Good afternoon ladies and gentlemen. Thank you for joining us today following the announcement of our Q4 and full-year FY26 results. At the outset, I extend a warm welcome to our colleagues from the media and my fellow members of the SBI family. I also wish to acknowledge with deep appreciation the continued trust placed in us by our customers, shareholders, partners and the broader financial ecosystem. This trust is not just an enabler of performance but also the foundation on which we build enduring value. Let me start with a brief description of the present global and domestic economic scenario. We are meeting at a time when the global economic narrative is being rewritten in real time. Global growth is projected at 3.1% in 2026 and 3.2% in 2027 by the IMF, reflecting a phase of moderation amid persistent geopolitical uncertainties and evolving trade dynamics. In contrast, India continues to stand out as the fastest growing major economy with growth projected at around 6.9% for FY27 by the RBI. This resilience is being driven by strong domestic demand, improving investment activity and policy stability. However, we remain mindful of emerging risks: recent geopolitical developments and weather-related disruption such as El Niño may introduce some downside risk to growth. On inflation, CPI is expected at around 3.8% in April with a full-year projection of 4.6% for FY27. That said, global energy prices and climate-related factors may create some upward bias. From a banking system perspective, credit growth remained strong at 16.1% in FY26 while deposits grew at 13.6%. Encouragingly, this momentum continues into FY27 with credit growth at 15% as of mid-April compared to 10.3% last year and deposit growth standing at 12.2% up from 10.2%. Looking ahead, we expect credit growth in the range of 13 to 14% and deposit growth at 11 to 12% for the whole system. Asset quality across the banking system remains robust and capital levels are comfortable providing sufficient headroom to support future growth. Alongside these traditional indicators, two structural shifts are redefining the operating environment for banks. Recent developments in advanced AI models have highlighted the increasing sophistication and speed at which vulnerabilities can be identified and exploited. This has placed the Indian banking system on a heightened state of alert. The industry is working closely with the government of India and the RBI towards a coordinated cyber resilience framework. Secondly, the RBI's guidelines and transition to expected credit loss-based provisioning from April 2027 mark a significant step towards strengthening balance sheet resilience. At SBI, we are well prepared for this transition. Against this backdrop, our strategic focus is to drive high-quality growth with simplicity and resilience at the core. We are consciously moving from a paradigm of scale-led expansion to one that emphasizes productivity, capital efficiency and risk-adjusted returns. Every strategic initiative we have undertaken over the past year is anchored in this shift. We are deeply aligned with the vision of Viksit Bharat as we continue to see ourselves as a systemic enabler of India's growth story. Our long-term strategy is therefore designed to be both commercially sound and nationally relevant. A cornerstone of this transformation is Project Subtle, our operations process re-engineering initiative which is a structural reset having launched the first wave of identified themes. It challenges legacy constructs and reimagines the bank through the lens of simplicity and customer centricity. Key initiatives from the first wave include universal branch access dismantling the traditional home branch mindset, single KYC across products, and automation of back office processes such as inward clearing using GenAI. Parallelly we are investing deeply in becoming an AI-first organization through our Analytics 2.0 initiative. We are embedding AI across the value chain moving towards a truly data-driven operating model. In response to increasing financialization of savings, we are deepening customer engagement through Yono ecosystem banking and targeted offerings for diverse customer segments. We are also actively building relationships across startups, EIFs, VCs and global trade ecosystems to diversify and future-proof our portfolio. As the largest bank in the country, our responsibility extends beyond performance to stability. Our centralized cyber cell operates 24/7 as a unified command center, reinforcing our commitment to secure and resilient banking, combining technology and human expertise to respond swiftly to cyber risk. Each of these initiatives is designed to deliver measurable gains in efficiency, stronger risk controls and sustainable profitability. In the above backdrop, let me now give highlights of bank's performance in FY26. I'm glad to announce that we have posted highest ever net profit of 80,32 crores, an increase of 12.88% year on year in FY26. Operating profit for FY26 increased by 11.25% year on year to 1.23 trillion. ROA for FY26 is at 1.12% and improvement of two basis points on year-on-year basis. Return on equity for FY26 remained robust at 18.57% despite raising 25,000 crores equity capital in July 2025. Domestic NIM was at 3.03% supporting our guidance to maintain NIM above 3%. I'm happy to share that our total business has crossed 109 trillion rupees reflecting customers' continued trust in us. In fact, our domestic business has grown by more than 11 trillion on year-on-year basis. Our balance sheet size has crossed 76 trillion rupees. Bank's total deposits have grown by 6 trillion rupees at 11.03% year on year to 59.76 trillion rupees. Retail term deposits have grown by a robust 14.77%. Savings account deposits have witnessed a growth of 10.6% year on year and CASA deposits have grown by 9.53% year on year with the CASA ratio at 39.46%. We've been able to improve our CASA ratio by 33 basis points on quarter-on-quarter basis. The deposits growth remained healthy with growth in double digits despite competitive market environment. Deposits of our foreign offices have grown at 12.7% on year-on-year basis but in USD terms it is 2%. Credit growth has been robust and all segments have registered double-digit growth. In FY26 on year-on-year basis, domestic advances grew by 16.33% driven by all segments: SME by 21%, agriculture by 20%, retail personal advances by 15.22% and corporate advances by almost 15%. Retail agriculture MSME, popularly known as RAM portfolio, has crossed 27 trillion rupees with year-on-year growth of 17.11%. Our foreign offices have continued to perform well with growth in advances at 20% year on year. In USD terms, it is 8%. The domestic credit deposit ratio was 73.08% at the end of FY26, an improvement of 337 basis points year on year. The bank has enough headroom to address future credit growth requirements. Our asset quality continues to be healthy. Our gross NPA ratio has improved by 33 basis points year on year and stands at 1.49% as at March 2026, continuing to be at its lowest level in over two decades. This demonstrates the quality of our loan portfolio, proactive management, structural integrity, robust underwriting capability and sustained recoveries. Our net NPA ratio has also improved by eight basis points and stands at 0.39%. The consistently improving asset quality is also reflected in our credit cost which is at 0.37%. The NPA book is well provided with PCR at 74.36%. The bank remains well capitalized and we have sufficient headroom to take care of business growth requirements. Our capital adequacy ratio has improved by 115 basis points year on year and stands at 15.4%. CET1 ratio has also improved by 148 basis points to 12.29% and both ratios are well above regulator requirements. Digital adoption is central to our vision, enabling a multi-pronged transformation focused on enhancing customer experience while optimizing costs. By shifting 98.7% of transactions to alternate channels, we are scaling both efficiency and growth. The successful rollout of the new Yono platform has become a massive acquisition engine with over 4 crore users in just 3 months. Now Yono has more than 10 crore registered users. 66% of new savings accounts originating on Yono platform in FY26 demonstrate our successful transition to a digital-first institution. We are effectively meeting the evolving needs of a new generation and a diverse nationwide customer base through our formidable physical and digital channels. Our subsidiaries continue to perform strongly and remain leaders in their respective segments. They are important drivers of value creation and we will continue to nurture them. If I were to summarize our approach, we are building a bank that is simpler in processes, smarter in decisions, stronger in balance sheet and sharper in customer focus. We are proactively strengthening our CASA base and empowering our workforce to lead in a transforming financial landscape. We are actively reshaping our balance sheet by enhancing digital capabilities, broadening funding resources and leveraging Yono for customer acquisition. SBI by virtue of its scale has always been a reflection of the Indian economy and we aspire to not just remain a participant but become a key enabler of that journey. To conclude, I would like to thank all of you once again for your continued engagement and support. We remain committed to delivering sustainable, responsible and long-term value. As India advances towards its aspirations of becoming Viksit Bharat, we take pride in playing our part in that transformation. Thank you for being with us today. My team and I will now be happy to take your questions.
