Federal Bank Q2 FY27 Profit Surges 45% to Record ₹1,386 Cr, NPA at Decadal Lows

Total business crosses ₹6 lakh crore | Gross advances cross ₹3 lakh crore | NII up 26% | CASA up 23% | Fee income at all-time high, up 32% | RoA at 1.32%

Federal Bank today reported net profit of ₹1,386.09 crore for the quarter ended 30 September 2026 (Q2 FY27), up 45.10% over the corresponding quarter of the previous year. This is the highest quarterly profit in the Bank’s history. The core franchise drove the earnings growth: net interest income grew 26.38%, fee income grew 31.86%, and gross and net NPA both reached decadal lows.

Key Highlights – Q2 FY27

• Profitability: Net profit ₹1,386.09 crore, highest ever, up 45.10% YoY and 17.77% QoQ. EPS rose 44.34% to ₹22.26. Operating profit grew 35.35% to ₹2,225.37 crore.
• Core Earnings Engine: Net Interest Income grew 26.38% to ₹3,153.40 crore, ahead of advances growth of 21.66%.
• Margin Expansion: NIM expanded 26 bps YoY to 3.32%. Cost of Funds fell 40 bps YoY. Cost of Deposits declined 39 bps YoY to 5.18%.
• Record Other Income: Other income reached ₹1,490.44 crore, up 37.73% YoY. Fee income grew 31.86% to ₹1,167.71 crore. Fee income to average earning assets at all-time high of 1.11%.
• Asset Quality: Gross NPA improved to 1.32% and Net NPA to 0.17%, both decadal lows.
• Fortified Coverage: PCR (excluding TWO) strengthened to 86.78%, up 1,333 bps YoY. Coverage including technical write-offs at 94.49%. Credit cost declined 19 bps YoY to 0.31%.
• Balance Sheet Scale: Total business franchise over ₹6.4 lakh crore, up 20.12% YoY. Deposits ₹3,42,693.56 crore, up 18.61% YoY. Gross advances ₹3,01,687.80 crore, up 21.66% YoY.
• CASA Franchise: CASA balances ₹1,09,803.15 crore, up 22.56% YoY. CASA ratio improved 103 bps YoY to 32.04%. Average CASA crossed ₹1 lakh crore.
• NR Franchise: NR deposits ₹1,19,055.98 crore, up 26.63% YoY. FCNR(B) deposits rose 239.14% YoY to ₹23,547.72 crore.
• Chosen Segments: Gold Loans grew 37.13% YoY; LAP grew 32.21% YoY; Credit Cards grew 28.27% YoY; Commercial Banking grew 25.46% YoY; CV/CE grew 21.74% YoY; Corporate & Institutional Banking grew 17.19% YoY to ₹1,04,666.02 crore; Business Banking returned to growth at 12.39% YoY.
• Operating Efficiency: Cost-to-Income ratio improved 196 bps YoY to 52.08%.
• Return Metrics: RoA improved 23 bps YoY to 1.32%. RoE expanded 256 bps YoY to 13.57%. Book value per share grew 17.48% YoY to ₹166.32.
• Capital: CRAR at 16.84% and Tier I at 15.76%, up 113 bps and 139 bps YoY.
• Network: 12 branches added, total 1,662 outlets.

MD & CEO’s Comment

This quarter marks several milestones for the Bank: our highest-ever profit, our total business franchise now stands at over ₹6.4 lakh crore and advances crossing ₹3 lakh crore. More importantly, the growth is coming from the core. Net interest income grew 26% and fee income 32%, and fee income relative to our earning assets is at an all-time high.

“Gross and net NPA are at their lowest levels in a decade, slippages are down 27% and provision coverage stands at 87%. We are growing faster while keeping the quality of the book intact.

“Our chosen segments are delivering as intended, and the CASA and NR franchises continue to deepen. As the rate environment turns, we enter the second half of the year with a strong capital position, a granular balance sheet and good momentum in our core business.

Asset Quality and Resilience

Gross and net NPA at decadal lows. Fresh slippages declined 27.48% YoY, slippage ratio improved to 0.59% from 0.94%. Restructured book reduced to ₹1,389.55 crore, or 0.46% of gross advances. Balanced approach to risk and shift towards secured, granular segments provide buffer against uncertainty.

ServiceNow Launches AI Passport to Reinvent Enterprise AI Governance

ServiceNow advances its operational harness for enterprise AI with AI Passport and expanded governance capabilities

• New AI Passport solution verifies first- and third-party AI agents’ scopes in real time
• Super Intelligence Control Tower expands discovery, visibility, control, and cost-to-value measurement capabilities on a single data model

ServiceNow (NYSE: NOW), the Super Intelligence Control Tower for business reinvention, today announced a new AI Passport solution and significant advances in AI governance to help ensure AI agents are production-ready by combining runtime governance, platform integration, and comprehensive oversight, all inside ServiceNow’s operational AI harness. Specifically, AI Passport is a new authority layer that gives enterprises runtime control over what AI agents and Model Context Protocol (MCP) servers are authorized to do at every point in a multi-agent workflow. ServiceNow also enables enterprises to discover what AI is running, control what AI agents do, and measure spend against outcomes with a broadened set of governance capabilities.

AI agents need more than a reasoning model to execute enterprise workflows securely. They need structure: which data or tools they can access, clear rules for what actions they’re allowed to do, and an auditable record of who authorized it. ServiceNow provides the operational foundation that helps enterprises make AI agents safe for production. AI Passport is a cryptographically signed credential that AI agents refer to at runtime, including environments such as NVIDIA OpenShell, to verify their authorized scope, grounded in enterprise business context for governed decisions. When an AI agent stays within its passport scope, it can operate freely. When it drifts, graduated responses can be enforced — redirecting, restricting, or reconnecting the AI agent with proper context — including kill switch capabilities at machine speed if termination is needed. ServiceNow’s Super Intelligence Control Tower keeps the full audit record behind actions, transforming AI agent execution into governed, auditable, and accountable work.

"As AI agents proliferate across the enterprise, visibility alone isn’t enough. Enterprises need confidence that every AI agent is operating within its authorized scope,” said Jon Sigler, executive vice president and general manager, AI Platform at ServiceNow. “ServiceNow closes that gap with an operational harness across AI Passport and new capabilities that unify agent authority, governance, and operational oversight so enterprises can scale agentic AI with control."

AI Passport: attested authority, enforceable at the edge

AI Passport is built on open specifications so that any governance product, identity provider, or enforcement point can issue and verify credentials for their own and third-party AI agents. Credentials are verifiable at every step in multi-agent workflows.

This represents a fundamental shift from reaction to prevention. Unlike audit trails, which show what happened after the fact, AI Passport helps prevent AI agents from acting outside their scope by authorizing what they can do at runtime. It brings ServiceNow’s ‘Shift Zero’ approach to life: secure by design, at inception. Each AI agent receives its own AI Passport, issued by the Super Intelligence Control Tower and grounded in the enterprise's live business context through ServiceNow Configuration Management Database (CMDB), Governance, Risk, and Compliance (GRC) policies, and workflow approvals. For third-party AI agents especially, this creates a verifiable permissions record rather than relying on the AI agent’s own ‘claims’ about its permissions.

The approach to AI Passport enables precision revocation and scoped delegation that narrows at each step for third-party agent governance, along with audit trails that include full compliance signatures. ServiceNow is also announcing NVIDIA as a design and launch partner, building a production-ready enforcement implementation using the NVIDIA Open Agent Safety Platform, which features NVIDIA OpenShell open-source secure runtime software and the NVIDIA Sentry security framework.

"As enterprises shift from experimenting with agents to running them in production, securing those agents demands enforcement at the infrastructure layer," said Itay Ozery, director of Product Marketing for Networking and Cybersecurity at NVIDIA. "By implementing AI Passport with the NVIDIA Open Agent Safety Platform, ServiceNow customers can continuously verify and enforce what every agent is authorized to do — at machine speed and at runtime."

Unified discovery, visibility, and measurement

In addition to AI Passport, ServiceNow delivers end-to-end AI governance on one unified platform across discovery, visibility, control, measurement, and compliance. The new capabilities announced today build on ServiceNow’s autonomous remediation and kill switch capabilities that empower enterprises to act with speed.

• Shadow AI detection that finds unapproved AI agents running in the network
• 400+ out-of-box connectors that will enable AI discovery across platforms and vendors
• Access mapping that grounds authorization decisions in actual entitlements
• Continuous enterprise AI observability that keeps track of AI agent traces and behavior

Beyond discovering what AI is running, enterprises need visibility into whether that AI is delivering value and operating within budget. ServiceNow is announcing:

• Cost governance that tracks user, department, and runtime spending
• Value intelligence that connects consumption, cost, quality, and realized user value
• AI Cost Management as part of IT Asset Management (ITAM), integrating frontier model, SaaS AI, hyperscaler, and GPU costs into a single view
• Policy enforcement that will manage alert-to-throttle-to-block graduated responses

AI control in highly regulated industries

For financial institutions, ungoverned assets and shadow AI multiply risk across compliance clocks. Regulators are shrinking incident notification windows far faster than manual, spreadsheet-driven programs can respond. ServiceNow's 2026 Banking AI Maturity Index reveals that gap: while 100 percent of banks report using AI, only 24 percent have the governance to match it.

ServiceNow's new Operational Resilience solution brings AI governance, risk, and security together in one place, with centralized data that helps financial institutions respond quickly. It gives CROs and CISOs the same real-time visibility and control. The Super Intelligence Control Tower senses ungoverned assets, identities, and AI agents across IT, OT, cloud, and third-party systems on one data model and unified platform. It is designed to treat a rogue AI agent like any other exposed asset: it finds it, flags it, and shuts it down, if needed.

What customers are saying

LTM Limited, "As we accelerate LTM’s growth as an AI-led enterprise, we have deployed 1,500 AI agents across the organization, each assigned an employee ID and manager to ensure accountability, oversight, and continuous improvement,” said Chandan Pani, Chief Information Security Officer, LTM. "ServiceNow’s control tower provides a single system of record for these AI agents, giving us centralized visibility into inventory, risk, and compliance. By streamlining AI asset management and strengthening governance, we expect to improve operational efficiency significantly."

Availability

AI Passport, shadow AI detection, and AI Cost Management are expected to be available in Q4 2026. ServiceNow’s Operational Resilience solution for financial services is available today.

About ServiceNow

ServiceNow (NYSE: NOW) is the Super Intelligence Control Tower for business reinvention. The ServiceNow platform integrates with any model, any cloud, and any data source to orchestrate, govern, and secure work across the agentic enterprise. ServiceNow gives customers the enterprise context and control to build and scale confidently.

Nucleus Software’s AI Agent Gives Loan Statements a Voice, Wins CII National AI Award

The Loan Statement Finds Its Voice: Nucleus Software's Generative AI agent turns Loan Data into Personalized Videos in 11+ languages, Wins CII National AI Award

Recognised in the 'Most Innovative Practice' category, Nucleus Software's Visual Report Agent uses Generative AI to simplify financial communication, with an estimated 10–15% reduction in customer education costs and a projected 50% improvement in customer experience.

Nucleus Software, a global provider of digital lending and transaction banking solutions, has won the 'Most Innovative Practice' award at the 3rd CII National AI Awards 2026, held in conjunction with the CII Global Artificial Intelligence Summit, for its Generative AI-powered Visual Report Agent, integrated with its flagship digital lending platform, FinnOne Neo®.

Beyond Regulatory Disclosure: Making Financial Information Truly Understandable

India's rapidly expanding digital banking ecosystem serves customers across a vast diversity of languages, geographies and levels of financial literacy. While digitalisation has made accessing financial services easier, understanding complex financial information remains a challenge.

Recognising this broader challenge, Nucleus Software has taken the principle of borrower understanding a step further through its Visual Report Agent, applying Generative AI to simplify ongoing loan communication in customers' preferred languages.

Giving Loan Statements a Voice Through Generative AI

Integrated with FinnOne Neo®, the Visual Report Agent combines Generative AI, neural machine translation and text-to-speech technologies to convert complex loan statements into simple, personalised, narrated video summaries in more than 10 Indian vernacular languages and Arabic.
Built as an API-enabled, zero-touch microservice, the Visual Report Agent can be integrated into existing loan management environments without requiring fundamental changes to customer-facing channels.

• Transforms conventional loan statements into personalised financial explanations
• Aims to strengthen financial inclusion, confidence and engagement
• Helps reduce delinquency

Responsible AI with Tangible Business Potential

Beyond simplifying financial communication, the Visual Report Agent demonstrates how Generative AI can simultaneously support better customer experiences and greater operational efficiency.

• Estimated 10–15% reduction in operational costs associated with customer education
• Projected 50% improvement in overall customer experience
• Safeguards include domain-specific prompt engineering, hallucination controls, continuous monitoring, encryption and customer data isolation

Innovation at the Core: Leadership Perspective

Parag Bhise, CEO & Executive Director, Nucleus Software: “At Nucleus Software, innovation has always been at our core. For over four decades, we have embraced disruptive technologies, from AI to tokenization, to reimagine financial services. In a diverse country like India, our Generative AI-powered Visual Report Agent gives complex loan statements a voice in 10+ Indian vernacular languages and Arabic, making financial information simpler and more accessible, with the potential to reduce customer-education costs by 10–15%. This CII recognition reinforces our commitment to responsible, customer-first innovation and our vision of making financial services access easy and enriching worldwide. For us, true innovation is measured by the difference it makes in people's lives.”

Shaping the Future of Inclusive, AI-Powered Banking

The CII recognition reinforces Nucleus Software's commitment to responsible, purpose-driven AI innovation. As India advances towards greater financial transparency and informed borrowing, the Visual Report Agent goes beyond conventional reporting to make financial communication simpler, personalised and accessible.

About Nucleus Software

Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.

• Delivers disruptive Fintech Solutions to 200+ Banks and Financial Institutions across 50 countries
• Solutions manage over $15 trillion value of yearly transactions
• Lending platform manages $1.2 trillion+ value of loans globally
• Flagship Products: FinnOne Neo® and FinnAxia®
• Recognized by Gartner® and Forrester®

FinnOne Neo®

The next-generation digital lending platform, designed to revolutionize the lending process. Built on advanced technology, empowering financial institutions to streamline operations, enhance customer experiences, and drive growth.

FinnAxia®

An integrated global transaction banking suite, trusted worldwide to optimize transaction banking processes. Enables efficient cash management, trade finance, liquidity management, and more.

Nucleus Software Digital Services

Comprehensive suite of services tailored to assist banks and financial institutions in their digital transformation journey.

As You Asked Secures ₹45 Lakh to Simplify Children’s Nutrition

Founders – Nehal Sharma and Vinayak Dhingra 

Backed by ISB D-Labs and angel investors, the nutrition brand will use the capital to support its market launch, product development and expansion of its daily nutrition, hydration and micronutrient range for children aged 2–12.

As You Asked, a nutrition-focused brand rethinking everyday nutrition through clarity, restraint and usability, has raised ₹45 lakh in a pre-seed funding round from ISB D-Labs & and angel investors The round was entirely equity-funded. The capital will support the brand’s broader market launch and initial product expansion.

As You Asked plans to introduce daily nutrition support powders, hydration powders for active days and micronutrient gummies without added sugars, designed to fit into everyday routines without unnecessary ingredients or complexity. The initial range will focus on children aged 2–12, with age-calibrated formulations developed for consistent, long-term use.

“This didn’t start as a business idea, it started with two very different health journeys that eventually led to the same question: what does ‘normal’ nutrition actually mean over time?” said Nehal Sharma, Founder of As You Asked. “What became clear is that nutrition isn’t failing because people don’t care. We’ve seen extremes of anorexia, bulimia, obesity and then a moment where, despite doing everything ‘right’ as adults, a serious health event still happened. That changes how you think about prevention. It’s failing because the system around it is built on excess, not adequacy.”

The company has shaped its approach through conversations with 100+ parents, more than 200 child taste tests and an early pilot involving 200+ customers, helping the team understand how children’s eating patterns, taste preferences and family routines influence everyday nutrition choices.

“Today, you see high awareness around protein and performance, but very little confidence when it comes to everyday nutrition for children. Parents are still unsure what is safe to use daily, long-term, without unintended effects. That’s the gap we’re addressing. We avoid ingredients that are unnecessary or poorly justified. And we design everything for consistency, not intensity, because in nutrition, what holds up over years matters more than what looks impressive in a moment.”

The funds will be deployed across product development and building consumer trust, with a focus on formulation, manufacturing, distribution and transparent communication with parents. As You Asked plans to expand into other underserved areas of nutrition while maintaining its focus on making everyday nutrition simple, practical and easier to understand.

About As You Asked

As You Asked (AYA) is a nutrition brand focused on making everyday nutrition simpler, more considered and easier for families to incorporate into daily routines. Built on the principle of “Listen First, Then Build,” AYA develops nutrition products by listening to parents, understanding real routines and working with nutrition experts to create measured, purposeful formulations. Its approach is centred on clarity, repeatability and food-first nutrition, with products designed to complement everyday meals rather than replace them.

AYA’s initial range includes daily nutrition, hydration and vitamin products for children, including an age-specific milk mix with measured protein support, a hydration formulation combining sodium, potassium, magnesium and glucose for active days, and micronutrient gummies formulated without added sugar or sugar alcohols. The products are developed for everyday use and manufactured in GMP-certified, FDA-approved facilities, adhering to established quality and safety standards.

Wesbite: https://asyouasked.com/

India’s Toy Giant Funskool Goes Global

Company targets turnover of over INR 400 crore in FY 2026–27

Funskool India Limited, India’s leading toy company, is expanding its international portfolio through a growing network of licensing, manufacturing and distribution partnerships with some of the world’s most respected toy brands. By combining these global partnerships with in-house product innovation and proven manufacturing strength, Funskool continues to offer Indian families one of the widest and most trusted ranges of toys in the country.

Strong Financial Momentum

KA Shabir, CEO , Funskool India Limited

Funskool crossed a turnover of INR 329 crore in FY 2025–26, demonstrating resilience and steady growth in a challenging global environment. Momentum has accelerated in FY 2026–27: in the first half of the year, exports have grown by over 30% and domestic business by over 20%. The company expects to close the year with healthy double-digit growth in both businesses and is targeting a turnover of over INR 400 crore, representing growth of more than 20%.

Manufacturing Strength and Responsible Growth

Over the past six years, Funskool has invested approximately INR 149 crore in expanding its manufacturing facilities and capabilities at Goa and Ranipet. These investments have strengthened our position as a global manufacturing partner, supported export growth, increased foreign exchange earnings and created significant employment opportunities in local communities. Notably, women account more than 70% of our workforce at our factories, reflecting our commitment to inclusive growth and women’s empowerment.

Funskool’s own brands and private label brands were exported to over 63 countries last year. While our own-brand exports currently represent a smaller share of our business compared to contract manufacturing for international brands, we continue to invest in new product development, innovation and portfolio expansion. Our long-term vision is to build Funskool into a stronger Indian toy brand with a growing presence in international markets.

A World of Play, Made Accessible in India

Funskool continues to strengthen its portfolio through strategic partnerships with leading international toy companies, including Simba Toys (Germany), Moltó (Spain), Dr. Wood (Australia), Buffalo Games (USA), Sanrio (Japan), Spin Master (Canada) and Asmodee (France).

Leveraging its strong manufacturing capabilities and extensive distribution network across India, Funskool brings globally popular toys and games to Indian consumers, either through licensed manufacturing at its own facilities or direct distribution. These partnerships enable Funskool to offer a diverse range of international products across age groups, play categories and price points.
The latest additions to Funskool’s portfolio include musical toys, activity toys, puzzles, strategy games and imaginative pretend-play sets, designed to encourage creativity, problem solving, sensory development and interactive learning.

Building on the successful introduction of popular properties such as Hello Kitty from Sanrio and PAW Patrol from Spin Master, Funskool is further expanding its licensed portfolio with new properties, including Coco melon from Moon bug Entertainment, while continuing to strengthen relationships with its existing global partners.

Mr. K.A. Shabir, CEO, Funskool India Ltd., said: “Indian consumers today are increasingly looking for toys that offer a combination of quality, safety, innovation and play value. Our partnerships with leading global toy companies enable us to bring some of the world’s most loved brands to Indian children. What sets Funskool apart is our ability to combine these international partnerships with our own manufacturing strengths and extensive distribution network, making world-class toys accessible and affordable to families across India. We remain committed to bringing the best of global play experiences to Indian homes.”

Homegrown Innovation

Innovation and new product development remain central to Funskool’s growth strategy. With a dedicated in-house design and development centre, Funskool has the capability to take products from concept and design through tooling, development and manufacturing. This integrated approach enables the company to introduce approximately 50–60 new products every year, strengthening its portfolio across multiple play categories.

Alongside its international brands, Funskool continues to invest in developing its own home grown products. Its latest offerings include Blazetrix friction powered vehicles, Quilling Art and Paper Craft in the arts and crafts segment, Fairy Makeover in creative play, and the WOOD’E Learning Bus in educational toys. These products are designed to encourage creativity, imagination, problem-solving, motor skills and learning through play, catering to children across different age groups and interests.

Looking ahead, Funskool remains committed to strengthening its own brands while expanding its international partnerships. By combining in house innovation, world class manufacturing capabilities and a strong nationwide distribution network, the company aims to make quality, innovative and engaging toys accessible to children across India, while building a stronger global presence for Indian designed and manufactured toys.

Our International Partners

Simba Toys, Germany

Founded in 1982, Simba Toys brings together a family of brands covering a wide range of toys and games for children of every age.
Its ABC brand nurtures the natural curiosity of babies and toddlers as they discover the world around them.

Funskool launched its first Simba ABC products in India in April 2026 with My Hammer Bench and Magic Cube Sea World.

Funskool now manufactures and distributes My Music Set (12 months+) and My Magic Cube Puzzle Set – Animals (18 months+), designed to support sensory development, creativity, fine motor skills and problem-solving.

Moltó, Spain

Founded in 1955 by Pedro Moltó Valero, Moltó specialises in educational and early-childhood toys, including activity toys, ride-ons, construction toys, play kitchens, tricycles and baby products.

Funskool introduced Moltó to India in 2025, beginning with its truck series.
Funskool now manufactures and distributes My Lady Bug (18 months+) and My Activity Farm (12 months+), which support fine motor skills, hand–eye coordination, shape recognition and sensory exploration.

Dr. Wood, Australia

Created by Australian puzzle designer Dr. Mark T. Wood, Dr. Wood puzzles are known for brain-training challenges that combine creativity with problem-solving and spatial reasoning.
Mindwork Games holds the licence in India, with Funskool as its distribution partner.
Funskool distributes The Kaleidoscope Classic (6 years+), an 18-piece pattern-building puzzle that encourages logical thinking, spatial awareness and creativity.

Buffalo Games, USA

Founded in 1986, Buffalo Games creates a diverse range of board games, jigsaw puzzles, party games, arts and crafts, and educational products.

Funskool produces and distributes Sushi Go! (8 years+), a fast-paced card game that builds strategy, decision-making and social play, and Outfoxed! (5 years+), a cooperative mystery game that develops observation, deduction and problem-solving skills.

Sanrio, Japan

Founded in 1960, Sanrio is a character and lifestyle brand that creates and licenses beloved characters across toys, stationery, fashion, accessories and lifestyle products. Hello Kitty, created in 1974, is its most recognised character, celebrating friendship, kindness and sharing happiness.

Funskool launched its first Hello Kitty and Friends products in India in April 2026: Weaving Beads, Shakky Charms and Coin Bank.
Under its Fundough range, Funskool produces and distributes Hello Kitty Donut Party (3 years+), a food-themed pretend-play set that encourages creativity, imagination, communication and fine motor skills.

Spin Master Corp. (TSX: TOY), Canada

Spin Master is a global children’s entertainment company operating across toys, entertainment and digital games, with distribution in over 100 countries and brands including PAW Patrol®, Hatchimals®, Bakugan® and Rubik’s® Cube.
Spin Master Entertainment creates multiplatform content, including PAW Patrol, original shows, short-form series and feature films, and licenses popular properties worldwide.

Funskool produces and distributes the PAW Patrol Dino Team Pack and Dino Themed Vehicles (3 years+), featuring Chase, Marshall, Skye, Rubble, Rocky and Zuma, inspiring imaginative play.

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About Funskool India Limited

Funskool India Limited is India’s leading toy manufacturer, promoted by the MRF Group. Since beginning commercial operations in 1987, Funskool has pioneered quality and safety in Indian toys and raised standards across the market. With state-of-the-art manufacturing facilities in Goa and Ranipet and the largest range of toys offered by any Indian company, Funskool has something for every child and every parent. Its mission is to help every Indian child grow up with quality toys that contribute to their development, and to encourage parents to see toys as a valuable investment in that growth.