HDFC Bank Ltd (HDB) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to HDFC Bank Limited Q2 FY '23 Earnings Conference Call on the Financial Results Presented by the Management of HDFC Bank. (Operator Instructions) Please note that this conference is being recorded.

女士們，先生們，晚上好，歡迎來到 HDFC Bank Limited Q2 FY '23 收益電話會議，討論 HDFC 銀行管理層提出的財務業績。 （操作員說明）請注意，本次會議正在錄製中。

I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you. And over to you, sir.

我現在將會議交給 HDFC 銀行首席財務官 Srinivasan Vaidyanathan 先生。謝謝你。先生，交給你了。

Thank you, Rutuja. Good evening to all. Let's start with a brief overview for the context. We believe that the continued recovery in domestic demand boosted with the onset of festive season and higher government CapExprovides support to the growth. While there are risks coming from the possibility of global slowdown, higher inflationary pressure and an uneven monsoon, consumer demand and fiscal spends are likely to keep the economy stimulated. Geopolitical instability, strong U.S. dollar, et cetera, continue to occupy center stage during the quarter.

謝謝你，魯圖亞。大家晚上好。讓我們從上下文的簡要概述開始。我們認為，隨著節日季節的到來和政府資本上限的提高，國內需求的持續復甦為增長提供了支持。儘管全球經濟放緩、通脹壓力上升和季風不平衡可能帶來風險，但消費者需求和財政支出可能會繼續刺激經濟。地緣政治不穩定、美元走強等在本季度繼續佔據中心位置。

Active indicators released during July to September quarter indicate that economic activity continues to hold up despite global risk. High frequency and other indicators have risen so far this year and is also promising to provide further opportunity and optimism in the economy. Labor market conditions are also improving in the rural areas as seen by the fall in the Mnrega work demand and the rise in wage growth. RBI raised the policy rate by 100 basis points in the quarter, taking the repo rate to 5.9%, the Central Bank has hiked rates by 190 basis points since May 22. The Central Bank has kept its stance unchanged at withdrawal of accommodation with supporting growth. We estimate that the GDP growth to be around 7% for financial year '23.

7 月至 9 月季度發布的活躍指標表明，儘管存在全球風險，但經濟活動繼續保持強勁。今年到目前為止，高頻和其他指標已經上升，也有望為經濟提供進一步的機會和樂觀情緒。從 Mnrega 工作需求下降和工資增長上升可以看出，農村地區的勞動力市場狀況也在改善。印度儲備銀行在本季度將政策利率上調 100 個基點，將回購利率提高至 5.9%，央行自 5 月 22 日以來已加息 190 個基點。央行在退出支持增長的寬鬆政策方面保持不變.我們估計 23 財年的 GDP 增長率約為 7%。

Let's go through key themes.

讓我們來看看關鍵主題。

On the distribution expansion. We added 121 branches during the quarter, and about 500 more branches are in various stages in the pipeline to be opened in the next few months. We have 15,691 business correspondence, an increase of 73% over prior quarter. Gold loan processing are now offered in 2,960 branches, an increase of 900 branches in the current quarter and up 2.2x over March 22.

關於分佈擴展。我們在本季度增加了 121 家分店，還有大約 500 家分店處於不同階段，將在未來幾個月內開設。我們有 15,691 封商務信函，比上一季度增長 73%。現在有 2,960 家分行提供黃金貸款處理服務，本季度增加了 900 家，比 3 月 22 日增加了 2.2 倍。

Payment acceptance points have grown by INR 269,000 in the quarter to INR 3.5 million and have grown by over INR 1 million versus prior year, a growth of 41%. Wealth Management is now offered in 502 locations through hub-and-spoke model. We have expanded by 145 new locations in the quarter. We plan to drive increase in market share through deepening in geographies. In customer franchise building, our people have acquired 2.9 million new liability relationships, exhibiting a healthy growth of 22% over prior year and 11% over prior quarter.

本季度支付受理點增加了 269,000 盧比，達到 350 萬盧比，與去年相比增長了 100 萬盧比，增長了 41%。財富管理現在通過中心輻射模式在 502 個地點提供。我們在本季度增加了 145 個新地點。我們計劃通過深化地域來推動市場份額的增加。在客戶特許經營建設方面，我們的員工獲得了 290 萬個新的責任關係，比去年同期健康增長 22%，比上一季度增長 11%。

Over the last 5 quarters, we have steadily acquired over 2 million new customer liability relationships per quarter, enabling us to further broad base and deepen our relationships in time to come. On Cards, we have issued 1.2 million cards during the quarter. Total card base is now $16.3 million. During the course we also closed 2.4 million cards, which have been inactive for a period of time and according to the RBI guidelines. We are focused on granular deposits. Total deposits amounted to INR 1,673,000 crores, an increase of 4.3% over prior quarter and up 19% over prior year. In retail deposits, we added INR 71,000 crores during the quarter and INR 2,35,000 crores since prior year September. Retail constitutes about 83% of total deposits.

在過去的 5 個季度中，我們每季度穩步獲得超過 200 萬個新的客戶責任關係，使我們能夠進一步擴大基礎並及時加深我們的關係。在卡片方面，我們在本季度發行了 120 萬張卡片。現在總卡基數為 1630 萬美元。在課程期間，我們還關閉了 240 萬張卡，這些卡已根據 RBI 指南在一段時間內處於非活動狀態。我們專注於顆粒狀沉積物。存款總額為 1,673,000 千萬盧比，比上一季度增長 4.3%，比上年增長 19%。在零售存款方面，我們在本季度增加了 7100 億盧比，自去年 9 月以來增加了 23500 億盧比。零售約佔總存款的 83%。

Retail deposits has been the anchor of our deposit growth. CASA deposits recorded a strong growth of 15.4% year-on-year, ending the quarter at INR 7,59,000 crores with a CASA ratio of 45.4%. Retail CASA grew by 19% and retail total deposits grew by 20.4% year-on-year. Term deposit registered a robust growth of 22% year-on-year, ending the quarter at INR 9,13,712 crores. On the advances side, which were at INR 14,79,873 crores grew by 6.1% sequentially and 23.4% over prior year. Our retail advances growth was robust. Domestic retail grew by 21.4% year-on-year and 4.9% quarter-on-quarter. Card spends have grown 9% over prior quarters.

零售存款一直是我們存款增長的支柱。 CASA 存款同比強勁增長 15.4%，本季度末達到 75900 億印度盧比，CASA 比率為 45.4%。零售 CASA 增長 19%，零售存款總額同比增長 20.4%。定期存款同比強勁增長 22%，本季度末達到 9,13,712 千萬盧比。在預付款方面，為 14,79,873 千萬盧比，環比增長 6.1%，比上年增長 23.4%。我們的零售預付款增長強勁。國內零售同比增長 21.4%，環比增長 4.9%。卡支出比前幾個季度增長了 9%。

Commercial and rural banking, which drives our MSME and PSL book continued its momentum with a year-on-year growth of 31% and quarter-on-quarter growth of 9%, 9.4%. Our SME businesses are present in 90% of the districts in the country, rural business reach expanded to 1.42 lakh villages and is on track to reach project of 2 lakh villages. Wholesale segment witnessed a strong growth year-on-year of 27% and quarter-on-quarter growth of 9%. On the technology front, the bank continues its momentum on the technology and digital transformation to provide greater customer experience through the digital and enterprise factory.

推動我們的 MSME 和 PSL 賬簿的商業和農村銀行業務繼續保持增長勢頭，同比增長 31%，環比增長 9%、9.4%。我們的中小企業業務遍布全國 90% 的地區，農村業務覆蓋範圍擴大到 14.2 萬個村莊，並有望達到 20 萬個村莊的項目。批發業務同比增長 27%，環比增長 9%。在技術方面，銀行繼續推進技術和數字化轉型，通過數字化和企業化工廠提供更好的客戶體驗。

HDFC Bank One that is the customer experience hub was launched and we migrated phone banking, virtual relationship banking and Tele sales from this platform in the recent quarter. It enhances our customer relationship management process using LML and conversation bot enabling round-the-clock sell service capabilities into a human interaction. Phone banking voice support rollout is underway across the country, adding more cities along with multilingual support. We see this as a significant step in our journey to create an engaging customer experience while at the same time, bringing in productivity improvements to our call-center operations. We launched PayZapp 2.0 to a closed user group for performance optimization and improved payment experiences.

作為客戶體驗中心的 HDFC Bank One 推出，我們在最近一個季度從該平台遷移了電話銀行、虛擬關係銀行和電話銷售。它使用 LML 和對話機器人增強了我們的客戶關係管理流程，將全天候銷售服務功能融入到人際互動中。電話銀行語音支持正在全國范圍內推廣，增加了更多城市以及多語言支持。我們認為這是我們在創造引人入勝的客戶體驗的過程中邁出的重要一步，同時為我們的呼叫中心運營帶來了生產力的提高。我們向封閉的用戶群推出了 PayZapp 2.0，以優化性能並改善支付體驗。

We expect to broad base the rollout shortly. SmartUp Vyapar app, a one-stop merchant solution was formally launched to facilitate instant digital and paperless merchant onboarding and allow merchants to accept interoperable payments across multiple payment modes, including cards, tap-and-pay, UPI and QR code. The platform is adding more than 60,000 merchants every month. As of end September, over 1.6 million small businesses are on the SmartUp Vyapar app. In Q2, we received a total of 261 million visits on our website, averaging about 30 million unique customers per month with a year-on-year growth of around 12%. Our well-established distribution network, combined with our focused digital offering and relationship management continue to fuel growth.

我們預計不久將廣泛推出。正式推出一站式商戶解決方案 SmartUp Vyapar 應用程序，以促進即時數字和無紙化商戶入職，並允許商戶接受多種支付方式的互操作支付，包括卡、觸碰支付、UPI 和二維碼。該平台每月新增 60,000 多家商家。截至 9 月底，已有超過 160 萬家小企業使用 SmartUp Vyapar 應用程序。第二季度，我們的網站共獲得 2.61 億次訪問，平均每月有約 3000 萬獨立客戶，同比增長約 12%。我們完善的分銷網絡，加上我們專注的數字產品和關係管理，繼續推動增長。

Balance sheet remains resilient. Tier 1 CAR for the quarter was at 118%, Capital adequacy ratio is at 18% and CET1 is at 16.3%, including profits for the half year ended September 30, 22. Let's start with revenues. Net revenues were at INR 28,617 crores. Core net revenues were at INR 28,833 crores excludes the trading and mark-to-market losses, which grew by 18.3% over prior year and 6.2% over prior quarter, driven by advances growth of 23%, deposits growth of 19% and total balance sheet growth of over 20%. Net interest income for the quarter at INR 21,000 crores, grew by 18.9% over prior year and 7.9% over prior quarter. The core net interest margin for the quarter was at 4.1%. Prior year was also at 4.1% and prior quarter was at 4%. Based on interest earning assets, the core net interest margin was at 4.3%. Moving on to the details of other income.

資產負債表保持彈性。本季度的一級資本充足率為 118%，資本充足率為 18%，CET1 為 16.3%，包括截至 22 年 9 月 30 日的半年利潤。讓我們從收入開始。淨收入為 28,617 千萬盧比。核心淨收入為 28,833 千萬盧比，不包括交易和按市值計價損失，比上年增長 18.3%，比上一季度增長 6.2%，這主要得益於預付款增長 23%、存款增長 19% 和總餘額板材增長率超過 20%。本季度的淨利息收入為 21,000 千萬盧比，比去年同期增長 18.9%，比上一季度增長 7.9%。本季度的核心淨息差為 4.1%。上一年也為 4.1%，上一季度為 4%。按生息資產計算，核心淨息差為 4.3%。繼續討論其他收入的細節。

Fees and commission income, constituting 3/4 of other income, was at INR 5,800 crores and grew by 17% over prior year and 8% over prior quarter. Retail constitutes approximately 93% of the fees. FX and derivatives income at INR 948 crores was higher by 9.3% compared to prior year. Trading and mark-to-market losses were INR 253 crores loss. The mark-to-market losses are mainly from our AFS investments in our corporate bond and PTCs due to rate movements in the front-end incurred. Prior quarter was also at a negative INR 1,312 crores and prior year was a gain of INR 676 crores, which were then opportunistic from an investment portfolio. Other miscellaneous income of INR 1,098 crores includes recoveries from return of accounts and dividends from subsidiaries. Excluding trading and mark-to-market losses, total other income at INR 7,849 crores grew by 16.7% over prior year.

佔其他收入 3/4 的費用和佣金收入為 580 億印度盧比，比上年增長 17%，比上一季度增長 8%。零售約佔費用的 93%。外彙和衍生品收入為 94.8 億印度盧比，比上年增長 9.3%。交易和市值損失為 25.3 億印度盧比。市值損失主要來自我們對公司債券和 PTC 的 AFS 投資，原因是前端利率變動。上一季度也為負 131.2 億印度盧比，上一年為 67.6 億印度盧比，這是投資組合的機會性收益。其他 109.8 億印度盧比的雜項收入包括從賬目返還中收回的款項和子公司的股息。不包括交易和按市值計價的損失，其他總收入為 7,849 千萬盧比，比上年增長 16.7%。

Moving to operating expenses for the quarter, which were at INR 11,225 crores, an increase of 21% over prior year and increased to 6.9% over prior quarter. As I mentioned earlier, we added [813] branches and 2,226 ATMs since last year, 121 branches and 248 ATMs last quarter, taking the total network strength to 6,499 branches 18,868 ATMs and 15,691 business correspondents. Cost-to-income ratio for the quarter was at 39.2%.

轉向本季度的運營費用，為 11,225 千萬盧比，比去年同期增長 21%，比上一季度增長 6.9%。正如我之前提到的，我們從去年開始增加了[813]個分支機構和2,226台ATM，上個季度增加了121個分支機構和248台ATM，使總網絡實力達到6,499個分支機構，18,868台ATM和15,691個業務通訊員。本季度的成本收入比為 39.2%。

Moving on to PPOP. -- our core PPOP grew by 16.6% year-on-year and 5.8% sequentially. Our Pre-provision Operating Profit was at INR 17,392 crores. Pre-provision operating profit for the quarter is 5.37x of total provisions. Coming to asset quality. The GNPA ratio was at 1.23% as compared to 1.35% prior year and 1.28% in the prior quarter, out of the 1.23%. About 19 basis points are standard that the core GNPA ratio is at 1.04. However, these are included by us as one of the other facilities or the borrower is in NPA. Net NPA ratio was at 33 basis points. Prior year was at 40 basis points and preceding quarter was 35 basis points. The slippage ratio for the current quarter is at 36 basis points or about INR 5,700 crores. During the quarter, recoveries and upgrades were about INR 2,500 crores or about 19 basis points. Write-offs in the quarter were about INR 3,000 crores are approximately 22 basis points. There was no sale of assets or written-off accounts in the quarter.

繼續使用 PPOP。 ——我們的核心 PPOP 同比增長 16.6%，環比增長 5.8%。我們的撥備前營業利潤為 17,392 千萬盧比。本季度撥備前營業利潤為撥備總額的 5.37 倍。來到資產質量。與去年同期的 1.35% 和上一季度的 1.28% 相比，國民生產總值比率為 1.23%，而上一季度為 1.23%。大約 19 個基點是核心 GNPA 比率為 1.04 的標準。但是，這些被我們列為其他設施之一，或者藉款人在 NPA 中。淨 NPA 比率為 33 個基點。上一年為 40 個基點，上一季度為 35 個基點。本季度的滑點率為 36 個基點或約 570 億印度盧比。本季度，恢復和升級約為 250 億印度盧比或約 19 個基點。本季度的核銷約為 300 億印度盧比，約為 22 個基點。本季度沒有出售資產或註銷賬戶。

The restructuring under the RBI resolution framework for 2019 as of September end stands at 53 basis points, INR 7,851 crores. In addition, certain subsidiaries of the same borrowers which are not restructured is approximately 9 basis points. On provisions, the total process reported were around INR 3,200 crores as against INR 3,900 crores for the prior year and INR 3,200 crores during the prior quarter. The provision coverage ratio was at 73%, up against 71% in prior years, and it was at 73% in prior quarter 2.

截至 9 月底，印度儲備銀行決議框架下的 2019 年重組為 53 個基點，即 785.1 億印度盧比。此外，同一借款人的某些未重組的子公司約為 9 個基點。在撥備方面，報告的總流程約為 320 億印度盧比，而上一年為 390 億印度盧比，上一季度為 320 億印度盧比。撥備覆蓋率為 73%，高於往年的 71%，上一季度為 73%。

At the end of current quarter, contingent provisions and floating provisions remained close to the prior quarter level at INR 11,000 crores, general provisions were at INR 6,800 crores, total provisions comprising specific floating, contingent and general provisions were about 171% of gross nonperforming loans. This is in addition to the security held as collateral float in several of the cases. Floating and contingent and general provisions were about 1.19% of gross advances as of September quarter end.

截至本季度末，或有準備金和浮動準備金仍接近上一季度的水平，為 1100 億印度盧比，一般準備金為 680 億印度盧比，包括特定浮動準備金、或有準備金和一般準備金在內的總準備金約佔不良貸款總額的 171% .這是在幾個案例中作為抵押浮動的證券的補充。截至 9 月季度末，浮動和或有及一般準備金約佔預付款總額的 1.19%。

Now coming to credit cost ratios. The total annualized credit cost for the quarter was 87 basis points. Prior year was 130 basis points and prior quarter was 91 basis points. Recoveries which are recorded as miscellaneous income amounted to 22 basis point from growth advances for the quarter at around 23 basis points for prior year as well as prior quarter. The total credit cost ratio, net of recovery was at 64 basis points as compared to 103 basis points in prior year and 68 basis points in prior quarter.

現在談到信貸成本比率。本季度的年化信貸總成本為 87 個基點。上一年為 130 個基點，上一季度為 91 個基點。記錄為雜項收入的回收量從本季度的增長進步中增加了 22 個基點，上一年和上一季度約為 23 個基點。扣除回收後的總信貸成本比率為 64 個基點，而去年同期為 103 個基點，上一季度為 68 個基點。

Now coming to profit. Profit before tax was at INR 14,152 crores. Net profit after tax for the quarter at INR 10,606 crores grew by 20% over prior year.

現在開始盈利。稅前利潤為 14,152 千萬盧比。本季度稅後淨利潤為 10,606 千萬盧比，比去年同期增長 20%。

Now some highlights on HDB Financial Services. This is on an Ind-AS basis. The momentum in disbursements continued during the quarter, which was at INR 9,860 crores, registering a healthy growth of 29% year-on-year and 8.5% sequentially. Customer franchise grew to 10.4 million customers with a 6% additions during the quarter and an increase of 23% year-on-year. HDB Financial Services has started to augment the distribution networks and opened 4 branches in the quarter, taking it to 1,407 branches spread across 1,009 cities and towns. The total loan book as of September end stood at INR 63,112 crores with secured loans comprising 75% of the total book. Net revenue for the quarter was INR 2,201 crores, a growth of 14.9% on a year-on-year basis.

現在是組屋金融服務的一些亮點。這是基於 Ind-AS 的。本季度的支付勢頭繼續保持，為 986 億印度盧比，同比增長 29%，環比增長 8.5%。客戶特許經營增長至 1,040 萬客戶，本季度增長 6%，同比增長 23%。建屋發展銀行金融服務已開始擴大分銷網絡，並在本季度開設了 4 家分行，達到 1,407 家分行，遍布 1,009 個城鎮。截至 9 月底，貸款總額為 63,112 千萬印度盧比，擔保貸款佔總額的 75%。本季度的淨收入為 220.1 億印度盧比，同比增長 14.9%。

Cost to income for the lending business was at 38.4%. Provisions and contingency for the quarter were INR 351 crores as against INR 398 crores for prior quarters and INR 634 crores for prior year. Quality of the book in the current quarter has sustained the improvement shown in the last 2 quarters. Stage 3, as of end September stood at 4.9% after factoring in the 1.1% impact of the new RBI guideline from late last year, reflecting sustained healthy collections. The provision coverage ratio on secured and unsecured book stood at 46.5% and 92%, respectively. Profit after tax for the quarter ended September 30 was INR 471 crores as against INR 192 crores for the quarter ended last year same time. Return on assets, slightly over 3% and return on equity, 18.5%.

貸款業務的收入成本比為 38.4%。本季度的準備金和應急準備金為 35.1 億盧比，而上一季度為 39.8 億盧比，上年為 63.4 億盧比。本季度的圖書質量維持了過去兩個季度的改善。考慮到去年底新 RBI 指南的 1.1% 影響後，截至 9 月底的第 3 階段為 4.9%，反映了持續健康的收集。有抵押和無抵押賬面撥備覆蓋率分別為46.5%和92%。截至 9 月 30 日的季度稅後利潤為 47.1 億盧比，而去年同期為 19.2 億盧比。資產回報率略高於 3%，股本回報率 18.5%。

Earnings per share for the quarter, 5.96 5.96% and book value per share was INR 131. STP remains very capitalized with a capital adequacy ratio at 20.8%. STP also continues to augment the digital investments to enable the next level of growth in its business across segments while maintaining healthy asset quality. Now moving on to HSL. Again, on an Ind-AS basis, the physical network for the customer acquisition remains steady. HSL has 25 branches across 147 cities and towns as of end September. -- securities has grown very strongly with a year-on-year growth of 36% over prior year September, taking the overall coin base to 4.14 million.

本季度每股收益為 5.96 5.96%，每股賬面價值為 131 盧比。STP 仍然資本充足，資本充足率為 20.8%。 STP 還繼續增加數字投資，以在保持健康資產質量的同時實現跨部門業務的下一個增長水平。現在轉到 HSL。同樣，在 Ind-AS 的基礎上，客戶獲取的物理網絡保持穩定。截至 9 月底，HSL 在 147 個城鎮擁有 25 個分支機構。 - 證券增長非常強勁，比去年 9 月同比增長 36%，使總硬幣基數達到 414 萬。

Except as digital offerings are in very good traction in the market. Over 91% of retail broking revenues from trades that are originated digitally. The total reported revenue for the quarter was at INR 468 crores as against INR 489 crore in the prior year, and net profit after tax was at INR 191 crores at against INR 240 crores in the prior year. Earnings per share in the quarter was INR 120 million to INR 120.59 million, and book value per share was at 1,084. In summary, strong momentum, coupled with our seamless execution being comprehensive range of products and services has helped us capitalize on growth opportunities.

除非數字產品在市場上具有很好的吸引力。超過 91% 的零售經紀收入來自數字交易。本季度報告的總收入為 46.8 億印度盧比，而上一年為 48.9 億印度盧比，稅後淨利潤為 19.1 億印度盧比，上一年為 24 億印度盧比。本季度每股收益為 1.2 億盧比至 1.2059 億盧比，每股賬面價值為 1,084 盧比。總之，強勁的勢頭，加上我們全面的產品和服務的無縫執行，幫助我們抓住了增長機會。

Our results reflect continued business across various parameters Advances growth, 23%. Total deposits growth of 19% and retail deposits growth of 20.4%, core operating profit growth, excluding bond sales of 16.6%, profit after tax increased 20%, delivering the return on asset of over 2% and ROE of over 17%. Earnings per share reported in the quarter is at 19.1%. Book value per share stands at INR 456.2. With that, may I request the operator to open the line for questions, please.

我們的結果反映了各種參數的持續業務增長，增長了 23%。存款總額增長 19%，零售存款增長 20.4%，核心經營利潤增長 16.6%，稅後利潤增長 20%，資產回報率超過 2%，ROE 超過 17%。本季度報告的每股收益為19.1%。每股賬面價值為 456.2 盧比。有了這個，我可以請接線員打開電話提問。

(Operator Instructions). The first question is from the line of Mahrukh Adajania from [Nuvama].

（操作員說明）。第一個問題來自 [Nuvama] 的 Mahrukh Adajania。

Congratulations. Sir, my first question is on the liability growth going ahead. Of course, this quarter was impressive with strong retail growth. But as we move closer to the merger? And if you assume that RBI does not give any dispensation -- then how would the liability strategies change? Would it be focused on wholesale borrowing, wholesale deposits? And even this quarter, your wholesale borrowings have also grown with deposits. So what is the color? I mean what kind of borrowings would these be?

恭喜。先生，我的第一個問題是關於未來的負債增長。當然，本季度的強勁零售增長令人印象深刻。但隨著我們越來越接近合併？如果你假設 RBI 沒有給予任何豁免——那麼責任策略將如何變化？它會專注於批發借貸、批發存款嗎？即使在本季度，您的批發借款也隨著存款而增長。那麼顏色是什麼？我的意思是這些會是怎樣的借款？

Okay. Thank you. In terms of the deposit strategy or the funding strategy, as we have articulated over the last 3 months, including the May month or the June month when we have met and continues that, that is a very important aspect focused area for our execution. There are several components of the strategy, which is branch-led, relationship based and we articulated in terms of how self-funding across various products to deepen those relationships and get the funding is still important. So we gave you some examples of various opportunities that we go there, right? That remains and continues to be the focus.

好的。謝謝你。就存款策略或融資策略而言，正如我們在過去 3 個月中所闡述的那樣，包括我們會面並繼續進行的 5 月或 6 月，這是我們執行的一個非常重要的方面重點領域。該戰略有幾個組成部分，以分支機構為主導，以關係為基礎，我們闡明瞭如何通過各種產品自籌資金以加深這些關係並獲得資金仍然很重要。所以我們給了你一些我們去那裡的各種機會的例子，對吧？這仍然是並將繼續成為焦點。

And that is why we -- you see that the retail push is there, INR 71,000 crores of growth in the quarter in retail. And the same year last quarter, retail did INR 50,000 crores of deposit growth in the last quarter. So we are building up that momentum in retail as you see. The branch network that we open, branch network with a more medium term, long term so that the pipeline in 2, 3 years' time continues to be there.

這就是為什麼我們 - 你會看到零售推動存在，零售業在本季度增長了 71,000 千萬盧比。同年上個季度，零售在上個季度實現了 50,000 千萬盧比的存款增長。因此，如您所見，我們正在建立零售業的勢頭。我們開放的分支網絡，具有更中期、長期的分支網絡，以便在 2、3 年後的管道繼續存在。

That's what the branch is. Currently, it is about harvesting and utilizing those branches. 60% of those branches are migrating from one vintage bucket, to another vintage bucket, that is what is driving and including bringing in to new customers, right? So that continues to be the main stay of the strategy. There are other market borrowings that opportunistically happen, and that will continue depending on what happens in the market. I specially take to call and depends on what funding for the day is required, but that is all that is handled there.

分支就是這樣。目前，它是關於收穫和利用這些樹枝。這些分支機構中有 60% 正在從一個老式存儲桶遷移到另一個老式存儲桶，這就是驅動力，包括吸引新客戶，對吧？因此，這仍然是該戰略的主要支柱。還有其他市場借貸機會主義地發生，這將繼續取決於市場上發生的事情。我特別接電話，取決於當天需要多少資金，但這就是那里處理的一切。

Got it. So Sir, my next question is, if you could share any outlook on margins, not necessarily in the very near term. But where do you see margins going, say, 2 to 3 quarters down the line on a stand-alone basis? I know merger put pressure on margins. So any outlook on stand-alone margin?

知道了。所以主席先生，我的下一個問題是，如果你能分享任何關於利潤率的前景，不一定是在短期內。但是，您認為單獨的利潤會下降 2 到 3 個季度嗎？我知道合併會給利潤帶來壓力。那麼對獨立利潤率有何展望？

I'll generally talk about margins rather than an outlook that the bank does not provide any forward-looking guidance. But I don't want you to take back a clear so that we can think about what that margin remains, right? Typically, we have operated between 3.94 to 4.45%, right? That's the typical range at which we operate. And when we operated at that range, the mix of products is very important, which is the retail mix between 53% to 55% and the wholesale next wheel wholesale component of the mix, 45% to 47%.

我通常會談論利潤率，而不是銀行不提供任何前瞻性指導的前景。但我不希望你收回一個明確的，以便我們可以考慮剩餘的餘量，對嗎？通常情況下，我們的運行率在 3.94% 到 4.45% 之間，對吧？這是我們運營的典型範圍。當我們在這個範圍內經營時，產品組合非常重要，即零售組合在 53% 到 55% 之間，而批發的下一個輪子批發部分則為 45% 到 47%。

Over the last 2, 3 years, it's switch. Retail is now at 45%. -- wholesale is at 55%, it's switched, so we're on the low end of the range and now the rate cycle is going up, right? So you're seeing some slight pickup in the margin because there's a leader lag effect. So the -- most of the wholesale products we have about 55% of the book, which is floating index-based floating rate. And we have another 45% that's fixed rate mostly is in the retail type of loans.

在過去的 2、3 年裡，它的轉變。零售現在是 45%。 ——批發率為 55%，它已經轉換，所以我們處於區間的低端，現在利率週期正在上升，對嗎？因此，您會看到利潤率略有回升，因為存在領先者滯後效應。所以——我們大部分的批發產品都有55%左右的賬面，也就是基於浮動指數的浮動利率。我們還有另外 45% 的固定利率主要是零售類型的貸款。

And within that floating rate as the rates moved up, we are seeing that the lead effect on the asset pricing happens, right? That's it. So there are 2 aspects. One, the interest rate cycle moves a bit up. There is always an opportunity to the great growth up, yield and lag, lag on the deposits need on the loans that is there. And the second aspect is that we continue to see the mix change that needs to happen.

隨著利率上升，在浮動利率內，我們看到對資產定價的主導效應發生了，對吧？而已。所以有2個方面。一是利率週期向上移動。總有機會實現巨大的增長，收益率和滯後，滯後於存款需要的貸款。第二個方面是我們繼續看到需要發生的混合變化。

As we have said, the economy is 60% consumption led. That is now over a period of 10, 20 years, we have had a need in the retail -- and now that momentum is picking up, we saw the last quarter, retail book closed over 20% on advances, call it, sequential growth close to 5%. And even in the June quarter, it was similar. So we're seeing that it is 20-plus, right? That's the kind of rate at which the retail is moving. And as long as you see that continue to pump and move up, you will see that the mix is moving. That is also the opportunity for the margin to move on. So these are the 2 aspects you can keep in mind in their models to think about how the margin moves.

正如我們所說，經濟是由消費主導的 60%。現在已經過了 10 年、20 年，我們對零售業有需求——現在這種勢頭正在回升，我們看到上個季度，零售賬面預付款收盤率超過 20%，稱之為連續增長接近 5%。即使在六月季度，情況也是如此。所以我們看到它是20多，對吧？這就是零售業的發展速度。只要您看到它繼續泵送並向上移動，您就會看到混合正在移動。這也是利潤繼續前進的機會。因此，您可以在他們的模型中牢記這兩個方面，以考慮保證金如何移動。

The next question is from the line of Suresh Ganapathy from Macquarie.

下一個問題來自麥格理的 Suresh Ganapathy。

I had 2 questions. One is on the deposit rate itself. So the Reserve Bank of India has hiked rates by 190 basis points. But none of your banks have hiked deposit rates even by half of that amount, right? So if I look at track your own deposit rates in the 1-year to 2-year category, they have only gone up by 50, 60 basis points in the last 6 months. So there is a significant gap between what RBI is doing versus what you guys are doing from a monthly policy transmission. Now that the second half is going to be a bit tighter and tougher -- what is the outlook on deposit rates itself because it is grossly inadequate compared to what the Reserve Bank Of India is doing. So how do you see that panning out? That's point number one.

我有 2 個問題。一是存款利率本身。因此，印度儲備銀行將利率提高了 190 個基點。但是你們的銀行都沒有將存款利率提高一半，對吧？因此，如果我查看您自己的 1 年至 2 年期存款利率，它們在過去 6 個月中只上升了 50 到 60 個基點。因此，RBI 所做的與你們在每月政策傳輸中所做的之間存在很大差距。現在下半年將變得更加緊張和艱難——存款利率本身的前景如何，因為與印度儲備銀行的做法相比，它嚴重不足。那麼，您如何看待這一結果？這是第一點。

And the second question is on branch addition itself that you have a targeted branch opening of 1,500 or 2,000 branches every year. If I look at the first half, the number of brands is added, if I'm not wrong, is 350. So again, significant below that significantly below that target. So how do you look at the branch additions? And you think this second half is going to be very strong. I'll just squeeze in one more question with respect to the NCLT approval, which has come for convening a shareholders' meeting, does this mean that the pace of approvals are better than expectations, which means that the September deadline that we are talking about the merger, which was initially said in the presentation, can be brought forward.

第二個問題是關於分行添加本身，您的目標分行每年開設 1,500 或 2,000 個分行。如果我看上半年，添加的品牌數量，如果我沒記錯的話，是 350 個。所以同樣，顯著低於該目標。那麼您如何看待分支添加？你認為下半場會非常強勁。關於NCLT的批准，我再多問一個問題，這是為了召開股東大會，這是否意味著批准的速度比預期的要好，這意味著我們正在談論的9月截止日期演示文稿中最初提到的合併可以提前進行。

Okay. Thank you for that, Suresh, very important one. First is in terms of the deposit rates as such. The way we think about the deposit, CASA is a different base, right? It's completely administered. So it leaves us to decide about the time deposits that we're talking about. -- the way we price the time deposit is that if you think about certain public sector peers and private sector peers, so the bank in its codetermined in terms of how to be competitively priced, right?

好的。謝謝你，Suresh，非常重要的一個。首先是存款利率本身。我們對存款的看法，CASA 是一個不同的基礎，對吧？它是完全管理的。所以它讓我們決定我們正在談論的定期存款。 ——我們對定期存款定價的方式是，如果你考慮某些公共部門同行和私營部門同行，那麼銀行在其共同確定的如何定價方面是有競爭力的，對吧？

And when you look at that, we are more or less in line with certain private sectors here. That's how the pricing is. So that it is not that an advantage or a disadvantage, we are there. And so it is only about the execution capability to get them. So it is not rate-based rate driven kind of a sales or a marketing process. It is more of a relationship base and the kind of our ability to go make comping the customer point of view.

當你看到這一點時，我們或多或少與這裡的某些私營部門一致。定價就是這樣。所以這不是優勢或劣勢，我們在那裡。因此，這僅與獲取它們的執行能力有關。因此，它不是基於費率的費率驅動的銷售或營銷過程。它更多的是一種關係基礎，也是我們能夠從客戶的角度出發的能力。

Then if you think about the public sector peers, there are certain points in the curve that we are higher, typically in the mid to medium to longer end of the curve, we are slightly higher. And in the shorter end of the curve, we are slightly lower. It's not by our design. If you look at our spend deposit yield curve, it is a clear upward sloping in origin to point in the curve is upward sloping, but there are other players who have different from the real management, I guess the different pricing.

然後，如果您考慮公共部門的同行，曲線中的某些點我們更高，通常在曲線的中端到中長端，我們略高。在曲線較短的一端，我們略低。這不是我們的設計。如果你看我們的消費存款收益率曲線，它是一個明顯的向上傾斜，曲線指向向上傾斜，但也有其他參與者與實際管理不同，我猜定價不同。

So that's how we monitor that and see how at which price point we need the money and thereby, the pricing is done in such a way. So there is no such formula of any repo pricing or other kind of treasury bill or a G6 type of pricing that deepens the deposit rate. It is about the demand, it's about the positioning in the market in terms of at what price point we were able to get that. So that's how we approach it in our Alcove and go through that. That's one aspect of it.

所以這就是我們監控它的方式，看看我們在哪個價格點需要錢，從而以這種方式進行定價。因此，不存在任何回購定價或其他類型的國庫券或 G6 類型的定價公式來加深存款利率。這是關於需求，它是關於我們能夠在什麼價位上獲得的市場定位。所以這就是我們在 Alcove 中處理它並經歷它的方式。這是它的一個方面。

The second aspect of it you touched upon the branches, yes, you are right, we were being slow in the first half. Typically, it is like that as we put the strategy together and get those places scanned and analyzed as to in terms of the -- where the maximum propensity is there for us to be present to get those customers and the deposits. We have done a lot of that, and we do see here that there is a ramp-up going to happen in the second half on the branch base.

你觸及樹枝的第二個方面，是的，你是對的，我們在上半場表現得很慢。通常情況下，就像我們將策略放在一起並掃描和分析這些地方時 - 我們存在的最大傾向是獲得這些客戶和存款。我們已經做了很多這樣的事情，我們確實在這裡看到，下半場將在分支基地進行加速。

And as I told you, the branch build, it is more of a medium-term to long-term returns because the breakeven itself is 18 to 24 months. But as soon as we get the branches, there is some new accounts that come in, so there is a new account value that we measure and monitor to manage that so that there is a good traction date. And then there is an existing customer desk of relationship and so that is a secondary aspect that we monitor and manage that. So yes, you will see in the second half accelerated process in terms of the branch opening. We have, at the moment, more than 500 branches in the pipeline in various stages of completion in the coming months, we will get them to be open source.

正如我告訴你的那樣，分支建設更多的是中期到長期的回報，因為盈虧平衡本身是 18 到 24 個月。但是，一旦我們獲得分支機構，就會有一些新賬戶進來，所以我們會衡量和監控一個新賬戶價值來管理它，以便有一個好的牽引日期。然後是現有的客戶關係服務台，這是我們監控和管理的次要方面。所以是的，你會在下半年看到分店開業的加速進程。目前，我們有 500 多個分支正在籌備中，在未來幾個月內處於不同的完成階段，我們將讓它們開源。

The third aspect of it in CT, one, the short answer, and then I'll give you a little explanation. So the short answer is, is are on the time line. More or less, we think we are on those time lines, maybe there is a quarter or a few months early. We had previously indicated September, call it, Q2, Q3 kind of time frame. Maybe the way it is going, it may be throughout Q1, Q2. So that's where I would put it. Maybe there is a few months, it's in ahead, but not a big deal on that front. But there are still lots of processes left, right, which is after the AGM is done, we need to file the petition with the NCLT, picking their approval.

CT的第三個方面，一，簡短的回答，然後我給大家稍微解釋一下。所以簡短的回答是，是在時間線上。或多或少，我們認為我們處於這些時間線上，也許提前了四分之一或幾個月。我們之前曾指出 9 月，稱之為 Q2、Q3 類的時間框架。也許是這樣，它可能貫穿整個 Q1、Q2。所以這就是我要放的地方。也許還有幾個月，它在前面，但在這方面沒什麼大不了的。但是還有很多流程，就是在 AGM 完成之後，我們需要向 NCLT 提交請願書，選擇他們的批准。

Again, the scheme should be in line with what the shareholders approved, and that's what goes finally for NCLT consideration. And once that is done, NCLT goes to various agencies in the country, right government agencies and various state agencies and so on. So to get the nose. And that is a long-drawn process, right, that happens. And then there is some newspaper advertisement and calling for hearing or calling for any comments or questions and so. So that is the big process that gets followed. And after all of that is done, that is when there is an NCLT sanction that happens. This could take 6, 7 months, 8 months to the entire process after the shareholders' approval.

同樣，該計劃應符合股東批准的內容，這就是最終要考慮的 NCLT。一旦完成，NCLT 就會發送到該國的各個機構、正確的政府機構和各個國家機構等。所以要弄鼻子。這是一個漫長的過程，是的，確實發生了。然後是一些報紙廣告，呼籲聽取意見或提出任何意見或問題等。所以這是要遵循的大過程。在所有這些都完成之後，那就是發生 NCLT 制裁的時候。在股東批准後，整個過程可能需要6、7、8個月。

Okay. I'm sorry, clarity in RBI exemption?

好的。抱歉，RBI 豁免是否明確？

As regards to RBI exemptions, we continue to be dialogue on that. There is no particular line of clarity or anything, but with the conversation continues on that front.

關於 RBI 豁免，我們將繼續就此進行對話。沒有特別明確的界限或任何東西，但對話仍在這方面繼續進行。

The next question is from the line of Kunal Shah from ICICI Securities.

下一個問題來自 ICICI 證券公司的 Kunal Shah。

Congratulations. So first question, particularly with respect to payment products growth both on a quarter-on-quarter and year-on-year. It seems to be lagging a bit to the industry, but we are not seeing any loss in market share with respect to spend credit card spend. So is it more in terms of the behavior of the transactors versus revolver? How should we look into this? Or maybe it's more of another payment product contribution that is leading to near 2% sequential growth.

恭喜。所以第一個問題，特別是關於支付產品的季度環比和同比增長。它似乎有點落後於行業，但我們沒有看到在信用卡消費方面的市場份額有任何損失。那麼交易者的行為與左輪手槍的行為相比更多嗎？我們應該如何看待這個問題？或者也許更多的是另一種支付產品的貢獻導致近 2% 的連續增長。

Good time for asking Kunal on that. Yes, on the spend, we see a good amount of traction coming on the spend. And it's not pan-sector driven spend. We do see customers who are spending have very good liquidity. But as I think last time also I said and it's more or less at the similar level, which is, if you look at our card customers, liability balances is close to 5x the loan balance, right, of those customers. So on an average total, right, the total average. So we see enormous amount of liquidity. So the pay downs are quite high. The revolver rate have not picked up. Revolver rates are still at that 70%, 75% of the precore level.

是時候問庫納爾了。是的，在支出方面，我們看到支出有很大的吸引力。這不是泛行業驅動的支出。我們確實看到正在消費的客戶具有非常好的流動性。但正如我認為上次我所說的那樣，它或多或少處於相似的水平，也就是說，如果你看看我們的信用卡客戶，負債餘額接近這些客戶的貸款餘額的 5 倍。所以平均總數，對，總平均數。所以我們看到了大量的流動性。所以賠付是相當高的。左輪手槍的速度沒有回升。左輪手槍率仍處於 70%，即前核心水平的 75%。

So last quarter -- this quarter, we haven't seen the revolver picking up. We do look at revolver into 3 or 4 buckets, which is, call it, for lack of another better term chronic revolvers, which means somebody will revolve more than 6x, 9x in a given 12 months. Somebody who revolve say to 6 months, somebody would revolve to 3 months, right? And so those kind of analysis we see, we see that people who have the tendency to evolve over a longer period has actually come down. And there is an early sign of a pickup. That means that 1 to 3 months revolver type of profile customers are slightly picking up. So we do see something, but it's very early. We have not seen that credit card customers who all was coming bank on post the core. We don't see that.

所以上個季度——這個季度，我們還沒有看到左輪手槍回升。我們確實將左輪手槍分為 3 或 4 個桶，因為沒有另一個更好的術語慢性左輪手槍，這意味著有人將在給定的 12 個月內旋轉超過 6 倍或 9 倍。有人說轉6個月，有人會轉3個月，對吧？所以我們看到的那種分析，我們看到那些有長期進化傾向的人實際上已經下降了。並且有一個回升的早期跡象。這意味著 1 到 3 個月左輪手槍類型的個人資料客戶正在略微回升。所以我們確實看到了一些東西，但還為時過早。我們還沒有看到所有來銀行的信用卡客戶。我們沒有看到。

Sure. And secondly, with respect to the commercial banking. So again, when we look at the breakup of GNPA, there is still improvement as far as retail and corporate is concerned. But commercial ex of agri is still steady. And given the entire inflationary impact, which we are seeing some export-oriented industries might also get impacted because of global recession. So what would be our view with respect to the outlook as far as commercial banking is concerned, given that the growth is also at a rapid pace. And what incremental measures we are taking in this kind of a scenario of global slowdown... Yes.

當然。其次，關於商業銀行。因此，當我們再看 GNPA 的解體時，就零售和企業而言，仍有改進。但農業的商業化前景仍然穩定。鑑於整個通脹影響，我們看到一些出口導向型行業也可能因全球經濟衰退而受到影響。因此，鑑於增長也在快速增長，我們對商業銀行業務前景的看法是什麼。在這種全球經濟放緩的情況下，我們正在採取哪些漸進措施……是的。

Okay. See, the strength of the commercial banking, excluding the agree that you are seeing about the call it the SME segment more particularly to half of the SME segment. -- we see quite a robustness and that there goes to the model, origination model and management model, relationship model of the customer. Lender is one of the value proposition. I think previously, we have talked about -- we have said that even in the May month, we presented where the self-funding ratio, as we call it, which is the liabilities generated by this segment through their own cash management account and through the promoters account and to their employees account, that's the 80%, 85% self-funded, which -- that is part of the business model to ensure that there is a kind of a good monitoring process for credit management, right?

好的。看，商業銀行的實力，不包括您所看到的關於將其稱為中小企業細分市場的同意，尤其是對中小企業細分市場的一半。 - 我們看到了相當穩健的模型，起源模型和管理模型，客戶的關係模型。貸方是價值主張之一。我想之前，我們已經談到 - 我們已經說過，即使在 5 月份，我們也提出了自籌資金比率，我們稱之為，這是該部門通過他們自己的現金管理賬戶和通過發起人賬戶和員工賬戶，即 80%、85% 自籌資金，這是商業模式的一部分，以確保有一種良好的信用管理監控流程，對嗎？

That's part of that model. That's part of the stability that comes from there. And again, the secondary collateral more than 85%, 90% to secondary collateral. So in addition to the primary collateral of land or plant and machinery and stocking trade and so on. The secondary collateral is also very important. So there's a much more skin in the game for the bank and the customers to work together. That's part of how we handle. So irrespective to the cycle that you've seen even through the COVID cycle, this particular segment that (inaudible) quite unscathed and quite good.

這是該模型的一部分。這是來自那裡的穩定性的一部分。再次，二級抵押品超過85%，二級抵押品佔90%。所以除了土地或廠房以及機械和庫存貿易等的主要抵押品。二級抵押品也很重要。因此，銀行和客戶可以在遊戲中進行更多的合作。這是我們處理方式的一部分。因此，無論您在整個 COVID 週期中看到的周期如何，這個特定的部分（聽不清）都毫髮無損且非常好。

But are we tightening any norms over here, just looking into global slowdown or maybe exports could get impacted?

但我們是否在收緊任何規範，只是關注全球經濟放緩，或者出口可能會受到影響？

We haven't seen that we've yet we still see good cash flow -- strong cash flows coming in. And our credit takes the call on a case-to-case basis on these types of levels.

我們還沒有看到我們仍然看到良好的現金流 - 強勁的現金流進來。我們的信用在這些類型的水平上逐案處理。

The next question is from the line of Rahul Jain from Goldman Sachs.

下一個問題來自高盛的 Rahul Jain。

Send congrats to you and for good numbers. Just had 2 important questions. One is, can you just help us understand on the headcount side, we've added about close to 9-odd thousand in this quarter. How many more do we need to hire for this year? I would imagine we may have preempted or maybe preponed some hiring for the upcoming branch expansion. Is that the right way of looking at it or we need to do more hiring as we move along the year. And even for the next couple of years, how do we think about the headcount?

向您表示祝賀並獲得良好的數字。剛剛有兩個重要的問題。一個是，你能不能幫我們了解一下人數方面的情況，我們在本季度增加了大約 9 多萬。今年我們還需要招聘多少人？我想我們可能已經為即將到來的分支機構擴張搶占或提前了一些招聘。這是看待它的正確方式還是我們需要在一年中進行更多招聘。甚至在接下來的幾年裡，我們如何看待員工人數？

Okay. Good. Yes. See, yes, there is some level of hiring for the branches happened and will happen for more new branches as we determine and complete that location will start to go into higher, right? As soon as the location is signed, the hiring starts so that as the assessment in the branch is happening, the people are lined up to come. So if that happens and it will happen. But however, the broader question that you ask is how we should think about the headcount itself at the total level. Yes, we do think that with the digital efforts that we are putting through and the journey several of the journeys, I think last quarter, we talked about the calendar of various digital journeys to go through in Q3, Q4.

好的。好的。是的。看，是的，已經發生了一定程度的分支機構招聘，並且隨著我們確定並完成更多新分支機構的招聘，該地點將開始進入更高的位置，對嗎？地點一簽，招聘就開始了，分行的考核正在進行，人就排著隊過來。因此，如果發生這種情況，它就會發生。但是，您提出的更廣泛的問題是，我們應該如何從總體上考慮員工人數本身。是的，我們確實認為，隨著我們正在進行的數字化努力和幾次旅程的旅程，我認為上個季度，我們討論了第三季度和第四季度要經歷的各種數字化旅程的日曆。

We do see a lot of traction gaining on the digital front. So there at the rate at which it will be added, we probably don't need to add, right, at that rate. That's one. And there are certain kind of a sales force to street sales force, which may be operating even on a subsidiary. And it's necessary, we're going to bring them on our books store. So it may be simply a shift of headcount coming from subsidiary into the bank because of better management, we're going to give them a higher value relationship management, so we'll bring the need to the bank and hire. So it is not a particular number that determines limiting in terms of -- these are the 2, 3 ways in which we think can do. One, branch we need to, we need to not replace secretion from as we go into the digital journey. And as we bring people the purpose sales force into the bank for higher relationship management, there will be some addition. So that's how we should think about it.

我們確實看到在數字方面獲得了很大的吸引力。因此，按照添加的速度，我們可能不需要添加，對，以那個速度。那是一個。並且有某種銷售人員到街頭銷售人員，甚至可能在子公司上運作。這是必要的，我們將把它們帶到我們的書店。因此，由於更好的管理，這可能只是將員工人數從子公司轉移到銀行，我們將為他們提供更高價值的關係管理，因此我們會將需求帶到銀行並招聘。因此，決定限制的並不是一個特定的數字——這些是我們認為可以做到的 2、3 種方式。一，我們需要的分支，當我們進入數字之旅時，我們不需要替換分泌物。當我們將目標銷售人員帶入銀行以進行更高的關係管理時，將會有一些補充。所以我們應該這樣思考。

So just if I may do a follow-on, how much would be salesforce out of this 161,000 employees? Any significant number?

因此，如果我可以進行後續工作，那麼這 161,000 名員工中有多少是銷售人員？有什麼重要的數字嗎？

There are about 45,000. I think the last number we reported, I think, was in March, but that's a similar number that 45,000 people, if you see, is the salesforce which is there. And then there are a few layers above that, that are supervising layers of the salesforce, right? And if you look at those levels, they will be levels 10 or 11 below the CEO.

大約有45,000個。我認為我們報告的最後一個數字是在 3 月，但這是一個相似的數字，如果你看到的話，有 45,000 人是那裡的銷售人員。然後還有幾層，是銷售人員的監督層，對嗎？如果你看看這些級別，他們將比 CEO 低 10 或 11 級。

Understood. Got it. Just another question was on the credit deposit, which since expanded in this quarter, and it is now at about closer to 88%, 89%. And in addition to this, when we see our incremental market share in deposits has increased quite a bit in the last year or so. So when you look ahead in the future, let's say, the next couple of quarters, how do we think about the combination of credit and deposit growth playing out? Can we sustain this incremental market share gains because the system is now ratcheting up the efforts on deposit mobilization by offering higher rates, et cetera? Or we'll also have to kind of up the game there because the CD ratio, whatever we had to juice out we have already juiced out. So how do you think about these prospects... Okay.

明白了。知道了。另一個問題是關於信用存款，自本季度以來有所擴大，現在接近 88%、89%。除此之外，當我們看到我們在存款中的增量市場份額在過去一年左右的時間裡增加了很多。因此，當您展望未來時，比如說接下來的幾個季度，我們如何看待信貸和存款增長的結合發揮作用？我們能否維持這種增量的市場份額增長，因為該系統現在通過提供更高的利率等來加大存款動員力度？或者我們也必須在那裡提高遊戲水平，因為 CD 比率，無論我們必須榨取什麼，我們都已經榨取了。那麼你如何看待這些前景......好吧。

Okay. Good. Yes. See, in terms of the CD ratio or in terms of the deposit growth and the advance of growth and how to see that there are -- I know we are in a particular interest rate cycle. But if you -- you have to go back to 5 years or even 10 years in the past, right, when there have been 2 or 3 cycles and see what has happened over those 2 or 3 cycles, right? And if you see that, 2012 to '17, 2.4, 2.5x. That's the rate of growth on both sides. And if you go to 2017 to '22, that is the kind of a similar 2.3x, right, rate of growth. So I'll point you to -- through the interstate cycle over a period of time. Call it, a decade. We can grow on more 5-year block behind that. Or it of decade, that is the kind of the rate of growth, and that is how we are capacitized and that is how the execution happens.

好的。好的。是的。看，就 CD 比率或存款增長和增長的推進而言，以及如何看到存在 - 我知道我們處於特定的利率週期。但是如果你——你必須回到過去的 5 年甚至 10 年，對，當有 2 或 3 個週期時，看看這 2 或 3 個週期發生了什麼，對嗎？如果你看到了，從 2012 年到 17 年，2.4、2.5 倍。這就是雙方的增長率。如果你去 2017 年到 22 年，那是類似的 2.3 倍，對，增長率。因此，我將向您指出- 在一段時間內通過州際循環。叫它，十年。在那之後，我們可以在更多的 5 年塊上成長。或者十年，這就是增長率，這就是我們的能力，這就是執行的方式。

The next question is from the line of Abhishek Murarka from HSBC.

下一個問題來自匯豐銀行的 Abhishek Murarka。

Congratulations for the quarter to you and your team. So just a few questions. One is going back to the NIM conversation. Now you pointed out that the mix is where it is, and that's why you're at the lower end of the rails. And it's the rates that are going up, that is playing out. So suffice to sort of figure from this that as the deposit rates start catching up, we should get back to a 4% kind of level for NIM? Or is that not going to be the case and you would be able to maintain this additional spread that you've called...

祝賀您和您的團隊在本季度取得成功。所以只是幾個問題。一是回到 NIM 對話。現在你指出混合就在哪裡，這就是為什麼你在軌道的低端。正在上升的利率正在發揮作用。從這個數字就足夠了，隨著存款利率開始趕上，我們應該回到 4% 的 NIM 水平嗎？或者情況並非如此，您將能夠維持您所說的這種額外的傳播......

As it relates to rate related, that's where we are focused on. There is a need in the large effort. Right... Which is -- so it is -- if you see the rate that has changed, 90 basis points in the June quarter and 100 basis points in the September quarter. And as the market prediction is that there is more to come in the December quarter and March quarter, right? We don't know what the terminal rate is for sure yet, right? But as these rates go up, there is the continuation of the lead and lag effect goes through, right?

由於它與費率相關，這就是我們關注的地方。需要付出巨大的努力。是的......如果你看到利率發生了變化，那就是 - 就是這樣 - 六月季度為 90 個基點，九月季度為 100 個基點。正如市場預測的那樣，12 月季度和 3 月季度還會有更多，對吧？我們還不確定終端費率是多少，對吧？但是隨著這些利率的上升，領先和滯後效應會繼續存在，對吧？

And that is one. And 2, it is also about the deposit mix funding, right? We have the opportunity to increase our penetration in time deposits. You see the time deposit grew by 22%. And the objective of that time deposit mix is that we have a very low penetration, 14% to 15% of our customers is where we are penetrated on time deposits, and we think there is an enormous opportunity through the engagement process that in the past, we probably didn't meet and so the engagement was light and now we are enhancing our engagement to ensure that we are able to have the right kind of a dialogue with the customer on that. So it depends on the mix of the deposit product, and it's also a different from the lead and lag effect and how long the rate cycle goes, right? So then that is determined...

這就是其中之一。 2，這也是關於存款混合資金的問題，對吧？我們有機會增加我們在定期存款方面的滲透率。您會看到定期存款增長了 22%。這種定期存款組合的目標是我們的滲透率非常低，我們有 14% 到 15% 的客戶是我們在定期存款方面被滲透的地方，我們認為過去的參與過程中存在巨大的機會，我們可能沒有見面，所以參與度很低，現在我們正在加強我們的參與度，以確保我們能夠就此與客戶進行正確的對話。所以這取決於存款產品的組合，它也不同於領先和滯後效應以及利率週期有多長，對吧？那麼就這樣確定了……

Understood. So basically, what you're seeing is even with the same mix, you expect yields to be going up more and your deposit gathering strategy will not be entirely rate dependent. So to that extent, you should be able to gain on spread. Is that a correct understanding?

明白了。因此，基本上，您所看到的是即使使用相同的組合，您預計收益率會上升更多，您的存款收集策略將不會完全依賴於利率。因此，在這種情況下，您應該能夠獲得傳播。這是正確的理解嗎？

To the extent that we lease the rate and lag the lead the rate on the advances and lag the rate on deposits, that show see a pickup coming and that is what we will do, I will not know because it depends on market circumstances as we execute on the ground.

在某種程度上，我們租賃利率並落後於預付款利率和滯後存款利率，這表明會出現回升，這就是我們將要做的，我不知道，因為這取決於市場情況，因為我們在地上執行。

Got it. Got it. My second question, Sri, is on HDB. When I look at the GNPAs there on a sequential basis, they're pretty flat. Can you just give some color on what's happening there in terms of asset quality? And also, what's the restructured book there? How much of it is in [morat] and any provisions you're carrying on that? So just some color on asset quality for HDB.

知道了。知道了。 Sri，我的第二個問題是關於組屋的。當我按順序查看那裡的 GNPA 時，它們非常平坦。您能否就資產質量方面的情況給出一些顏色？還有，那裡的改版書是什麼？ [morat] 中有多少以及您正在執行的任何規定？所以只是對 HDB 資產質量的一些顏色。

Okay. See, the HDB asset quality, I think I'd be a lot to say in terms of the improved delinquency of the stage 3 PE from 5 to 4.9% or something. So we are in the trajectory of this improvement, and we believe that is the projector continues, right, it should continue to be there. That's one thing. The second thing in terms of the provision coverage, right, on the NPA, the secured book production coverage is 5 to 6% the unsecured book provision coverage was 92%, right? And on the overall loan book itself, 75% of the total loan book is secured loan book. So this is quite a good type of book. And the customer segment is such a customer segment that got significantly impacted in the core, that's part of the NPA spike that you see. And as the economy is stabilizing and become stronger, you see that slight improvement but more to go with that.

好的。看，組屋資產質量，我想我會說很多話，將第 3 階段 PE 的拖欠率從 5% 提高到 4.9% 左右。所以我們正處於這種改進的軌跡中，我們相信投影儀會繼續存在，對，它應該繼續存在。那是一回事。第二件事是準備金覆蓋率，對，在 NPA 上，有擔保的圖書生產覆蓋率是 5% 到 6%，無抵押圖書準備金覆蓋率是 92%，對吧？而就整體貸款賬簿本身而言，總貸款賬簿的75%是擔保貸款賬簿。所以這是一本相當不錯的書。客戶群是這樣一個在核心中受到重大影響的客戶群，這是您看到的 NPA 峰值的一部分。隨著經濟趨於穩定並變得更加強勁，你會看到這種輕微的改善，但更多的是隨之而來的。

Okay. So in GNP also, is it 75% secured and 25 unsecured? Or that was for the full book?

好的。那麼在 GNP 中，是 75% 有擔保，25% 沒有擔保嗎？或者那是為了整本書？

That 75% secured is for the whole book for the GNPA, I don't have it in front of me, but I'm sure it at some point in time, will be publishing when they publish those see.

75% 的擔保是 GNPA 的整本書，我面前沒有它，但我確信它會在某個時間點出版，當他們出版那些看到的時候。

Sure. And restructured book in HDB, how much would that be excess provisions, anything that you're carrying over there?

當然。和建屋局重組的書，那會是多少多餘的準備金，你在那裡攜帶的任何東西？

There is some management overlay like the way we do have and continues to be there, that restructured book on HDB I don't think they have published yet.

有一些管理覆蓋，就像我們擁有並繼續存在的方式一樣，那本關於組屋的重組書我認為他們還沒有出版。

Okay. Okay. No worries. Just a last question on this MTM loss. So we still have trading losses, whereas you explained or you alluded to corporate bonds and PTCs contributing to that. Can you sort of explain the reason for this? Mostly rates have gone up on the short end, and there you don't need to do any MTM on the T-bills, et cetera. So can you just explain this?

好的。好的。不用擔心。只是關於這個 MTM 損失的最後一個問題。因此，我們仍然存在交易虧損，而您解釋或暗示了公司債券和 PTC 對此做出了貢獻。你能解釋一下這其中的原因嗎？大多數情況下，利率在短期內上漲，您不需要在國庫券上做任何 MTM，等等。所以你能解釋一下嗎？

Okay. Good. See, if you look at the corporate bond book, it's not about fee book. It is about the corporate bond and the pass-through certificates, which are -- which are predominantly PSL driven or the qualified pass-through certificates, right, which are there. If you look at the rate, the base rate that determines the valuation of the bonds and PTCs are published by the FIMMDA various association that publishes the rate. The base rate is this technical -- the 6-month rate is up 77 basis points in the quarter, 1 year 67 basis points, 2 year, 42 basis points and so on. So that's the kind of the front-end part of the curve where the rates are up, the long-end part of the curve, if you look at the 10-year rates are down 9 basis points quarter-on-quarter, right? But these bonds and PTCs that we have, they are more on the front-end side, right?

好的。好的。看，如果您查看公司債券簿，那不是費用簿。這是關於公司債券和直通證書，它們主要是 PSL 驅動的或合格的直通證書，對，它們在那裡。如果您查看利率，確定債券和 PTC 估值的基本利率由發布利率的 FIMMDA 各種協會公佈。基準利率是這種技術性的——6 個月利率在本季度上漲 77 個基點，1 年上漲 67 個基點，2 年上漲 42 個基點，依此類推。所以這就是利率上升的曲線前端部分，曲線的長期部分，如果你看一下 10 年期利率環比下降 9 個基點，對吧？但是我們擁有的這些債券和 PTC，它們更多的是在前端，對吧？

There are more. So if you look at the dispersion of the bond book, it's like a pretty good normal distribution around that 2-year type of range of bucket. That's where the normal distribution is there. That's one element. The G-Sec curve on the front end of the curve, that is one of the elements of that goes into valuation. So as a rate spike, you'll see the value coming down because, as you know, these are not economic link to market. The second aspect of it in the valuation is also the spread on spreads, right? And part of the evaluation process, the bond split has come down, right, which is -- you would imagine the bond spreads are down to some extent.

還有更多。因此，如果你看一下債券賬簿的分散性，它就像一個非常好的正態分佈，圍繞著 2 年類型的桶範圍。這就是正態分佈的地方。這是一個要素。曲線前端的 G-Sec 曲線，這是估值的要素之一。因此，當利率飆升時，您會看到價值下降，因為如您所知，這些與市場沒有經濟聯繫。估值的第二個方面也是點差，對吧？在評估過程的一部分，債券分割已經下降，對，這是 - 你可以想像債券利差在一定程度上下降。

And if you see the bond spreads, I think in the front end, also the bond is of down. If you see, for example, the NBFC AA spreads in the 6 months is down 6 basis points and 1 year down 21 basis points and 2 years down 11 basis points, right? It is down. Similarly, cost of AAA 1 year is 9 basis points down 2 years, 11 basis points down. So the bond price is another element of the valuation, they are also down. However, as you know, in the valuation, the bond spreads have slowed, right? They have flowed at 50 basis points. So until the bond spreads growth at that level and then starts to improve up or down, it is inconsequential on that front. So it is not driven by the G-Sec. And in this case, the position the portfolio is towards a normal distribution around that 2-year 1.5 2-year math. And so it depends on the rate that is changed in the contract.

如果你看到債券價差，我認為在前端，債券也是下跌的。例如，如果您看到 NBFC AA 利差在 6 個月內下降 6 個基點，1 年下降 21 個基點，2 年下降 11 個基點，對嗎？它下來了。同樣，AAA 1 年成本下降 9 個基點，2 年下降 11 個基點。所以債券價格是估值的另一個因素，它們也在下跌。但是，如您所知，在估值方面，債券利差有所放緩，對吧？它們以 50 個基點流動。因此，除非債券在該水平上擴展增長，然後開始向上或向下改善，否則在這方面是無關緊要的。所以它不是由 G-Sec 驅動的。在這種情況下，投資組合的位置接近 2 年 1.5 2 年數學的正態分佈。因此，這取決於合同中更改的費率。

The next question is from the line of Prashant Kumar from Sunidhi Securities.

下一個問題來自 Sunidhi Securities 的 Prashant Kumar。

My question is on credit card business. The public sector banks, Union Bank, CNB and Regional Bank has launched a card on EPC...

我的問題是關於信用卡業務。公共部門銀行、聯合銀行、CNB 和地區銀行已在 EPC 上推出了一張卡...

Sorry to interrupt to Mr. Kumar, but your voice is not clear. So it is breaking in between.

很抱歉打斷庫馬爾先生，但你的聲音不太清楚。所以它介於兩者之間。

Hello. Is it audible?

你好。聽得見嗎？

Yes, please go ahead, sir.

是的，請繼續，先生。

So I mean, my question is the linkage of RuPay credit card on UPI. What will be the impact of credit card business on slightly on a pricing perspective, pricing for the like low-value PI on credit card or higher value transaction of -- MDR for UPI on credit card will be similar to other credit cards. I mean or it will be settled down to the incentive to given in the range of around 0.2% 2.4%. I mean you can give some color, sir.

所以我的意思是，我的問題是 UPI 上 RuPay 信用卡的鏈接。從定價的角度來看，信用卡業務對信用卡業務的影響將略有不同，信用卡上類似的低價值 PI 或更高價值交易的定價 - 信用卡上 UPI 的 MDR 將與其他信用卡相似。我的意思是，否則它將被固定在 0.2% 到 2.4% 的範圍內。我的意思是你可以給點顏色，先生。

Okay, sir. See, these are very early stages on that front. How the market sets will also wait and see what happens to that. And as far as we are concerned, we are predominant Visa MasterCard issuers on that front. And the RuPay cards are a small proportion of our card base. That's one. The second, the UPI, as it goes to UPI, -- what is the kind of how the UPI pricing itself settles and how it is going to impact. We have to wait and see where it goes, right? At this moment, it's not clear and the transaction sizes that come through these are also important. And but currently, that's what we have through MasterCard Visa, the transaction sizes, average transaction sizes are quite high and good for us.

好的，先生。看，這些都是這方面的早期階段。市場將如何設置也將拭目以待。就我們而言，我們是這方面的主要 Visa MasterCard 發行商。 RuPay 卡只占我們卡基數的一小部分。那是一個。第二，UPI，當它涉及 UPI 時，UPI 定價本身是如何確定的，以及它將如何產生影響。我們必須拭目以待，看看它會走向何方，對吧？目前尚不清楚，通過這些交易產生的交易規模也很重要。但目前，這就是我們通過萬事達卡 Visa 所擁有的，交易規模、平均交易規模相當高，對我們有利。

Yes. And on the asset quality side, just on data keeping. So what is the slippages and what is the write-off and upgrade and recovery if you can give if it is handy?

是的。在資產質量方面，僅在數據保存方面。那麼什麼是滑點，什麼是核銷和升級和恢復，如果方便的話可以給嗎？

Yes, I did provide that previously, but I can give that again to you. The slippages, I think the slippages in the quarter was -- the current quarter was about 36 basis points or INR 5,700 crores. The recoveries and upgrades about 19 basis points, INR 2,500 crores. The write-offs, about 22 basis points, INR 3,000 crores.

是的，我之前確實提供過，但我可以再給你一次。滑點，我認為本季度的滑點是 - 本季度約為 36 個基點或 570 億印度盧比。回收和升級約 19 個基點，即 250 億印度盧比。核銷約 22 個基點，300 億印度盧比。

The next question is from the line of Saurabh from JPMorgan.

下一個問題來自摩根大通的 Saurabh。

Hi Just can you talk about the corporate banking fees, this 9% quarter-on-quarter growth. So where is it coming from? Are you displacing some public sector at banks in some of the large corporates? Or is it just reducing the risk filters on corporate side. And just sir, regards question on that will be, sir, I mean, the consequence of that build-up, should we -- NIMs could obviously come off. But at the ROA level, it should still be a 2% business? Or how do you think about it?

嗨，您能談談公司銀行費用嗎，這 9% 的季度環比增長。那麼它是從哪裡來的呢？您是否正在取代一些大型企業的銀行中的一些公共部門？還是只是減少了企業方面的風險過濾器。先生，關於這方面的問題，先生，我的意思是，這種積聚的後果，如果我們 - NIM 顯然會脫落。但在ROA層面，應該還是2%的業務吧？或者你怎麼看？

Yes. To ask let me address your ROA part of it. Yes, all our pricing decisions as well as the business which are dependent, the models dependent through what returns it provides, right? The models don't go through to say what limit it provides. So the models go to the same loss return it provides. And these are quite good relationship-based businesses in the wholesale -- and we had quite a good traction again during the largely contributed, I think, by the telecom sector in the quarter.

是的。要問，讓我談談你的 ROA 部分。是的，我們所有的定價決策以及依賴的業務、模型都依賴於它提供的回報，對吧？這些模型沒有說明它提供了什麼限制。因此，模型會達到它提供的相同損失回報。這些都是批發中非常好的基於關係的業務——我認為，在本季度電信行業的主要貢獻期間，我們再次獲得了相當好的牽引力。

There's some energy-related that came through. There are some PSUs also on this, right, very high quality, good PSUs we do we want to have. We already have the relationships, we have done that, yes. They are priced very well, and they are priced to get the returns that is in line with the bank's overall returns, the 2% that Span which you see, which we have published for the March report also, I think you've seen that wholesale or retail, our returns are quite good, and we continue to do business on those lines.

有一些與能源有關的事情發生了。在這方面也有一些 PSU，對，我們想要擁有的非常高質量、好的 PSU。我們已經建立了關係，我們已經做到了，是的。它們的定價非常好，它們的定價是為了獲得與銀行整體回報一致的回報，你看到的 Span 的 2%，我們也在 3 月份的報告中發布，我想你已經看到了無論是批發還是零售，我們的回報都很好，我們繼續在這些領域開展業務。

Okay. And the second question...

好的。而第二個問題...

Again, which I didn't mention, but I will think you have touched upon whether there is a price competition at yes, INR 30,000 to INR 30,000 crores of wholesale loans we have let go this quarter. because we have been -- you have seen our pricing, how we move on pricing right from May quite fast. And there are others who take their time or their own tempos to price to catch up. So the price is not good, we let go up the volumes. We let go of that particular transaction, not let go of the relationship of the customer because these are all good relationship business. So we keep the relationship. But if that particular transaction doesn't work, we are very clear that particular transaction does we have.

再說一次，我沒有提到，但我認為您已經談到是否存在價格競爭，是的，我們本季度放開了 30,000 至 30,000 千萬盧比的批發貸款。因為我們一直 - 你已經看到我們的定價，我們如何從 5 月開始快速定價。還有其他人會花時間或自己的節奏來定價以迎頭趕上。所以價格不好，我們放量。我們放棄了特定的交易，而不是放棄客戶的關係，因為這些都是良好的關係業務。所以我們保持這種關係。但是如果那個特定的交易不起作用，我們很清楚我們有這個特定的交易。

Got it, sir. And sir, the second question is, there was an interview by Mr. Parag Rao, where you said after digital transformation is over and the IP costs will probably speak out. And we also mentioned that on the smart app is going to reach about 21 million merchants from approximately $3 million of pay -- so how should we think about this impacting your OpEx? Should we now hope that your OpEx at comparator we would choose to reinvest any gains you get on either your credit cost or your name on OpEx side. How should we think about that?

明白了，先生。先生，第二個問題是，Parag Rao先生接受了採訪，您說在數字化轉型結束後，IP成本可能會說話。我們還提到，智能應用程序將以大約 300 萬美元的報酬覆蓋大約 2100 萬商家——那麼我們應該如何看待這會影響您的運營支出呢？如果我們現在希望您在比較器上的運營支出，我們會選擇將您在信用成本或運營支出方面獲得的任何收益再投資。我們應該怎麼想？

Okay. Again, you have 2 aspects to this. One aspect is in terms of the digitization itself in terms of -- but the context of that, I think, was the merchant Vyapar app that we formally launched. And I think I had mentioned that the merchant a Vyapar app took off earlier, had quite a good traction, right? We get in almost call it, per month, 1,000 merchants in the recent months. And we have more than 1.6 million signed up under this app, right? As a merchant, we have more than 3.5 million merchants, but 1.6 million under the smarter platform, which is the Vyapar app? That's part of what I think you alluded to. And that is where, in that context only, we said that we will go past the $20 million in terms of getting the merchant industry.

好的。同樣，您對此有兩個方面。一方面是就數字化本身而言——但我認為，其背景是我們正式推出的商家 Vyapar 應用程序。而且我想我已經提到過，Vyapar 應用程序早些時候起飛的商家，有相當不錯的牽引力，對吧？在最近幾個月裡，我們幾乎每個月都有 1,000 個商家。我們有超過 160 萬在這個應用程序下註冊，對吧？作為商家，我們有超過 350 萬的商家，但是在更智能的平台，即 Vyapar 應用程序下，有 160 萬？這是我認為你提到的部分內容。這就是，僅在這種情況下，我們說我們將在獲得商業行業方面超過 2000 萬美元。

Again, this is not just a payment product initiative, right? This is more of a both a liability relationship, asset relationship in addition to getting that payment relationship. That's what we do. And it helps there's a lot of value to those merchants to do business with us because there's a lot of value-added features that go with it. That's one part of what you asked. The second part of what you asked is what does it do to cost and so on. So I think in the past, we have said that our cost to income before COVID was about 39.5%. And through the COVID the retail kind of a transaction and the opportunity to do various things were lower, it came down all the way to 36, 37. Now it's past 39%. It's back to 39.5%. That's where the cost income. And I think we said it can go to 45% on quarter-to-quarter.

同樣，這不僅僅是一個支付產品計劃，對吧？這更多的是一種既是負債關係，又是資產關係，除了得到那種支付關係。這就是我們所做的。它有助於這些商家與我們做生意有很多價值，因為它有很多增值功能。這是你問的一部分。你問的第二部分是它對成本有什麼影響等等。所以我認為在過去，我們說過在 COVID 之前我們的收入成本約為 39.5%。通過 COVID，零售類型的交易和做各種事情的機會降低了，一路下降到 36、37。現在已經超過 39%。它回到了 39.5%。這就是成本收入的地方。而且我認為我們說它可以按季度達到 45%。

Quarter-to-quarter is not our mission, but over a period of clear if you see 40% is not a place that you would imagine it can go to 40 as we make those investments to come because as we see the benign credit because the average credit cost that you see this quarter, 80, 90 basis points last quarter, 90, 95 basis points. So there is an opportunity to lean this and get that maturity cycle up, right, on maturity from a branch maturity cycle to people maturity, branch maturity cycle is 18, 24 months. People maturity cycle could be 6, 9 months. And so that's part of what the investments go to take this opportunity to invest it, and of course, within the overall return framework.

季度到季度不是我們的使命，但在一段明確的時期內，如果您看到 40% 不是您想像的可以達到 40 的地方，因為我們將進行這些投資，因為我們看到良性信貸，因為您本季度看到的平均信貸成本是 80、90 個基點，上個季度是 90、95 個基點。因此，有機會對此進行精益並提高成熟度週期，對，從分支成熟度週期到人員成熟度的成熟度，分支成熟度週期為 18 個月、24 個月。人的成熟週期可能是6、9個月。這就是投資的一部分，利用這個機會進行投資，當然，在整體回報框架內。

That's right, sir. So this 20 million merchants is us, HDFC Bank, it doesn't include your fintech partnerships or does it include?

沒錯，先生。所以這 2000 萬商戶就是我們 HDFC 銀行，它不包括您的金融科技合作夥伴，還是包括在內？

That is right. Is the bank relationship with the bank, yes.

沒錯。是銀行與銀行的關係，是的。

The next question is from the line of Manish Shukla from Axis Capital.

下一個問題來自 Axis Capital 的 Manish Shukla。

Sri, first question is, can you remind us what are some of the key dispensations or relaxations that you sought from RBI for the merger? And realistically, by when do you think you will start getting visibility on the same?

斯里，第一個問題是，您能否提醒我們您從印度儲備銀行尋求合併的一些關鍵特許或放鬆？實際上，您認為您什麼時候會開始獲得同樣的知名度？

Manish, on this front, the same items, I think, that we talked upon on May 31 remains, right, which is -- is there a possibility on the CRR, SLR live part that will continue to focus on greater and faster credit growth, both in the economy and supported by us. It is something that we are in discussion, we told you. And the second thing is also in terms of the priority sector lending, which kicks in 12 months after the effective date. So in this case, for example, continue the same September kind of a time frame 23. -- thinking about December 24 kind of a time frame from when that will come. What part of report that can have for that, we could organically originate, right? So I think we have understood at 1.42 lakh villages, we have moved to now, right?

Manish，在這方面，我認為，我們在 5 月 31 日談到的相同項目仍然存在，對，那就是——CRR、SLR 現場部分是否有可能繼續關注更大、更快的信貸增長，無論是在經濟上還是在我們的支持下。這是我們正在討論的事情，我們告訴過你。第二件事也是優先部門貸款，它在生效日期後 12 個月內啟動。因此，在這種情況下，例如，繼續使用相同的 9 月類型的時間框架 23。- 考慮 12 月 24 日的時間框架，從什麼時候開始。我們可以有機地產生報告的哪一部分，對嗎？所以我認為我們已經了解了 14.2 萬個村莊，我們已經搬到了現在，對吧？

We have less than 100,000 villages, if you go back 12, 15 months ago. come here and we are on track to go to that 200,000 villages to operate. So that is part of how we organically build this and certain other things that we told you in terms of opening up a little -- around the 3,000 mark now on the branches originating gold loan, and we wanted to do to around 5,000 branches. Again, part of that initiative to ensure that we get the right kind of quality on the priority sector lending. So there are -- these are the action plans that come as organic. But the kind of, call it a drive path is to get to that we organically do this. That's what -- and where are we on the state. We continue to have that conversation with the regulators.

如果你回到 12、15 個月前，我們只有不到 100,000 個村莊。來到這裡，我們將前往那 200,000 個村莊開展業務。因此，這就是我們如何有機地構建這個以及我們在開放一點方面告訴你的某些其他事情的一部分——現在在發放黃金貸款的分支機構上大約有 3,000 個大關，我們希望對大約 5,000 個分支機構做這些事情。同樣，該計劃的一部分是確保我們在優先部門貸款中獲得適當的質量。所以有 - 這些是有機的行動計劃。但是那種，稱之為驅動路徑是為了達到我們有機地做到這一點。這就是——我們在該州的什麼位置。我們繼續與監管機構進行對話。

So by the time you seek shareholder approval towards end of November, are you expecting any visibility on any of these?

因此，當您在 11 月底尋求股東批准時，您是否期望對其中任何一個有任何可見性？

There is no particular time frame Manish for this, right? The bilateral conversations with the regulators are private. So there's no details about that, but at least that is something that there's no time frame.

Manish對此沒有特定的時間框架，對吧？與監管機構的雙邊對話是私下進行的。所以沒有這方面的細節，但至少這是沒有時間框架的事情。

The other question is on the funding side.

另一個問題是在資金方面。

And one thing that I do want to let which we mentioned that also, the merger is not predicated on this, right? So the model is not necessarily assume that we need to come. These are good, good to have, not necessary as such.

我確實想讓我們提到的一件事是，合併不是以此為基礎的，對吧？所以模型不一定假設我們需要來。這些很好，很好，沒有必要。

Sure, sure, sir. That's clear. Moving on to liabilities. Now once you acquire a large mortgage book from HDFC Limited, potentially, you can fund it using long-term affordable housing bonds. So what are your thoughts around the same? How many of those bonds you think you can issue? And does that mean that in the interim, your LDR as a merged entity could be higher than what historically we've seen for HDFC Bank standard work?

當然，當然，先生。這很清楚。繼續負債。現在，一旦您從 HDFC Limited 獲得大量抵押貸款，您就可以使用長期經濟適用房債券為其提供資金。那麼你有什麼想法呢？你認為可以發行多少債券？這是否意味著在此期間，您作為合併實體的 LDR 可能高於我們在 HDFC 銀行標準工作中看到的歷史數據？

Certainly, that is part of the equation, and we wouldn't use those opportunities to get that. Because from a cost point of view, we'll be indifferent to that, right? Because we know that the assets on the other side are sorting rate assets price of the market benchmark. And there are hedging instruments in the market to ensure that the interest rate risk is managed. But at the same time, the liquidity maturity is also managed through these affordable bonds. And these affordable bonds do provide, as you know, offset, offset means relief from a subject to certain qualifying criteria, they are also further opportunities to take off the ANBC and thereby, when they reduce the PSL. Surely, that's are clear. Thank you.

當然，這是等式的一部分，我們不會利用這些機會來獲得它。因為從成本的角度來看，我們會對此無動於衷，對吧？因為我們知道對方的資產是市場基準的排序率資產價格。並且市場上有套期保值工具來確保利率風險得到管理。但同時，流動性到期也通過這些負擔得起的債券進行管理。正如您所知，這些負擔得起的債券確實提供了抵消，抵消意味著從某些合格標準的主體中解脫出來，它們也是取消 ANBC 的進一步機會，因此，當它們降低 PSL 時。當然，這很清楚。謝謝你。

Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to Mr. Vaidyanathan for closing comments.

女士們，先生們，這是今天的最後一個問題。我現在想把會議交給 Vaidyanathan 先生作最後的評論。

Thank you, Rituja. Thank you participants for coming in today joining us. It was our pleasure. If you still have open questions for any other things to interact. We are open at any time we can to. Thank you. Bye-bye.

謝謝你，麗圖雅。感謝今天來參加我們的參與者。這是我們的榮幸。如果您仍然對任何其他要互動的事情有未解決的問題。我們隨時開放。謝謝你。再見。

Thank you. On behalf of HDFC Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

謝謝你。代表 HDFC Limited，結束本次電話會議。感謝您加入我們，您現在可以斷開您的線路。