HDFC Bank Ltd (HDB) 2023 Q3 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to HDFC Bank Limited Q3 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 Q3 FY'23 收益電話會議，了解 HDFC Bank 管理層公佈的財務業績。 （操作員說明）請注意，正在錄製此會議。

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，交給你了，先生。

Okay. Thank you, Tanvi. Good evening. Welcome to all the participants. Greetings of the New Year. Now let's start with some context on the environment that we operated in the quarter that gives a background of how we operated. High frequency indicators suggest that domestic economic activity held up in Q3. GST collections continued to be robust, remained above INR 1.4 lakh crores since May '22. In December, GST collections stood at INR 1.5 lakh crores compared to INR 1.3 lakh crores in the prior year December. Manufacturing PMI has remained in the expansionary zone and is at 57.8 as of December and also the services PMI is at a 6-month high of 58.5 in December.

好的。謝謝你，坦維。晚上好。歡迎所有參與者。新年的問候。現在讓我們從我們在本季度運營的環境的一些背景開始，它提供了我們運營方式的背景。高頻指標表明國內經濟活動在第三季度保持穩定。商品及服務稅收入繼續強勁，自 22 年 5 月以來一直保持在 14 萬千萬盧比以上。 12 月，商品及服務稅收入為 15 萬億盧比，而去年 12 月為 13 萬億盧比。製造業 PMI 一直處於擴張區域，截至 12 月為 57.8，而服務業 PMI 在 12 月處於 6 個月高點 58.5。

Healthy trend in government capital spending also bodes well for industrial activity, spent almost 60% of budget estimates during April to November versus 49% in the prior year. On the consumption side, we had our cards issuing spend growing at the rate of 27% year-on-year, reflecting good consumer demand. Rabi crop sowing looks encouraging, up 4.5% above last year's level. As you know, the RBI raised the policy rate by 35 basis points to 6.25% and kept the policy stance unchanged at withdrawal of accommodation.

政府資本支出的健康趨勢也預示著工業活動的好兆頭，4 月至 11 月花費了近 60% 的預算估計，而去年為 49%。在消費方面，我們的發卡支出同比增長 27%，反映出良好的消費需求。拉比作物播種看起來令人鼓舞，比去年增長 4.5%。如您所知，印度儲備銀行將政策利率上調35個基點至6.25%，並在取消寬鬆政策時保持政策立場不變。

There are risks stemming from the possibility of global slowdown, reopening in China amidst rising COVID cases in many parts of the world and continued geopolitical tension. However, strong consumer demand boosted by fiscal spends and higher agri produced from rabi crop are likely to keep the Indian economy stimulated. We estimate the GDP growth to be around 7% for the full year -- financial year '23.

全球經濟放緩的可能性、在世界許多地區 COVID 病例增加的情況下在中國重新開放以及持續的地緣政治緊張局勢都存在風險。然而，財政支出推動的強勁消費需求和拉比作物產量的增加可能會繼續刺激印度經濟。我們估計全年（23 財年）的 GDP 增長率約為 7%。

Let's go through certain things at a high level. On the distribution, we added 684 branches during the quarter, taking the total to 841 branches in the year so far. Gold loan processing are now offered in 3,938 branches, an increase of 978 branches in the current quarter and up 3x over March '22. Payment acceptance points growth has picked up pace as a smarter platform with momentum taking the total to 3.99 million year-on-year growth of 45%. Wealth management is now offered in 691 locations. Through hub-and-spoke model, we have expanded by 189 locations in the quarter.

讓我們從較高的層次來看一些事情。在分佈方面，我們在本季度增加了 684 家分支機構，使今年迄今為止的分支機構總數達到 841 家。現在有 3,938 個分支機構提供黃金貸款處理，本季度增加了 978 個分支機構，比 22 年 3 月增長了 3 倍。作為更智能的平台，支付受理點增長加快，勢頭強勁，總量達到399萬，同比增長45%。目前在 691 個地點提供財富管理服務。通過中心輻射模型，我們在本季度增加了 189 個地點。

On the CRB side, our SME businesses are present in more than 90% of the districts. Rural business reach expanded by -- expanded to 1.51 lakh villages and is on track to reach the objective of 2 lakh villages.

在CRB方面，我們的中小企業業務遍布90%以上的地區。農村業務範圍擴大——擴大到 15.1 萬個村莊，並有望實現 20 萬個村莊的目標。

In the customer franchise building process, during the quarter we added 5,863 people and 32,478 people over the year. Our people have acquired 2.6 million new liability customer relationships, exhibiting a healthy growth of 12% over prior year.

在客戶特許經營建設過程中，本季度我們增加了 5,863 人，全年增加了 32,478 人。我們的員工已獲得 260 萬個新的責任客戶關係，比上一年健康增長 12%。

On cards we issued 1.2 million cards during the quarter, total card base is now 17 million. We progress in our pursuit to focus on granular deposits. The deposits total amounted to INR 17,33,000 crore, an increase of 3.6% over prior quarter and up 19.9% over prior year. In retail deposits, we added INR 67,000 crores during the quarter and INR 258,000 crores since prior year. Retail now constitutes about 84% of our total deposits and have been the anchor of our deposit growth.

在本季度我們發行了 120 萬張卡片，卡片總數現在為 1700 萬張。我們在追求專注於顆粒礦床方面取得了進展。存款總額為 1,733,000 千萬盧比，比上一季度增長 3.6%，比去年同期增長 19.9%。在零售存款中，我們在本季度增加了 6700 億印度盧比，自去年以來增加了 25800 億印度盧比。零售現在約占我們總存款的 84%，並且一直是我們存款增長的支柱。

CASA deposits recorded a strong growth of 12% year-on-year, ending the quarter at INR 762,000 crores, with the CASA ratio of 44%. Retail CASA grew by 14% and retail total deposits grew by 22% year-on-year. Retail current account which constitutes 70% of our current account deposits grew by 14% year-on-year, while our wholesale current account de-grew by 4% year-on-year. Time deposits registered a robust growth of 27% over the prior year, ending the quarter at INR 970,000 crores.

CASA 存款同比強勁增長 12%，本季度末達到 762,000 千萬盧比，CASA 比率為 44%。零售 CASA 增長 14%，零售總存款同比增長 22%。占我們經常賬戶存款 70% 的零售往來賬戶同比增長 14%，而我們的批發往來賬戶同比下降 4%。定期存款較上年同期強勁增長 27%，本季度末達到 970,000 千萬盧比。

On the advances, it ended the quarter at INR 15,06,000 crore, grew by 1.8% sequentially and 19.5% over prior year. This is in addition of approximately -- net addition of approximately INR 27,000 crore during the quarter and INR 246,000 crores since prior year. Gross of sell downs, IPCC, we grew advances by 23.6% year-on-year and 3.3% quarter-on-quarter. Our retail advances growth was robust, domestic retail grew by 21.4% year-on-year and 4.7% quarter-on-quarter. CRB, which drives our MSME and PSL book for most part, continued its momentum with an year-on-year growth of 30% and quarter-on-quarter growth of over 5%.

在預付款方面，本季度末收入為 1,506,000 千萬盧比，環比增長 1.8%，比去年同期增長 19.5%。此外，本季度淨增約 2700 億印度盧比，自去年以來淨增約 24600 億印度盧比。 IPCC 的銷售總額，我們的預付款同比增長 23.6%，環比增長 3.3%。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 4.7%。在很大程度上推動我們的 MSME 和 PSL 賬簿的 CRB 繼續保持增長勢頭，同比增長 30%，環比增長超過 5%。

Wholesale segment witnessed a strong year-on-year growth of 20%. Corporate Bank initiatives across new-to-bank PLI, MNC and supply chain finance, continue to be a focus, allowing to diversify revenue pools from new customers, products and sectors. We expect demand from loans from NBFC telecom PSUs, retail and infrastructure sectors to sustain. On the digital front, the bank continued its momentum on the technology and digital transformation agenda to provide greater customer experience, through our digital and enterprise factory.

批發業務實現了 20% 的強勁同比增長。跨新銀行 PLI、跨國公司和供應鏈金融的企業銀行計劃仍然是一個重點，允許從新客戶、產品和行業中分散收入池。我們預計來自 NBFC 電信 PSU、零售和基礎設施部門的貸款需求將持續。在數字化方面，該銀行繼續推進技術和數字化轉型議程，通過我們的數字化和企業工廠提供更好的客戶體驗。

Progress on the key digital initiatives in the quarter, SmartHub Vyapar our one-stop merchant solutions app has further enhanced with the addition of new features in the current quarter such as instant QR, a revamp of ETB journey and enabling onboarding of new-to-bank customers digitally. As of December end, over 1.9 million small businesses are on smarter platform, the platform is adding more than 80,000 merchants per month.

本季度關鍵數字計劃取得進展，我們的一站式商戶解決方案應用程序 SmartHub Vyapar 在本季度增加了新功能，例如即時 QR、ETB 旅程的改造以及啟用新到-數字化銀行客戶。截至 12 月底，超過 190 萬家小企業在智慧平台上，該平台每月新增商戶超過 8 萬家。

HDFC Bank One, the customer experience hub, the solution which transformed our on-premises contact center into a singular centralized service platform has now been further expanded across more locations in India now at 7 locations. It enhances our customer relationship management process using AML and conversations BOT enabling round-the-clock self-service. With the rollout of HDFC Bank One, we have witnessed significant improvements in our customer engagements such as 39% reduction in case resolution time and a 64% reduction in turnaround time and an average reduction of 324 seconds in handling time in our care centers.

HDFC Bank One 是客戶體驗中心，該解決方案將我們的本地聯絡中心轉變為單一的集中式服務平台，現已進一步擴展到印度的更多地點，目前有 7 個地點。它使用 AML 和對話 BOT 增強我們的客戶關係管理流程，實現全天候自助服務。隨著 HDFC Bank One 的推出，我們見證了客戶參與度的顯著改善，例如案件解決時間減少了 39%，周轉時間減少了 64%，護理中心的處理時間平均減少了 324 秒。

Express car loans is a first of its kind end-to-end digital service, enabling instant and hassle free car disbursals. This channel contributes now 17% of our new car loan volumes. PayZapp -- in the previous quarter, we launched PayZapp 2.0 to a closed user group, as we mentioned before. In this quarter, this was made available across the bank personnel, as well as app stores for early adopters. We have received encouraging response from the users of PayZapp 2.0. The existing 31 million registered users on the erstwhile PayZapp will be progressively transitioned to the new app.

Express car loans 是同類首創的端到端數字服務，可實現即時、無憂的汽車支付。這個渠道現在貢獻了我們新車貸款量的 17%。 PayZapp——在上一季度，我們向一個封閉的用戶群推出了 PayZapp 2.0，正如我們之前提到的。在本季度，銀行人員以及早期採用者的應用程序商店都可以使用它。我們收到了來自 PayZapp 2.0 用戶的令人鼓舞的回應。以前 PayZapp 上的現有 3100 萬註冊用戶將逐步過渡到新應用程序。

In Q3, we received a total of 315 million visits on our website, over 100 million unique visitors over the quarter at a year-on-year growth of around 30%, reflecting enhanced engagement in our digital properties. Our continued investments in expanding our distribution network by adding people and branches combined with our focused digital offering and relationship management to fuel growth. Balance sheet remains resilient, LCR for the quarter was at 113%, capital adequacy ratio is at 19.4% with a CET1 at 16.4%, including profits for the 9 months ended 31st December '22.

在第三季度，我們的網站總訪問量達到 3.15 億次，本季度獨立訪問者超過 1 億人次，同比增長約 30%，反映出我們數字資產的參與度有所提高。我們通過增加人員和分支機構以及我們專注的數字產品和關係管理來持續投資以擴大我們的分銷網絡，以推動增長。資產負債表保持彈性，本季度 LCR 為 113%，資本充足率為 19.4%，CET1 為 16.4%，包括截至 22 年 12 月 31 日的 9 個月的利潤。

On the revenues, which ended the quarter at INR 31,488 crores, on a reported basis grew 18.3% year-on-year. Core net revenues were at INR 31,236 crores excluding net trading and mark-to-market income grew by 22% over prior year and 8.2% over prior quarter, driven by an advances growth of 19.5% and deposits growth of 19.9%. Net interest income for the quarter at INR 22,988 crores, which is at 73% of net revenues grew by 24.6% over prior year. The core net interest margin for the quarter was at 4.1% and this excludes one-off interest income on income tax refund of about 5, 6 basis points. Prior year and prior quarter were also at 4.1%. On interest earning asset basis which appears to be industry norm, the core net interest margin was at 4.3%, again at the similar levels to prior quarter.

本季度末的收入為 3148.8 億印度盧比，據報告同比增長 18.3%。核心淨收入為 3123.6 億印度盧比，不包括淨交易和按市值計算的收入比去年同期增長 22%，比上一季度增長 8.2%，這主要得益於 19.5% 的預付款增長和 19.9% 的存款增長。本季度的淨利息收入為 2298.8 億印度盧比，占淨收入的 73%，比去年同期增長 24.6%。本季度的核心淨息差為 4.1%，這不包括大約 5、6 個基點的所得稅退稅的一次性利息收入。上一年和上一季度也為 4.1%。基於似乎是行業規範的生息資產基礎，核心淨息差為 4.3%，再次與上一季度持平。

Moving on to details of other income. Fees and commission income constitutes about 3/4 of the other income was at INR 6,053 crores and grew by 19% over prior year and 4% over prior quarter. Retail constitutes approximately 93% of fees. FX and derivatives income at INR 1,074 crores was higher by 13% compared to prior year of INR 949 crore.

轉到其他收入的詳細信息。手續費和佣金收入約佔其他收入的 3/4，為 605.3 億印度盧比，比上年增長 19%，比上一季度增長 4%。零售約佔費用的 93%。外彙和衍生品收入為 107.4 億印度盧比，比上一年的 94.9 億印度盧比增長 13%。

Net trading on mark-to-market income were positive INR 261 crore. The mark-to-market gains are mainly from AFS investments. Prior quarter was a negative INR 253 crores and prior year was a gain of INR 1,046 crores, which were then opportunistic from our investments portfolio.

按市值計算的淨交易收入為正 26.1 億印度盧比。按市值計算的收益主要來自 AFS 投資。上一季度為負 25.3 億印度盧比，上一年為 104.6 億印度盧比的收益，這在我們的投資組合中是機會主義的。

Other miscellaneous income of INR 1,112 crores includes recoveries from written-off accounts and dividends from subsidiaries. Excluding net trading and mark-to-market income, total other income at INR 8,238 crore grew by 15% over prior year.

111.2 億印度盧比的其他雜項收入包括從註銷賬戶收回的款項和來自子公司的股息。不包括淨交易收入和按市值計算的收入，其他總收入為 823.8 億盧比，比上年增長 15%。

Operating expenses for the quarter were at INR 12,464 crore an increase of 26.5% over prior year. We added 1,404 branches and 1,769 ATMs since last year. As I said, we added 684 branches during the quarter, 841 branches during the year, taking the total network strength to 7,183 branches. Cost to income for the quarter was at 39.6%.

本季度的運營費用為 1246.4 億盧比，比去年同期增長 26.5%。自去年以來，我們新增了 1,404 家分行和 1,769 台 ATM。正如我所說，我們在本季度增加了 684 家分支機構，在這一年增加了 841 家分支機構，使總網絡強度達到 7,183 家分支機構。本季度的成本收入比為 39.6%。

Moving on to PPOP. Our core PPOP grew by 19% year-on-year. Our pre-provision operating profit was at INR 19,024. Pre-provision operating profit for the quarter is 6.78 times the total provisions. Coming to the asset quality, the GNPA ratio was at 1.23% compared to 1.26% in prior year and 1.23% in prior quarter. Out of the 1.23% about 17 basis points are standard, thus the core GNPA is at 1.06%. However, these are included by us in NPA as one of the other facilities of the borrowers in NPA.

繼續 PPOP。我們的核心 PPOP 同比增長 19%。我們的撥備前營業利潤為 19,024 印度盧比。本季度撥備前營業利潤是撥備總額的6.78倍。資產質量方面，GNPA 比率為 1.23%，而去年同期為 1.26%，上一季度為 1.23%。在 1.23% 中，約有 17 個基點是標準的，因此核心 GNPA 為 1.06%。但是，我們將這些作為 NPA 中藉款人的其他設施之一包含在 NPA 中。

GNPA ratio, excluding NPAs in agricultural segment was about 100 basis points. Prior year was at 104 basis points and prior quarter was at 103 basis points. Net NPA ratio was at 33 basis points, prior year was at 37 basis points and preceding quarter was also at 33 basis points. The slippage ratio for the current quarter is at 42 basis points or about INR 6,600 crores. The slippage ratio for the current quarter excluding agri, which is a seasonal December quarter impact was at 35 basis points or about INR 5,300 crores.

GNPA 比率（不包括農業部門的 NPA）約為 100 個基點。上一年為 104 個基點，上一季度為 103 個基點。淨 NPA 比率為 33 個基點，去年為 37 個基點，上一季度也為 33 個基點。本季度的滑點率為 42 個基點或約 660 億印度盧比。不包括農業的當前季度滑點率是 35 個基點或約 530 億印度盧比，這是 12 月季度的季節性影響。

During the quarter, recoveries and upgrades were INR 3,100 crores, approximately 21 basis points. Write-offs in the quarter were INR 3,100 crore or approximately 21 basis points. Sale of NPA of about INR 200 crores in the quarter.

本季度，回收和升級為 310 億印度盧比，約 21 個基點。本季度註銷金額為 310 億印度盧比或約 21 個基點。本季度出售的 NPA 約為 20 億印度盧比。

Moving to the restructuring. The restructuring under the RBI resolution framework for COVID-19 as of December end stands at 42 basis points, about INR 6,400 crores. In addition, certain facilities of the same borrower, which are not restructured is approximately 8 basis points of INR 1,100 crores plus totals to 50 basis points. The COVID restructuring in the prior quarter was at 62 basis points.

轉向重組。截至 12 月底，根據印度儲備銀行針對 COVID-19 的決議框架進行的重組為 42 個基點，約為 640 億印度盧比。此外，同一借款人未重組的某些貸款約為 110 億印度盧比的 8 個基點加上總計 50 個基點。上一季度的 COVID 重組為 62 個基點。

Now moving to the provisions, the total provisions reported were INR 2,800 crores as against INR 3,000 crores in the prior year and INR 3,200 crores in the prior quarter. The provision coverage ratio is at 73%. At the end of current quarter, contingent provisions and floating provisions were close to prior quarter level at INR 10,800 crores after utilization of approximately INR 200 crores.

現在轉向準備金，報告的準備金總額為 280 億印度盧比，而上一年為 300 億印度盧比，上一季度為 320 億印度盧比。撥備覆蓋率為73%。在本季度末，在動用約 20 億印度盧比後，或有準備金和浮動準備金接近上一季度的水平，為 1080 億印度盧比。

General provisions were INR 6,600 crores, contingent provisions were INR 3,400 crores (sic) [INR 9,400 crores] and floating provisions were INR 1,451 crores. Total provisions comprising specific floating contingent and general were about 166% of gross non-performing loan. This is in addition to the security held as collateral in several of the cases. Floating contingent and general provisions were about 1.15% of gross advances as of December end.

一般準備金為 660 億印度盧比，或有準備金為 340 億印度盧比（原文如此）[940 億印度盧比]，浮動準備金為 145.1 億印度盧比。包括特定浮動或有事項和一般事項在內的總準備金約為不良貸款總額的 166%。這是在幾個案例中作為抵押品持有的證券的補充。截至 12 月底，浮動或有準備金和一般準備金約為預付款總額的 1.15%。

Coming to the credit cost ratios, the total annualized credit cost for the quarter was at 74 basis points, prior year was at 94 basis points and prior quarter was at 87 basis points. Recoveries which are recorded as miscellaneous income amounted to 21 basis points of gross advances for the quarter as against 25 basis points for prior year and 22 basis points for prior quarter. The total credit cost ratio, net of recoveries was at 52 basis points in the current quarter as compared to 69 basis points in prior year and 64 basis points in prior quarter. The profit before tax was at INR 612 crores (sic) [INR 16,218 crores]. The net profit after tax for the quarter was at INR 12,260 crores grew by 18.5% over prior year.

就信貸成本比率而言，本季度總年化信貸成本為 74 個基點，去年為 94 個基點，上一季度為 87 個基點。記錄為雜項收入的回收金額相當於本季度預付款總額的 21 個基點，而去年同期為 25 個基點，上一季度為 22 個基點。本季度扣除回收的總信貸成本比率為 52 個基點，而去年同期為 69 個基點，上一季度為 64 個基點。稅前利潤為 61.2 億印度盧比（原文如此）[16,218 千萬印度盧比]。本季度稅後淨利潤為 1226 億印度盧比，比去年同期增長 18.5%。

Now some highlights on HDB Financial Services, this is on an Ind-AS basis. The momentum in disbursements continued across all business segments, all 3 business segments during the quarter, registering a healthy growth of 41% year-on-year, 18% sequentially. Customer franchise grew to 11.2 million customers, adding 2.6 million over last year. HDBFS has started to augment the distribution network and opened 14 branches in the current quarter, aggregating to 1,421 branches spread across 1,020 cities and towns. The loan book as on December end stood at INR 65,100 crores with a secured loan comprising 73% of total loan book.

現在，HDB Financial Services 的一些亮點是基於 Ind-AS 的。所有業務部門的支出勢頭都在持續，本季度所有 3 個業務部門都實現了 41% 的健康增長，同比增長 18%。客戶特許經營客戶增長至 1120 萬，比去年增加 260 萬。 HDBFS 已開始擴大分銷網絡，並在本季度開設了 14 家分行，總計 1,421 家分行分佈在 1,020 個城鎮。截至 12 月底，貸款總額為 6510 億印度盧比，其中擔保貸款佔貸款總額的 73%。

Net revenue for the quarter was INR 2,233 crores, growth of 12.7% over prior year. Provisions and contingencies for the quarter were INR 313 crores compared to INR 540 crores for prior year and INR 351 crores for prior quarter. Credit cost for the quarter were at 195 basis points as against 358 basis points for prior year and 225 basis points for prior quarter. Quality of the book continues to see sustained improvement. Stage 3 as at December end, saw a significant improvement and stood at 3.73% as against 4.88% in the prior quarter, reflecting sustained healthy collections. Provision coverage on Stage 3 book stood at 57%. The PCR on the secured and unsecured book stood at 54% and 85%.

本季度的淨收入為 223.3 億印度盧比，比去年同期增長 12.7%。本季度的準備金和或有費用為 31.3 億印度盧比，而去年同期為 54 億印度盧比，上一季度為 35.1 億印度盧比。本季度的信貸成本為 195 個基點，而去年同期為 358 個基點，上一季度為 225 個基點。本書的質量繼續得到持續改善。截至 12 月底，第 3 階段取得了顯著改善，從上一季度的 4.88% 上升到 3.73%，反映出持續的健康收款。第三階段賬簿的撥備覆蓋率為 57%。有擔保和無擔保賬簿的 PCR 分別為 54% 和 85%。

Profit after tax for the quarter was INR 501 crores against INR 304 crores for the prior year and INR 471 crores for the prior quarter. HDBFS ROA stood at 3.12% and ROE stood at 18.8%. Earnings per share in HDB for the quarter was at INR 6.34 and book value per share as of quarter-end was INR 137.52. HDBFS remains well capitalized with total capital adequacy ratio at 20.5% and continues to step-up disbursements leveraging strong distribution spread across 1,400 plus branches.

本季度稅後利潤為 50.1 億印度盧比，而去年同期為 30.4 億印度盧比，上一季度為 47.1 億印度盧比。 HDBFS ROA 為 3.12%，ROE 為 18.8%。 HDB 本季度的每股收益為 6.34 印度盧比，截至本季度末每股賬面值為 137.52 印度盧比。 HDBFS 仍然資本充足，總資本充足率為 20.5%，並繼續利用 1,400 多個分支機構的強大分佈來增加支出。

Now coming to HDFC Securities. HDFC Securities Limited added nearly 0.9 million new clients in 12 months to December, taking the client base to 4.3 million. HSL has a network of 210 branches spread across 147 cities. Digital offerings continue to enjoy good traction in the market, which around 93% of active clients utilize the services using the digital platforms of the company. The total reported revenue for the quarter was INR 505 crores for HSL against INR 536 crores in the prior year. And net profit after tax was INR 203 crore as against INR 258 crores in prior year. Earnings per share in the quarter was INR 128.1 in HSL and book value per share is at INR 1,114.

現在來到 HDFC 證券。 HDFC Securities Limited 在截至 12 月的 12 個月內增加了近 90 萬新客戶，使客戶群達到 430 萬。 HSL 擁有遍布 147 個城市的 210 家分支機構網絡。數字產品繼續在市場上享有良好的吸引力，約 93% 的活躍客戶使用公司數字平台的服務。 HSL 本季度報告的總收入為 50.5 億印度盧比，而去年同期為 53.6 億印度盧比。稅後淨利潤為 20.3 億印度盧比，而上一年為 25.8 億印度盧比。 HSL 本季度每股收益為 128.1 印度盧比，每股賬面價值為 1,114 印度盧比。

Now in summary, tailwinds from the economic momentum, fiscal and monetary policies have provided conducive environment for growth, by delivery of our full suite of products and services. Our results reflect robustness across various parameters, continued momentum in deposits growth at about 19.9% and retail deposits growth of 21.6%, advances growth of 20% -- 19.5%. Core operating profit growth, net of trading and mark-to-market income was 19%. Profit after tax increased 18.5%, delivering the return on asset of about 2.2% and return on equity of over 18%. Bank's earnings per share reported in the quarter is at INR 22. The book value per share stands at INR 479.80.

現在總而言之，通過提供我們全套的產品和服務，經濟勢頭、財政和貨幣政策的順風為增長提供了有利的環境。我們的結果反映了各種參數的穩健性，存款增長的持續勢頭約為 19.9%，零售存款增長 21.6%，預付款增長 20% - 19.5%。扣除交易和按市值計算的收入後，核心營業利潤增長 19%。稅後利潤增長 18.5%，資產回報率約為 2.2%，股本回報率超過 18%。本季度報告的銀行每股收益為 22 印度盧比。每股賬面價值為 479.80 印度盧比。

With that, may I request the operator to open up the line for questions. Thank you.

有了這個，我可以請求接線員打開問題熱線嗎？謝謝。

(Operator Instructions) The first question is from the line of Kunal Shah from ICICI Securities.

（操作員說明）第一個問題來自 ICICI 證券公司的 Kunal Shah。

So firstly, with respect to --

所以首先，關於——

Kunal just 1 second. The team told me that as I was -- that I have to correct 2 things. They just -- I think, I was referring to the profit before tax is INR 16,218 crore, I think was referring somewhere. And the contingent provisions, I said INR 3,400 crores or something, which is INR 9,400 crores, that's all I just want to -- because I was referring wrong places. Now go ahead, Kunal.

庫納爾僅需 1 秒。團隊告訴我，就像我一樣——我必須糾正兩件事。他們只是——我想，我指的是稅前利潤 1621.8 億盧比，我想是指某個地方。或有條款，我說 340 億印度盧比，也就是 940 億印度盧比，這就是我想要的——因為我指的是錯誤的地方。現在開始吧，庫納爾。

Sure. Yes. So firstly, on OpEx and particularly the employee cost side, no doubt we have added quite a lot of employees over last couple of quarters. But was there any other extraordinary within that wherein maybe the sequential growth was also quite high and both as well as year-on-year, so if you can highlight on that part? Yes.

當然。是的。因此，首先，在運營支出方面，尤其是在員工成本方面，毫無疑問，我們在過去幾個季度增加了相當多的員工。但是，其中是否還有其他非凡之處，其中可能環比增長也相當高，而且同比增長，所以如果你能強調那部分？是的。

Okay. One is that normally the third quarter is the seasonal, right, with a lot of activity in that time period. That's number 1. Number 2, on the people cost, apart from adding of people both for business growth and branches, there is also another tranche of ESOP and RSU that would come in, that's about I think INR 250 crores or INR 300 crores approximately, that would come in, right, that's part of that, it's a business as usual. I wouldn't call it a one-timer, that's part of the business which is embedded there, which would be compared to prior year. And even prior quarter because the ESOPs were effective October and the RSUs were also effective about end October or something. So those part of the cost which is there.

好的。一是通常第三季度是季節性的，對，在那個時期有很多活動。這是第一。第二，關於人員成本，除了為業務增長和分支機構增加人員外，還有另一部分 ESOP 和 RSU 會進來，我認為大約是 25 億印度盧比或 30 億印度盧比，那會進來，對，那是其中的一部分，這是照常進行的業務。我不會稱它為一次性，那是嵌入其中的業務的一部分，將與前一年進行比較。甚至是上一季度，因為 ESOP 於 10 月生效，RSU 也在 10 月底左右生效。所以那部分成本在那裡。

So INR 250 crores to INR 300 crores odd?

那麼 25 億印度盧比到 30 億印度盧比是奇數？

Correct. Yes.

正確的。是的。

Sure. And secondly in terms of the other interest income, particularly around about say INR 800 crores odd. So what does that actually pertain to? Because I think that's what is driving the NII, otherwise broadly when we look at it in terms of the advances investments and the expenses, then NII growth seems to be round about 22-odd percent? Yes.

當然。其次，就其他利息收入而言，特別是大約 80 億印度盧比左右。那麼這實際上與什麼有關？因為我認為這就是推動 NII 的因素，否則當我們從預付投資和費用的角度來看時，NII 的增長率似乎約為 22% 左右？是的。

See -- the other interest income if you look at the class 41 or something that has got certain income that comes from non-lending, it could be income on RIDF deposits kind of thing will be there. That's one. On the other one, I think, I called out, which is about 6 basis points is the interest on tax refunds.

看看——其他利息收入，如果你看看第 41 類或從非貸款中獲得一定收入的東西，它可能是 RIDF 存款收入之類的東西。那是一個。另一方面，我想，我喊了出來，大約6個基點是退稅的利息。

Interest on?

興趣？

Tax refunds, IT, income tax refunds.

退稅，IT，所得稅退稅。

Okay. Yes. Tax refunds. Okay. Okay. So that quantum would be around about 300 pointed out, so 6 odd basis points is what they highlighted. Okay, got that.

好的。是的。退稅。好的。好的。所以這個量大約是 300 點左右，所以他們強調了 6 個奇數基點。好的，知道了。

Above 300. Yes.

超過 300。是的。

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

下一個問題來自 Macquarie Capital Securities 的 Suresh Ganapathy。

Yes. Srini, so 2 questions. One is on deposit accretion itself. So if you look at Q2, the deposit accretion is INR 600 billion or if you look at purely in retail deposits, it's INR 670 billion and the previous quarter was INR 680 billion on overall deposit. The initial guidance was that eventually you want to take it to INR 1 trillion with every quarter showing an improvement, but that has not happened in 3Q. In fact, 3Q has shown a decline over 2Q in terms of absolute accretion of deposits. So what's happening here, are we on track to get that INR 1 trillion accretion? Any color on that would be great, Srini.

是的。斯里尼，所以 2 個問題。一個是存款增加本身。因此，如果你看第二季度，存款增長為 6000 億印度盧比，或者如果你純粹看零售存款，則為 6700 億印度盧比，而上一季度的總存款為 6800 億印度盧比。最初的指導是最終你希望將其提高到 1 萬億印度盧比，每個季度都有所改善，但這在第三季度沒有發生。事實上，三季度存款絕對增幅較二季度有所下降。那麼這裡發生了什麼，我們是否有望獲得 1 萬億印度盧比的增長？任何顏色都會很棒，Srini。

Okay, good. Thank you. Good point, Suresh. Yes, indeed, our objective was to take that INR 600 billion to INR 680 billion to INR 1 trillion as we go. And yes, this quarter, if you look at retail came in with INR 67,000 crores, right? The retail came in quite well. Yes, it didn't come in as much as what we thought. We had expected that it to be INR 80,000 crores or above, north of INR 80,000 crores or above, but it came in at INR 67,000 crores.

好的。謝謝。好點，蘇雷什。是的，的確，我們的目標是在我們前進的過程中將 6000 億盧比增加到 6800 億盧比增加到 1 萬億盧比。是的，這個季度，如果你看看零售業的收入是 6700 億印度盧比，對嗎？零售業進展順利。是的，它並沒有我們想像的那麼多。我們曾預計它會達到 80,000 千萬印度盧比或以上，高於 80,000 千萬印度盧比或以上，但實際收入為 67,000 千萬印度盧比。

Within this kind of right away, we did put in audacious goal and in terms of how we want to get there and achieve. And it came in at INR 67,000 crores. But we are still the mindset on the drive and the distribution network and leveraging of our existing relationships are in full core. And we believe that in this quarter, more consumer spending has happened broadly in the country, and we see that in our own customer base too. If you look at our cards, as an example, card spend, the retail card spend growth is 27%. So people are spending in other things that they want to do. So that's part of what has happened. But we are still getting on track to be growing that sequentially up.

在這種情況下，我們確實提出了大膽的目標，以及我們希望如何實現目標。它的收入為 67,000 千萬盧比。但我們仍然以驅動器和分銷網絡的心態和利用我們現有的關係為核心。我們相信，在本季度，該國廣泛發生了更多的消費者支出，我們在我們自己的客戶群中也看到了這一點。如果你看一下我們的卡片，例如卡片支出，零售卡支出增長率為 27%。所以人們在他們想做的其他事情上花錢。這就是已經發生的事情的一部分。但我們仍在按順序增長。

Okay. And the next 2 questions, is first on margins. Your margins are flat Q-o-Q or Y-o-Y also for that matter, whether you look at repo on assets or interest earning assets. My point here is Srini, bulk of the deposit rate hikes have actually happened between September to December. You can see actually all banks. even Post, the SBI and even yourselves included have hiked deposit rates quite aggressively. So if you have not seen a margin expansion this quarter, especially when deposit rate hikes are yet to flow through, what happened next quarter when some of the deposit repricing? Or at least the incremental flow will be at a higher rate. Do you think you can sustain the current level of margins or there could be any margin pressure?

好的。接下來的 2 個問題首先是邊距問題。就此而言，無論您查看資產回購還是生息資產，您的利潤率都是持平的 Q-o-Q 或 Y-o-Y。我的觀點是斯里尼，大部分存款利率上調實際上發生在 9 月至 12 月之間。您實際上可以看到所有銀行。甚至 Post、SBI 甚至你們自己都非常積極地提高了存款利率。因此，如果本季度您沒有看到利潤率擴張，尤其是在存款利率上調尚未實施的情況下，那麼下個季度一些存款重新定價時會發生什麼情況？或者至少增量流量將處於更高的速率。您認為您可以維持目前的利潤率水平還是可能存在任何利潤率壓力？

Okay. Again, very nice and very correctly you're asking that. It is correct that to expect that deposit pricing factoring in as we go along would start to increase because if the prices have started and it will have a full quarter impact, and if there is one more rate hike and there will be further coming in on the deposit costs. But along with that, the loan pricing also happens, right. Our position is more or less is kind of a balanced. When the deposit pricing goes up, we also get up on the pricing on the assets. So if you look at some of our -- MCLR is a good indication to see while that not all loans are there, but it's not an enormous amount of retail loans go off MCLR. And then there are certain other SME type loans that also based-off the MCLR. So if you look at that, we have enhanced that more than the deposit funding do. So that means we are catching up on the asset yield also along with that, so that's the second thing to keep in mind.

好的。再一次，你問的非常好，也非常正確。正確的是，隨著我們的進展，存款定價因素將開始增加，因為如果價格已經開始並且將產生整個季度的影響，並且如果再次加息並且將會進一步增加存款費用。但與此同時，貸款定價也會發生，對吧。我們的立場或多或少是一種平衡。當存款定價上漲時，我們也會提高資產定價。因此，如果你看一下我們的一些——MCLR 是一個很好的跡象，可以看出雖然並非所有貸款都存在，但並沒有大量零售貸款從 MCLR 中消失。然後還有某些其他中小企業類型的貸款也基於 MCLR。因此，如果您看一下，我們比存款資金更加強了這一點。所以這意味著我們也在追趕資產收益率，所以這是要記住的第二件事。

The third thing, the margin pickup, I think over a period of last 4, 5 quarters we have been saying that the margin is a function of the mix of products, right. To the extent deposit goes up, the asset yield goes up to keep the margin constant or thereabouts within a small range. But the margin going into the middle to the higher end of the 4%, 4.5% is a function of the mix of wholesale and retail. Still despite retail growing 5%, up sequentially, the mix is still 45% retail, 55% wholesale, the Basel classification is still at 45%, 55%, right. And couple of few years ago before COVID, few years ago it was 53% to 55% retail. So that list needs to change for the margin to move up. But the other question that you asked, is the margin under pressure? Yes, we are cognizant that we need to keep up on the yield to keep pace with the deposit cost that goes up.

第三件事，利潤率回升，我認為在過去的 4、5 個季度中，我們一直在說利潤率是產品組合的函數，對吧。存款上升，資產收益率上升，使保證金保持在一個較小的範圍內。但利潤率進入 4% 的中間到高端，4.5% 是批發和零售組合的函數。儘管零售增長了 5%，環比增長，但組合仍然是 45% 的零售，55% 的批發，巴塞爾分類仍然是 45%、55%，對。幾年前在 COVID 之前，幾年前它是 53% 到 55% 的零售。因此，該列表需要更改才能提高利潤率。但你問的另一個問題是，利潤率是否面臨壓力？是的，我們意識到我們需要保持收益率以跟上存款成本上升的步伐。

Okay. And lastly, anything you've heard from RBI with respect to any of the statutory relaxations or any other relaxations that you have thought? If not then, what do you think could be the timeline to hear something on that front?

好的。最後，您從印度儲備銀行那裡聽到的關於任何法定放寬或您認為的任何其他放寬的任何消息？如果不是那麼，您認為聽到這方面的消息的時間表可能是什麼？

Not yet, Suresh, not heard yet. But we would expect it within the next month to -- there is no particular timeframe, right, this is not particular schedule. For context, is that, the merge process is progressing, the NCLT final hearing is on January 27, right. And so there upon once it's adjudicated, then there is certain other processes -- regulatory processes to go through. So we do have some time that this would take and we are hoping that in this interim period there will be something.

還沒有，Suresh，還沒有聽說過。但我們預計它會在下個月內——沒有特定的時間表，對，這不是特定的時間表。就上下文而言，合併過程正在進行中，NCLT 最終聽證會將於 1 月 27 日舉行，對吧。因此，一旦它被裁定，就會有某些其他流程——監管流程要經過。所以我們確實需要一些時間，我們希望在這個過渡時期會有一些東西。

The next question is from the line of Mahrukh Adajania from Nuvama Wealth Management Limited.

下一個問題來自 Nuvama Wealth Management Limited 的 Mahrukh Adajania。

Yes. So I had a question, partly linked to Suresh. So your asset growth for the quarter was just 3% Q-o-Q, whereas you know at the time of the merger or at the Analyst Day, the guidance was achieving 18% Y-o-Y, even on a merge balance sheet basis. Should does that stay? And were there corporate loan exists at the end of the quarter?

是的。所以我有一個問題，部分與 Suresh 有關。因此，您本季度的資產增長率僅為 3% Q-o-Q，而您知道在合併時或在分析師日，即使在合併資產負債表的基礎上，指導也達到了 18% Y-o-Y。那應該留下嗎？季度末是否存在企業貸款？

Okay. So there are 2 aspects. You touched upon how to think about the loan growth and then we've talked about the wholesale growth at the end of the quarter. The way you think about the loan is not quarter-to-quarter, right. That is why we give kind of an indication to look back to see how the bank has grown the loan book over a period of time. You can look at a 3-year block or a 2-year block or a 5-year or a 10 year block. Whichever blocks you look at, it would be, call it 2.2 -- every 5 years, 2.2x or 2.3x, or thereabouts, right, which is back to 18% to 20%, that is what I think your memory says, because that is the historical thing. So quarter-to-quarter there can be variations. But in this quarter, if you see, still it is 19.9% -- 19.5% and the growth of the IBPCs alone grew 23.5% -- 23.6%, I think it was.

好的。所以有2個方面。您談到瞭如何考慮貸款增長，然後我們談到了本季度末的批發增長。您考慮貸款的方式不是按季度計算的，對吧。這就是為什麼我們給出某種指示來回顧一下銀行在一段時間內如何增加貸款賬簿的原因。您可以查看 3 年期或 2 年期或 5 年或 10 年期。無論你看哪個塊，都可以稱之為 2.2——每 5 年，2.2 倍或 2.3 倍左右，對，回到 18% 到 20%，這就是我認為你的記憶所說的，因為那是歷史性的事情。所以每個季度都會有變化。但在這個季度，如果你看到的話，它仍然是 19.9% - 19.5%，僅 IBPC 的增長就增長了 23.5% - 23.6%，我認為是。

So there are -- the loan growth can come and it's a question of on the wholesale that you touched upon, it's a matter of how we prioritize in terms of what we want and at what price. If you look at the wholesale the spreads as such. If you think about the bond spreads in the quarter, the bond spreads widened in the quarter. And whereas the loan has to come and catch up over time. So we took a stance saying that, from a pricing point of view we will wait for the price to come up. We don't need to. And so the wholesale was minus 1%, right. The bond spreads went up anywhere from 30 to 60 basis points, the market bond spreads widened. So we do have to wait and see how the loan starts to catch up on the yield from an opportunity point of view. Where the other banks in the country or the financial market participants would appropriately start to price and looking at how the bond spreads are moving. So it's a question of a quarter-to-quarter timings will be there.

所以有 - 貸款增長可能會出現，這是你提到的批發問題，這是我們如何根據我們想要的和以什麼價格確定優先次序的問題。如果你看一下批發價差。如果您考慮本季度的債券利差，本季度債券利差擴大。而貸款必須隨著時間的推移而到來並趕上。所以我們的立場是，從定價的角度來看，我們將等待價格上漲。我們不需要。所以批發是負 1%，對吧。債券利差上升 30 至 60 個基點，市場債券利差擴大。因此，從機會的角度來看，我們必須拭目以待，看看貸款如何開始趕上收益率。該國的其他銀行或金融市場參與者將在何處適當地開始定價，並研究債券利差的走勢。所以這是一個季度到季度的時間問題。

Okay. But my broader question was that, if you see some of the economies have already downgraded growth forecasts for India. So do you see -- what is your sector growth assumption for FY'24? And then of course, you would grow above the sector to justify your 17% to 18% year-on-year growth for the next year and then maybe for the next 2 to 3 years? So is it just a tactical call based on pricing? Are you -- I think there is adequate growth to grow 18% with quarterly variation? Is that a fair assumption?

好的。但我更廣泛的問題是，如果你看到一些經濟體已經下調了對印度的增長預測。那麼你看到了嗎 - 你對 24 財年的行業增長假設是什麼？然後當然，你會超越該行業來證明你明年 17% 到 18% 的同比增長是合理的，然後可能是接下來的 2 到 3 年？那麼它只是基於定價的戰術調用嗎？你 - 我認為有足夠的增長來增長 18% 與季度變化？這是一個公平的假設嗎？

Yes. It's a fair assumption, it is a tactical thing. We see good demand for loans, right, more than -- over INR 30,000 crores, INR 40,000 crores of loans, we did not go through. We didn't want to go because the price has to catch up with what we are seeing on the bond market and it didn't catch up, so we let go, right. And we do see good demand in the NBFC segment in the PSU or in the retail and infra segment, we do see good amount of demand coming. And we are also getting on to the new product lines that I mentioned too again driven through PLI or other aspects, we are also into those.

是的。這是一個合理的假設，這是一個戰術問題。我們看到對貸款的良好需求，對，超過 3000 億盧比，4000 億盧比的貸款，我們沒有通過。我們不想去，因為價格必須趕上我們在債券市場上看到的價格，但沒有趕上，所以我們放手了，對吧。我們確實看到 PSU 的 NBFC 部分或零售和基礎設施部分的良好需求，我們確實看到大量需求即將到來。我們也正在通過 PLI 或其他方面再次推動我提到的新產品線，我們也參與其中。

So would you have a call on the sector growth rate for FY'24? I mean, any such -- loan growth?

那麼，您會呼籲 24 財年的行業增長率嗎？我的意思是，任何這樣的——貸款增長？

No, maybe.

不，也許吧。

Okay. And sorry, just 1 follow-up. Basically, what would be the quantum of tax difference INR 350 crore, what would it be?

好的。抱歉，只有 1 次跟進。基本上，35 億印度盧比的稅收差異是多少？

What is it?

它是什麼？

Interest on tax.

稅收利息。

Yes, 6 basis points would be approximately INR 300 crores, yes. That was it. It is not tax, it's interest on tax.

是的，6 個基點大約是 30 億印度盧比，是的。就是這樣。不是稅，是稅的利息。

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

下一個問題來自摩根大通的 Saurabh Kumar。

Srini, so 3 questions. One is, could you comment on what's your revolve rate on the cards business? And your spends have gone up, I just want to see what the revolve rates are? The second is, what will be the LCR both for the average and period end? And lastly, just coming back to this NIM, so this cycle, HDFC Bank has shown lower NIM sensitivity versus if I look at your private sector peer group. So would it be fair to say, as rates -- if they were to go down maybe in second half of the year, we should again see lower sensitivity on NIMs today? That will be 3.

斯里尼，所以 3 個問題。一是，您能否評論一下您在卡片業務上的周轉率是多少？而且您的支出增加了，我只想看看周轉率是多少？第二個是，平均和期末的 LCR 是多少？最後，回到這個 NIM，所以這個週期，HDFC 銀行顯示出較低的 NIM 敏感性，如果我看一下你的私營部門同行組。那麼可以公平地說，作為利率——如果它們可能在今年下半年下降，我們今天應該再次看到 NIM 的敏感性降低嗎？那將是3。

Thank you, Saurabh, for asking. On the revolve rate, we haven't seen any pickup in revolve rates. So we're still at 65%, 70% of the pre-COVID levels. We don't see a pickup in revolve rate. Actually, this quarter is slightly down by a 1 percentage point or so, and understandably third quarter normally goes down because we see higher level of spend -- card spends that happen due to various festivals and events. So you will see that there are more transactors into that mix. So 1 percentage point change doesn't make, but we are not seeing the pick in the -- pickup in the revolve rate. So that is still far lower than what it used to be in the past. So that's one on the revolve rate.

謝謝 Saurabh 的提問。在周轉率方面，我們沒有看到周轉率有任何回升。所以我們仍然處於 COVID 前水平的 65%、70%。我們沒有看到周轉率回升。實際上，本季度略微下降了 1 個百分點左右，可以理解的是，第三季度通常會下降，因為我們看到更高水平的支出——由於各種節日和活動而發生的卡片支出。所以你會看到有更多的交易者參與其中。所以 1 個百分點的變化不會產生影響，但我們沒有看到循環率的回升。所以這仍然遠遠低於過去的水平。所以這是關於周轉率的。

Yes, we do, we are confident that the industry will come back, the revolve segment will come back. But again we analyze that between what we call the occasional revolver who revolves between 1 to 3 and 4 to 6 months and 6-plus months and so on. But the cream of that would be somebody who revolves 6-plus months, actually that is not moving at all, it is not. And you will see that somebody, 1 to 3 months going up or down a bit, but that is again more temporary that happens in this not -- revolving happens. So we're not seeing that yet. The second aspect that you touched upon is the LCR. I think, I did allude to 113% LCR in the quarter, so that's close to average EOP, whatever you call it, the 113% of the LCR.

是的，我們有信心，我們相信這個行業會回來，循環細分市場會回來。但我們再次分析，我們稱之為偶爾的左輪手槍，他們在 1 到 3 個月和 4 到 6 個月以及 6 個月以上之間循環等等。但最重要的是有人會旋轉 6 個多月，實際上它根本不動，它不是。你會看到有人在 1 到 3 個月內略有上升或下降，但這又是暫時的，而不是——循環發生。所以我們還沒有看到。您提到的第二個方面是 LCR。我想，我確實提到了本季度 113% 的 LCR，所以這接近平均 EOP，無論你怎麼稱呼它，LCR 的 113%。

You asked about the net interest margin in the context of in the second half, what happens when the rate moves? See, you can think about our net interest margin over the last 3 years, right. Go back to before the rates started to go down. And during the kind of a COVID period or in the current period last year to year and half period. If you look at it, it operates normally between the 3.94% to 4.4%, 4.5%. And the function of the NIM going up or down, it's about the mix of products. More retail composition in the portfolio gets you higher NIM and comes with higher cost and also comes with higher credit costs such credit cost can come with a slight lag. So that's the model in which it operates. And otherwise the cost of funds or the yield, other than the lead and lag effect will move more or less. Quarter to quarter some variation, because of the lead and lag effect. But otherwise, it is pretty tight from a match to mix, point of view. So if the rates were to go down in the second half and it would be the -- still will continue to manage the net interest margin in a stable manner around that historical range.

你在下半年的背景下詢問淨息差，當利率變動時會發生什麼？看，你可以想想我們過去 3 年的淨息差，對吧。回到利率開始下降之前。並且在 COVID 期間或在去年到一年半期間的當前期間。如果你看它，它在3.94％到4.4％之間正常運行，4.5％。 NIM 的功能上升或下降，與產品組合有關。投資組合中的零售組合越多，NIM 越高，成本越高，信貸成本也越高，這種信貸成本可能會略有滯後。這就是它運作的模型。否則，除了超前和滯後效應之外，資金成本或收益率或多或少都會發生變化。由於超前和滯後效應，季度與季度之間存在一些差異。但除此之外，從匹配到混合的角度來看，它非常緊張。因此，如果利率在下半年下降，那將是 - 仍將繼續以穩定的方式在該歷史範圍內管理淨息差。

The next question is from the line of Hardik Shah from Goldman Sachs.

下一個問題來自高盛的 Hardik Shah。

Yes, Srini. This is Rahul Jain on behalf of Hardik. 2, 3 questions. Number 1, again coming back to deposit growth. I mean for the whole industry itself, the growth is not really showing any acceleration and banks and all have kind of increase the rates. There is clearly pressure from alternate channels. So do you want to hazard a guess as to the banks need to touch the savings rate also in this in the next couple of months to push on the deposit mobilization?

是的，斯里尼。我是代表 Hardik 的 Rahul Jain。 2、3題。第一，再次回到存款增長。我的意思是，對於整個行業本身，增長並沒有真正顯示出任何加速，銀行和所有人都在某種程度上提高了利率。顯然有來自替代渠道的壓力。那麼你是否想冒險猜測銀行是否需要在未來幾個月內觸及儲蓄率以推動存款動員？

I do. I certainly don't want to take a guess, but that is you know that, that has been something that over a longer period of time has remained more or less within a small range, right. So that's not something that generally has happened. But again, the way that we don't lead with this, but will follow the leader on that front. But still you know that we priced slightly above than the largest bank player in the country on the savings.

我願意。我當然不想猜測，但那是你知道的，在較長一段時間內，它或多或少地保持在一個小範圍內，對吧。所以這不是通常發生的事情。但同樣，我們不以此為首，而是在這方面跟隨領導者的方式。但您仍然知道，我們在儲蓄方面的定價略高於該國最大的銀行。

So I mean, what measures can banks take or eventually the growth will have to, have to take a knock -- the loan growth have to take a knock, because the CD ratios are -- don't have much of a scope, I mean, it can still go up by couple of percent. But how will you all kind of manage the whole growth versus deposit dynamics?

所以我的意思是，銀行可以採取什麼措施，或者最終增長將不得不，必須受到打擊 - 貸款增長必須受到打擊，因為 CD 比率 - 沒有太大的範圍，我意思是，它仍然可以上漲幾個百分點。但是你們將如何管理整個增長與存款動態？

See the growth of deposits, one, of course, the market itself grows at certain rate. And the goal is to grow faster than the market to gain the share. So like for example, our share is slightly under 10% and gross at call it 80 to 100 basis points in the last year. And similarly, over a 5-year period, you would see that it's about 400 plus basis points market share gains. So that's -- and we strive to get that by expanding our distribution to get closer to the customer with a better relationship. So that's it is all about getting the customer in and deepening that relationship, it takes 21 to 24 months for the customer maturity cycle to peak. And so you want to get the customer in and work with the customer to get that the maturity to be peaking. That's the only thing. And with the market share slightly under 10%, so it's a long runway to go and get that.

看存款的增長，一個，當然，市場本身也在以一定的速度增長。目標是比市場增長更快以獲得份額。例如，去年我們的份額略低於 10%，毛利率為 80 到 100 個基點。同樣，在 5 年的時間裡，您會看到市場份額增加了大約 400 個基點。這就是 - 我們努力通過擴大我們的分銷來實現這一目標，以通過更好的關係更接近客戶。所以這就是讓客戶加入並加深這種關係的全部內容，客戶成熟週期需要 21 到 24 個月才能達到頂峰。因此，您希望吸引客戶並與客戶合作以達到成熟度的頂峰。這是唯一的事情。由於市場份額略低於 10%，因此要實現這一目標還有很長的路要走。

Understood. The second question is on the cost side. So you opened about close to let's say 700 branches in this quarter. How many more you would want to open let say in this quarter and whatever cost that are to accrue with regards to branch expansion, has that already reflected in the numbers? Or will be some spillover into the fourth quarter as well? Plus, of course, whatever you will open up in this quarter in terms of branches?

明白了。第二個問題是成本方面。所以你在這個季度開了大約 700 家分店。比方說，本季度您還想開設多少家門店，無論在分支機構擴張方面要產生多少成本，這些都已經反映在數字中了嗎？還是會影響到第四季度？另外，當然，就分支機構而言，您將在本季度開設什麼？

Yes. The branches that we intended to open call it 1,500 to 2,000 branches, we probably will open. And we -- in the pipeline, we have at least another 600 odd branches in the pipeline to go, right. And then we keep adding into that. Again, it's not a function of whether we know which locations and how many we want to open. It's a question of getting the least consummated in an appropriate manner and getting the fitment done on time, it's just a function of that. So yes, we are pursuing that branch build strategy and we have little more than 600 in the pipeline to go, in the shorter time period, it will come.

是的。我們打算開設的分支機構稱為 1,500 到 2,000 家分支機構，我們可能會開設。而我們——在管道中，我們至少還有 600 個奇數分支在管道中，對吧。然後我們不斷添加。同樣，這與我們是否知道要開設哪些地點和數量無關。這是一個以適當的方式完成最少的工作並按時完成裝修的問題，這只是一個功能。所以，是的，我們正在推行分支機構建設戰略，我們有 600 多個正在籌備中，在更短的時間內，它會到來。

From a cost point of view, those cost will mostly come in the following quarter and to the extent that it goes into later part of the quarter, then it will -- the cost will mostly spill into the following year itself, right, because the cost maybe a month or less than a month type of cost and then it will goes through. So from a cost point of view, it also depends on the timing on that.

從成本的角度來看，這些成本大部分將在下一季度出現，並且在一定程度上會進入本季度的後期，那麼它會——成本大部分會溢出到下一年本身，對吧，因為成本可能是一個月或不到一個月的成本，然後它就會通過。所以從成本的角度來看，這也取決於時機。

Okay. Understood. Let's just maybe 1 more. On the priority sector, did we do any buyouts in this quarter? I mean, how are we placed on that front? Because the growth is strong, remaining strong and any update from RBI on the exemptions -- potential exemption that we applied for the merger?

好的。明白了。讓我們再多 1 個。在優先領域，我們在本季度進行了任何收購嗎？我的意思是，我們在這方面的位置如何？因為增長強勁，保持強勁以及印度儲備銀行關於豁免的任何更新 - 我們申請合併的潛在豁免？

Yes. No, we haven't heard as I was saying that we would expect at some point in time, maybe there is the 27th NCLT meeting and from then on there are a few other regulatory things to go through, before the effective date and maybe in the interim period there will be next year, right. So there is no target date or a timeframe set on that, and we hope to hear soon as possible on that. But on the other question that you asked, in terms of the priority sector, yes, we do buy in the market, different products, one is to do with the core growth, which is a significant push.

是的。不，我們還沒有聽說，正如我所說，我們預計在某個時間點，也許會有第 27 次 NCLT 會議，從那時起，在生效日期之前，也許在明年會有過渡期吧。因此，沒有為此設定目標日期或時間表，我們希望盡快聽到相關消息。但是關於你問的另一個問題，就優先部門而言，是的，我們確實在市場上購買不同的產品，一個是與核心增長有關，這是一個重要的推動力。

The core PSL growth is about 35% up year-on-year. So that the total loan is about 19.5% year-on-year and the core PSL, which means the on books PSL that we originate and keep grows at the rate of 35%, right, has grown at the rate of 35%, so far. That's one. So that means, it gives good ROA and that is the priority and that is the push, right. And then there are other opportunities that we go and tap too, which is the PSLC or the IBPC or the RIDF, which is again -- that's a continuous evaluation that happens between the alternative cost of various such strategies and then that is how we use that.

核心 PSL 增長率同比增長約 35%。因此，總貸款同比約為 19.5%，核心 PSL，這意味著我們發起並保持的賬面 PSL 以 35% 的速度增長，對，已經以 35% 的速度增長，所以遠的。那是一個。所以這意味著，它提供了良好的 ROA，這是優先事項，也是推動力，對吧。然後我們也去挖掘其他機會，這是 PSLC 或 IBPC 或 RIDF，這又是 - 這是在各種此類策略的替代成本之間發生的持續評估，然後這就是我們使用的方式那。

But do we have any significant shortfall out there? Or we are okay, I mean, with growth picking up in the core PSL book?

但是我們有什麼明顯的不足嗎？或者我們還好，我的意思是，隨著核心 PSL 書籍的增長？

The shortfall or excess gets determined more at the end of the year in terms of how we do and that is where it comes, right. But if you look at what we have done over the past several years, typically, the overall PSL, it's 40%, right. That's certainly we are always there and even now we are there, right, in the mid-40s plus. It's a question of how do we get to the right kind of a composition on the agricultural and the micro. These are the 2 things that you focused to get there. And which we always endeavor a look for organic growth because it is tough to get organic growth. And then where we can't get, we go to the market to see how we can get PSLC or IBPC. And even if that doesn't work, we evaluate whether RIDF is another choice on to that. So all of these gets worked and normally it is an annual type of a target and goal.

短缺或過剩會在年底更多地根據我們的工作方式來確定，這就是它的來源，對。但如果你看看我們過去幾年所做的事情，通常情況下，整體 PSL 是 40%，對。那當然是我們一直在那裡，甚至現在我們在那裡，對，在 40 多歲的時候。這是一個問題，我們如何在農業和微型上獲得正確的組合。這些是您專注於實現目標的兩件事。我們一直在努力尋找有機增長，因為很難獲得有機增長。然後在我們無法獲得的地方，我們去市場看看如何獲得 PSLC 或 IBPC。即使這不起作用，我們也會評估 RIDF 是否是另一種選擇。所以所有這些都會起作用，通常它是一個年度類型的目標和目標。

Got it. Very, very helpful. Can I squeeze in 1 more small question if you don't mind, on consumer behavior, our lending has been strong, the personal lending, personal loans, growth has been strong quarter on quarter. But we see their inflation continues to remain high, the EMIs have gone up. So how do you think about this portfolio shaping up over the next couple of quarters? Asset quality seems to be strong, but do you think growth may take some knock because of these factors? Or we are seeing some revolver shifting to the EMI loans, which one is getting clubbed here? So just wanted to understand how this piece is going to evolve over the next couple of quarters?

知道了。非常非常有幫助。如果你不介意的話，我能再問一個小問題嗎？在消費者行為方面，我們的貸款一直很強勁，個人貸款，個人貸款，環比增長強勁。但我們看到他們的通脹繼續居高不下，EMI 已經上升。那麼，您如何看待未來幾個季度的投資組合形成情況？資產質量似乎很強，但您認為增長可能會因為這些因素而受到一些衝擊嗎？或者我們看到一些左輪手槍轉向 EMI 貸款，哪一個在這裡被棍棒？所以只是想了解這件作品在接下來的幾個季度將如何發展？

So we still see quite an amount of -- that's part of their retail spend, if you see retail card spend if you see, almost 27% retail card spend growth, which is quite good. Similarly, if you look at the acquiring business spend that was also in the 20s, good robust acquiring. So you are seeing people are spending. I'm talking about this quarter, right. That is happening.

所以我們仍然看到相當多的——這是他們零售支出的一部分，如果你看到零售卡支出，如果你看到的話，零售卡支出增長了近 27%，這是相當不錯的。同樣，如果您查看也在 20 多歲的收購業務支出，那麼強勁的收購。所以你看到人們在消費。我說的是這個季度，對吧。那正在發生。

And another thing, if you see, there is enough liquidity also there with the kind of a customer, I'm talking about our customer base. If you take our cards customer base, I think last time I alluded to and it is true now too, which is the card customer liability balances in the bank is over 5x. So that means if there is 100 of our card receivable balance at an aggregate level, the deposits from that bunch of customers is like 5x that, right? So that mean -- and pre-COVID, I think it was, we said, it is less than 4x -- 3.5x or 4x. So people have built up liquidity and it seems to be there, among our customer base. And we do see good amount of spend happening.

還有一件事，如果你看到，那種客戶也有足夠的流動性，我說的是我們的客戶群。如果你拿我們的卡客戶群來說，我想上次我提到過，現在也是如此，銀行卡客戶負債餘額超過 5 倍。所以這意味著如果我們的信用卡應收餘額總和為 100，那群客戶的存款大約是它的 5 倍，對嗎？所以這意味著——在 COVID 之前，我認為它是，我們說過，它小於 4 倍——3.5 倍或 4 倍。所以人們已經建立了流動性，它似乎存在於我們的客戶群中。我們確實看到大量支出正在發生。

So that should continue, even the personal loan book should continue to de-grew. It's what I understood.

因此，這種情況應該會繼續下去，甚至個人貸款賬簿也應該會繼續減少。這就是我的理解。

You've seen the personal loan book in the quarter grew close to mid-20s, like 24% or something you've seen growing. Similarly, even the sequential growth you're seeing good amount of sequential growth even on the personal, yes, 6% sequential, 23% year-on-year on the personal loan, you're seeing that growth.

你已經看到本季度的個人貸款增長接近 20 多歲，比如 24% 或者你看到的增長。同樣，即使是個人貸款的連續增長，你也看到了大量的連續增長，是的，個人貸款連續增長 6%，同比增長 23%，你看到了這種增長。

The next question is from the line of Nitin Aggarwal from Motilal Oswal.

下一個問題來自 Motilal Oswal 的 Nitin Aggarwal。

Yes. Srini, I have 2, 3 questions. Firstly, if you can provide some color on the credit card acquisition strategy? We recently talked about like doing 1 million cards per month. How are you planning to achieve this and the timeline for it?

是的。 Srini，我有 2、3 個問題。首先，您是否可以提供一些有關信用卡獲取策略的顏色？我們最近談到每月製作 100 萬張卡片。您打算如何實現這一目標及其時間表？

One, we acquired 1.2 million cards in the quarter. And I don't think we have said 1 million per month -- if anything that's more of a strategic call. But I can tell you that we are at about 1.2 million in this quarter and the prior quarter was slightly under 1 million for the quarter. That's the kind of rate at which we are acquiring cards.

第一，我們在本季度獲得了 120 萬張卡片。而且我認為我們沒有說每月 100 萬——如果有的話，那更像是一個戰略電話。但我可以告訴你，本季度我們大約有 120 萬，而上一季度略低於 100 萬。這就是我們獲取卡片的速度。

Okay. This was there in the media very recently, so I thought of clearing this. But no worries. Secondly, like this quarter we have consumed small amount of contingent provisions. So what would be our approach to utilization of these provisions going ahead?

好的。這是最近在媒體上出現的，所以我想清除它。但不用擔心。其次，像本季度一樣，我們消耗了少量或有準備金。那麼，我們今後將如何利用這些規定？

See the point -- see, every quarter as we have said in the past, we evaluate what to do and if there is a kind of a minor release, it happens, right, or a build that happens. But broadly, if you think about -- how to think about it, which is also I think one of the notes we have given the COVID, one of the important kind of drive that we build the reserves and even before COVID, we built on certain another economic considerations. I wouldn't say that is all behind us. So if you look at certain markets, in the East of the country or in the West of the country, the court cases are far higher, far, far higher and it's spiking. And I am not wishing that we follow what we followed last time with a lag of 3 or 4 months, I'm not wishing, but we got to be watchful to see how that turns out. So we keep evaluating how this turns out and that's all we keep the provisions on books.

明白這一點——看，就像我們過去所說的那樣，每個季度，我們都會評估要做什麼，如果有某種次要版本，它就會發生，對，或者構建會發生。但是從廣義上講，如果您考慮-如何考慮，我認為這也是我們給 COVID 的說明之一，這是我們建立儲備的重要驅動力之一，甚至在 COVID 之前，我們就建立在某些其他經濟考慮。我不會說這一切都在我們身後。因此，如果你看看某些市場，在該國東部或該國西部，法院案件要高得多，高得多，而且還在飆升。而且我不希望我們在 3 或 4 個月的滯後後遵循上次遵循的內容，我不希望，但我們必須保持警惕，看看結果如何。因此，我們不斷評估結果如何，這就是我們將規定保留在書本上的全部內容。

Right. And lastly on the liability, this quarter we have reported like a pretty strong TD growth almost 6% Q-on-Q. So can you share some color as to what has been the mix of savings deposits, which has -- which have moved to TDs? Or alternately when you talk about INR 67,000 crore of retail deposits. So, during the quarter, what will be the mix of SA and term in these incremental deposits?

正確的。最後關於負債，本季度我們報告稱 TD 增長相當強勁，環比增長近 6%。那麼，您能否分享一些關於儲蓄存款組合的顏色，哪些已經 - 哪些已經轉移到 TDs？或者當你談論 6700 億印度盧比的零售存款時。那麼，在本季度，這些增量存款中 SA 和期限的組合是什麼？

So, I think, mix of both, given you the savings account growth, I think, it's about 13-odd percent in the quarter. Time deposit growth is about 27% or so. The current account growth year-on-year is 8%. But however, I did mentioned that the current -- retail current account which is the granular current account, which is a big focus for us is at 14% year-on-year growth, however the wholesale current account degrew by 4% in the quarter. So from a -- the CASA ratio is 44%, right. The long-term CASA is about 40% or 39%, 40% in the long term. And if you think about the time deposit last year FY'22, the whole year the time deposit grew by only 7%. So it's a question of the customer preference and the rate cycle that happens and that's all the growth, and I gave you the rate of growth across each one of these products.

所以，我認為，考慮到儲蓄賬戶的增長，我認為，這兩者的結合，本季度大約增長了 13%。定期存款增長約27%左右。經常賬戶同比增長8%。但是，我確實提到過，零售經常賬戶是細粒度的經常賬戶，這是我們關注的重點，同比增長 14%，但批發經常賬戶在 2018 年下降了 4%。四分之一。所以從一個 - CASA 比率是 44%，對。長期CASA約為40%或39%，長期為40%。如果你想想去年 FY'22 的定期存款，全年定期存款只增長了 7%。所以這是一個客戶偏好和發生的利率週期的問題，這就是所有的增長，我給了你這些產品中每一個的增長率。

Sure, Srini. I will work that out.

當然，斯里尼。我會解決的。

The next question is from the line of Kunal Thanvi from Banyan Tree Advisors Private Limited.

下一個問題來自 Banyan Tree Advisors Private Limited 的 Kunal Thanvi。

So I had 2 questions. One was the employee addition. Can you throw some light on the breakup of employee addition in terms of branch related and others? And within others, what are the areas where we are adding employees? Because last 9 months we have added around 25,000 employees, how much work to do with new branches and how much is non-branch?

所以我有兩個問題。一個是員工的增加。你能從分支機構相關和其他方面闡明員工增加的分解嗎？在其他方面，我們在哪些領域增加了員工？因為過去 9 個月我們增加了大約 25,000 名員工，新分支機構有多少工作要做，非分支機構有多少？

Okay. See, the most of the branch -- most of the staff additions will be in frontline. Frontline means either they are in asset sales, retail asset sales, which entails because you know that after a couple of years of slowdown we did pick up, so retail asset sales. Branches also adds in out of the 30 odd thousand, more than call it 60 odd percent would be simply directly branches. And then when I say assets, it is both cards and retail assets, both of them would also be there as part of the growth. So yes, we have about, call it 84% or so of our people in the customer facing role, that's where most of the -- in some manner or the other, I gave you 2, 3 examples of liability branch products or asset sales product or a card sales type of product. But that's the kind of growth where in the frontline handling the customer in some manner or the other, either in relationship management or in sales, that's where predominant growth come from.

好的。看，大部分分支機構——大部分新增員工將在前線。前線意味著他們要么在資產銷售，要么在零售資產銷售，這需要因為你知道在幾年的放緩之後我們確實有所回升，所以零售資產銷售。分支機構也加入了 30 奇數千，超過 60 奇數百分比將只是直接分支機構。然後當我說資產時，它既是卡片資產又是零售資產，它們都將作為增長的一部分存在。所以，是的，我們大約有 84% 左右的人擔任面向客戶的角色，這就是大多數人——以某種方式，我給了你 2、3 個責任分支產品或資產銷售的例子產品或卡片銷售類型的產品。但這是在一線以某種方式處理客戶的增長，無論是在關係管理還是在銷售中，這就是主要增長的來源。

Sure. And the second question was on, if you look at our fee income, the share of credit cards and payment products have been gone to 34% for this quarter. So can you throw some light on how the contribution of fee and payments have been improving? And what's the outlook there? What is that sustainable number one should look at?

當然。第二個問題是，如果你看一下我們的手續費收入，本季度信用卡和支付產品的份額已經上升到 34%。那麼，您能否說明一下費用和付款的貢獻是如何改善的？那裡的前景如何？可持續發展的第一名應該看什麼？

Again, it depends on, yes, the payment business was 32% of the total fees last quarter, 33%, in this quarter, right. So it is more or less in that kind of it. And normally in the third quarter you would expect that it contributes slightly higher than what it used to contribute historically. And last year third quarter was an aberration because of certain other things I alluded to at that time from a coming-off the restructuring. A lot of these risk-related type of fee, where people check bounce fees or the late payment fees or the over credit limit fees, et cetera, et cetera. They all came down, because they are all risk-related fees. And with the curtailment of all of those last year in the COVID period, they were down. But otherwise, there is no particular outlook I can give, it's a function of customer behavior on these things. But yes, it has gone up from 32% composition to 33% here, and again depends on the seasonality and the promotions we run period-to-period.

再次，這取決於，是的，支付業務佔上個季度總費用的 32%，本季度佔 33%，對。所以它或多或少是這樣的。通常在第三季度，您會期望它的貢獻略高於過去的貢獻。去年第三季度是一個失常，因為我當時提到了重組的某些其他事情。很多這些與風險相關的費用類型，人們會檢查退回費用或滯納金或超過信用額度的費用等等。都下來了，因為都是風險相關的費用。隨著去年 COVID 期間所有這些的削減，它們都下降了。但除此之外，我無法給出特別的展望，這是客戶對這些事情的行為的函數。但是，是的，它已經從 32% 上升到 33%，這又取決於季節性和我們在不同時期進行的促銷活動。

(Operator Instructions) The next question is from the line of M.B. Mahesh from Kotak Securities.

（操作員說明）下一個問題來自 M.B.來自 Kotak 證券的 Mahesh。

Yes, Srini. Okay. If I were to just ask one clarification. What is the accounting treatment of IBPC? And when HDFC mortgage book customers who had to come down to your bank, how does the pricing of those loans move? Because they have a different interest rate regime and banks have a different interest rate regime.

是的，斯里尼。好的。如果我只是問一個澄清。 IBPC的會計處理是怎樣的？當 HDFC 抵押貸款登記必須到您的銀行的客戶時，這些貸款的定價如何變動？因為他們有不同的利率制度，銀行有不同的利率制度。

Yes. Okay. On the accounting literature, I think it's in a public document somewhere in terms of what that is and we can take it offline or one of our finance team can talk to you to, to show you where it is. So it's a very simple thing, you'll see.

是的。好的。關於會計文獻，我認為它在某個地方的公共文件中，我們可以將其離線，或者我們的財務團隊之一可以與您交談，向您展示它的位置。所以這是一件非常簡單的事情，你會看到的。

Sir, in the sense, do we have to move to EBLR or do they have a choice to continue where they are?

主席先生，從某種意義上說，我們是否必須轉向 EBLR，或者他們是否可以選擇繼續他們所在的位置？

This is on the mortgage, you are talking about, right?

這是關於抵押貸款，你說的，對吧？

Absolutely. Absolutely.

絕對地。絕對地。

Your second aspect of the question in terms of the mortgage, right. There will be a one-time change, right, that we will do when the migration happens. We are working through that my integration process, and once it integrated, we'll exactly communicate with the customer how that will move. And then of course at any point in time customers have a choice, right. Even today they have and in future they will have a choice to pick the external benchmark or whatever they need.

你的問題的第二個方面是按揭方面的，對吧。會有一次性更改，對，我們將在遷移發生時進行。我們正在完成我的集成過程，一旦集成，我們將與客戶準確溝通它將如何移動。然後當然在任何時間點客戶都可以選擇，對吧。即使在今天，他們也可以選擇外部基准或他們需要的任何東西，將來他們也可以選擇。

Okay. So just on the first question then, on the IBPC part. Does that increase in sale of loans through IBPC, have any impact on the NII or the fee income line?

好的。那麼關於第一個問題，關於 IBPC 部分。通過 IBPC 增加的貸款銷售是否對 NII 或費用收入線有影響？

There will be NII depending on whether the IBPC is done at a price above the cost of funds or below the cost of funds and so on.

NII 取決於 IBPC 是以高於資金成本還是低於資金成本等的價格完成的。

Correct.

正確的。

And similarly there will be some impact on the IBPC. Yes.

同樣，IBPC 也會受到一些影響。是的。

And how was it this quarter, if I had to ask that?

這個季度怎麼樣，如果我不得不問的話？

IBPC will have some impact, so if you look at our loan growth, 19.5%, growth of IBPC -- the growth of IBPC, the loan growth is 23.5%, right.

IBPC 會產生一些影響，所以如果你看看我們的貸款增長，19.5%，IBPC 的增長——IBPC 的增長，貸款增長是 23.5%，對吧。

On the NII line?

在 NII 線上？

On the NII line there will be some impact. It could be at any point in time, could be 0 to 5 basis points or 10 basis points at any time.

對NII線會有一定的影響。它可以在任何時間點，可以是任何時候的 0 到 5 個基點或 10 個基點。

Okay. Perfect. And if you can give a clarification, what is the definition of a retail current account?

好的。完美的。如果你能澄清一下，零售活期賬戶的定義是什麼？

So retail current account is the customers managed out of the branches, right? Wholesale customer is normally a big corporate or a wholesale customer relationship managed, whereas in a branch managed, that is what we call the retail. Example, it could be a merchant around the corner somewhere or it could be certain another institution, which the branch is managing and opening and maintaining that account.

所以零售經常賬戶是在分支機構之外管理的客戶，對嗎？批發客戶通常是大公司或批發客戶關係管理，而在分支機構管理，這就是我們所說的零售。例如，它可能是某處拐角處的商家，也可能是某家分行管理、開立和維護該賬戶的機構。

The next question is from the line of Pranav Gundlapalle from Bernstein Private Wealth Management.

下一個問題來自伯恩斯坦私人財富管理公司的 Pranav Gundlapalle。

Just a quick question on the NIM. You explained how the change in loan mix is driving the change in NIMs, so that's clear. But within a given segment, have you seen a change in your risk footprint over last 2, 3 years, which can also explain, at least part of that linkage? Then if we look in personal loans, going to add safer segments or would the corporate going to add safer segments, anything you see of that sort play out?

只是一個關於 NIM 的快速問題。您解釋了貸款組合的變化如何推動 NIM 的變化，這很清楚。但是在給定的細分市場中，您是否看到過去 2、3 年的風險足跡發生了變化，這至少也可以部分解釋這種聯繫？然後，如果我們查看個人貸款，是否會添加更安全的細分市場，或者公司是否會添加更安全的細分市場，您看到的任何事情都會發生嗎？

Pranav, Your line is echoing, I didn't get it all. I know the question is about the NIM from 2, 3 years and something, but I didn't get it exactly. If you can slowly repeat, I'll try to.

Pranav，你的話有回音，我沒聽懂。我知道問題是關於 2、3 年的 NIM，但我沒有完全理解。如果你能慢慢重複，我會盡力的。

Pranav, if you're wearing any headphones or ear phones, we would request you to speak to the handset directly.

Pranav，如果你戴著耳機或耳機，我們會要求你直接對著聽筒說話。

Yes. Is it clear now?

是的。現在清楚了嗎？

Not very clear, sir.

不是很清楚，先生。

Okay. I'll please try it once again. My question was, you explained about how change in loan segment, explained the change in NIM that you've seen. Is there a change in relative riskiness of the between the segment itself? Have you seen a shift to a safer or less risky segments within personal or any particular segment?

好的。我會再試一次。我的問題是，你解釋了貸款部分的變化，解釋了你所看到的 NIM 的變化。細分市場本身之間的相對風險是否發生變化？您是否看到個人或任何特定細分市場向更安全或風險更低的細分市場轉變？

I got it. You are asking about the relatively, of course, yes, yes, absolutely, because the change in our composition that we saw when the wholesale moved from 45% to 55%, from a total composition, we did see a significant improvement in the quality of the customer. These were very highly rated corporates, right. Our wholesale customers, wholesale book is at about an average internal rating, call it about 4.3 or so is equivalent to a AA rating, yes, the quality of the book. And one other thing is also the -- and it comes with a lower-risk weights, it comes with lower risk weights anywhere from 20%, 30% and retail comes to the 100% risk weight. Yes, it comes with a different type of risk metrics. And that is why, when the wholesale comes, it will come with a lower margin, cost to income which is very low, virtually no marginal cost to income. And credit cost, our experience on the credit cost has been that you will see that hardly any credit cost that we report on this segment.

我得到了它。你問的是相對的，當然，是的，是的，絕對的，因為當批發從 45% 移動到 55% 時，我們看到我們的成分發生變化，從總成分來看，我們確實看到了質量的顯著提高客戶的。這些是評價很高的公司，對吧。我們的批發客戶，批發書的內部評價大概是平均水平，4.3左右相當於AA評級，沒錯，書的質量。另一件事也是 - 它具有較低的風險權重，它具有 20%、30% 的較低風險權重，零售達到 100% 的風險權重。是的，它帶有不同類型的風險指標。這就是為什麼當批發來的時候，它會帶來較低的利潤，收入成本非常低，幾乎沒有邊際收入成本。和信貸成本，我們在信貸成本方面的經驗是，你會看到我們在這一部分報告的幾乎沒有任何信貸成本。

So whereas on the retail, come with a higher margin, higher cost of origination, higher cost of maintenance. It will come with the credit cost, credit cost can come with a lag too. So that's part of the model. But one thing is from a returns point of view, if you think about the returns, more or less they will be matching, from a ROA, you will see that, call it approximately 2% could be 2.1%, 1.9%, but approximately 2%. Irrespective of the segment in which we operate, we manage to optimize the ROA, because if the margin is low, cost is low, credit cost is low. And so you get to the margins and get to the returns that you want to get. That's how we manage that. And so over a period of when the shift has happened, you see that the ROA remains pretty stable.

因此，在零售方面，利潤率更高，原始成本更高，維護成本更高。它會伴隨信貸成本而來，信貸成本也會滯後。所以這是模型的一部分。但有一件事是從回報的角度來看，如果你考慮回報，它們或多或少會匹配，從 ROA 來看，你會看到，將其稱為大約 2% 可能是 2.1%、1.9%，但大約2%。無論我們經營哪個部門，我們都設法優化 ROA，因為如果利潤率低，成本低，信貸成本低。這樣你就可以獲得利潤並獲得你想要的回報。這就是我們的管理方式。因此，在發生轉變的一段時間內，您會看到 ROA 保持相當穩定。

Ladies and gentlemen, we have come to an end of the time allocated for the call. I would now like to hand the conference over to Mr. Vaidyanathan for closing comments.

女士們，先生們，我們已經結束了分配給電話會議的時間。我現在想將會議交給 Vaidyanathan 先生作閉幕評論。

Okay. Thank you, Tanvi, and thank you to all the participants for joining in today. Any further questions, comments or anything, the team is available and at some point in time we can connect over the next few days. Thank you. Have a great weekend. Bye-bye.

好的。謝謝 Tanvi，也感謝今天的所有參與者。如有任何進一步的問題、意見或任何其他問題，該團隊隨時待命，我們可以在接下來幾天的某個時間點聯繫。謝謝。週末愉快。再見。

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

非常感謝。代表 HDFC 銀行有限公司結束本次會議。感謝您加入我們，您現在可以斷開線路。