Operating Leverage and Recent Developments

Operating Costs Figures in Cr OSBI card Operating Leverage Q1 FY22 Q4 FY22 Q1 FY23 QoQ YoY 2% (10)% Employee Cost 116 121 139 15% 19% Depreciation 33 39 39 0% 20% Fees and commission expenses 178 302 331 10% 86% 43% 33% 7% 5% Other operating expenses 839 1,115 1,155 4% 38% Operating Costs 1,166 1,577 1,663 5% 43% QoQ YOY Cost to Income % 52.5% 57.4% 56.3% -106 bps 380 bps Vs. Q4 FY22 Vs. Q1 FY22 Net revenue growth Opex growth 15

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