Operator: Next question is from the line of Chintan Joshi from Autonomous.
Chintan Joshi: Sir, can I just follow up on that unsecured point you made? So you mentioned that some cohorts you’re seeing different delinquency trends on unsecured. If you were to do cohorts by time of origination, is the recent kind of origination seeing different delinquency trends? Sir, not breaking cohort by quality, but by time, are you seeing any difference?
Anindya Banerjee: I think the markers we look at are more or in terms of the characteristics of the customer and how — try and find wherever if we are able to look at delinquency in terms of the characteristics of the customers and see what kind of loan borrowers are contributing more to delinquency. It’s not to do with time as such.
Chintan Joshi: And if you do look at time, is it similar trends so far, say, a loan given at the end of COVID and versus kind of in the last 6 months?
Anindya Banerjee: I don’t think we have really commented on that.
Chintan Joshi: Okay. The other question I had was on cost of deposits, it increased 19 bps quarter-on-quarter. You are indicating some more NIM pressure, but I doubt you’re referring — like if I think about the exit run rate, if I keep NIMs flat on an FY ’24 versus FY ’23 basis, then it would be kind of 4.2%, but that — I don’t think that’s what you’re trying to imply. So if I break that down a little bit more, could you give some color on how much more repricing is left on the deposit side that we can factor in?
Anindya Banerjee: We’ve not given really how much more repricing on the deposit side. I think what we said is that there will be some more increase in the cost of deposits in Q4 and possibly a little bit into Q1 as well. It should be less than what we have seen and the NIM impact should also be less than what we have seen in this quarter.
Chintan Joshi: Okay. And then final quick one. Any indication on branch expansion number for FY ’25?
Anindya Banerjee: No, not really. I think this quarter, we added about 123 branches. So as we have said in the past, we follow a pretty bottom-up approach. I mean, it’s the people closest to the market who kind of recommend branch openings and then we do some assessment and open it. So we are not holding back on any branch opening, but we don’t have a particular branch opening target either.
Operator: Next question is from the line of Param Subramanian from Nomura.
Param Subramanian: So on the average CASA ratio, so if you look at it quarter-on-quarter, we are not seeing any let up in the pace at which this is moderating. So any indication on where you see this, say, bottom out or starting to pick up? Or do we have to wait for a much more looser liquidity environment like you were alluding to earlier?
Anindya Banerjee: So Param, I think this is something you’re seeing to varying degrees across the system across all banks. I think in our context, we are probably doing relatively better on the current account side. I think our payment products and payment platforms are contributing to that to higher float balances. On the SA side, I think it’s much more a function of interest rates and consumption. So I guess, I don’t have an answer at the moment. I think, we will have to wait for a couple of quarters and eventually see how things pan out next year as liquidity sort of normalizes in the system.
Param Subramanian: Got it. Anindya, just one more question around this. But how are we geared towards, say, government spend coming back? How much is that, if you can give some direction number as a percentage of our deposit, say, so when that comes back, how does that help you in terms of CASA as well as overall deposits?
Anindya Banerjee: No, we don’t take — I mean, our focus as far as the government is concerned, is more from providing solutions, which enable them to manage their cash flow and provide MIS, reconciliation digital solutions. So yes, that — the flow of that money through our system does create float. It is some part of our base. But one caveat is that the government is also becoming progressively more efficient in the way — in terms of the way in which it manages its finances. So I don’t think one can rely too much on idle government money lying with you in CASA form.
Operator: Ladies and gentlemen, we will take that as the last question. I now hand the conference over to the management for closing comments.
Anindya Banerjee: Thank you very much for taking the time on a Saturday evening, as always, and happy to speak on any other clarification. Thank you.
Operator: Thank you very much. On behalf of ICICI Bank Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.
