Q2, FY26 marked a deliberate shift in the Bank’s growth architecture, rather than chasing quantity, we leaned into quality — prioritizing secured lending, recalibrating risk, and tightening execution. This quarter was about building resilience. Secured loans now comprise 47% of our portfolio as of September 30, 2025, up from 38% a year ago. This shift reflects a strategic pivot toward more stable asset classes. Consequently, our non-JLG loan portfolio sustained strong momentum, growing by 30% YoY & 4% QoQ. Healthy business growth driven by yield optimization efforts in secured products i.e. disbursement yields rising in housing & MSME loans by 40-100 bps compared to Q2, FY25. On the liabilities side, our deposit base expanded by 10% YoY to 21,447 crore as on September 30, 2025, led by retail term deposits. As the newly launched branches build maturity and traction, we are working towards margin improvement and overall business scalability in the coming quarters. In the unsecured micro- banking segment, we've adopted a more cautious stance in response to recent stress indicators. Tighter credit norms and underwriting have moderated originations, resulting in contraction of JLG loan book during the quarter, which has impacted short-term interest income but is aligned with our long-term asset quality goals. Additionally, we continue to split larger micro-banking branches to improve oversight and control. We are also working on back-to-basics programs to train new frontline staff on core processes such as centre meetings and customer onboarding, ensuring a more robust and consistent execution framework. The Bank has expanded our collection workforce (to ~1,200 as of Sep-25). The Bank has already embarked on its Utkarsh 2.0 Technology Transformation Project, with several sub-projects already live and yielding benefits. FY26 remains a year of recalibration. We are focused on operational agility, prudent growth, and margin discipline, with an eye toward building momentum into FY27 and FY28. While the operating environment presents challenges, we are positioning the franchise to navigate them with resilience and adaptability.