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AUBANK - AU Small Finance

📊 NSE: AUBANK 🏢 Banks - Private Sector 📅 Last Updated: 12/13/2025 18:42

📢 Recent Corporate Announcements

AU Small Finance Bank Q4 FY26 PAT Jumps 65% YoY to ₹832 Cr; Files for Universal Bank License

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Apr 2026, 05:57 PM

AU Small Finance Bank delivered a robust Q4 FY26 performance with Net Profit rising 65% YoY to ₹832 crores and ROA reaching 1.8%. The bank has officially filed its final application for a Universal Banking license following favorable RBI amendments regarding holding company structures. Loan and deposit growth remained strong at 21% and 23% YoY respectively, while asset quality improved with GNPA declining to 2.03%. The integration of Fincare is now complete, and the bank is aggressively pivoting towards an 'Agentic AI' operating model to drive future efficiencies.

Net Profit for Q4 FY26 grew 65% YoY to ₹832 Cr, with full-year PAT reaching ₹2,641 Cr (+25% YoY).
Net Interest Margin (NIM) expanded by 24 bps QoQ to 5.96%, aided by a 12 bps reduction in cost of funds.
Asset quality improved with GNPA ratio falling to 2.03% from 2.30% QoQ; credit cost for the quarter stood at 0.6%.
Total deposits grew 23% YoY to ₹1.52 lakh Cr, with monthly CASA acquisitions crossing the 1 lakh milestone.
RBI approved a 3-year tenure extension for MD & CEO Sanjay Agarwal and the appointment of Vivek Tripathi as Executive Director.

💡 Investors should maintain a positive outlook as the bank demonstrates strong execution on the Fincare integration and files for a Universal Bank license. The improving ROA profile and stable asset quality make it a preferred pick in the mid-tier banking space.

AU Small Finance Bank Q4 PAT Jumps 65% YoY to ₹832 Cr; NIM Expands to 5.96%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 27 Apr 2026, 04:40 PM

AU Small Finance Bank delivered a robust Q4 FY26 performance with PAT growing 65% YoY to ₹832 crore, supported by a 24bps QoQ expansion in NIM to 5.96%. The bank's loan portfolio and deposits grew by 21% and 23% YoY respectively, significantly outperforming the private banking sector's estimated growth. Asset quality showed marked improvement with GNPA declining to 2.03% and credit costs normalizing to 0.6%. Furthermore, the bank has formally applied for a final Universal Bank license and secured the re-appointment of its MD & CEO for three years.

Q4 FY26 PAT increased 65% YoY to ₹832 crore; Full-year FY26 PAT grew 25% to ₹2,641 crore.
Net Interest Margin (NIM) expanded to 5.96% in Q4 from 5.7% in Q3, driven by lower cost of funds and higher recoveries.
Gross Loan Portfolio reached ₹1.40 lakh crore (up 21% YoY) and Deposits reached ₹1.52 lakh crore (up 23% YoY).
Asset quality improved with GNPA at 2.03% (down 27bps QoQ) and NNPA at 0.74%; Credit cost for Q4 fell to 0.6%.
Board declared a dividend of ₹1 per share (10% of face value) for FY26.

💡 Investors should take note of the strong margin recovery and asset quality stabilization following the Fincare merger. The impending transition to a Universal Bank and the continuity in top leadership are significant long-term catalysts.

AU Small Finance Bank Q4 PAT Jumps 65% YoY to ₹832 Cr; Asset Quality Improves Significantly

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 27 Apr 2026, 04:36 PM

AU Small Finance Bank delivered a robust Q4 FY26 performance with PAT surging 65% YoY to ₹832 crore, supported by a 23% growth in Net Interest Income and a 58% reduction in provisions. Asset quality showed marked improvement with the GNPA ratio falling to 2.03% from 2.30% sequentially. The bank's Net Interest Margin (NIM) expanded by 24 bps QoQ to 5.96%, while deposits and loans grew by 23% and 21% YoY respectively. Additionally, the bank has formally applied for a Universal Banking license and declared a dividend of ₹1 per share.

Q4 PAT increased 65% YoY to ₹832 crore; full-year FY26 PAT grew 25% to ₹2,641 crore.
Net Interest Margin (NIM) expanded to 5.96% in Q4, up 24 bps from the previous quarter.
Asset quality improved with GNPA at 2.03% and NNPA at 0.74% as of March 31, 2026.
Total deposits grew 23% YoY to ₹1,52,661 crore, with CASA deposits rising 20% YoY.
The bank filed for a Universal Banking license in March 2026 following the removal of the NOFHC requirement by RBI.

💡 Investors should take note of the strong margin expansion and improving asset quality metrics which suggest successful integration of Fincare SFB. The progress toward becoming a Universal Bank and the steady 20%+ growth in the balance sheet make it a strong candidate for long-term portfolios.

AU Small Finance Bank FY26 Profit Jumps 25%, Proposes ₹1 Dividend and ₹13,500 Cr Fundraise

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 27 Apr 2026, 04:33 PM

AU Small Finance Bank (AUBANK) reported a strong financial performance for FY26, with net profit rising 25.4% YoY to ₹2,641 crore. The bank's asset quality showed improvement as Gross NPA declined to 2.03% from 2.28% in the previous year. To fuel future growth, the board has approved a significant capital raising plan of up to ₹7,500 crore via equity and ₹6,000 crore via debt. A final dividend of ₹1 per share was recommended, and Gaurav Jain was confirmed as the permanent CFO.

Net Profit for FY26 increased to ₹2,641.25 crore, up 25.4% from ₹2,105.93 crore in FY25.
Gross NPA improved to 2.03% vs 2.28% YoY, while Net NPA remained stable at 0.74%.
Board recommended a final dividend of ₹1 per equity share (10% of face value) for FY26.
Approved massive fundraising of ₹7,500 crore through equity (QIP/Private Placement) and ₹6,000 crore via debt.
Capital Adequacy Ratio remains healthy at 18.68% as of March 31, 2026.

💡 The bank's robust profit growth and improving asset quality are positive signs for long-term investors. While the large equity fundraise may cause near-term dilution, it provides the necessary capital for aggressive expansion and scale.

AU Small Finance Bank Q4 Net Profit Jumps 65% YoY; Proposes ₹1 Dividend & ₹13,500 Cr Fundraise

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 27 Apr 2026, 04:33 PM

AU Small Finance Bank reported a strong performance for Q4 FY26, with net profit surging 65% YoY to ₹831.87 crore. For the full financial year 2026, the bank's net profit grew 25% to ₹2,641.25 crore, supported by a 16% growth in interest earned. Asset quality showed improvement with Gross NPA declining to 2.03% from 2.28% YoY. To support future growth, the board has approved a massive fundraising plan of up to ₹13,500 crore through equity and debt instruments.

Net Profit for Q4 FY26 rose 65% YoY to ₹831.87 crore from ₹503.70 crore in the previous year.
Gross NPA improved to 2.03% vs 2.28% YoY, while Net NPA remained stable at 0.74%.
Board recommended a dividend of ₹1 per equity share (10% of face value) for FY26.
Approved fundraising of up to ₹7,500 crore via equity and ₹6,000 crore via debt instruments.
Full-year FY26 Net Profit reached ₹2,641.25 crore with a Capital Adequacy Ratio of 18.68%.

💡 The bank's strong earnings growth and improving asset quality metrics are positive indicators of operational efficiency. Investors should monitor the upcoming fundraise as it signals aggressive expansion plans and potential equity dilution.

AU Small Finance Bank FY26 Net Profit Rises 25% to ₹2,641 Cr; Proposes ₹1 Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 27 Apr 2026, 04:28 PM

AU Small Finance Bank delivered a strong performance for FY26, with annual net profit growing 25% YoY to ₹2,641 crore. Asset quality improved as Gross NPA fell to 2.03% from 2.28% YoY, while Net NPA remained stable at 0.74%. The board has recommended a dividend of ₹1 per share and approved enabling resolutions to raise up to ₹13,500 crore through equity and debt to fuel future growth. Additionally, Mr. Gaurav Jain has been confirmed as the permanent Chief Financial Officer.

Net Profit for Q4 FY26 surged 65% YoY to ₹832 crore, while full-year FY26 profit reached ₹2,641 crore.
Gross NPA improved to 2.03% vs 2.28% YoY; Net NPA stood firm at 0.74%.
Total deposits increased to ₹1.53 lakh crore as of March 31, 2026, up from ₹1.24 lakh crore in the previous year.
Board approved fund raising of up to ₹7,500 crore via equity and ₹6,000 crore via debt instruments.
Recommended a dividend of ₹1 per equity share (10% of face value) for the financial year ended March 31, 2026.

💡 The bank's robust profit growth and improving asset quality metrics are positive signals for long-term investors. The massive capital-raising plan indicates a strong growth trajectory, making the stock a solid 'Hold' or 'Accumulate' on dips.

AU Small Finance Bank Updates KMP Contact Details for Materiality Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Apr 2026, 08:14 PM

AU Small Finance Bank has updated the list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and make disclosures to stock exchanges. This update is a procedural requirement under Regulation 30(5) of the SEBI (LODR) Regulations, 2015. The authorized team includes the MD & CEO, Executive Director, Interim CFO, and Company Secretary. This filing ensures that the bank maintains transparent and updated communication channels for regulatory compliance.

Compliance with Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Four KMPs authorized including MD & CEO Sanjay Agarwal and Executive Director Vivek Tripathi
Interim CFO Gaurav Jain and Company Secretary Manmohan Parnami also designated for disclosures
Centralized contact details provided via investorrelations@aubank.in and phone +91 141 4110060/61

💡 No action is required as this is a routine administrative update. Investors can use the provided contact details for future investor relations queries.

RBI Approves Vivek Tripathi as Executive Director of AU Small Finance Bank for 3-Year Term

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 23 Apr 2026, 07:58 PM

AU Small Finance Bank has received RBI approval to appoint Mr. Vivek Tripathi as a Whole-time Director for a three-year term starting April 24, 2026. Mr. Tripathi, currently the Chief Credit Officer, has been with the bank for 12 years and has played a key role in scaling the Commercial Banking portfolio and strengthening risk frameworks. This appointment is part of the bank's succession planning as it transitions into a Universal Bank. The bank currently operates 2,726+ touchpoints and serves over 1.25 crore customers.

Appointment of Vivek Tripathi as Whole-time Director for a 3-year term effective April 24, 2026
Tripathi has 12 years of tenure at AU SFB and over 20 years of total experience in financial services
He previously served as Chief Credit Officer, overseeing Credit Policy, Underwriting, and Portfolio Management
AU SFB operates 2,726+ banking touchpoints across 21 states serving 1.25 crore customers

💡 Investors should view this as a positive step towards institutionalizing leadership and ensuring continuity during the bank's transition to a Universal Bank. No immediate action is required, but the move strengthens the bank's risk management profile.

AU Small Finance Bank Allots 91,668 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Apr 2026, 06:22 PM

AU Small Finance Bank has allotted 91,668 equity shares of face value Rs. 10 each following the exercise of employee stock options. The allotment comprises shares from three different schemes: ESOP 2018, ESOP 2020, and ESOP 2023. Consequently, the bank's paid-up equity share capital has increased from approximately Rs. 748.27 crore to Rs. 748.36 crore. This is a routine administrative action used by the bank to incentivize and retain its workforce.

Total allotment of 91,668 equity shares of face value Rs. 10 each on April 22, 2026.
Allotment includes 11,965 shares under ESOP 2018, 47,973 under ESOP 2020, and 31,730 under ESOP 2023.
Paid-up equity capital increased to Rs. 7,48,35,87,890 from Rs. 7,48,26,71,210.
The allotment was conducted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine exercise of stock options with negligible equity dilution. Investors should continue to focus on the bank's quarterly financial performance and asset quality metrics.

AU Small Finance Bank Schedules Q4 & FY26 Earnings Call for April 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Apr 2026, 04:31 PM

AU Small Finance Bank has scheduled a conference call on Monday, April 27, 2026, at 06:00 PM IST to discuss its financial performance. The call will cover the results for the fourth quarter and the full financial year ended March 31, 2026. Senior management will be present to address queries from analysts and institutional investors. This is a routine regulatory filing following SEBI Listing Obligations and Disclosure Requirements.

Conference call scheduled for April 27, 2026, at 6:00 PM IST.
Discussion to focus on Q4 and FY 2025-26 financial results.
Senior management participation confirmed for investor interaction.
Replay facility available for 24 hours until April 28, 2026, via playback code 44350#.
Multiple international toll-free dial-in options provided for global investors.

💡 Investors should mark the date to review the bank's year-end performance and management's outlook for the next fiscal year. No immediate action is required until the actual financial results are disclosed.

AU Small Finance Bank Changes RTA for Specific NCDs to MUFG Intime India

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Apr 2026, 08:50 PM

AU Small Finance Bank has transitioned its Registrar and Share Transfer Agent (RTA) for four specific Non-Convertible Debentures (NCDs) from KFin Technologies to MUFG Intime India Private Limited. The change became effective on April 20, 2026, following confirmations from NSDL and CDSL. This administrative update affects ISINs INE519Q08178, INE519Q08160, INE519Q08186, and INE519Q08194. The bank is currently in the process of executing a tripartite agreement to formalize the transition as per SEBI regulations.

RTA for electronic connectivity of NCDs changed from KFin Technologies to MUFG Intime India.
Change effective from April 20, 2026, affecting 4 specific NCD ISINs.
Confirmations received from NSDL on April 17, 2026, and CDSL on April 20, 2026.
Tripartite agreement between the Bank, KFin, and MUFG is currently under execution.

💡 No action is required for equity investors as this is a routine administrative update for debt instruments. Holders of the specific NCDs should note the change for future service requests or correspondence.

AU Small Finance Bank: Independent Director Kavita Venugopal Completes Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Mar 2026, 10:21 PM

AU Small Finance Bank has announced that Ms. Kavita Venugopal has ceased to be an Independent Director of the bank effective March 28, 2026. This transition is a result of the completion of her scheduled tenure rather than a resignation or removal. The bank has formally acknowledged her contributions during her time on the board. This is a routine governance update and does not impact the bank's daily operations.

Ms. Kavita Venugopal (DIN: 07551521) ceased to be an Independent Director on March 28, 2026.
The cessation was effective from the close of business hours following tenure completion.
The filing was made in compliance with Regulation 30 of the SEBI Listing Regulations.

💡 No immediate action is required as this is a routine board rotation. Investors should monitor for any upcoming appointments to the board to ensure continued strong corporate governance.

AU Small Finance Bank to Close Trading Window from April 1, 2026, for Q4 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 05:20 PM

AU Small Finance Bank has announced the closure of its trading window for designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the bank's financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the official declaration of these results. This is a standard regulatory procedure for all listed entities to prevent insider trading during the sensitive period before earnings are disclosed.

Trading window closure starts from Wednesday, April 1, 2026.
Closure is related to the financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the results are declared to the stock exchanges.
The specific date for the Board Meeting to approve the results will be announced separately.

💡 No action is required as this is a routine regulatory filing. Investors should monitor for the upcoming announcement of the board meeting date to track the bank's Q4 and FY26 performance.

AU Small Finance Bank Allots 42,604 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Mar 2026, 05:03 PM

AU Small Finance Bank has allotted 42,604 equity shares of face value Rs. 10 each following the exercise of employee stock options. The allotment includes shares from various schemes dating back to 2016, with the largest portion (18,801 shares) coming from the ESOP 2020 plan. As a result, the bank's paid-up equity share capital has increased from Rs. 748.22 crore to approximately Rs. 748.27 crore. This is a routine administrative action and results in negligible equity dilution for existing shareholders.

Total allotment of 42,604 equity shares on March 21, 2026, pursuant to ESOP exercise.
Shares issued under four different schemes: ESOP 2016, 2018, 2020, and 2023.
Paid-up equity share capital increased to Rs. 7,48,26,71,210 from Rs. 7,48,22,45,170.
The ESOP 2020 scheme accounted for the highest number of shares at 18,801 units.

💡 No action is required as this is a routine corporate event with minimal impact on share value. Investors should continue to monitor the bank's core financial performance and credit growth.

AU Small Finance Bank Allots 1.33 Lakh Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Mar 2026, 04:20 PM

AU Small Finance Bank has allotted 1,33,465 equity shares of face value Rs. 10 each following the exercise of employee stock options. The allotment spans multiple schemes including ESOP 2016, 2018, 2020, and 2023, with the 2020 scheme accounting for the largest portion at 81,880 shares. As a result, the bank's paid-up equity share capital has increased from Rs. 748.09 crore to Rs. 748.22 crore. This is a standard procedure for fulfilling employee incentive obligations and results in marginal equity dilution.

Total allotment of 1,33,465 equity shares of face value Rs. 10 each on March 12, 2026
Paid-up equity capital increased to Rs. 7,48,22,45,170 from Rs. 7,48,09,10,520
Allotment includes 81,880 shares from ESOP 2020 and 33,085 shares from ESOP 2023
Remaining shares were issued under ESOP 2016 (13,350) and ESOP 2018 (5,150) schemes

💡 This is a routine administrative update with negligible impact on the company's valuation. Investors should focus on the bank's core operational metrics and asset quality in upcoming quarterly results.

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💰 Financial Performance

Revenue Growth by Segment

Retail Assets grew 21% YoY to INR 76,616 Cr in FY25, with Wheels growing 27% to INR 36,623 Cr and Mortgage-Backed Loans growing 16% to INR 38,097 Cr. Commercial Banking assets grew 22% YoY, now representing 21% of the total loan portfolio. Unsecured segments (MFI and Credit Cards) degrew by 23% YoY as the bank calibrated its risk exposure.

Geographic Revenue Split

The bank is expanding to a pan-India distribution model, with a strategic focus on strengthening its presence in South India following the Fincare merger. Specific regional percentage splits are not disclosed in available documents.

Profitability Margins

Net Interest Margin (NIM) improved to 5.5% in Q2 FY26 from 5.4% in Q1 FY26, driven by a decline in cost of funds. However, Return on Total Assets (ROTA) moderated to 1.41% in H1 FY26 compared to 1.54% in FY24 due to elevated credit costs and interest income reversals in the unsecured book.

EBITDA Margin

Pre-Provision Operating Profit (PPoP) grew 86% YoY to INR 4,581 Cr in FY25. For H1 FY26, PPoP growth stood at 21% YoY, supported by a 33% increase in other income and disciplined operational expense growth of 8%.

Capital Expenditure

The bank is investing in manpower and distribution expansion to achieve pan-India reach. While specific total INR Cr for future Capex is not disclosed, the bank increased its ESOP awards by 75% YoY for talent management and continues to invest in technology for its universal banking transition.

Credit Rating & Borrowing

CareEdge Ratings maintains a positive outlook. The bank raised INR 770 Cr through Tier-II bonds in FY25. Capital Adequacy Ratio (CRAR) stood at 18.78% as of September 30, 2025, well above the 15% regulatory requirement. Cost of funds saw a sharp decline in Q2 FY26, aiding margin expansion.

⚙️ Operational Drivers

Raw Materials

Not applicable as AUBANK is a financial services provider; however, its primary 'input' is Deposits, which grew 21% YoY to INR 1,32,509 Cr as of September 2025.

Capacity Expansion

The bank is transitioning to a Universal Bank following RBI's in-principle approval on August 7, 2025, with an 18-month transition timeline. This will remove the INR 25 lakh ticket size gap for commercial banking and allow for higher exposure limits.

Raw Material Costs

Interest expended (cost of deposits/borrowings) rose 24% YoY to INR 4,701 Cr in H1 FY26. The bank targets a cost-to-income ratio below 60% and has successfully reduced opex-to-total assets to 4% in H1 FY26 from 4.6% in H1 FY25.

Manufacturing Efficiency

Not applicable; however, operational efficiency is reflected in the 8% YoY growth in operating expenses despite a 20% QoQ increase in disbursements.

Logistics & Distribution

Distribution is being expanded pan-India; the bank is leveraging its 'AU 0101' digital app for 100% digital sourcing of insurance and other third-party products.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved through the transition to a Universal Banking license, which will lower the cost of funds and allow for higher exposure limits. The bank is also scaling its Gold Loan business (currently INR 2,300 Cr) and cross-selling forex services via its AD-1 business and the AU 0101 digital platform.

Products & Services

Wheels loans, Mortgage-Backed Loans (MBL), Home Loans, Business Banking, Agri Banking, Gold Loans, Credit Cards, Personal Loans, Microfinance (MFI), and Insurance (Life, Health, Motor).

Brand Portfolio

AU Small Finance Bank, AU 0101 App, AU BIMA, AU ivy, AU Eternity.

New Products/Services

The bank launched AD-1 business for foreign exchange services and is scaling its 'AU BIMA' digital insurance platform, which saw 37% YoY growth in insurance business to INR 1,161 Cr in FY25.

Market Expansion

Targeting pan-India distribution with a specific focus on South India following the Fincare merger and upgrading branches to support universal banking services.

Market Share & Ranking

The bank's deposit growth of 21% is nearly 2x the industry system growth rate, and loan growth of 17% is 1.7x the system credit growth.

Strategic Alliances

The bank has received approval to increase the foreign investment limit from 49% to 74% as of December 9, 2025, to attract global capital.

🌍 External Factors

Industry Trends

The Indian banking sector is seeing a narrowing gap between credit and deposit growth. AUBANK is positioning itself for the 'Universal Banking' shift to access broader deposit avenues and relaxed regulatory constraints.

Competitive Landscape

Faces intense competition for deposits from both Government-owned banks and other private universal banks.

Competitive Moat

Moat is built on a 30-year legacy in retail secured assets (Wheels/MSME) and a strong digital-first distribution (AU 0101). The transition to a Universal Bank will further strengthen this by lowering the cost of funds.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles; RBI rate cuts of 100 bps between February and June 2025 are expected to continue aiding NIM expansion as the deposit book reprices.

Consumer Behavior

Increasing demand for digital-first banking and insurance, addressed by the AU 0101 app which facilitates seamless policy sourcing and forex services.

Geopolitical Risks

Not disclosed as a primary risk, though macroeconomic stability is cited as a factor for rural growth.

⚖️ Regulatory & Governance

Industry Regulations

The bank must comply with RBI's 15% CRAR and 7.5% Tier-I CAR requirements. It is currently undergoing an 18-month transition to comply with Universal Banking norms, including the transfer of promoter shares to a Non-Operative Financial Holding Company (NOFHC).

Environmental Compliance

The bank has a 100% green loan portfolio deployment toward sustainable sectors like solar power and Electric Vehicles (EVs).

Taxation Policy Impact

Tax expenses for FY25 were INR 682 Cr, representing an effective tax rate of approximately 24.5% on Profit Before Tax of INR 2,788 Cr.

Legal Contingencies

The bank carried INR 17 Cr of contingency provisions and INR 41 Cr of floating provisions as of March 2025. Exceptional items of INR 57 Cr were recorded for merger-related stamp duty and transaction expenses.