Of course, the macro picture is a mix of ups and downs. Inflation is sustainably down but it has a negative impact on credit growth; Huge savings on subsidies, but pressure because of lower disinvestment proceeds and things like that. So, the Rupee is weak but FDI is exceeding CAD. I think this is one of the major headlines that I think after the lapse of about 7 years we have seen FDI flows exceeding the Current Account Deficit for the first time. On the industry side, of course we have seen very strong growth on the M&HCV section in vehicles, but LCV is weak. Passenger cars are positive but two wheelers are flat. So it is a sort of a mix bag all around and there you do not see any consistency in the vectors that are coming out.

But apart from that I think it has been a very busy quarter as far as our regulatory news is concerned. So, we had the announcement of 21 new payment and small banks. RBI announced further initiatives to revitalize stressed assets through JLF empowerment of seven banks and the SDR. The reduction in risk weights for affordable housing and of course the announcement of two Domestic Systemically Important Banks. I think that is a very brief and of course the most important is the introduction of the discussion paper on the base rate computation linked to marginal rates was also announced around which there has been lot of debate. But it looks like that is going to become a fact of life sooner than later and I think banks will start moving towards that. I will talk about our stance on that subsequently.

As far as our performance is concerned I think the headline numbers are already with you. The highlights for the quarter for us that bank completed its capital raising via the QIP and Preferential which aggregated Rs 5100 crores in Q2 and as a consequence of this capital injection, Tier-1 CET is now nudging towards 16% and the total CRAR is about 16.5%.

The other important feature for us here was the migration of the RBS Diamonds portfolio, Rs 4,100 crores which was on-boarded in July, towards the end of July and which now gives us a leadership in another sector apart from Vehicle financing which is the Diamond sector. So that of course fueled the loan growth during the quarter which was 31% driven by the Diamonds portfolio. But even if you exclude the Diamonds portfolio, the growth in the loan book was 24% which is about consistent with what we have seen in previous quarters. The vehicle finance growth further accelerated with disbursement at nearly Rs 5000 crores which is 9% Q-on-Q and 41% Y-on-Y and the overall book is now nudging towards Rs 26,000 crores which is 6% Q-on-Q and 18% Y-on-Y. Within that of course the M&HCV sector showed a growth of 27% on the book and quarter-on-quarter of 8%. So I think the clear trending has now emerged on the vehicle financing sector and you will see that combined with the non-vehicle Retail book, the consumer finance book actually is up 23% and after a lapse of about 2 years we are seeing a growth rate back in the 20s for our Retail portfolio and that leads us to the other observation that the mix is changing. So if you take out the Diamond portfolio then now our Retail portfolio is 43% of the total loan book as compared to 42% and it was 41% in the quarter before that as well.

The other feature I think is which is not very well known and we have not talked about it so much is our microfinance portfolio. It has now crossed Rs 2,000 crores. I think we are getting entry into the micro-financing league now, we are larger than I think lot of microfinance companies.

Fueled by the capital and the change in the mix of our loan book, our NIM grew by 20 basis points during the quarter to 3.88% and I think the target of 4% is getting more and more in our sights. Just aside, I would say that actually the NIM grew by 25 basis points because last quarter if you would have noticed there was Rs 16-17 crores interest on income tax refund which was included in the interest income and if you were to normalize for that that is about 5 basis points, so actually we grew by about 25 basis points on our NIM.

CASA growth trajectory continues. CASA was up 26%. We added another Rs 1,000 crores on SA which continues to grow at the rate of above 30%. As a consequence of this, revenue growth is up 32% and quarter-on-quarter is up 8%. That is more significant and our fee income grew by 32% and quarter-on-quarter grew by 3%. As a consequence of which total revenue has grown by 32% and quarter-on-quarter growth of 8%. Interest income, NII grew by 31% and not surprisingly quarter-on-quarter by 12%. Therefore operating profit was up 39% and net profit was up 30%. I think the asset quality has remained stable. Gross NPAs actually have come down by 2 basis points to 77 basis points and net NPA has also come down by 2 basis points to 31 basis points. We will talk a little bit more about that.

The other highlight of course was a variety of initiatives being launched on the digital side. So, on-the-go banking, social media, Facebook, Twitter, Quick pay facility integration into some of the ecommerce platforms like Snapdeal etcetera, all those things we will talk about and if you are interested we can talk a little bit more about that.

Just a little bit more on the slippages because there will be questions around that. So, the overall credit cost came to 15 basis points for the quarter as against 13 basis points for last quarter and this of course includes 4 basis points which are the carry forward from the event that happened in March which was included in the last quarter as well. So if you see for the half year, I think we have a credit cost of about 27 odd basis points which is in line with what we have said that we would want to keep our credit cost for the full year below 60 basis points. On the corporate bank side, the slippages were about Rs 73 crores. This was one NPA, new NPA and there were two accounts which slipped from the restructured book, so that Rs 73 crores and of course there was a sale to ARC of about Rs 41 crores. But we recovered, our recoveries from ARCs was also at Rs 20 crores. So the net increase in the ARC book is only Rs 21 crores and the ARC book now stands at around Rs 229 crores. This is up by about Rs 21 crores. So slippages in the consumer side: slippages are down from 1.69% to 1.55% and the annualized credit cost is down from 69 to 63 basis points. So this is as per the trending we have said. We hope that this will finally rest at about 55 basis points before the year ends.

One of the features I think we would like to highlight is the increase in provisions. Because there was a major movement on the asset side, Rs 4,100 crores came from the Diamond portfolio and there was also accrual on the other Retail book for us the loan growth was about Rs 5,400 crores. As a consequence, the standard asset provision has gone up by about Rs 24 crores. So I think that is what really moved the needle on that basis. Other than that, we do not see many movements either on the industry exposure or on the rating distribution profile. Branches, if we were to see, number of branches have moved up. As you know, we paused a little bit on Q1. But in Q2 we have opened 43 branches. So we are now getting on track to move to our 1,000 branch target before the end of the year. There is a slide where you will see on the yield side and you will see a fall in the consumer yield from 15.74% to 15.38% which is essentially on account of the change in the mix of the loan book. Within the CV side we are seeing, the M&HCV side growing faster which is having low yield than say the 2 wheelers or the 3 wheeler side which are at a higher yield and other than that, of course the non-vehicle Retail side, also the book has grown Loan Against Property etc. which are at a lower yield. I think the other feature is the RWA to total assets which has grown from 79% to 82%. This was essentially a quarter end phenomenon due to a high quarter end funded and non- funded corporate exposure that grew, for instance non-funded grew pretty handsomely. Lot of the non-funded came from the PSU side. On the corporate, public sector units which are LCs and Guarantees for the PSU units. But the average loan balances were however far lower for the quarter. So if you see the average RWA, I think there is very little cause for further investigation on that. So I think that is the major headlines and we are now open to questions.