The other I think highlight was the decision to acquire the Diamond and Jewellery Financing business of RBS in India. That remains on track. And the transfer of that book will happen to us later in this month… it is not reflected in Q1 but Q1 is when we signed the deal. I think overall otherwise we are seeing key performance vectors have remained extremely stable, I think most of the lines show not only a good and healthy year-on-year growth but also a good sequential growth and most sequential growths on the revenue side and the profit side are up by in the mid or the high single digits. Our Non-Interest Income engine continues to churn out a healthy 42% of total revenues; our NIM is stable, credit growth is above industry at 23% Y-o-Y and 5% Q-o-Q; Gross NPAs has actually come down slightly, and the credit cost is 13 basis points for the quarter, which includes 4.5 basis points of the carried forward credit cost which you will recall is a consequence of the ARC sale that we did in Q4.

So just headline numbers: Interest Income grew by 22% year-on-year and 6% sequentially; other income grew sequentially 10% and 26% year-on-year; operating profit was up 8% sequentially and net profit was up 25%; the loan book grew by 23% fueled by Corporate Advances which grew 27% and the Consumer Advances which have now grown 18%. So if you recall about two quarters ago the Consumer Finance IndusInd Bank July 13, 2015 Page 3 of 19 Loan book used to grow at around 12% or so. Deposits have grown 22%. The star in our liability side remains SA; SA has grown 33% and if you look back 2 years I think we have had a compounded annual growth rate of close to 32% on the SA side, which is reflection of the fact that our reading of the stickiness of our clients basis which we had reduced our interest rates is correct because we are not seeing any reduction in the acquisition rate of new to bank customers. During the quarter, we did toggle between Deposits and Borrowings, so we raised fresh borrowings on account of refinance. That is why you are seeing a spike on the refinance book. Other than that I think returns have remained stable; ROA is 1.9%, which is about one basis points less than last quarter; ROE has finally crossed 20%. If you recall that when we raised our last QIP this had fallen down to 15% and now we have steadily pulled it up and it has passed the 20%. There has been reduction in the cost-to-income ratio by about 40 basis points.

We have absorbed the cost of opening almost 74 branches in Q4. This quarter the number of branches opened is much less one because of absorbing the fact that there was a huge spurt in the branch openings in Q4 and also I think we are just taking a little time to look at how the new branch model will emerge as a consequence of more digitization of not only front end sales but also the back end, the processing side of the businesses. We still remain on track in terms of total branch openings, I think Q2 will see a higher branch opening. So we remain intact, we remain committed to opening 1,200 branches by March 2017.

The Loan book has started rebalancing we are at 42% on Retail, we are 1% up, and if you look at Slide #13 you will see that the Commercial Vehicles portfolio… this is MHCV part which used to be 15% exactly now moved to 16%. So clearly I think on Commercial Vehicles the upticks that we were seeing has certainly become a trend and the recovery in the Commercial Vehicles industry continues, in the industry we have seen 23% Y-on-Y growth. For us, of course, our Vehicle Finance disbursements are up 33% Y-on-Y and Q-o-Q also, the CV part has shown a healthy growth of 8%. So the Loan book rebalancing which is one of the things that we have articulated which is very close to our operational ambitions has started and we hope that in the coming quarters this will also continue.

Other than that I think I have already talked about CASA; CASA continues to move up steadily and SA as I said is the star with a growth of 33%. Total fee income has grown 26% in which core fee is 23%, and if you look at the diversity of the few revenues apart from trade and remittances we are seeing Y-on-Y drop only because of some one-offs which may have happened in Q1 last year, there is no trending at all IndusInd Bank July 13, 2015 Page 4 of 19 here, our sight on Q2 clearly shows that this is a trend that we reversed. Other income streams have gone a pace and are in the healthy double-digit growths. The NIM is stable; 3.68% which means your cost of funds have fallen as much as your yield on assets which is on Slide #19 which shows how these movements have actually happened.

I have already talked about credit costs; credit costs including the 4.5 or 5 basis points which is carried forward and which will come in every quarter for 6 quarters more. Actual credit cost therefore 8 basis points and we add this will come to 13 and net of recoveries our net credit cost is 12 basis points.

On NPAs, I think the net slippage is just Rs.7 crores. The consequence of which percentage of gross NPA had actually fallen from 0.81% to 0.79% and net NPA remains at 31 basis points. The PCR has moved optically by 2% points but that is just the arithmetical sort of event because there was an old NPA which we had written-off where 100% provisioning was there and that was sold for cash, and as a consequence of which both numerator and enominator reduced by the same amount I think Rs.16 or 17 crores it was and that is why I think there is an optical movement in this thing. The restructured book has gone up by 10 basis points on account of only one account, where I think the date of commissioning has been moved and there is no impairment or loss it remains standard and I think that is the only reason why this has happened. If you look at the product wise breakup in terms of NPA composition, then you can see clearly that the MHCV, the delinquency profile is beginning to improve, and there is a 9 basis point drop in the gross NPA on the Commercial Vehicle side. This is a big chunk the others are pretty small and so movements of Rs.1 or Rs.2 crores or Rs.3 crores here and there may make some basis points differences but they are not material to the whole scheme of things.

Capital Adequacy: I mentioned to you, Tier-1 is at 11.55%; post the QIP and the preferential it will go to almost 16%. During the quarter, if you will see the Tier-1 has actually improved and so has CRAR. That is a consequence of three or four factors – one, of course is that we have a higher percentage of rated investments and I think some cash backed disbursements that also happened. I think we have a lower non-fund book as well, some of the LCs and guarantees issued for PSU banks have run off, that is the thing and then also there is the market risk saving, the MTMs have gone down, and also I think finally there is that regulatory retail relief that we have got on some of the portfolios in our Retail book. So therefore you have seen in spite of growing Rs.3,500 crores, the RWA did not grow as much, and in fact, if you now notice the down trending is something that some analysts have been pointing out, IndusInd Bank July 13, 2015 Page 5 of 19 there has been a down trending in our RWA to total assets percentage, which has fallen actually 4% points over the last two quarters, and this quarter itself it has fallen by 2% points and now it has around 79%. I think that is a brief of the quarter‟s performance.

Of course that you will find other things that you will find in our „Presentation‟ which is this whole froth around digitization, I think digitization launches that you are seeing including ours are mostly becoming hygiene, so we also launched our QuickPay which enables customers to send and receive money instantly through sms or e-mail and you can choose any sort of social platform to do that payments, we also have a tie up with Worldpay, etc., We launched the loan against shares during the quarter. A new currency chest was opened in Kolkata, that takes our total currency chest to 4. We are now bankers to many other bankers who deposit their cash with us and these are actually profit centers.

So I think I will stop here and we will open the floor to questions.