So any sort of like what do we see in the opex side for us?
Nidhu Saxena
Yeah. So Mr, if you see the cost-to-income that we currently had closed our financial year, it is 38.5%, which is again when we compare and look at peers and other banks in the industry, including the private banks, we are the best-in the industry in this parameter along with some other 2022 parameters that we are every quarter comparing ourselves with.
My cost-to-income has gone down by 22 bps year-on-year. But yes, with the new branch opening, this opex is bound to increase. But what I have seen that with the new incremental business revenues that we are generating, we are able to also find some traction in the income contributing element of it. So cost-to-income, despite my aggressive branch opening of 500 branches in the last three years, we have not allowed it to go up. And the incremental revenue is actually helping us to sustain the cost-to-income within limits. The guidance again for cost-to-income is to maintain it below 40. And currently, I’m at 38.5%, which is again to maintain below 40 is again among the best-in the industry is what I perceive it as.
Darshan Jhaveri
Fair enough, sir. That’s great. Sir. Just last question on my end, sir. On-the-ground, like how are we seeing the demand right now, which I think people are expecting a good monsoon and has been tax cut by the government, but are the sentiment like good on-the-ground? How is it going? How was the report that you are seeing? Like I know we are guiding for a good growth, but is there like how do we see the economy panning out and is there a possibility of some stress coming or just how do we see in general?
Nidhu Saxena
So I think India growth story and despite tariff concerns coming lately and we are seeing that world markets getting impacted in a particular way. Also, we keep listening that maybe in the long-run, all these disruptions may benefit India in the long-run. So definitely, whether some of the entities have, you know, changed the growth estimates for the country, but still there is no Iota doubt that country remains has to be one of the fastest-growing emerging economies.
And with the economy in the country growing, we are directly linked, banks are directly linked. So I don’t see any major challenge as such. Yes, there are disruptions that are happening, but there are a lot of data points around how the GST collections has surged in the country year-on-year, it has grown 9.9% and for the month of March ’25, the GST now collections is INR1.96 lakh crores. So all these data points also indicate that the growth is very much there, it is happening and we are also continuously engaged in analyzing Which sectors to grow, where the opportunities are coming and how to see that we are present there. And one as a strategy we have when we when we target new sectors, high-quality borrowers, there is a realization that our turnaround time in deciding on the proposals that will come in the corporate credit sector makes some difference, bring some value. So we are very conscious being a lean mid-sized bank, we are able to move on high-quality, high-rated customers and with our improved not only are successfully able to onboard, but command a better pricing also through our goods and fast service today.
Darshan Jhaveri
Oh, sir, that’s great to know, sir. Thank you so much, sir. All the best, sir.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ashok Ajmera with Global. Please go-ahead.
Ashok Ajmera
So that’s great. Thank you for giving the opportunity again. Sir, adjust a few couple of remaining observations and conclusion. Sir, one very, I mean, there is one in the auditor is note number four it says that because of the inadequacy of the independent directors, number of the independent directors some regulations were invoked and the results have been taken directly to the Board so since when this situation is there, when you don’t have the full strength of the independent directors and what is happening on this?
Nidhu Saxena
So the independent directors this is not anything unique to us since government is engaged in providing independent directors to all the PSU entities, so whether it is insurance, whether it is you know BFSI space this is impacted and since December we are actually two of our independent directors we are waiting there you know whatever is the outcome, we will not. I will not like to comment on that part, but this is again, as I said, not unique to the bank. We have definitely not allowed any business in any way to hamper. But this is a transition phase, nothing of any serious concern or any I should say matter often also things are there in-place they are just.
Mehra, before you shoot your next question, may I request you, you mentioned that despite the results, stock has not seen any. So I may request you to write the positive reviews and request you and all that then market will get noticed that’s what my request will be.
Ashok Ajmera
Sure, Sean, 100% and the way — I mean, you don’t have to tell that I mean your number speaks about that. I mean, I can add that your profit would have been higher by INR348 crores had the — there would not have been any change by RBI in the classification and valuation of the investment, you know. So that is another reserve which is already being built-up.
It has got to be AFS reserve, INR348 crores, which otherwise would have come to P&L. So this one plus point. Another plus point about which I’m talking about and I ask your — sir, you have are continuously of maintaining a COVID provision of INR1,200 crores a buffer. So how long do you plan to keep it? And especially in this quarter and the year ending, when you had to provide little more per NPA, almost about INR47 crore INR48 crore or INR50 crore more provision and overall provision is as compared to the last quarter of INR840 crore, it is INR983 crores. So could you not have used at least some portion of that reserve when would have given further defense profit which directly impact the stock.
Nidhu Saxena
Yeah. Will give you want to answer you that investment gain, a we have not returned, we were having that gain. But since we’re expecting that will come with the cut and it has happened, so we were expecting that there will be good profit further. At this time, we can anchor that. So you can see though we got the benefit in capital, you know that Air is a gain, it will be part of capital. So at opportunity time, we will convert into that trading profit. And however, having said that, it is strengthening our yield also.
Operator
Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question-and-answer session. I would now like to hand the conference over to Srini Saksana for closing comments.
Nidhu Saxena
Yes, I have nothing more to add. I think broadly it is all covered. Most of my performance, the highlight to would be that it is consistent for the more than three years now, quarter-on-quarter, you would not have seen spike in any of the parameters, which should give any kind of discomfort to investors where we have maintained and maintained consistently quarter-on-quarter improvement only. So the only one last given this opportunity. We have also in today’s Board recommended a dividend of 15% and which of course proposal has to be approved by the AGM. So that’s the one more addition I would like to share in the con-call. Thank you.
Operator
Thank you. On behalf of Bank of Maharashtra, that concludes this conference. Thank you for joining us. You may now disconnect your lines