Though GNPA ratio improved YoY in FY20, write-offs were sharply higher during the year, at 74% of opening GNPAs against 53% average over the past three years. The bank has written off part of its agri NPAs, resulting in some moderation in NPA levels in the segment. Nonetheless, the bank holds floating provisions of Rs14.5bn in its balance sheet as of March-2020. This, along with COVID-related contingency provisions of Rs15.5bn made in 4QFY20 should aid incremental credit costs, limiting the deterioration in...