HDFC Bank Ltd (HDB) 2023 Q4 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to HDFC Bank Limited Q4 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 Q4 FY '23 財報電話會議，由 HDFC Bank 管理層介紹財務業績。 （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, and a warm welcome to all the participants.

好的。謝謝你，坦維。晚上好，熱烈歡迎所有與會者。

Let's look at the key macro indicators observed during the quarter before we get to the details on the earnings. Various indicators suggest economic activity was holding up well in Q4. GST collections continue to be robust. March '23 recorded 13% growth year-on-year. Full year 2023 GST collections recorded a growth of 21%. Manufacturing PMI at 56.4% has remained in the expansionary zone since July '21. Services activity is holding up well. Services PMI at 57.8% continues to remain strong. Healthy trend in government capital spending augurs well. Q4 '23 year-on-year growth of 18% and full year government capital spending growth of 22.8% bodes well. Payment system indicate business activity continues to be robust with 15% growth in RTGS/NEFT transactions value and a 51% growth in UPI payments.

在我們了解收益細節之前，讓我們先看看本季度觀察到的關鍵宏觀指標。各種指標表明第四季度經濟活動表現良好。商品及服務稅徵收繼續強勁。 23 年 3 月同比增長 13%。 2023 年全年 GST 收入增長了 21%。自 2021 年 7 月以來，製造業採購經理人指數 56.4% 一直處於擴張區域。服務活動表現良好。服務業 PMI 為 57.8%，繼續保持強勁。政府資本支出的健康趨勢預示著良好。 23 年第 4 季度同比增長 18%，全年政府資本支出增長 22.8%，這是個好兆頭。支付系統表明業務活動繼續保持強勁，RTGS/NEFT 交易價值增長 15%，UPI 支付增長 51%。

On the consumption side, consumers are moving towards higher value products, driven by changes in technology and regulations. We have seen customer preferences towards SUV, MPV type of segment and higher capacity 2-wheelers. 2-wheeler and passenger vehicles witnessed continued improvement.

在消費方面，在技術和法規變化的推動下，消費者正在轉向更高價值的產品。我們已經看到客戶對 SUV、MPV 類型細分市場和更高容量的兩輪車的偏好。兩輪車和乘用車持續改進。

During the quarter, our retail card issuing spends also showed robust growth of 31% year-on-year. Rabi crops sowing is progressing well with approximately 3.3% improvement to last year's level. IMD is forecasting normal monsoon this year, which also bodes well for the semi-urban and rural activity.

本季度，我們的零售發卡支出也實現了 31% 的同比強勁增長。拉比作物的播種進展順利，比去年的水平提高了約 3.3%。 IMD 預測今年季風正常，這對半城市和農村活動來說也是個好兆頭。

Global financial market volatility could weigh in on domestic growth. Going forward, there are risks stemming from possibility of global slowdown, continued geopolitical tensions and any further deepening of foreign banking crisis. We estimate India's GDP growth at 6.8% in financial year '23 and expect it to be over 6% in financial year '24.

全球金融市場波動可能會影響國內增長。展望未來，全球經濟放緩的可能性、持續的地緣政治緊張局勢以及外國銀行業危機的任何進一步加深都存在風險。我們估計印度 23 財年的 GDP 增長率為 6.8%，並預計 24 財年將超過 6%。

Let's go through certain key themes. On the distribution expansion, we added 638 branches during the quarter, taking the total branch addition in financial year '23 to 1,479. The total branch network of the bank stands at 7,821. On the payment acceptance points, the bank has 3.9 million, year-on-year growth of 30% as adoption of Vyapar App builds momentum. We've witnessed upwards of 75,000 new additions per month during this year. Wealth management is offered in over 923 locations through a hub-and-spoke model. We've expanded by 232 locations in the quarter. In CRB, our SME businesses are present in more than 90% of the districts. Rural business expanded to 1.65 lakh villages and is on track to reach the objective of over 2 lakh villages. Gold loan processing is now offered in 4,182 branches, a threefold increase over March '22.

讓我們來看看某些關鍵主題。在分銷擴張方面，我們在本季度增加了 638 家分支機構，使 23 財年的分支機構總數增加到 1,479 家。該銀行的分支機構總數為 7,821 個。在支付受理點方面，該銀行有390萬個，同比增長30%，因為Vyapar App的採用建立了勢頭。今年，我們見證了每月超過 75,000 個新增功能。通過中心輻射模型，在超過 923 個地點提供財富管理服務。我們在本季度增加了 232 個地點。在CRB，我們的中小企業業務遍布90%以上的地區。農村業務擴展到 16.5 萬個村莊，並有望實現超過 20 萬個村莊的目標。現在有 4,182 家分支機構提供黃金貸款處理服務，比 22 年 3 月增加了三倍。

In the customer franchise building, we acquired 2.6 million new customer liability relationships during the quarter and 10.6 million relationships in the year. With over 83 million customers, we will continue to engage and thereby enabling us to broad base and deepen our relationships. In order to position us for this customer engagement, we have added 31,600 people over the year and 6,300 during the quarter. On cards, we have issued 1.4 million cards during the quarter. The total card space is now 18 million.

在客戶特許經營建設方面，我們在本季度獲得了 260 萬個新的客戶責任關係，在當年獲得了 1060 萬個關係。憑藉超過 8300 萬客戶，我們將繼續參與，從而使我們能夠擴大基礎並加深我們的關係。為了讓我們為這種客戶參與做好準備，我們在這一年增加了 31,600 人，在本季度增加了 6,300 人。在卡片方面，我們在本季度發行了 140 萬張卡片。現在總卡空間是1800萬。

On the website, our website traffic during the quarter received an average of 132 million visits per month with over 106 million unique visitors over the quarter and year-on-year growth of around 74%.

在網站方面，本季度我們的網站流量平均每月獲得 1.32 億次訪問，本季度獨立訪問者超過 1.06 億，同比增長約 74%。

Our focus on granular deposits continues with total deposits amounting to INR 18.8 lakh crore, an increase of 20.8% over prior year and 8.7% over prior quarter. During the quarter, we added deposits of INR 150,000 crores. Retail constitutes about 83% of total deposits and has been the anchor of our deposit growth. Retail deposits grew 23% year-on-year and 7% sequentially. During the quarter, we added retail deposits of INR 107,000 crores. Wholesale deposits constitutes 17% of total deposits as of March '23. These grew 10% year-on-year and 15% sequentially. Term deposit registered a robust growth of 30% year-on-year, ending the quarter at INR 10.5 lakh crores. Savings deposits recorded a growth of 10% year-on-year and 5% sequentially, ending at INR 5.6 lakh crores. Current account deposits grew 14% year-on-year, ending at INR 2.7 lakh crores. Overall, CASA deposits grew 11% year-on-year, ending at INR 8.4 lakh crores, resulting in a CASA ratio of 44%. Retail CASA deposits grew by 13% year-on-year.

我們繼續關注顆粒存款，存款總額達到 1880 億印度盧比，比去年同期增長 20.8%，比上一季度增長 8.7%。本季度，我們增加了 150,000 千萬盧比的存款。零售約佔總存款的 83%，一直是我們存款增長的支柱。零售存款同比增長 23%，環比增長 7%。本季度，我們增加了 107,000 千萬盧比的零售存款。截至 2023 年 3 月，批發存款佔總存款的 17%。這些同比增長 10%，環比增長 15%。定期存款同比強勁增長 30%，本季度末達到 105 萬千萬盧比。儲蓄存款同比增長 10%，環比增長 5%，最終達到 56 萬億盧比。經常賬戶存款同比增長 14%，達到 27 萬千萬盧比。總體而言，CASA 存款同比增長 11%，達到 84 萬億盧比，CASA 比率為 44%。零售 CASA 存款按年增長 13%。

On the advances side, advances at INR 16.1 lakh crores grew by INR 16.9% over prior year and 6% sequentially. This is an addition of approximately INR 94,000 crores during the quarter and INR 234,000 crores in the year. Gross of IBPC advances grew by 21% year-on-year and 6% quarter-on-quarter. Incremental credit-to-deposit ratio was at 62% for the quarter. CD ratio as of March end stood at 85%. Our retail advances growth was robust. Domestic retail advances grew 20.8% year-on-year and 5% sequentially, primarily driven by strong performance in personal loans and home loans.

在預付款方面，預付款為 16.1 萬億盧比，比上年增長 16.9%，環比增長 6%。本季度增加了約 9400 億印度盧比，全年增加了 23400 億印度盧比。 IBPC 預付款總額同比增長 21%，環比增長 6%。本季度增量貸存比為 62%。截至 3 月底，CD 比率為 85%。我們的零售預付款增長強勁。國內零售預付款同比增長 20.8%，環比增長 5%，主要受個人貸款和住房貸款強勁表現的推動。

In the CRB, which drives our MSME and PSL book continued its momentum with a year-on-year growth of 29.8% and quarter-on-quarter growth of 9.7%. Wholesale segment grew 12.6% year-on-year and sequentially 4.5%, primarily driven by demand from NBFCs, telecom, PSUs and retail sectors.

在 CRB 中，推動我們的 MSME 和 PSL 賬簿繼續保持增長勢頭，同比增長 29.8%，環比增長 9.7%。批發業務同比增長 12.6%，環比增長 4.5%，主要受 NBFC、電信、PSU 和零售行業的需求推動。

On the technology update, launches PayZapp 2.0, which was rebuilt from ground-up is available to public at large. SmartHub Vyapar continued to add new features to our one-stop merchant solutions app. The app has garnered tremendous growth with threefold increase in active users and more than threefold in merchant transactions value. As of March end, over 1.5 million small businesses are on this SmartHub platform. Express car loans is an end-to-end digital lending journey platform, facilitating instant and hassle-free car disposals -- car loan disposals to existing as well as new to bank customers has been witnessing tremendous response from customers. Express car loan volume now contributes 20% of our new car loan volume. We are focused on investments in expanding our distribution network combined with our focused digital offering and relationship management, it continues to -- which continues to fuel growth.

在技術更新方面，推出了 PayZapp 2.0，它是從頭開始重建的，可供廣大公眾使用。 SmartHub Vyapar 繼續為我們的一站式商戶解決方案應用程序添加新功能。該應用程序獲得了巨大的增長，活躍用戶增加了三倍，商戶交易價值增加了三倍多。截至 3 月底，超過 150 萬家小型企業使用此 SmartHub 平台。快車貸是一個端到端的數字貸款旅程平台，可促進即時和無憂的汽車處置——對銀行現有和新客戶的汽車貸款處置已經得到了客戶的巨大反響。快速汽車貸款量現在占我們新車貸款量的 20%。我們專注於投資擴大我們的分銷網絡，結合我們專注的數字產品和關係管理，它繼續 - 這將繼續推動增長。

Balance sheet remains resilient. LCR for the quarter was at 116%, capital adequacy ratio is at 19.3% with CET1 ratio at 16.4%.

資產負債表保持彈性。本季度 LCR 為 116%，資本充足率為 19.3%，CET1 比率為 16.4%。

Let's start with revenues. Net revenues for the quarter were at INR 32,000 crore, grew by 21% over prior year, driven by gross advances growth of 21% and deposits growth of 20.8%. And net revenues for the year ended March 31, 2023, were at INR 118,000 crore, grew by 16.3% over prior year. Net interest income for the quarter at INR 23,352 crores, which is at -- which is 73% of net revenues, grew by 23.7% over prior year. The core net interest margin for the quarter was at 4.1% versus prior year of 4%. Prior quarter was also at 4.1%. Full year core net interest margin was at 4.1%. On interest earning asset basis, the core net interest margin for the quarter was at 4.3%, again at similar levels to prior quarter. Full year core net interest margin based on interest earning assets was at 4.3%.

讓我們從收入開始。本季度的淨收入為 3200 億印度盧比，比上年增長 21%，這主要得益於預付款總額增長 21% 和存款增長 20.8%。截至 2023 年 3 月 31 日止年度的淨收入為 118,000 千萬盧比，比上年增長 16.3%。本季度的淨利息收入為 2335.2 億印度盧比，占淨收入的 73%，比去年同期增長 23.7%。本季度的核心淨息差為 4.1%，而去年同期為 4%。上一季度也為 4.1%。全年核心淨息差為 4.1%。按生息資產計算，本季度核心淨息差為 4.3%，與上一季度持平。基於生息資產的全年核心淨息差為 4.3%。

Getting to the details of other income. Total other income at INR 8,731 crores was up 14.3% versus prior year. Fees and commission income constituting about 3/4 of the other income was at INR 6,628 crore and grew by 17.7% over prior year and 9.5% over prior quarter. Retail constitutes approximately 94% of the fees. FX and derivatives income at slightly above INR 1,000 crores was higher by 25.6% compared to prior year of INR 804 crores. Net trading and mark-to-market income were a negative INR 38 crores for the quarter. Prior quarter was a gain of INR 261 crores and prior year was a gain of INR 48 crores. Other miscellaneous income of INR 1,130 crores includes recoveries from written off accounts and dividends from subsidiaries. Excluding net trading and mark-to-market income, total other income at INR 8,769 crores, grew by 15.5% over prior year.

了解其他收入的詳細信息。其他總收入為 873.1 億印度盧比，比上年增長 14.3%。約佔其他收入 3/4 的手續費和佣金收入為 662.8 億盧比，比上年增長 17.7%，比上一季度增長 9.5%。零售約佔費用的 94%。外彙和衍生品收入略高於 100 億印度盧比，比上一年的 80.4 億印度盧比增長 25.6%。本季度淨交易收入和按市值計價的收入為負 3.8 億印度盧比。上一季度收益為 26.1 億印度盧比，上一年收益為 4.8 億印度盧比。 113 億印度盧比的其他雜項收入包括從註銷賬戶中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 876.9 億印度盧比，比上年增長 15.5%。

Operating expenses for the quarter were at INR 13,462 crore, an increase of 32.6% over prior year. Operating expenses for the year ended March '23 were at INR 47,652 crores, an increase of 27% over prior year. In this context, it's pertinent to note that we added 1,479 branches and 1,597 ATMs since last year. Cost-to-income ratio for the quarter was at 42% and for the full financial year was at 40.4%.

本季度的運營費用為 1346.2 億盧比，比去年同期增長 32.6%。截至 23 年 3 月止年度的運營費用為 4765.2 億盧比，比上年增長 27%。在這種情況下，值得注意的是自去年以來我們增加了 1,479 家分行和 1,597 台 ATM。本季度的成本收入比為 42%，整個財政年度的成本收入比為 40.4%。

Moving on to PPOP, for the quarter, grew by 13.8% and our pre-provision operating profit was at INR 18,621 crores. Pre-provision operating profit for the quarter is 6.93x of total provisions in the quarter.

轉到 PPOP，本季度增長了 13.8%，我們的撥備前營業利潤為 1862.1 億盧比。本季度撥備前營業利潤為本季度撥備總額的 6.93 倍。

Coming to the asset quality, the GNPA ratio was at 1.12% as compared to 1.23% in the prior quarter and 1.17% prior year. Out of the 1.12%, about 14 basis points are standard. Thus, the core GNPA ratio is at 0.98%. However, these are included by us as NPA -- as one of the other facilities of the borrower is an NPA. Net NPA ratio was at 0.27%. Prior quarter was at 0.33% and prior year was at 0.32%. The slippage ratio for the current quarter is at 28 basis points or about INR 4,900 crores.

在資產質量方面，GNPA 比率為 1.12%，而上一季度為 1.23%，去年同期為 1.17%。在 1.12% 中，大約有 14 個基點是標準的。因此，核心 GNPA 比率為 0.98%。但是，我們將這些作為 NPA 包括在內——因為藉款人的其他設施之一是 NPA。淨 NPA 比率為 0.27%。上一季度為 0.33%，去年為 0.32%。本季度的滑點率為 28 個基點或約 490 億印度盧比。

During the quarter, recoveries and upgrades were INR 3,300 crores, or approximately 22 basis points. Write-offs in the quarter were INR 2,400 crore, or approximately 17 basis points. No sale of NPA accounts during the quarter.

本季度，回收和升級為 330 億印度盧比，或約 22 個基點。本季度註銷金額為 240 億印度盧比，約 17 個基點。本季度沒有出售 NPA 賬戶。

The restructuring under the RBI resolution framework for COVID-19 as of March end stands at 31 basis points or INR 5,000 crores. In addition, certain facilities of the same borrower, which are not restructured is approximately 6 basis points, INR 970 crores, [thus] totals to 37 basis points. The COVID restructuring in the prior quarter was at 50 basis points.

截至 3 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 31 個基點或 500 億印度盧比。此外，同一借款人未重組的某些貸款約為 6 個基點，即 97 億印度盧比，[因此] 總計 37 個基點。上一季度的 COVID 重組為 50 個基點。

On the provisions, reported were around INR 2,700 crores as against INR 2,800 crores during the prior quarter and INR 3,300 crores in the prior year. The total provisions in the current quarter included the build in contingent provision of approximately INR 300 crores, the provision coverage ratio was at 76%. At the end of current quarter, contingent provisions and floating provisions were approximately INR 11,150 crores, contingent provisions at INR 9,700 crores and floating provisions at INR 1,450 crores. General provisions were at INR 7,000 crores. Total provisions comprising specific floating contingent and general were about 176% of the gross non-performing loans. This is in addition to the security held as collateral in several of the cases. Floating, contingent and general provisions were 1.12% of gross advances as of March quarter.

根據規定，報告的收入約為 270 億印度盧比，而上一季度為 280 億印度盧比，上年為 330 億印度盧比。本季度的總準備金包括約 30 億印度盧比的或有準備金，準備金覆蓋率為 76%。本季度末，或有準備金和浮動準備金約為 1115 億印度盧比，或有準備金為 970 億印度盧比，浮動準備金為 145 億印度盧比。一般準備金為 700 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 176%。這是在幾個案例中作為抵押品持有的證券的補充。截至 3 月季度，浮動、或有和一般準備金佔預付款總額的 1.12%。

Now, coming to credit cost ratios, the total annualized credit cost ratio for the quarter was at 0.67%, prior quarter was at 0.74% and prior year was at 0.96%. The total credit cost for the full year was at 0.74%. Recoveries, which are recorded as miscellaneous income, amount to 23 basis points of gross advances for the quarter against 21 basis points prior quarter and 26 basis points prior year. The total credit cost ratio, net of recoveries, was at 44 basis points in the current quarter as compared to 52 basis points in the prior quarter and 70 basis points prior year. The total credit cost ratio, net of recoveries, for the full year was at 53 basis points.

現在，談到信貸成本比率，本季度總年化信貸成本比率為 0.67%，上一季度為 0.74%，去年同期為 0.96%。全年的總信貸成本為 0.74%。記錄為雜項收入的回收金額相當於本季度總預付款的 23 個基點，而上一季度為 21 個基點，上年同期為 26 個基點。扣除回收後的總信貸成本比率在本季度為 44 個基點，而上一季度為 52 個基點，去年同期為 70 個基點。全年的總信貸成本比率（扣除回收款）為 53 個基點。

The profit before tax was at INR 15,936 crores, grew by 22% over prior year. Net profit after tax for the quarter at INR 12,047 crores grew by 19.8% over prior year. Net profit for the year ended March '23 was INR 44,109 crores, up 19.3% over prior year.

稅前利潤為 1593.6 億印度盧比，比上年增長 22%。本季度稅後淨利潤為 1204.7 億印度盧比，比去年同期增長 19.8%。截至 23 年 3 月的年度淨利潤為 4410.9 億印度盧比，比上年增長 19.3%。

Now, some highlights on HDBFS, this is on Ind AS basis. HDBFS has continued to augment its distribution network and opened 71 branches in the quarter, taking it to 1,492 branches spread across 1,054 cities and towns. Customer franchise grew to 11.9 million customers, adding 2.8 million over last year. The momentum in disbursements continued across all 3 business segments during the quarter, registering in a healthy growth of 53% year-on-year and 20% sequentially. The total loan book as of March end stood at INR 70,000 crores, registering 14% year-on-year and 7.6% sequentially. Net interest income for the quarter ended March '23 was at INR 1,424 crores, a growth of 6.6% quarter-on-quarter. Provisions and contingencies for the quarter were at INR 268 crores against INR 313 crores for the prior quarter and INR 422 crores for the quarter ended March '22. Credit cost for the quarter were at 1.6% as against 2.78% for last year March quarter and 1.95% for the December '22 quarter.

現在，HDBFS 的一些亮點，這是基於 Ind AS 的。 HDBFS 繼續擴大其分銷網絡，並在本季度開設了 71 家分行，使其遍布 1,054 個城鎮的 1,492 家分行。客戶特許經營客戶增長至 1190 萬，比去年增加 280 萬。本季度所有 3 個業務部門的支出勢頭繼續保持，同比增長 53%，環比增長 20%。截至 3 月底，貸款總額為 7000 億印度盧比，同比增長 14%，環比增長 7.6%。截至 2023 年 3 月的季度淨利息收入為 1,424 千萬盧比，環比增長 6.6%。本季度的準備金和或有費用為 26.8 億印度盧比，而上一季度為 31.3 億印度盧比，截至 2022 年 3 月的季度為 42.2 億盧比。本季度的信貸成本為 1.6%，而去年 3 月季度為 2.78%，12 月 22 日季度為 1.95%。

Stage 3 as of March end continues to improve and stood at 2.73% against 3.73% as of December end. Provision coverage ratio on stage 3 book increased to 65%. The provision coverage ratio on secured and unsecured book stood at 62% and 96%, respectively.

截至 3 月底的第 3 階段繼續改善，從 12 月底的 3.73% 上升至 2.73%。第三階段賬面撥備覆蓋率提高至65%。有抵押和無抵押賬面撥備覆蓋率分別為62%和96%。

Profit after tax for the quarter ended March '23 was INR 545 crores, a growth of 27.7% year-on-year. Profit after tax for the year ended -- full year ended March '23 was at INR 1,959 crores compared to INR 1,011 crores in the previous year, a growth of 93%.

截至 23 年 3 月的季度稅後利潤為 54.5 億印度盧比，同比增長 27.7%。截至 2023 年 3 月的全年稅後利潤為 195.9 億印度盧比，而上一年為 101.1 億印度盧比，增長 93%。

Annualized ROA and ROE for the quarter ended March '23 stood at 3.25% and 19.5%, respectively. For the year ended -- for the full year ended March '23, ROA and ROE stood at 3.07% and 18.7%, respectively.

截至 2023 年 3 月的季度年化 ROA 和 ROE 分別為 3.25% 和 19.5%。對於截至 23 年 3 月的全年，ROA 和 ROE 分別為 3.07% 和 18.7%。

Earnings per share for the quarter was INR 6.89 and book value per share was at INR 144.5 in the subsidiary HDBFS. HDBFS remains well capitalized with the total capital adequacy ratio at 20.05% and continues to step up disbursements, leveraging strong distribution spread across 1,492 branches.

本季度每股收益為 6.89 印度盧比，子公司 HDBFS 的每股賬面價值為 144.5 印度盧比。 HDBFS 仍然資本充足，總資本充足率為 20.05%，並繼續增加支出，利用 1,492 個分支機構的強大分佈。

Now a few on HSL. HSL has a network of 209 branches spread across 147 cities and towns. HSL increased its customer base to 4.5 million as of March end. HSL's digital offering continued to enjoy a good traction in the market, and during the quarter, around 94% of active clients utilized the services offered through company's digital platforms. For the quarter March '23, HSL's total revenue were at INR 486 crores against INR 510 crores for last year same quarter. Profit after tax was at INR 194 crores against INR 236 crores for the same quarter last year. Net profit for the year ended March '23 was at INR 777 crores against INR 984 crores for last year. Earnings per share in the quarter was INR 121.95 and book value per share was at INR 1,131.

現在有一些關於 HSL。 HSL 擁有遍布 147 個城鎮的 209 家分支機構網絡。截至 3 月底，HSL 將其客戶群增加到 450 萬。 HSL 的數字產品繼續在市場上享有良好的吸引力，在本季度，約 94% 的活躍客戶使用公司數字平台提供的服務。對於 23 年 3 月的季度，HSL 的總收入為 486 千萬盧比，而去年同期為 510 千萬盧比。稅後利潤為 19.4 億印度盧比，去年同期為 23.6 億印度盧比。截至 23 年 3 月止年度的淨利潤為 77.7 億印度盧比，而去年為 98.4 億印度盧比。本季度每股收益為 121.95 印度盧比，每股賬面價值為 1,131 印度盧比。

In summary, our results reflect robustness across various parameters, driven diligently and passionately by our people, resulting in continued momentum in deposit growth of 21%, and within that, the retail deposit growth, which grew at 23%, gross advances growth of 21% and net advances growth of 17%, operating profit grew by 13.8%, profit after tax increased by 19.8% for the quarter and 19.3% for the year. Profit after tax, on a consolidated basis, increased by 20.6% for the quarter and 20.9% for the full year, delivering the return on asset in the quarter of about 2.2% and return on equity of about 18%. Earnings per share reported in the quarter is at INR 21.6 at the stand-alone bank level and INR 22.6 at the consolidated bank level. Book value per share on a stand-alone bank is at INR 502 and at a consolidated bank it is at INR 519.

總之，我們的結果反映了各種參數的穩健性，在我們的員工的勤奮和熱情的推動下，存款增長持續保持 21% 的勢頭，其中零售存款增長 23%，預付款總額增長 21% % 和淨預付款增長 17%，營業利潤增長 13.8%，本季度稅後利潤增長 19.8%，全年增長 19.3%。本季度綜合稅後利潤增長 20.6%，全年增長 20.9%，本季度資產回報率約為 2.2%，股本回報率約為 18%。本季度報告的每股收益在獨立銀行層面為 21.6 印度盧比，在合併銀行層面為 22.6 印度盧比。獨立銀行的每股賬面價值為 502 印度盧比，合併銀行的每股賬面價值為 519 印度盧比。

The bank's Board has recommended a dividend of INR 19 per equity share, subject to shareholders' approval.

該銀行董事會建議派發每股 19 印度盧比的股息，但須經股東批准。

Now, with that, may I request the operator to open up the line for questions, please.

現在，我可以請接線員開通提問熱線嗎？

(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。

Srini, my first question is on deposit growth. 2 to 3 quarters ago, you had laid down a good road map on your quarterly deposit mobilization and you overachieved that in the fourth quarter. So, how do we view deposit mobilization in the next 3 to 4 quarters? If you could give us some similar road map? That's my first question.

Srini，我的第一個問題是關於存款增長。 2 到 3 個季度前，您為季度存款動員制定了良好的路線圖，並在第四季度超額完成了該計劃。那麼，我們如何看待未來 3 到 4 個季度的存款動員？如果你能給我們一些類似的路線圖？這是我的第一個問題。

Okay. Let me finish that and then you come back again. Deposit, if you see, the quarter had a growth of INR 150,000 crores, but the more important thing is to look at the retail growth, right, INR 107,000 crores is the retail growth. And it had a very good mix of time deposits and savings account and current account within that retail mix, right? So that is what you determine as a core growth. The rest can be transient, up and down can happen, but it is in track, it's in line with what we had been planning for and what we had been driving to for the quarter. So, I just wanted to make it clear that it's not about the INR 150,000 crores for you to keep in your mind, but it is more that INR 107,000 crores retail, which is the core part of what the growth is.

好的。讓我完成，然後你再回來。存款，如果你看，這個季度有 15000 億印度盧比的增長，但更重要的是看零售增長，對，10700 億印度盧比是零售增長。它在零售組合中很好地混合了定期存款、儲蓄賬戶和活期賬戶，對吧？所以這就是你確定的核心增長。其餘的可能是短暫的，可能會發生上下波動，但它正在按計劃進行，這符合我們的計劃以及我們在本季度的目標。所以，我只是想明確表示，你要記住的不是 15000 億印度盧比，而是 10700 億印度盧比的零售額，這是增長的核心部分。

And if you -- from there if you take it to, say, how one should think about it, yes, that's part of the execution and the teams are geared up to continue to execute the strategy of getting one. The new customer onboarded 2.6 million in this quarter, a little more than 10.5 million in this year, so that's part of the -- the growth model is to bring in the new customers. The new branches are for the future, right? I don't want to talk that the new branches are bringing in today's deposit, but that's for the future to have the sustainability of that growth over a period of time. So, it is about new customers, it is about working with the existing customers with the greater engagement, which you see that the time deposit growth of about 30%. Again, that is coming through the engagement, that's where that is getting delivered to. I would say that we are on track to keep building upon these.

如果你——從那裡，如果你把它帶到，比如說，一個人應該如何思考它，是的，這是執行的一部分，團隊準備繼續執行獲得一個的戰略。本季度新客戶增加了 260 萬，今年略多於 1050 萬，因此這是增長模式的一部分，即引入新客戶。新分支是為了未來，對吧？我不想說新分支機構帶來了今天的存款，但這是為了未來在一段時間內保持這種增長的可持續性。所以，它是關於新客戶，它是關於與現有客戶進行更大程度的合作，你看到定期存款增長了大約 30%。同樣，這是通過參與來實現的，這就是交付的地方。我想說的是，我們正朝著繼續在這些基礎上發展的方向發展。

Okay. And just in terms of -- was there any interest on tax refund during the quarter?

好的。就這個季度的退稅而言，是否有任何利息？

No, no, nothing of any significance.

不，不，沒有任何意義。

I'll come back.

我會回來的。

No, if you have anything, you go ahead now.

不，如果你有什麼，你現在就去吧。

Yes. So, my other question was just on CV. So, if you look at your commercial transportation, the growth obviously in this quarter has been very strong, it's almost 11% on a sequential basis and it has been very strong even in the last few quarters, probably stronger than industry levels as well. So, what kind of drives it and how do you think about it going ahead?

是的。所以，我的另一個問題只是關於簡歷。所以，如果你看看你的商業運輸，本季度的增長顯然非常強勁，環比增長近 11%，甚至在過去幾個季度也非常強勁，可能也強於行業水平。那麼，是什麼推動了它的發展？您如何看待它的發展？

It is an important segment for us, right? One, the entire commercial and rural banking, that includes the CTG is an important element of how we drive this. And this is more -- we operate in the segment, which is slightly above where our subsidiary operates. And it is an important focus both from a LCV or ULCV and across various kind of a size segment, that is also important to us. We are also focused on making a holistic kind of a product offering, which is not just lending for financing these vehicles, it is also about getting working capital financing for them. So, we're making certain new initiatives there to get the holistic relationship, so that the logistics ecosystem as we call it, which you've heard from Rahul Shukla over the past 1 or 2 quarters, that is getting initiated to execute. It's an important and it's a big growth segment for us and it's a priority sector.

這對我們來說是一個重要的部分，對吧？第一，包括 CTG 在內的整個商業和農村銀行業務是我們推動這一進程的重要因素。而且這更多 - 我們在該部門運營，該部門略高於我們子公司運營的部門。這是 LCV 或 ULCV 以及各種尺寸細分市場的重要焦點，這對我們也很重要。我們還專注於提供一種整體的產品，這不僅僅是為這些車輛提供融資的貸款，還包括為它們獲得營運資金融資。因此，我們正在那裡制定某些新舉措以獲得整體關係，以便我們稱之為物流生態系統，您在過去 1 或 2 個季度從 Rahul Shukla 那裡聽說過，它正在開始執行。這對我們來說很重要，也是一個很大的增長部分，也是一個優先領域。

The next question is from the line of Kunal Shah from Citi India.

下一個問題來自花旗印度的 Kunal Shah。

Srini, firstly, the question on operating cost, so that has seen a significant rise in this quarter both on a year-on-year basis and on a quarter-on-quarter. So, any one-offs in the employee cost, like say, the ESOP or RSUs what you highlighted in the last quarter as well? And what should be the trend which we should look at it, maybe for say FY '24 in terms of cost-to-income, as well as cost to assets?

Srini，首先是關於運營成本的問題，因此本季度的同比和環比都有顯著上升。那麼，員工成本中的任何一次性費用，比如你在上個季度也強調的 ESOP 或 RSU？我們應該關注的趨勢是什麼，也許是說 24 財年的成本收入比以及資產成本？

Yes. Kunal, thanks for that. Expenses, yes, just to touch upon, you touched upon the ESOPs and RSUs, yes, that will continue. And that in the prior quarter, it was not a full quarter impact of the ESOPs and RSUs, because that went out later in October or November. So, part and then now you had a full quarter impact of that, but it's not a one-timer, that's an ongoing. That's one.

是的。庫納爾，謝謝你。費用，是的，只是為了觸及，你觸及了 ESOP 和 RSU，是的，這將繼續。而且在上一季度，這不是 ESOP 和 RSU 的整個季度影響，因為它們在 10 月或 11 月晚些時候消失了。所以，一部分，然後現在你有一個完整的季度影響，但這不是一次性的，而是持續的。那是一個。

Two, the branches, right? We opened 600-odd branches last quarter towards the end, that comes in, and then even this quarter we have opened up a little more than 600 branches. So that's also an ongoing impact that comes in. And the way you think about the cost is, which we have in the past said, as you build the retail or you build the retail deposit franchise and you start to get back into the higher proportion of the retail asset franchise, there will be upfront cost that comes, which is what you have seen, right?

二，樹枝，對吧？上個季度末，我們開設了 600 多家分行，然後即使在本季度，我們也開設了 600 多家分行。所以這也是一個持續的影響。你考慮成本的方式是，我們過去說過，當你建立零售或建立零售存款特許經營權時，你就會開始回到更高的比例零售資產特許經營，會有前期成本，這是你看到的，對吧？

The cost-to-income for the full year at 40.4%, or currently 42%. If you go back in line, that's kind of -- in '19, for example, it was close to 40%, the cost-to-income was 40%. And we had mentioned that our cost-to-income will go past 40%, 41%, and a quarter or 2 can touch 42%, we'll operate at that level. And if we operate that level, there is an opportunity why -- what presents to us this opportunity is from the benign credit environment. So, if you look at the credit, 10 basis points of a better credit, when that opportunity is taken and invested in expenses, that is about 1.5% to cost-to-income. That's about 1.5%.

全年成本收入比為 40.4%，目前為 42%。如果你回到隊列中，那就是——例如，在 19 年，它接近 40%，成本收入比為 40%。我們已經提到我們的成本收入比將超過 40%、41%，四分之一或 2 個季度可以達到 42%，我們將在該水平上運營。如果我們在這個水平上運作，就有機會為什麼 - 向我們展示這個機會的是來自良性信貸環境。所以，如果你看看信用，一個更好的信用的 10 個基點，當抓住這個機會並投資於費用時，成本收入比約為 1.5%。這大約是 1.5%。

And so, if you think about it, we do see that the credit cost benign conditions now and in some time to come. And so, we -- our goal is to get this maturity, both on the branches and the productivity curve up on the people that we have added 31,000 people over the year and 6,600 people in the quarter, to get them up the curve and be productive.

因此，如果您考慮一下，我們確實會看到現在和未來一段時間內的信貸成本良性條件。因此，我們 - 我們的目標是在分支機構和生產力曲線上實現這種成熟，我們在一年中增加了 31,000 人，在本季度增加了 6,600 人，讓他們上升曲線並成為富有成效的。

And as things normalize, the revenues starts to come in, right, that's the ramp-up on the volumes that we're trying to do to get that in, so that it pays through the revenue and the credit as the maturity of the new cohorts come in and get to be -- the new cohorts get to mature state, credit cost normalizes to pre-COVID levels, not to the COVID levels to pre-COVID levels, so you get to a stable return on asset, right? You continue to operate in that 1.9% to 2.1% type of a range on return on asset, but we took this opportunity on the credit to invest in the expenses. So, that's how we will think about that.

隨著一切正常化，收入開始增加，對，這就是我們正在努力增加的數量，以便隨著新產品的成熟，通過收入和信用來支付隊列進入並成為——新隊列進入成熟狀態，信貸成本正常化到 COVID 之前的水平，而不是 COVID 水平到 COVID 之前的水平，所以你可以獲得穩定的資產回報，對嗎？你繼續在 1.9% 到 2.1% 的資產回報率範圍內運營，但我們利用這個機會在信貸上投資於費用。所以，這就是我們考慮的方式。

Sure. And this ESOP expenses, so what would be the quantum for the full quarter?

當然。而這個 ESOP 費用，那麼整個季度的數量是多少？

The full quarter, the ESOP and RSU is close to INR 400,000 -- INR 400 crores or close to INR 300 crores.

整個季度，ESOP 和 RSU 接近 400,000 印度盧比——40 億印度盧比或接近 30 億印度盧比。

Okay. And secondly, with respect to the deposit growth, so was it more skewed towards the last fortnight significant part of it or have we seen the impact of it in terms of the -- maybe the overall cost of deposits? So, obviously, it will not play out in this 4Q, but over a period with this kind of a deposit traction, what would be maybe overall the margin trajectory, maybe because we have not seen an improvement over the past 3 quarters? So should it sustain or we see some kind of [protection] of margins going forward?

好的。其次，關於存款增長，它是否更傾向於過去兩週的重要部分，或者我們是否看到了它對存款總成本的影響？所以，很明顯，它不會在第四季度發揮作用，但在這種存款牽引的時期內，總體利潤率軌跡可能是什麼，也許是因為我們在過去三個季度沒有看到改善？那麼它應該維持下去還是我們會看到某種[保護]利潤率？

Okay. Yes. Two aspects to it. One, the deposits as such, right? Yes, let's see, to the extent that there are some wholesale deposits, they will be chunky and they will come and go depending on how the wholesale business deals with their balance sheet, right? So that's part of one that happens. But the core retail is something that is what I alluded to in the prior question, that is what we drive to. The rest tries to come and fill in and go.

好的。是的。它有兩個方面。第一，存款本身，對嗎？是的，讓我們看看，如果有一些批發存款，它們會很厚實，並且會根據批發業務如何處理其資產負債表來來去去，對嗎？所以這是發生的事情的一部分。但核心零售是我在前面的問題中提到的，這就是我們的目標。其餘的人試圖來來去去。

The next aspect of it that you asked about, how to think about margin, right? Our margin operates in a very narrow band, right, and it's a narrow band, because the modified duration of the book, call it, about 1.2 years, 1.3 years, thereabout, and the -- within a reasonable lead and lag effect, which can have 10 to 20 basis points at any time or 10 to15 basis points at any time, it can move up or down. But, right now, you are seeing some lead effect, right? The cost of funds will come (inaudible) already in this quarter, the cost of funds has moved up, I think, we put up a chart to show sequentially both the yield movement, as well as the cost of funds movement is up (technical difficulty)

你問的下一個方面，如何考慮保證金，對嗎？我們的利潤率在一個非常窄的範圍內運行，對，它是一個窄帶，因為這本書的修改期限，稱之為，大約 1.2 年，1.3 年左右，以及 - 在合理的超前和滯後效應內，這隨時可以有10到20個基點，也可以隨時有10到15個基點，可以漲也可以跌。但是，現在，您看到了一些先導效應，對嗎？資金成本將在本季度出現（聽不清），資金成本已經上升，我認為，我們製作了一張圖表來依次顯示收益率變動和資金成本變動（技術困難）

This is the operator here. Please hold while we reconnect the management line. We have the management line reconnected. Sir, you may proceed now.

這是這裡的接線員。在我們重新連接管理線時請稍等。我們重新連接了管理線。先生，您現在可以繼續了。

Yes. Okay. Sorry, Kunal. I don't know where I dropped off, but I was talking about the margin as such. Yes. There is a lead effect that happens when the asset pricing starts to move in front and the cost of funds on the deposits starts to lag. There is some lag, right, on that one, but still our margin, as we said, operates in the range of 3.94% to 4.3%, 4.4%. Given the mix still of the wholesale mix, which is still pretty high in the book at 53%, 54% wholesale mix, we are at the lower end of that range. But whether 5, 10 basis points any quarter can move up or down, it can happen, right, 5, 10 basis points is nothing, it can change, and it's essentially effect of the lead of the lag that can happen there.

是的。好的。對不起，庫納爾。我不知道我在哪裡下車，但我正在談論這樣的保證金。是的。當資產定價開始向前移動並且存款的資金成本開始滯後時，就會發生領先效應。在這方面有一些滯後，對，但正如我們所說，我們的利潤率仍然在 3.94% 到 4.3%，4.4% 的範圍內運行。考慮到批發組合的混合，這在賬簿中仍然相當高，為 53%，批發組合為 54%，我們處於該範圍的低端。但是，無論任何季度 5、10 個基點可以向上移動還是向下移動，它都可能發生，對，5、10 個基點沒什麼，它可以改變，這基本上是那裡可能發生的滯後領先的影響。

Sure. So, this 13 bps kind of an expansion in deposit cost, I think that should accelerate in 1Q in terms of the increase of the incremental delta which can be there?

當然。那麼，這種 13 個基點的存款成本擴張，我認為就增量增量的增加而言，它應該在 1Q 加速？

Yes. Now, if you ask me whether all of the deposit increase that is already fully come in, I would say, no, not yet, right, it will come. Not because we are changing any rates in isolation, no. It is simply a function of -- as the book starts to reprice the lag effect, it comes in, but still from a margin -- similarly, we price the loans too, right, some fixed rate loans go out and we bring a new fixed rate loans at new rates. And so, it's a continuous effect, 5, 10 basis points always possible. But we have been very stable in that range of 4%, 4.1% for some time.

是的。現在，如果你問我是否所有的存款增長都已經完全進來了，我會說，沒有，還沒有，對，它會來。不是因為我們孤立地改變任何利率，不是。它只是一個函數——當賬簿開始重新定價滯後效應時，它進來了，但仍然是一個利潤率——同樣，我們也為貸款定價，對，一些固定利率貸款流出，我們帶來了新的新利率的固定利率貸款。因此，這是一個持續的效果，5、10 個基點總是可能的。但一段時間以來，我們一直非常穩定地保持在 4%、4.1% 的範圍內。

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 here. Can you hear me?

是的。 Srini，我是 Rahul。你能聽到我嗎？

Yes, Rahul. Yes.

是的，拉胡爾。是的。

Yes. Thanks for the commentary and good numbers. Just had 2, 3 questions. Going back to the previous question on margins. So just thinking through about the repricing of the floating book and the new fixed book that you have onboarded, let's say, in the last 6, 9 months, in the time the rate cycle started. So when do we see the full benefit of that play out? So, floating book could be getting repriced pretty much as we speak, but the new fixed rate book that you onboarded that when does that start to show up in the yields number? And when is that inflection point now that the RBI has kind of paused the rates? So, how much more repricing benefit we can get is actually my question?

是的。感謝您的評論和良好的數字。剛剛有2、3個問題。回到上一個關於邊距的問題。因此，只需考慮浮動書籍和新固定書籍的重新定價，比方說，在過去 6 個月、9 個月內，即利率週期開始時。那麼我們什麼時候才能看到它的全部好處呢？因此，正如我們所說的那樣，浮動書籍可能會被重新定價，但是你加入的新固定利率書籍什麼時候開始出現在收益率數字中？既然印度儲備銀行已經暫停利率，那麼拐點是什麼時候？那麼，我的問題實際上是我們可以獲得多少重新定價收益？

Yes. No, you can get a more -- see, the fixed rate book, call it, 2, 3 years, it runs, right? The fixed rate book runs 2, 3 years and that's, call it, 43% -- 44% of the book, 45% of the book round number, that's the fixed rate. And it has started, and it will continue for some time. But, at the same time, the cost of funds will also come in and catch up. So, if you look at our margin as such, what is the rate play in the margin is minimal, rate play in the margin. That's why I talked about the modified duration, 1.2, 1.3 years. That keeps that in a very narrow band and only some lead lag effect comes in.

是的。不，你可以獲得更多 - 看，固定利率書籍，稱之為 2 年、3 年，它運行，對嗎？固定利率賬簿運行 2、3 年，也就是說，43% - 44% 的賬簿，45% 的賬簿輪數，這就是固定利率。而且已經開始了，還會持續一段時間。但與此同時，資金成本也會隨之而來。所以，如果你這樣看我們的保證金，那麼保證金中的利率是多少，利率是多少。這就是為什麼我談到修改後的持續時間，1.2、1.3 年。這使它保持在一個非常窄的範圍內，並且只會產生一些超前滯後效應。

What is more from a margin point of view is the structural change in the composition of the book, where the wholesale book, which 46% -- it was 45%, 46% before COVID, went all the way to 55% and now it's like 53%, 54%, and as that starts to wear off and come down in the retail, which is accelerating right now, all the investments that we're doing, retail that is accelerating, as that starts to come, you will see the structural thing can come up. And when that comes up, the credit cost also comes to normalize, right? If you go back -- when the margin is 4.3%, the credit cost is 100, 110 basis points, right? So, what you get on the margin, you pay to some extent on the credit cost, right? But that is why if you look at the return on asset, that remains at that stable level of 2%, 2.1%.

從利潤率的角度來看，更重要的是圖書構成的結構性變化，批發圖書佔 46%——45%，在 COVID 之前為 46%，一路上升到 55%，現在是像 53%、54%，隨著零售業開始消退和下降，零售業正在加速，我們正在進行的所有投資，零售業正在加速，隨著它開始到來，你會看到結構性的東西可以出現。當這種情況出現時，信貸成本也會正常化，對吧？如果你回去——當保證金為 4.3% 時，信貸成本為 100、110 個基點，對嗎？所以，你獲得的保證金，你在一定程度上支付了信貸成本，對吧？但這就是為什麼如果你看一下資產回報率，它會保持在 2%、2.1% 的穩定水平。

Understood, So, okay, fair enough. The second question was actually on the cost-to-income. So, given that next year credit growth maybe slower than what we had last year, but we will still be making the investments that we've talked about. So do we have another year before it peaks out or 42% is where you would call it out as a peak cost-to-income?

明白了，所以，好吧，很公平。第二個問題實際上是關於成本收入比。因此，鑑於明年的信貸增長可能比去年慢，但我們仍將進行我們討論過的投資。那麼我們是否還有一年才能達到峰值，或者 42% 就是您所說的成本收入比峰值？

No, I won't say that we have peaked out, but over a period of year, if you say, maybe, that's the kind of level we'd like to run, but quarter-to-quarter can go up and down a bit, right, it can. That's why even in this quarter, I have been saying that if you look at only 1 quarter, up, down possible. Depends on what's out there, what we have done both from a volume booking point of view or any of the marketing activity point of view or the card spend activity point of view, whatever we do, that can keep going up or down. But largely, as the lapping, we started the branch in March '22, right? Right now, one has gone by and then the second year has gone by. So, if you look at 15 months, in 15 months, we have added 2,000-odd branches we have added, right? So, another 4 quarters to 5 quarters things should lap itself. From a comparison point of view, it should lap. Then after that it would be almost 18 months to 24 months for the revenues to start coming in to support that cost. And as I told to the other -- on the other question, the credit cohort starts to mature and you'll see some credit cost also coming to normalize.

不，我不會說我們已經達到頂峰，但在一年的時間裡，如果你說，也許這就是我們想要達到的水平，但每個季度都可能上下波動位，對，可以。這就是為什麼即使在這個季度，我也一直在說，如果你只看一個季度，可能會上漲或下跌。取決於那裡有什麼，我們從批量預訂的角度或任何營銷活動的角度或卡消費活動的角度所做的事情，無論我們做什麼，都可以繼續上升或下降。但在很大程度上，作為研磨，我們在 22 年 3 月開設了分支機構，對嗎？現在，一年過去了，第二年也過去了。所以，如果你看看 15 個月，在 15 個月內，我們增加了 2,000 多個分支機構，對嗎？因此，另外 4 個季度到 5 個季度的事情應該自行解決。從對比來看，應該是一圈。然後，將近 18 個月到 24 個月的時間，收入才能開始支持該成本。正如我告訴另一個人的那樣——在另一個問題上，信貸群體開始成熟，你會看到一些信貸成本也開始正常化。

That's helpful. Just 2 more small questions. This credit card on book balances, the growth has been -- appears to be quite tepid. What could be the reason behind it? I understand revolves may not be improving, but can you just throw some more light, the EMI book growth within the card space or the revolves, how are they behaving?

這很有幫助。還有2個小問題。這張信用卡賬面餘額的增長一直——似乎相當不溫不火。背後的原因可能是什麼？我知道 revolves 可能沒有改善，但你能否再多說一些，卡空間或 revolves 內的 EMI 書籍增長，它們的表現如何？

Yes. See, it is also -- normally, I think, from a quarter point of view, the fourth quarter is normally lower coming off a big festival type of a spend in the December quarter, the paydowns happen, that's one. Number two, yes, you already alluded to, the revolvers or the revolving balances, we don't see it going up yet, not yet, we don't see that up. Three, we also measure the funding that the card customers provide, right, and the card customers provide funding, which is more than 5x the card balances, the card ANR that we carry. So enormous liquidity, enormous funding, deposit funding is kept by those customers with us. So, naturally, paydowns are happening. So the spend is quite robust, right, 30-odd percent growth in spend.

是的。看，它也是 - 通常，我認為，從四分之一的角度來看，第四季度通常會因為 12 月季度的大型節日類型支出而降低，回報發生，就是這樣。第二，是的，你已經提到，左輪手槍或循環天平，我們還沒有看到它上升，還沒有，我們沒有看到它。第三，我們還衡量了卡客戶提供的資金，正確的，卡客戶提供的資金是卡餘額的 5 倍以上，即我們攜帶的卡 ANR。如此巨大的流動性、巨大的資金、存款資金由我們這些客戶保留。因此，自然而然地，回報正在發生。因此，支出非常強勁，對，支出增長了 30% 以上。

Yes. But the profitability may be substantially lower than what you've earned in the past, because the interest yielding balances have structurally come down, so that's [the thing] from that standpoint. Srini, just one last question...

是的。但盈利能力可能會大大低於你過去的收入，因為利息收益餘額已經結構性下降，所以從這個角度來看，這就是[事情]。斯里尼，最後一個問題……

No, I don't want to leave that question, or I'll leave that comment open on profitability. See, the profitability, again, one has to look at it over a cycle on profitability. And 2, certainly not quarter-on-quarter on profitability. Number 2, always there are levers that get operated on. That means, what is it that you earn and what is it that you can spend, that is something that we always constantly look at to match. And what are those levers? You've seen some of those levers on the spend side, right, where the revenue is somewhat lower, because of lower revolver or other thing, then you spend appropriately on the other side, on the expense side. But there are still -- at this time, when the spend is going up, we do want to encourage and we do think that the revolver will come. And while it has not yet come, we are putting those investments out there in various programs, card programs.

不，我不想留下那個問題，或者我會留下關於盈利能力的評論。再一次看到盈利能力，人們必須在盈利能力的一個週期內審視它。 2，當然不是盈利能力的季度環比。第二，總是有可以操作的槓桿。這意味著，您賺取的是什麼以及您可以花的是什麼，這是我們一直在不斷尋找匹配的東西。這些槓桿是什麼？你已經在支出方面看到了一些槓桿，對吧，由於較低的左輪手槍或其他原因，收入略低，然後你在另一端適當地支出，在支出方面。但仍然有——此時，當支出增加時，我們確實想要鼓勵，我們確實認為左輪手槍會來。雖然它還沒有到來，但我們正在將這些投資投入到各種項目、卡片項目中。

The last question rather just want some comments from you. This -- RBI allowed this pay later or pre-approved credit line on UPI. We understand you already have the product on your website. We saw that. Can you just throw some light as to what is the incremental thing that RBI has done? And since you have already been running this product, how many customers you have? And do you see this as being a large product proposition that can be in the future?

最後一個問題只是想听聽您的一些意見。這--印度儲備銀行允許在 UPI 上稍後支付或預先批准的信用額度。我們知道您的網站上已經有該產品。我們看到了。您能否簡單說明一下 RBI 所做的增量工作是什麼？由於您已經在運行該產品，您有多少客戶？您是否認為這是未來可能出現的大型產品主張？

See, the product always was there. I think now that EMI type is something that is also coming in. It's too early to say whether this particular UPI channel is going to be a big driver into that, but we already have various other channels, our branch channels, our VRM channels and our direct marketing channels that trigger this quite a lot for us. And so, we will have to see whether what the UPI channel does. But then, keep in mind, the UPI channels, the ticket sizes are small. I think, as an industry, the ticket sizes are in like 3-digit rupees. We have it at least 10x more the industry average on a ticket size, but still, at that size, we can't see it. We'll have to wait and see how that works.

看，產品總是在那裡。我認為現在 EMI 類型也正在出現。現在說這個特定的 UPI 渠道是否會成為其中的重要驅動力還為時過早，但我們已經有各種其他渠道，我們的分支渠道，我們的 VRM 渠道和我們的直接營銷渠道為我們觸發了很多。因此，我們將不得不看看 UPI 渠道是否做了什麼。但是，請記住，UPI 渠道的票價很小。我認為，作為一個行業，門票的大小大約是 3 位數的盧比。我們的門票尺寸至少是行業平均水平的 10 倍，但在那個尺寸下，我們仍然看不到它。我們將不得不拭目以待，看看它是如何運作的。

Srini, thank you for being so generous and patiently answering all the questions.

Srini，感謝您如此慷慨和耐心地回答所有問題。

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

下一個問題來自摩根大通公司的 Saurabh Kumar。

Sir, just 2 questions. One is on this other assets, the growth rate in the other asset is very high. So is this -- will this be due to the RIDF shortfalls?

先生，只有兩個問題。一個是在其他資產上，其他資產的增長率非常高。那麼，這是否是由於 RIDF 不足造成的？

And the second is, now that we're coming closer to the merger, so HDFC Bank stand-alone CD incrementals will be obviously very good. But on a pro forma basis, it still near that -- maybe near that 100, [800]. So, from a growth perspective, will you look at like LCR? And will there be like a target under which you can get the LDR below 100%?

第二個是，現在我們離合併越來越近了，所以 HDFC Bank 獨立 CD 增量顯然會非常好。但在備考的基礎上，它仍然接近——可能接近 100，[800]。那麼，從增長的角度來看，你會看像 LCR 嗎？是否會有一個目標可以讓 LDR 低於 100%？

Okay, yes. Couple of things. You asked about other assets. Other asset has got, I think, INR 135,000 crores to INR 145,000 crores or something movement in a quarter, slightly INR 10,000 crores or something. So, it will be part RIDF and part various other things that go through it. And similarly, I would urge you to look at other liabilities, too, which also has moved from INR 85,000 crores to INR 95,000 crores, I think, that also has moved up by about INR 10,000 crores. So, there are several things that go into that. But over a period of a year, if that's what you're thinking about, yes, there is a component of RIDF, which is part of that, which has moved up, call it, INR 40,000-odd crores is RIDF, which is there. And that's part of our -- what we have laid out our strategy is to -- we always optimize between various components of what is available in the market on PSL and this is one of the things that is available and we tap into that too.

好的，是的。幾件事。您詢問了其他資產。我認為其他資產在一個季度內有 135,000 千萬盧比到 145,000 千萬盧比的變動，略微達到 10,000 千萬盧比左右。因此，它將一部分是 RIDF，另一部分是通過它的各種其他內容。同樣，我建議您也看看其他負債，這些負債也從 85,000 千萬盧比增加到 95,000 千萬盧比，我認為也增加了大約 10,000 千萬盧比。因此，有幾件事涉及到這一點。但是在一年的時間裡，如果那是你的想法，是的，RIDF 有一個組成部分，它是其中的一部分，它已經上升了，稱之為 40,000 億印度盧比是 RIDF，這是那裡。這是我們的一部分——我們已經制定了我們的戰略——我們總是在 PSL 市場上可用的各種組件之間進行優化，這是可用的東西之一，我們也利用它。

The second aspect that you asked about the CD ratio, I guess, right, on a pro forma, how would you think about? The way you think about the CD ratio is that, day 1, whatever happens is inevitable, right? So, when you add A plus B, it shakes out to whatever the CD ratio comes out to. But from then on how you look at it is, what is the incremental CD ratio, right? And to the extent that the incremental CD ratio operates in a range, which is below the bank's current range, that's where we go and catch up and bring it to the current level where we are. So that's how we are thinking about it. Day 1 is inevitable, but over a period of time, as the maturity profile of the book in HDFC Limited, their borrowing matures, we replace with deposits, we get to a better place over a period of, call it, to 3 to 5 years.

第二個方面，你問的CD比例，我猜，對吧，在備考上，你會怎麼想？你對 CD 比率的看法是，第一天，無論發生什麼都是不可避免的，對吧？因此，當您添加 A 加 B 時，CD 比率會產生任何變化。但是從那以後你怎麼看，什麼是增量CD比，對吧？在一定程度上，增量 CD 比率在一個低於銀行當前範圍的範圍內運行，這就是我們去追趕並將其帶到我們目前水平的地方。這就是我們考慮的方式。第 1 天是不可避免的，但經過一段時間後，隨著 HDFC Limited 賬簿的到期情況，他們的借款到期，我們用存款代替，我們會在一段時間內到達一個更好的地方，稱之為 3 到 5年。

Very clear, Srini. Would you have the pro forma LCR, or will that come after HDFC reports?

很清楚，斯里尼。您會有備考 LCR，還是會在 HDFC 報告之後出現？

Not yet. We'll have it in due course of time as we progress more towards the effective date.

還沒有。隨著我們朝著生效日期邁進，我們會在適當的時候得到它。

The next question is from the line of Adarsh Parasrampuria from CLSA Limited.

下一個問題來自 CLSA Limited 的 Adarsh Parasrampuria。

Yes. Question is again on OpEx. We've delved into the branch and distribution expansion. But somehow if you just track the overheads per branch or the employee cost per employee, that's also going up, right, even adjusting for the distribution increase. So just wanted to have a handle on that because usually I would think that as you add the incremental branch, they cost lesser, the foot solider that you're adding is cheaper than the average costs. So just wanted to understand that the -- why the cost increases are materially above the distribution expansion that we're seeing?

是的。問題再次出現在 OpEx 上。我們深入研究了分支機構和分銷擴展。但不知何故，如果你只跟踪每個分支機構的管理費用或每個員工的員工成本，那也會上升，對，甚至調整分配增加。所以只是想解決這個問題，因為通常我會認為當你添加增量分支時，它們的成本會更低，你添加的腳踏車比平均成本便宜。所以只是想了解 - 為什麼成本增加大大高於我們所看到的分銷擴張？

So, one is, it is important that we are making investments in branches, as well as people, right, the 31,000 people or the 6,600 sequentially that also adds to the cost, it is there. And the productivity of all of these comes in, then you see that in the revenue and then that evens out, right? You have to wait. But if you look at the branch productivity itself, look at the deposit per branch, it is up, right, to INR 250,000 crores, INR 260,000 crores per branch, that productivity is also up. So, it's not just about whether the cost per branch is up, or -- it will be up, because if the inflation in the country is operating at the rate of 6% to 8% or the pay increases are happening at that kind of level, the cost will go up, but it's a question of getting that productivity driven up to pay for it through the volumes and revenues.

因此，一個是，重要的是我們對分支機構和人員進行投資，正確的是，31,000 人或 6,600 人依次增加了成本，它就在那裡。所有這些的生產力都進來了，然後你在收入中看到它，然後它就平衡了，對吧？你得等一等。但是，如果你看看分支機構本身的生產力，看看每個分支機構的存款，它上升到 250,000 千萬印度盧比，每個分支機構 260,000 千萬印度盧比，生產力也在上升。所以，這不僅僅是關於每個分支機構的成本是否上升，或者 - 它會上升，因為如果該國的通貨膨脹率以 6% 到 8% 的速度運行，或者加薪發生在那種情況下水平，成本會上升，但問題是提高生產力以通過數量和收入來支付成本。

Got it, Srini. Okay. And will this continue? Now, I think, the pressures of inflation and attrition is a little lower. So would you expect that pressure to be lower, because then you probably have an OpEx growth, which more mirrors the distribution and the employee expansion rather than being a high number in that?

明白了，斯里尼。好的。這會繼續嗎？現在，我認為，通貨膨脹和消耗的壓力要低一些。那麼您是否期望壓力會降低，因為那樣您可能會有運營支出增長，這更多地反映了分佈和員工擴張而不是其中的一個高數字？

It's too early whether the -- what effect on the inflation comes through into the expense, it's too early on that one. But, again, I will tell you to look at from a cost-to-income point of view that it moves in that range of 42% something. And then as we progress over 4 quarters, 6 quarters, it starts to keep coming down. And I think, among various things, while we don't talk forward looking in any of those aspects, but from a cost point of view, we have said that over a period of time we should get back to the mid-30s as the productivity starts to come in.

現在是否 - 對通貨膨脹的影響會影響到費用還為時過早，現在還為時過早。但是，我會再次告訴你，從成本收入比的角度來看，它在 42% 左右的範圍內移動。然後，隨著我們在 4 個季度、6 個季度中取得進展，它開始不斷下降。我認為，在各種事情中，雖然我們沒有談論任何這些方面的前瞻性，但從成本的角度來看，我們已經說過一段時間後我們應該回到 30 年代中期，因為生產力開始發揮作用。

Got it. And, Srini, my last question is on the PSL part, right? We did have some shortfalls, the RIDF book went up. If you can -- obviously, there was a question on other assets as well. So, if you can call out the RIDF book, where it was, where it ended? And given how you've achieved PSL now, would you expect that the increase in RIDF will moderate, will stop, if you could just indicate directionally where we're headed and what was the status of PSL compliances by the end of the year?

知道了。 Srini，我的最後一個問題是關於 PSL 部分的，對嗎？我們確實有一些不足，RIDF 的書上去了。如果可以的話——顯然，其他資產也存在問題。所以，如果你能說出 RIDF 這本書，它在哪裡，在哪裡結束？考慮到您現在是如何實現 PSL 的，您是否期望 RIDF 的增長會放緩，會停止，如果您能指出我們前進的方向以及到年底 PSL 合規性的狀態如何？

Okay. Adarsh, if you think about whether where will RIDF go or something, see, this is a dynamic equation that one solves, right, because that is how you optimize it. The goal #1 is to go organically build and distribution reach that we are going after, I alluded to our CRB business in more than 90% of the districts and at 1.65 lakh villages wanting to go to more than 2 lakh villages, they're all in the direction of how we organically grow. That's the number 1 from a prioritization point of view. Do it yourself, it gives you better returns, you manage that on a sustainable basis. Then everything else is a filler depending on what is available, and you optimize that through whatever is the least cost. And all of them are in play from PSLC to RIDF to IBB -- IBPC to all of them are in play in terms of how we manage that.

好的。 Adarsh，如果您考慮 RIDF 將走向何方之類的，請看，這是一個可以求解的動態方程，對吧，因為這就是您優化它的方式。目標 1 是有機地建立和分發我們正在追求的範圍，我提到我們在 90% 以上的地區和 16.5 萬個村莊的 CRB 業務想要去超過 20 萬個村莊，他們是一切都朝著我們如何有機成長的方向發展。從優先順序的角度來看，這是第一位。自己動手，它會給你更好的回報，你可以在可持續的基礎上進行管理。然後其他一切都是填充物，取決於可用的東西，你可以通過成本最低的方式對其進行優化。從 PSLC 到 RIDF 再到 IBB，所有這些都在發揮作用——IBPC 在我們如何管理方面都在發揮作用。

I need actual data around how your PSL stacked up and what your RIDF book was last year and now, only the actual numbers?

我需要有關您的 PSL 累積情況以及去年和現在的 RIDF 書籍的實際數據，只有實際數據嗎？

Yes. I think, it will -- I just checked with the team, I think it will eventually get published in course of time. Yes. We will get access to it and the team will publish that, it's coming, yes.

是的。我認為，它會——我剛剛與團隊核實過，我認為它最終會隨著時間的推移而發布。是的。我們將訪問它，團隊將發布它，它即將到來，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。

So, for FY '24, would you broadly expect similar branch and employee additions as FY '23?

那麼，對於 24 財年，您是否普遍期望與 23 財年類似的分支機構和員工增加？

FY '24, the branch addition we expect to -- at this moment, we expect to continue the speed at which -- not necessarily every quarter evenly, but the speed at which we have done over the last 15 months to 18 months, we will continue. We do this -- we take stock of this every quarter to see, one, availability and the market potential, identification of the market, where we need with the potential, that's one exercise that we do. And the second exercise we do is that, look back to see the performance of what we have already done and how that is progressing on the curve, right? But, yes, as of now, the approach is to continue with that, but subject to evaluation every quarter in terms of the trajectory that we are continuing is indeed the trajectory that is yielding those results that we have planned for.

24 財年，我們預計分支機構的增加——目前，我們預計將繼續這樣的速度——不一定每個季度均勻，但我們在過去 15 個月到 18 個月內完成的速度，我們將繼續。我們這樣做 - 我們每個季度都會對此進行評估，以查看可用性和市場潛力，識別市場，我們需要潛力的地方，這是我們所做的一項工作。我們做的第二個練習是，回顧一下我們已經完成的工作的表現以及它在曲線上的進展情況，對嗎？但是，是的，截至目前，方法是繼續這樣做，但每個季度都要根據我們正在繼續的軌跡進行評估，這確實是產生我們計劃的結果的軌跡。

Sure. Recently you had cut some of your short-term MCLR rates, could you explain what is the trigger for that?

當然。最近你降低了一些短期 MCLR 利率，你能解釋一下觸發的原因是什麼嗎？

See, the way, the methodology how we apply tenor premium is something that we modified or we got that to a place, right? And it's in the front end and we don't have much volumes in that end. And that's part of what -- this is not something that captures big volume from an overall sense point of view. One other thing is that, MCLR loans, the floating rate MCLR loans is 6% of our total book and very little into the front-end bucket there.

看，方式，我們如何應用期限溢價的方法是我們修改的東西，或者我們把它帶到了一個地方，對吧？它在前端，我們在那一端沒有太多的數量。這就是其中的一部分——從整體的角度來看，這並不是捕獲大量數據的東西。另一件事是，MCLR 貸款，浮動利率 MCLR 貸款占我們賬面總額的 6%，很少進入那裡的前端桶。

Sorry, you said 6%?

抱歉，你說的是 6%？

6% is the floating rate MCLR book. But in the front-end, where you alluded to, very little less there.

6% 是浮動利率 MCLR 賬簿。但在前端，你提到的地方，幾乎沒有。

Understood. Just going back to the deposits part, right? So as you rightly mentioned, the newer branches would probably have not contributed as much. So just trying to understand what is driving these numbers? Because you're obviously not paying the highest rate in the market. Everybody is chasing deposits and yet your numbers are meaningfully ahead of all your peers in terms of absolute deposit mobilization. So just trying to understand what is it that you are doing -- you have done differently this year, which is driving these kind of growth for you?

明白了。回到存款部分，對吧？因此，正如您正確提到的那樣，較新的分支機構可能不會做出那麼多貢獻。所以只是想了解是什麼推動了這些數字？因為您顯然沒有支付市場上最高的費用。每個人都在追逐存款，但就絕對存款動員而言，你們的數字明顯領先於所有同行。所以只是想了解你在做什麼 - 今年你做了不同的事情，這正在為你推動這些增長？

Okay. See, there are a few things, right? I can talk 2, 3 things, I will mention, several things, but, I guess, we will continue and we have mentioned this in the past, so you'll recollect. One is, you need to leverage the branch network and the brand to bring in new customers. Let me give you that, in 2018, we got 3 million customers in liability relationships; in '19, 4 million; '20, 6 million; '21, 7 million; '22, 8.5 million; '23, 10.5 million. So, you need to bring in new customers and that is what we have done to ramp up. So, when you bring in new customers, like the way the branch maturity, it's connected similar to the branch maturity. The customer maturity also takes about 24 months, right?

好的。看，有幾件事，對吧？我可以談 2、3 件事，我會提到幾件事，但是，我想我們會繼續，我們過去已經提到過，所以你會記得。一是，您需要利用分支網絡和品牌來吸引新客戶。讓我告訴你，在 2018 年，我們有 300 萬客戶處於責任關係； 19 年，400 萬； '20, 600萬； '21, 700萬； '22，850萬； '23，1050萬。因此，您需要引入新客戶，這就是我們為擴大規模所做的工作。因此，當您引入新客戶時，就像分支機構成熟度一樣，它的連接類似於分支機構成熟度。客戶成熟度也需要大約 24 個月，對吧？

So, if we need to harvest the potential of the customer to be the primary banking and get the balances, I cannot bring the customer today and get the balances today, I will -- when I bring the customer today, we get some balances today, it is about getting that potential of the customer we got in 2 years ago, 3 years ago to do the work now, right? Our RMs engagement to get that now. So, that's 1. Customer is important. And I give you an idea of the ramp up on the customers that we have done and we continue to do that to keep that pipeline open and running. That's one on the customers.

因此，如果我們需要挖掘客戶成為主要銀行業務的潛力並獲得餘額，我今天無法帶來客戶並獲得今天的餘額，我會 - 當我今天帶來客戶時，我們今天會獲得一些餘額，這是關於讓我們在 2 年前、3 年前獲得的客戶的潛力來做現在的工作，對嗎？我們的客戶經理現在就參與進來。所以，那是 1. 客戶很重要。我給你一個關於我們已經完成的客戶增加的想法，我們將繼續這樣做以保持管道的開放和運行。那是關於客戶的。

Two, from an execution mindset and our RMs focus, we did that sometime March, April last year in '22, where we said, we want to amend our scorecard to ensure have an element of a time deposit [pass] with a 14% penetration in our base for time deposit, we said it is a low penetration. We have enormous room to go for it and we don't need to pay for it, right? In fact, if anything, we are slightly -- we are at or slightly below certain other players on this. And if you look at the time deposit growth in the recent quarters, I think, it gave about 30% or so as growth in the time deposit, the growth that we've had.

第二，從執行心態和我們的 RM 關注點來看，我們在去年 22 年 3 月、4 月的某個時候做了這件事，我們說，我們想修改我們的記分卡，以確保有一個定期存款 [pass] 的元素，比例為 14%在我們定期存款的基礎上，我們說它的滲透率很低。我們有很大的空間去實現它，我們不需要為此付出代價，對吧？事實上，如果有的話，我們略有 - 我們在這方面處於或略低於某些其他參與者。如果你看看最近幾個季度的定期存款增長，我認為，它給出了大約 30% 左右的定期存款增長，我們已經實現了增長。

And let me tell you another way to even think about it and that's how the front line is driving it, right? It's about, call it, from 7,000-odd branches and, call it, maybe 50 deposits, such deposits a month at a ticket size INR 4 lakhs, INR 5 lakhs type of granular time deposit, right, 50 such deposits, 7,000-odd branches, INR 4 lakhs, INR 5 lakhs, you get per customer, then that's the kind of a drive -- and then you've got all the RMs that we are having and the salespeople we are having in the branches to go get that engagement. So, it's better engagement, it's the granular across all branches unleashing this to say this is an important element to increase the penetration. A penetration is -- we have grown 30%, but still it's about -- up by 50 basis points, right? We have a long way to go to increase that penetration. We will be relentless in getting that full relationship of the customer through this.

讓我告訴你另一種思考方式，這就是前線推動它的方式，對吧？它大約是來自 7,000 多家分支機構的 50 筆存款，這樣的存款是每月 40 萬印度盧比，50 萬印度盧比的顆粒狀定期存款，對，50 筆這樣的存款，7,000 多筆分支機構，40 萬印度盧比，50 萬印度盧比，你從每個客戶那裡得到，這就是一種驅動力——然後你得到了我們所有的 RM 和我們在分支機構的銷售人員去得到它訂婚。所以，這是更好的參與，它是所有分支機構的細粒度釋放，說這是提高滲透率的重要因素。滲透率是——我們已經增長了 30%，但它仍然是——增長了 50 個基點，對嗎？要提高這種滲透率，我們還有很長的路要走。我們將不懈地通過此獲得客戶的完整關係。

I gave you 1 or 2 examples of what we're trying to drive this.

我給了你 1 或 2 個例子，說明我們正在努力推動這個。

Understood. Very clear. My last question, what are the milestones and timelines with respect to the merger now?

明白了。非常清楚。我的最後一個問題，現在關於合併的里程碑和時間表是什麼？

With respect to the merger, if you see, 28th or so, we had the NCLT order that we got. We've made the application to SEBI as it relates to the change in promoter and giving notices to mutual fund holders. So we've gone to SEBI to get their permission. We've also gone to IRDAI from a change of promoter on the insurance side. So, we are awaiting what they need to come back and give us not to go. That's one, right? And then once all of this is there, then we circle back with RBI to take it to the final stages. We think from a timing point of view, it is June, July, if possibly July is where we think the time frame is, as we speak, given where we are on various things.

關於合併，如果你看到，28 日左右，我們收到了我們收到的 NCLT 命令。我們已向 SEBI 提出申請，因為它涉及發起人的變更和向共同基金持有人發出通知。所以我們已經去 SEBI 獲得他們的許可。我們還從保險方面的發起人變更轉到了 IRDAI。所以，我們正在等待他們需要什麼回來，讓我們不要去。那是一個，對吧？然後，一旦所有這些都存在，我們就會與 RBI 一起回到最後階段。我們認為，從時間的角度來看，現在是 6 月、7 月，如果可能的話，7 月是我們認為時間框架所在的地方，正如我們所說的那樣，考慮到我們在各種事情上所處的位置。

The next question is from the line of M.B. Mahesh from Kotak Securities.

下一個問題來自 M.B.來自 Kotak 證券的 Mahesh。

Just 2 questions from my side. One is, in your expectations, looking at the current deposit rates, how does the cost of funds move in your balance sheet over the next few quarters?

我這邊只有兩個問題。一是，按照您的預期，看看當前的存款利率，未來幾個季度資金成本在您的資產負債表中將如何變化？

Okay. So, with the current deposit mix, the cost of funds will start to inch up as the 30% growth that we have had in time deposit in the recent quarter starts to fully come in, right? So the cost of funds will go up only because of the mix of deposits, not because of the rates. And similarly, the yield on assets also needs to go up. That is part of how we are pricing to say that we need to realize. So, again, within the narrow band, lead lag effect happens, 5, 10 basis points can change in any time -- any quarter. But, again, we operate in that narrow -- as I told you, the modified duration is quite matched on 0.2 or so on both sides.

好的。因此，在目前的存款組合下，隨著我們在最近一個季度的定期存款 30% 的增長開始全面體現，資金成本將開始上升，對吧？因此，資金成本只會因為存款的混合而上升，而不是因為利率。同樣，資產收益率也需要上升。這是我們定價的一部分，以表明我們需要實現。因此，同樣，在窄帶內，會發生領先滯後效應，5、10 個基點可以在任何時間 - 任何季度發生變化。但是，再一次，我們在那個狹窄的範圍內運作——正如我告訴你的那樣，修改後的持續時間在雙方 0.2 左右非常匹配。

Okay. Srini, the question was, we looked at about 20-odd basis points increase sequentially and also in the previous quarter, that's a quite a good performance. So that's why we're just trying to understand as to whether this 20 moves closer to 30, 40, or is it a number closer to the current range?

好的。斯里尼，問題是，我們看到了大約 20 個基點的連續增長，而且在上一季度也是如此，這是一個相當不錯的表現。所以這就是為什麼我們只是想了解這個 20 是更接近 30、40，還是更接近當前範圍的數字？

I don't want to venture into giving a forward-looking to say what sort of a volume and mix will come as we go into the April to June quarter. But, again, it operates within that range, narrow range or margin is 4.1%, plus/minus 5, 10 basis points, that's where it operates.

我不想冒險給出一個前瞻性的說法，即當我們進入 4 月至 6 月的季度時，將會出現什麼樣的數量和組合。但是，它再次在該範圍內運作，窄幅或利潤率為 4.1%，加/減 5、10 個基點，這就是它的運作範圍。

Okay. The second question, Srini, if I look at the fee income line, the growth in retail asset-driven fees, as well as when you look at the cost side, the DSA-related fees, both of them seems to have slowed down or has grown very slowly. Is it any indication of the situation on the ground, or you think that the volumes still is quite impressive when you look at the retail businesses?

好的。第二個問題，斯里尼，如果我看一下費用收入線，零售資產驅動費用的增長，以及成本方面，與 DSA 相關的費用，兩者似乎都已經放緩或長得很慢。這是否表明了實際情況，或者您認為零售業務的數量仍然令人印象深刻？

Yes. No, it is not something indication on the ground. We do see a good amount of demand, I think, alluded to in terms of the customer preferences, in terms of higher value chain type of products, that is what we see. The example I gave you was the SUV, MPV type, right, or a higher horsepower 2-wheeler type. Those are -- or, for that matter, a 5G phone rather than a normal phone. So, these are some of those things that are happening in the market where people are -- and also the producers, the manufacturers are also looking at high-value, high-margin type of products. So, it is not some -- we see a good amount of demand that is there. So it is -- for us, it has to pass through our credit filters and then we are there to take it.

是的。不，這不是地面上的指示。我們確實看到了大量的需求，我認為，在客戶偏好方面，在更高價值鏈類型的產品方面，這就是我們所看到的。我給你的例子是SUV，MPV類型，對，或者更大馬力的兩輪車類型。這些是 - 或者，就此而言，是 5G 手機而不是普通手機。所以，這些是人們所在的市場上正在發生的一些事情——還有生產商，製造商也在尋找高價值、高利潤的產品。所以，它不是一些 - 我們看到那裡有大量的需求。所以它是 - 對我們來說，它必須通過我們的信用過濾器，然後我們才能接受它。

So, in your sense, that there is no slowdown in demand at least at this point of time?

那麼，在您看來，至少在這個時間點需求沒有放緩？

Nothing material from that sense that -- it is about the customer segment, that's all. And I can tell you, even our subsidiary customer segment, which is a couple of notches below the bank segment, has also shown enormous traction in terms of the disbursals and volume growth there.

從這個意義上說，沒有什麼重要的——它是關於客戶群的，僅此而已。我可以告訴你，即使是我們的附屬客戶群，比銀行群低幾個檔次，在支付和數量增長方面也表現出巨大的吸引力。

One final clarification, there was a recent RBI guideline on (inaudible) that one can charge on the various fee income lines. How comfortable are you with respect to that guideline? It's still a white paper, just trying to understand your perspective about the same.

最後一個澄清，最近有一個關於（聽不清）的 RBI 指南，可以在各種費用收入線上收取。您對該指南的接受程度如何？它仍然是一份白皮書，只是想了解您對此的看法。

On the penal charges, right? Yes. No. I think, within reason we operate, some minor things can happen, but then, again, the penal charges are in the direction of where we would like to operate and where some minor things we need to true up, we will do, but it is within our realm of how we are operating.

關於刑事指控，對嗎？是的。不，我認為，在我們經營的合理範圍內，可能會發生一些小事，但是，再一次，罰款是針對我們想要經營的地方以及我們需要糾正一些小事的方向，我們會做，但這在我們的運作方式範圍內。

Ladies and gentlemen, I now hand the conference over to Mr. Srinivasan Vaidyanathan for any closing comments.

女士們，先生們，我現在將會議交給 Srinivasan Vaidyanathan 先生，聽取任何閉幕評論。

Okay. Thank you. Thank you all for joining us today. We'll continue to be available over the next several days. And if anything else that you'd like to know more, we'd be happy to engage and talk. Thank you. Have a great evening. Bye-bye.

好的。謝謝。感謝大家今天加入我們。我們將在接下來的幾天內繼續提供服務。如果您還想了解更多，我們很樂意參與和討論。謝謝。祝你有個愉快的夜晚。再見。

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

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。