HDFC Bank Ltd (HDB) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to the HDFC Bank Limited Q1 FY '24 Earnings Conference Call on the financial results presented by the management of HDFC Bank. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you, and over to you, sir.

女士們、先生們，晚上好，歡迎參加 HDFC 銀行有限公司 24 財年第一季度收益電話會議，會議內容涉及 HDFC 銀行管理層公佈的財務業績。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給 HDFC 銀行首席財務官 Srinivasan Vaidyanathan 先生。謝謝您，接下來就交給您了，先生。

Okay. Thank you, Daven. Good evening, and a warm welcome to all the participants. I want to briefly start and give a minute update on the merge, effective July 1, as you all know, HDFC Limited has been merged into the bank. Consequently, all subsidiaries of HDFC Limited have become subsidiaries of the bank.

好的。謝謝你，達文。晚上好，對各位嘉賓的到來表示熱烈的歡迎。我想首先簡要介紹一下合併的最新情況，眾所周知，HDFC Limited 已併入銀行，合併將於 7 月 1 日生效。因此，HDFC Limited 的所有子公司均成為該銀行的子公司。

Earlier today, with the support of BSE, NSE, NSDL, CDSL, all HDFC Limited shareholders as on the record date have received shares of HDFC Bank. This concludes the 15 months journey for the bank and all the regulators involved, and we would like to take this opportunity to thank them for their continuous engagement and support. HDFC brand built over 47 years will now be proudly owned by the bank. It is a privilege to add on and engage with the 6,000 institutional investors and 7 lakh individual shareholders.

今天早些時候，在 BSE、NSE、NSDL、CDSL 的支持下，截至登記日所有 HDFC Limited 股東均已獲得 HDFC Bank 股份。銀行和所有相關監管機構 15 個月的旅程就此結束，我們想藉此機會感謝他們的持續參與和支持。 47 年來打造的 HDFC 品牌現在將由該銀行自豪地擁有。我們很榮幸能夠加入 6,000 家機構投資者和 70 萬名個人股東並與之互動。

HDFC Limited has excelled in nurturing trust in their customer engagement over 4 decades of operation. We'd like to harness this bond with the home loan customers by leveraging our exhaustive distribution reach and comprehensive digital platform to upsell a complete bouquet of the bank's and subsidiaries' products across pay, save, invest, borrow, insure and trade like the savings account, personal account and so on, including the credit card and SAPs.

HDFC Limited 在過去 4 年的運營中，在培養客戶參與度方面表現出色。我們希望通過利用我們詳盡的分銷範圍和全面的數字平台，在支付、儲蓄、投資、借款、保險和交易等領域追加銷售銀行及其子公司的一整套產品，從而利用與住房貸款客戶的這種聯繫。帳戶、個人帳戶等，包括信用卡和SAP。

Seamless integration to aid the sustained and optimal execution is undertaken, involving emerging products and processors expertise, creating learning opportunities by focusing on customer engagement and experience, onboarding 4 million customers with over INR 6 trillion portfolio, onboarding 4,150 talented professionals bringing in knowledge and culture.

無縫集成有助於持續和最佳執行，涉及新興產品和處理器專業知識，通過關注客戶參與和體驗來創造學習機會，為 400 萬客戶提供超過 6 萬億盧比的投資組合，為 4,150 名才華橫溢的專業人員引入知識和文化。

Now let's look at the key macro environment during the quarter before we review the earnings. Stronger-than-expected GDP growth in the March quarter has boosted sentiment. Various indicators suggest economic activity continued to be strong in the recent June quarter. GST collections have been robust in the first quarter, where INR 5 lakh crores grew by -- Q2 INR 5 lakh crores grew by 12% year-on-year.

現在，在回顧盈利之前，讓我們先看看本季度的關鍵宏觀環境。三月份季度 GDP 增長強於預期提振了市場情緒。各種指標表明，最近一個季度的經濟活動繼續強勁。第一季度商品及服務稅徵收強勁，增長了 50 億印度盧比，第二季度增長了 50 萬印度盧比，同比增長了 12%。

Manufacturing PMI at 57.8 and Services segment PMI standing at 58.5, augurs well and shows robustness. Again, the current account deficit narrowing to a 7-quarter low, adds more strength. Payment systems indicate business activity continues to be robust with 14% growth in RTGS, NEFT transactions, and 44% growth in UPI payments. On the consumption side, the passenger vehicle and 2-wheeler sales showed robust growth, reflecting strong consumer demand.

製造業 PMI 為 57.8，服務業 PMI 為 58.5，預示著良好的勢頭並顯示出穩健性。經常賬戶赤字再次收窄至七個季度低點，進一步增強了實力。支付系統表明業務活動持續強勁，RTGS、NEFT 交易增長 14%，UPI 支付增長 44%。消費方面，乘用車、兩輪車銷量強勁增長，反映出消費需求旺盛。

During the quarter, our retail issuing cost spends have shown robust growth of 30% year-on-year and 10% sequentially. The uneven distribution of monsoon has adversely impacted sowing, excessive rains in North India have inundated fields already shown, while lack of rainfall in East, Central and Southwestern regions has delayed sowing. Overall, we continue to see healthy domestic demand conditions, resilience and services exports and push from government through CapEx expenditure.

本季度，我們的零售發行成本支出同比增長 30%，環比增長 10%。季風分佈不均對播種造成不利影響，印度北部降雨過多，淹沒了已露的田地，而東部、中部和西南部地區降雨不足，導致播種推遲。總體而言，我們繼續看到健康的內需狀況、韌性和服務出口以及政府通過資本支出的推動。

These factors are estimated to result in India's year-on-year GDP growth rate of 7.7% in Q1 and greater than 6% in the full year '24 after a stronger-than-expected GDP growth of 7.2% in FY'23. However, weather-related uncertainty with the rising likelihood of (inaudible) risk to rural recovery and inflation, which remains high.

這些因素預計將導致印度第一季度 GDP 同比增長率為 7.7%，繼 23 財年 GDP 增長率強於預期的 7.2% 後，24 財年全年 GDP 增長率將超過 6%。然而，與天氣相關的不確定性導致農村復甦和通脹風險（聽不見）的可能性不斷上升，而通脹風險仍然很高。

Let's go to the key themes. On the distribution, while we added 39 branches in the quarter, we added 1,482 branches over the last 12 months, which now stands at 7,860 branches. On the payment acceptance points, we have 4.6 million, year-on-year growth of 37%, that includes 2.8 million merchants accepting through the SmartHub Vyapar platform.

讓我們來看看關鍵主題。在分佈方面，雖然我們在本季度增加了 39 家分支機構，但在過去 12 個月中我們增加了 1,482 家分支機構，目前已達到 7,860 家分支機構。在支付受理點方面，我們有460萬個，同比增長37%，其中包括通過SmartHub Vyapar平台接受支付的商戶280萬個。

On the CRB side, our SME businesses have presented more than 90% of the district, expanded to 1.7 lakh villages reach and is on track to achieve the objective of over 2 lakh villages. Gold loan processing is now offered in 4,336 branches, an increase over June '22 -- a twofold increase over June '22. In the customer franchise building, we added 2.4 million new liability relationships during the quarter with now over 85 million customers. It provides a base to engage enabling us to broad-base and deepen our relationships.

在CRB方面，我們的中小企業業務已覆蓋該地區90%以上，覆蓋範圍已擴大到17萬個村莊，並有望實現超過20萬個村莊的目標。目前有 4,336 個分行提供黃金貸款處理服務，比 2022 年 6 月增加了兩倍，比 2022 年 6 月增加了一倍。在客戶特許經營建設方面，本季度我們新增了 240 萬個責任關係，目前客戶數量已超過 8500 萬。它提供了一個參與的基礎，使我們能夠擴大基礎並加深我們的關係。

In order to provide for this engagement, we have added 29,000 people over the last 12 months and 8,500 people during the quarter. On cards, we have issued 1.5 million cards in the quarter. The total cards stands at 18.4 million. Our website continues to receive enormous traffic. We received on an average 109 million visits per month with over 89 million unique visitors over the quarter at a year-on-year growth of 42%.

為了實現這種參與，我們在過去 12 個月中增加了 29,000 名員工，在本季度增加了 8,500 名員工。在卡方面，本季度我們發行了 150 萬張卡。卡牌總數為1840萬張。我們的網站繼續獲得巨大的流量。本季度我們的平均每月訪問量為 1.09 億次，其中獨立訪問者數量超過 8900 萬，同比增長 42%。

Focusing on the granular deposit, which continues. Deposits amounted to INR 19.1 lakh crores, an increase of 19.2% over prior year on the back of a fantastic quarter in March '23, where we added INR 150,000 crores, we further built on this enhanced base during the June quarter with an addition to deposits of INR 30,000 crores. Retail deposits added in the quarter was INR 38,000 crores. Retail, which has been an anchor of our deposit growth constitutes about 83.5% of our total deposits, getting more granular compared to 82% in prior year June.

重點關注顆粒沉積物，這一點仍在繼續。存款額達 191 億盧比，較上年增長 19.2%，得益於 2023 年 3 月的出色季度表現，我們增加了 150,00 億印度盧比，我們在 6 月季度進一步鞏固了這一增強的基礎，並增加了存款3000億印度盧比。本季度零售存款增加 3800 億印度盧比。零售業一直是我們存款增長的支柱，約占我們總存款的 83.5%，與去年 6 月的 82% 相比，變得更加細化。

Retail deposits grew at a rate of 21.5% year-on-year and 2.4% sequentially. Wholesale deposits constitute 16.5%, and these grew 9% year-on-year, but were lower 2.5% sequentially. On a pro forma merged basis, retail deposits grew by 20.6% year-on-year. This is a pro forma merging -- on a pro forma basis merging the June deposits of HDFC Limited, I'm talking about. And the retail constitutes 83% of the total pro forma.

零售存款同比增長21.5%，環比增長2.4%。批發存款佔16.5%，同比增長9%，但環比下降2.5%。按合併口徑計算，零售存款同比增長20.6%。這是一次備考合併——我說的是在備考基礎上合併 HDFC Limited 6 月份的存款。其中零售業佔預計總額的83%。

Now moving to advances. Growth of IBPC Advances grew 20% year-on-year. Net of IBPC advances at INR 16.3 lakh crores grew by 13.7% versus prior year. This is an addition of approximately INR 16,000 crores during the quarter and INR 222,000 crores in the year. Credit-to-deposit ratio as of June end stood at 84%. Our retail advances growth was robust. Domestic retail advances grew 20% year-on-year and 4% quarter-on-quarter, primarily driven by strong performance in home loans and personal loans.

現在轉向進步。 IBPC預付款同比增長20%。扣除 IBPC 預付款淨額為 163 億盧比，較上年增長 13.7%。本季度增加約 1600 億印度盧比，全年增加約 22200 億印度盧比。截至6月底，貸存比率為84%。我們的零售業務增長強勁。國內零售額同比增長 20%，環比增長 4%，主要是由於住房貸款和個人貸款的強勁表現。

Commercial and rural banking, which drives our MSME PSL book continued its momentum with a year-on-year growth of 29%. Wholesale segment grew 11% year-on-year, but we grew 1.2% sequentially. The bank's advances growth of IBPC grew by 20.1% year-on-year. When we include HDFC Limited's individual home book the pro forma core loan growth for the merged entity is 18.7% year-on-year.

商業和農村銀行業務繼續保持增長勢頭，同比增長 29%，推動了我們的 MSME PSL 業務。批發業務同比增長 11%，但我們環比增長 1.2%。該行IBPC預付款同比增長20.1%。當我們將 HDFC Limited 的個人住房賬簿計算在內時，合併後實體的預計核心貸款同比增長率為 18.7%。

Technology. We continue to focus on the technology agenda, HDFC Bank One the customer experience hub. Over 12.5 million unique customers have interacted through the platform according to over 22 million interactions. On the PayZapp, has handled transactions volume of over 13 million during the quarter with more than 1.6 million monthly average log-ins and 1.5x increase in customer spend.

技術。我們繼續關注技術議程、HDFC Bank One 客戶體驗中心。根據超過 2200 萬次互動，超過 1250 萬唯一客戶通過該平台進行了互動。 PayZapp 本季度處理的交易量超過 1300 萬筆，月平均登錄量超過 160 萬次，客戶支出增長了 1.5 倍。

Express car loan volume now contributes 30% of our car loan volume. We continue to be focused on these investments and expanding both the distribution as well as the digital footprint and thereby driving the relationship management for growth. Balance sheet remains resilient. LCR for the quarter for the bank was at 126%. Prior quarter was 116%, and prior year was 108%. LCR on a proforma basis, that is including the estimated HDFC Limited book as of June 30 based on the merger entity was at 100% -- over 120%.

目前，快捷汽車貸款量占我們汽車貸款量的30%。我們將繼續專注於這些投資，擴大分銷和數字足跡，從而推動關係管理的增長。資產負債表保持彈性。該銀行本季度的 LCR 為 126%。上一季度為 116%，上年為 108%。按形式計算的 LCR（包括截至 6 月 30 日基於合併實體的 HDFC Limited 賬面估計）為 100% 至 120% 以上。

Capital adequacy ratio is at 18.9% and CET1 is at 16.2%. Net revenues for the quarter were up INR 32,829 crores grew by 26.9% over prior year, driven by gross advances growth of 20% and deposit growth of 19%. Net interest income for the quarter at INR 23,599 crores, which is 72% of net revenues grew by 21% over prior year. The core net interest margin for the quarter was at 4.1%. On an interest-earning asset basis, the core net interest margin was at 4.3%.

資本充足率為18.9%，CET1為16.2%。本季度淨收入增長 32,829 千萬印度盧比，較上年同期增長 26.9%，主要受益於預付款總額增長 20% 和存款增長 19%。本季度淨利息收入為 2359.9 億印度盧比，占淨收入的 72%，較上年同期增長 21%。本季度核心淨息差為 4.1%。按生息資產計算，核心淨息差為4.3%。

Getting to the details of other income, which was at INR 9,230 crores, fees and commission that constitutes 2/3 of the other income was at INR 6,290 crores and grew by 17% over prior year. Retail constitutes approximately 93% of fees and commission. FX and derivatives at INR 1,309 crores was higher by 27% compared to prior year, and net trading and mark-to-market income were at INR 552 crores for the quarter, prior quarter was (inaudible). And prior year was also negative, slightly above INR 1,000 crores.

詳細了解其他收入為 923 億印度盧比，佔其他收入 2/3 的費用和佣金為 629 億印度盧比，比上年增長 17%。零售費約佔費用和佣金的 93%。外彙和衍生品收入為 1,309 千萬印度盧比，比去年同期增長 27%，本季度淨交易和按市值計算的收入為 552 千萬印度盧比，與上一季度相比（聽不清）。上一年也是負數，略高於 100 億印度盧比。

Other miscellaneous income at INR 1,079 crores includes recoveries from a return of accounts and dividend from subsidiaries. Operating expenses for the quarter were at INR 14,057 crores, an increase of 33.9% over prior year and an increase of 4.4% over prior quarter. In this context, it is pertinent to note that we added 1,482 branches and 1,732 ATMs since last year.

其他雜項收入為 1,079 千萬印度盧比，包括從子公司的賬目返還和股息中收回的收入。本季度運營費用為 1405.7 億印度盧比，比去年同期增長 33.9%，比上一季度增長 4.4%。在此背景下，值得一提的是，自去年以來，我們新增了 1,482 家分行和 1,732 台 ATM。

In the medium to long term, distribution reach is the key. This is what will provide funding through better engagement. Cost-to-income ratio for the quarter was at 42.8%, reflecting the cost of investments, which is cost of investments, which from a timing point of view, has been chosen during the benign credit environment to capture the market opportunity. This will moderate and revert to below previous levels after the breakeven and payback from the investment starts to flow through.

從中長期來看，分銷範圍是關鍵。這將通過更好的參與來提供資金。本季度成本收入比為42.8%，反映的是投資成本，從時機角度來看，是在良性信貸環境下抓住市場機會而選擇的投資成本。在盈虧平衡和投資回報開始顯現後，這種情況將會放緩並恢復到之前的水平以下。

PPOP for the quarter grew by 22%. Our pre-provision operating profit was at INR 18,772 crores. Coming to asset quality. The GNPA ratio was at 1.17% compared to 1.12% in prior quarter and 1.28% in prior year. Out of the 1.17%, about 14 basis points of standard that the core GNPA ratio is 1.03. GNPA ratio, excluding NPS and Agricultural segment because Agricultural segment has got the seasonality in June and December, so excluding the agriculture segment, GMP ratio was at 0.94%.

本季度 PPOP 增長 22%。我們的撥備前營業利潤為 1877.2 億印度盧比。談到資產質量。國民生產總值比率為 1.17%，上一季度為 1.12%，上年為 1.28%。在1.17%中，核心GNPA比率為1.03的標準大約有14個基點。 GNPA比率，不包括NPS和農業部門，因為農業部門在6月和12月有季節性，所以不包括農業部門，GMP比率為0.94%。

Prior quarter was also at 0.94% and prior year was 1.06%. Net NPA ratio was at 0.30. And net NPA ratio, excluding NPS and agriculture segment was 0.23, again, same as prior quarter, which was also 0.23. The slippage ratio for the current quarter is at 35 basis points or about INR 5,800 crores. The slippage ratio for the current quarter, excluding agricultural segment, was at 26 basis points, about INR 4,200 crores.

上一季度也為 0.94%，上一年為 1.06%。淨不良資產比率為 0.30。淨 NPA 比率（不包括 NPS 和農業部門）為 0.23，與上一季度相同，同樣為 0.23。本季度的滑點率為 35 個基點，即約 580 億印度盧比。本季度的滑點率（不包括農業部門）為 26 個基點，約為 420 億印度盧比。

During the quarter, recoveries and upgrades were INR 2,650 crores or approximately 16 basis points. Write-offs in the quarter were INR 2,100 crores or approximately 14 basis points, no sale of any NPA accounts in the quarter. Restructuring under the RBI resolution COVID framework as of June end stands at 27 basis points, about INR 4,265 crores. In addition, certain facilities of the same borrowers, which are not restructured, is approximately 5 basis points or INR 800 crores.

本季度，復甦和升級為 265 億印度盧比，即約 16 個基點。本季度沖銷額為 210 億印度盧比，即約 14 個基點，本季度沒有出售任何 NPA 賬戶。截至 6 月底，印度央行決議新冠疫情框架下的重組金額為 27 個基點，約合 426.5 億印度盧比。此外，同一借款人的某些未重組貸款約為 5 個基點或 80 億印度盧比。

On the provisions reported were INR 2,850 crores against INR 2,700 crores during the prior quarter and INR 3,200 crores in the prior year. The provision coverage ratio was at 75%. At the end of current quarter, contingent provisions and floating provisions were approximately INR 11,150 crores, same as last quarter. General provisions were at INR 7,150 crores. Total provisions comprising specific floating contingent and general provisions were 171% of the gross nonperforming loans.

報告的準備金為 285 億印度盧比，上一季度為 270 億印度盧比，上一年為 320 億印度盧比。撥備覆蓋率為75%。截至本季度末，或有準備金和浮動準備金約為 1115 億印度盧比，與上季度持平。一般規定為 715 億印度盧比。由特定浮動準備金和一般準備金組成的撥備總額佔不良貸款總額的171%。

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 June end. Now coming to credit cost ratio, the total annualized credit cost for the quarter was at 70 basis points. Prior quarter was 67 basis points and prior year was 91 basis points. Recoveries, which are recorded in miscellaneous income, amount to 19 basis points of gross advances for the quarter.

這是在一些案件中作為抵押品的擔保之外的。截至 6 月底，浮動或有準備金和一般準備金佔預付款總額的 1.12%。現在來看信貸成本比率，該季度的年化信貸總成本為 70 個基點。上一季度為 67 個基點，上年為 91 個基點。計入雜項收入的回收金額相當於本季度總預付款的 19 個基點。

The total credit cost ratio, net of recoveries, was at 51 basis points in the current quarter compared to 68 basis points in prior year and 44 basis points in prior quarter. The profit before tax was at INR 15,912 crores grew by 30% over prior year. Net profit after tax for the quarter at INR 11,952 crores, grew by 30% over prior year.

本季度總信貸成本比率（扣除回收金額）為 51 個基點，而去年同期為 68 個基點，上一季度為 44 個基點。稅前利潤為 15,912 千萬盧比，比上年增長 30%。該季度稅後淨利潤為 11,952 千萬印度盧比，比上年同期增長 30%。

Some highlights on HDB Financial Services. This is on (inaudible) basis. The total loan book as of June end stood at INR 73,568 crores, growing 5.1% sequentially and 19% year-on-year. Secured loan comprises 72% of the total loan book. Disbursements for the quarter were higher by 42% over prior year. Customer franchise grew to 12.8 million with 7.3% additions during the quarter and an increase of 29% year-on-year.

HDB 金融服務的一些亮點。這是基於（聽不清）的。截至 6 月底，貸款總額為 7356.8 億印度盧比，環比增長 5.1%，同比增長 19%。擔保貸款佔貸款總額的72%。本季度的支出比去年同期增加了 42%。本季度特許經營客戶數量增至 1,280 萬，增長 7.3%，同比增長 29%。

Distribution network was augmented by 89 branches in the quarter, taking it to 1,581 branches spread across 1,100 cities and towns. Net interest income for the quarter was INR 1,501 crores, an increase of 5% quarter-on-quarter and 13% year-on-year. Provisions and contingencies for the quarter was INR 267 crores against INR 398 crores for the quarter ended last year June. Quality of the book continued to see sustained improvement.

分銷網絡於本季度新增 89 家分行，達到 1,581 家分行，遍布 1,100 個城鎮。該季度淨利息收入為150.1億印度盧比，環比增長5%，同比增長13%。本季度的準備金和意外開支為 26.7 億印度盧比，而去年 6 月結束的季度為 39.8 億印度盧比。圖書質量不斷提高。

Growth Stage 3 as of June end improved to 2.5% against 2.7% as of March '23 and 4.9% as of last year June, reflecting sustained healthy collections. Provision coverage on the Stage 3 book stood at 66%. The profit after tax for the quarter ended June increased to INR 567 crores against INR 545 crores for the last quarter and INR 441 crores for last year's same quarter.

截至 6 月底，第三階段增長至 2.5%，而截至 2023 年 3 月的增長率為 2.7%，截至去年 6 月的增長率為 4.9%，反映出持續健康的收藏。第三階段賬簿的撥備覆蓋率為 66%。截至 6 月的季度稅後利潤增至 56.7 億印度盧比，而上一季度為 54.5 億印度盧比，去年同期為 44.1 億印度盧比。

ROA and ROE for the quarter stood respectively at 3.2% and 19.4%. Earnings per share in HDB was at INR 7.16 and book value per share in HDB is at INR 150.5. HDB remains well capitalized with a total capital adequacy ratio of 19.8% as of June end. And a few sentences on HDB -- on HSL, our securities company that has added nearly 0.6 million clients in the last 12 months, taking the client base to 4.6 million.

該季度的 ROA 和 ROE 分別為 3.2% 和 19.4%。 HDB 每股收益為 7.16 印度盧比，HDB 每股賬面價值為 150.5 印度盧比。截至 6 月底，HDB 的資本充足率為 19.8%，資本充足率依然良好。還有幾句話是關於 HDB 的——關於 HSL，我們的證券公司在過去 12 個月裡增加了近 60 萬客戶，使客戶群達到 460 萬。

HSL has a network of 207 branches across 147 cities and towns. Digital offerings continues to enjoy good traction in the market around 93% of active clients utilize the services during the -- utilize the digital platforms of the company. HDFC Securities has introduced HDFC Sky, a low-cost booking platform, which is targeted at all kinds of customers, millennials, industries traders, providing easy do it yourself seamless execution with a high ease and competitive flat pricing policy.

福勝利擁有遍布 147 個城鎮的 207 家分行網絡。數字產品繼續在市場上享有良好的吸引力，大約 93% 的活躍客戶在使用公司數字平台期間使用這些服務。 HDFC Securities推出了低成本預訂平台HDFC Sky，該平台針對各類客戶、千禧一代、行業交易者，提供輕鬆的自助式無縫執行以及高度便捷且具有競爭力的統一定價政策。

The total reported revenue for the quarter was at INR 497 crores against INR 432 crores in prior year. And the net profit after tax was at INR 189 crores, almost flat to prior year. Earnings per share in the quarter in HSL was INR 119 and the book value per share at HSL is at INR 1,153. In summary, our results reflect consistency of delivery, diligently executed to result in continued momentum and deposit growth of 19% and retail deposit growth within that, which is 21% -- 21.5%, growth advances growth of 20% and the net advances growth net of IBPC up 16%.

該季度報告的總收入為 49.7 億印度盧比，而去年同期為 43.2 億印度盧比。稅後淨利潤為 18.9 億印度盧比，幾乎與上年持平。 HSL 本季度每股收益為 119 印度盧比，每股賬面價值為 1,153 印度盧比。總之，我們的業績反映了交付的一致性，努力執行，以實現持續的勢頭，存款增長 19%，其中零售存款增長 21% - 21.5%，增長推動增長 20%，淨預付款增長扣除 IBPC 後淨值上漲 16%。

Profit after tax increased by 30%, delivering return on assets in the quarter over 2% and ROE of about 17.3%. Earnings per share reported in the quarter is at INR 21.4 at the stand-alone bank level and INR 22.2 at the consolidated bank loan. Book value per share, stand-alone bank is at INR 525.4 and at the consolidated bank level is at INR 542.7. With that, may I request the operator to please open up the line for questions, please?

稅後利潤增長 30%，本季度資產回報率超過 2%，淨資產收益率 (ROE) 約為 17.3%。本季度報告的獨立銀行每股收益為 21.4 印度盧比，合併銀行貸款為 22.2 印度盧比。獨立銀行的每股賬面價值為 525.4 印度盧比，合併銀行層面的每股賬面價值為 542.7 印度盧比。那麼，我可以請求接線員開通電話詢問問題嗎？

(Operator Instructions) The first question is from the line of Suresh Ganapathy from Macquarie.

（操作員說明）第一個問題來自麥格理的 Suresh Ganapathy。

I have two questions, Srini, one is on credit growth and deposit growth. The other is merged company profitability. So let me first touch the deposit growth aspect. So I know quarterly there can be fluctuations, but your Q-o-Q standalone deposit growth was about INR 30,000 crores, right, 1.6%. But I'm looking at the system number. Apparently, the system seems to have added INR 9 trillion of deposits or 5% Q-o-Q. So somehow I've seen on an incremental basis for the quarter, you might have lost a lot of amount of market share, meeting specific, which affected this quarter's deposit mobilization?

斯里尼，我有兩個問題，一是關於信貸增長和存款增長。另一個是合併後公司的盈利能力。首先讓我談談存款增長方面。所以我知道季度可能會有波動，但環比獨立存款增長約為 3000 億印度盧比，對吧，1.6%。但我正在查看系統編號。顯然，該系統似乎增加了 9 萬億印度盧比的存款，環比增加了 5%。因此，不知何故，我在本季度的增量基礎上看到，您可能會失去大量市場份額，具體而言，這會影響本季度的存款動員？

Suresh, there's nothing specific as such. Typically, Q1 is -- of all the quarters, is a slow quarter, right? Across various parameters, it's a slow quarter from branches to deposits to loans, to -- if you go back historically and see, the first quarter contribution is mid-single digit, typically, on an average, if you see, there will be sometimes where it is in double digit, but typically single digit is what it contributes. That's one.

蘇雷什，沒有什麼具體的。通常情況下，第一季度是所有季度中的一個緩慢的季度，對嗎？從各種參數來看，從分支機構到存款再到貸款，這是一個緩慢的季度——如果你回顧歷史並看到，第一季度的貢獻通常是中個位數，平均而言，如果你看到的話，有時會出現它是兩位數，但通常是單位數。這是一個。

And two, I know that if I take you back a quarter or 2 ago that it's not about 1 quarter. If you look at how extraordinarily it got built in March. And then we sustained it. That means we did not lose that over, and then we built on top of that because it was not a small feat. -- and at least INR 50,000 crores came through in March quarter more than what one would have envisaged. And we kept that and we built on top of that. And particularly, the retail if you see, we build 38,000 in retail.

第二，我知道如果我把你帶回到一個季度或兩個季度前，那已經不是一個季度了。如果你看看它在三月份建造得多麼非凡。然後我們堅持了下來。這意味著我們並沒有失去這一點，然後我們在此基礎上繼續發展，因為這不是一個小壯舉。 ——3 月份季度的收入至少比人們的預期多出 5000 億印度盧比。我們保留了這一點，並在此基礎上繼續發展。尤其是零售業，如果你看到的話，我們建立了 38,000 家零售店。

Typically, in the first quarter, you see the current account going down. and savings account, to some extent, moderates due to spend. We have seen 30% increase in spends, right? Our issuing card customers spending increased 30% and 10% up sequentially on spends -- card spends, on the retail cards. So some of these factors typically contribute, but then more important is that we are confident that the building blocks that we put in place for that such enormous growth remain and confident of getting that to fruition over the next few quarters.

通常，在第一季度，經常賬戶會下降。儲蓄賬戶在某種程度上因支出而放緩。我們已經看到支出增加了 30%，對吧？我們的發卡客戶在零售卡上的支出分別增長了 30% 和 10%。因此，其中一些因素通常會產生影響，但更重要的是，我們有信心為實現如此巨大的增長而建立的基礎仍然存在，並有信心在未來幾個季度實現這一目標。

The other question is on advances. You reported in the pre-Q update merged gross number, excluding wholesale of HDFC Limited to be growing at 15% but apparently, in the call, just now, you said it's actually grown at 18.5%. That is if I just take the retail HDFC and add the gross advances of the stand-alone entity, the number is 18.5%. What number to go by because what is then the pre-Q is 15.5%, merged gross excluding wholesale.

另一個問題是關於預付款。您在季度前的更新中報告稱，不包括 HDFC Limited 的批發的合併總數量將增長 15%，但顯然，在剛才的電話會議中，您說實際上增長了 18.5%。也就是說，如果我只考慮零售 HDFC 並加上獨立實體的總預付款，則該數字為 18.5%。應該採用什麼數字，因為當時的前一季度是 15.5%，合併後的毛額不包括批發。

See, the gross bank -- we put that up on Page 23 of the earnings deck that we published earlier today to be helpful on that. The bank's gross of IBPC grew by 20%. And HDFC's individual loans, the mortgage individual loans grew by 14% year-on-year. So combined, just the bank loan and the individual loans because that's -- these are the categories of loans that are managed for significant opportunities on growth, that's grown at 19% -- 18.7%, right, that's the growth. .

看，銀行總額——我們將其放在今天早些時候發布的收益報告的第 23 頁上，以對此有所幫助。該銀行的 IBPC 總額增長了 20%。而HDFC的個人貸款中，按揭個人貸款同比增長14%。因此，將銀行貸款和個人貸款加起來，因為這些貸款類別是為重大增長機會而管理的，增長了 19% - 18.7%，對，這就是增長。 。

The HDFC's non-individual loans, degrew by 18% year-on-year, 18% it degrew year-on-year. and which we know that there have been management actions driving that degrowth. And we'll evaluate over the next 2 quarters in terms of what is the stable level before we start to build, right? We get to understand it better before we get that to be building. That's down 18%. So that's why including that, it is a 16% growth, all loans on a gross basis in is 16%.

HDFC的非個人貸款同比增長18%，同比增長18%。我們知道，管理行動推動了這種衰退。在開始建設之前，我們將在接下來的兩個季度評估穩定水平是多少，對吧？在我們開始建設之前，我們要更好地理解它。下降了 18%。這就是為什麼增長 16%，所有貸款總額增長 16%。

Some confusion in the pre-Q. Okay, no problem. And finally, are you confident that on a merged basis when you deliver the September quarter results, you can sustain the current levels of ROE reported. I mean you exited, of course, this quarter with 2.1%. Last year also full year, the number was 2.1%. How confident you are based on your initial assessment?

預問中有些混亂。好的沒問題。最後，您是否有信心在合併的基礎上，當您交付 9 月份季度業績時，您可以維持報告的當前 ROE 水平。當然，我的意思是，本季度您以 2.1% 的價格退出。去年也是全年，這個數字是2.1%。根據您的初步評估，您的信心如何？

Yes. So the level of confidence is pretty high. Typically, I think, Sashi had alluded to in some other context that we're looking at 1.9% to 2.1%. That's a range at which we'll oscillate. Quarter-to-quarter, if there is a timing on certain things, particularly if there is anything that we do will be timely. But otherwise, broadly, it is 1.9% to 2.1% that we alluded to before. That is where we are confident of driving to deliver.

是的。所以信心水平相當高。我認為，Sashi 通常在其他一些情況下提到過我們正在考慮 1.9% 到 2.1%。這是我們振蕩的範圍。每個季度，如果某些事情有時間安排，特別是如果我們做的任何事情都是及時的。但除此之外，總體而言，我們之前提到過的為 1.9% 至 2.1%。這就是我們有信心推動交付的地方。

We have the next question from the line of Mahrukh Adajania from Nuvama.

我們有來自 Nuvama 的 Mahrukh Adajania 的下一個問題。

So my first question is on OpEx. Basically, this happened even in the last year's first quarter. So the OpEx growth in the first 2 quarters on a sequential basis is 4% to 5%. And then as branch adds pick up -- basically, the OpEx ratio or the OpEx growth, not the ratio, but the OpEx growth scales up to 7% Q-o-Q, 8% Q-o-Q. And that's -- last year, this happened because the branch adds was significantly high in the second half, right, 600 to 700 branches in each quarter of the second half. So how do you look at the stand-alone OpEx going ahead? HDFC business moves at a steady state OpEx, but your own OpEx, as you go on adding branches, do you see the 8% sequential growth coming back I'm not talking more in terms of cost to income, but the Q-o-Q growth because yes...

我的第一個問題是關於運營支出的。基本上，這種情況甚至在去年第一季度也發生過。因此，前兩個季度的運營支出環比增長為 4% 至 5%。然後，隨著分支機構數量的增加，基本上是 OpEx 比率或 OpEx 增長，而不是比率，而是 OpEx 增長按季度擴大到 7%，按季度增加 8%。去年，之所以發生這種情況，是因為下半年分行的新增數量非常高，對吧，下半年每個季度都有 600 到 700 個分行。那麼您如何看待未來的獨立運營支出？ HDFC 業務以穩定的運營支出運行，但您自己的運營支出，當您繼續添加分支機構時，您是否會看到 8% 的環比增長回來？我不是在談論收入成本比，而是環比增長，因為是的...

No, no, that's not -- the 8% Q-o-Q is essentially the buildup of the branches that happened there. And so the way -- we try to pace it in such a way if you think about what happened there, we started the quarter, and our goal was to start building the distribution. So we created a lot of capability to build branches. And then as we were confident because to think about it what we mentioned, which is we're trying to take the benign credit environment as an opportunity to see how we invest. And during this time period, run through the maturity and try to get that when credit normalizes when the credit reverts to mean, which is the historical mean, call it, 90, 100, 110, somewhere around that basis points. That's the kind of -- when credit reverts -- before the credit reverts to mean, we need that maturity cycle to come to fruition.

不，不，那不是——8% 的環比增長本質上是那裡發生的分支的積累。所以，如果你想想那裡發生的事情，我們會嘗試以這樣的方式調整它的節奏，我們從本季度開始，我們的目標是開始建立分銷。所以我們創造了很多能力來建立分支機構。然後我們充滿信心，因為考慮一下我們提到的，我們正試圖利用良性的信貸環境作為一個機會來看看我們如何投資。在這段時間內，遍歷到期日並嘗試得到當信用正常化時信用恢復到均值（即歷史均值），將其稱為 90、100、110，大約在該基點附近的某個位置。這就是當信貸恢復時，在信貸恢復之前，我們需要成熟週期才能實現。

So we were waiting for that to see. And as we saw, we started to accelerate and grow. And then as time goes by, you will see that the base comparison starts to lap. And then after that, we see a moderate level, right? So we have still not seen the lapping of the growth from a base comparison point of view. Because we started to some extent in the September quarter to a large extent in the December quarter. And as we saw the credit bending further down. Because if you look at the credit cost last year, June quarter was 91 basis points. This quarter is 60 basis points, right? So as you -- as we saw that coming in, we started to implement that. That's essentially in fact, not all of the credit cost is getting reinvested, but we are taking that opportunity and the environment to do that.

所以我們正在等待看到這一點。正如我們所看到的，我們開始加速和成長。然後隨著時間的推移，你會看到基礎比較開始重疊。然後，我們看到一個中等水平，對吧？因此，從基數比較的角度來看，我們仍然沒有看到增長的重疊。因為我們在某種程度上是在 9 月季度開始的，很大程度上是在 12 月季度開始的。當我們看到信貸進一步下滑時。因為如果你看看去年的信貸成本，六月季度為 91 個基點。這個季度是60個基點，對嗎？因此，當您看到這一點時，我們就開始實施它。事實上，本質上並不是所有的信貸成本都得到了再投資，但我們正在利用這個機會和環境來做到這一點。

Got it. And my next question is on loan growth and incremental deposit growth. So just in terms of loan growth, we had kind of indicated doubling of the book. Do we see that starting FY'24? Because the run rate is a bit softer in the first quarter. So the merged balance sheet has grown 13% after including everything. And if you exclude IBPC, then it's grown 16%. So do we -- can we see a 17%, 18% growth as we end the year? Would that be a fair estimate?

知道了。我的下一個問題是關於貸款增長和增量存款增長。因此，就貸款增長而言，我們的賬面價值似乎翻了一番。從 24 財年開始我們會看到這種情況嗎？因為第一季度的運行率有點疲軟。因此，合併後的資產負債表在包含所有內容後增長了 13%。如果排除 IBPC，那麼它增長了 16%。那麼，我們能在年底看到 17%、18% 的增長嗎？這是一個公平的估計嗎？

Yes, Mahrukh, yes. See if you think about any time period, a 3-year period or a 5-year period typically, which we look at 2.3x, 2.4x, it moves up, which indicates about 17%, 18% kind of a growth. And that's over a period of a longer term, right, 3, 5 years time period. But over a shorter time period, yes, somewhere we have done 15%, 16%, somewhere we have done 18%, 19%, but 17%, 18% is the kind of -- our capacities are built and that is how we are gaining traction to be at that level from a consistency of growth point of view. .

是的，馬魯克，是的。看看你是否考慮任何時間段，通常是 3 年期或 5 年期，我們看 2.3 倍、2.4 倍，它會向上移動，這表明大約有 17%、18% 的增長。這是一個較長的時期，對吧，3、5年的時期。但在更短的時間內，是的，我們在某個地方做了 15%、16%，在某個地方我們做了 18%、19%，但 17%、18% 是這樣的——我們的能力是這樣建立的，這就是我們的方式從增長一致性的角度來看，正在獲得達到這一水平的吸引力。 。

Quarter-to-quarter, it differs. But yes, when you were asking about the full year, our -- that's the kind of level at which. The non-wholesale -- the nonretail book in HDFC Limited will receive evaluation. And as you see and as we deem fit in terms of growth rate, whether it takes a quarter or two before we start to pump in with that, we will see. But at least, yes, on an overall basis, we're confident that there is enough credit demand.

每個季度都有所不同。但是，是的，當你詢問全年情況時，我們的——這就是這樣的水平。 HDFC Limited 的非批發——非零售圖書將接受評估。正如你所看到的，正如我們認為在增長率方面合適的那樣，無論我們需要一個季度還是兩個季度才能開始投入，我們將會看到。但至少，是的，總體而言，我們有信心有足夠的信貸需求。

It is for us to see which one we want and what time we will start to build in. And at the right price, I want to mention that even during this quarter, there were several opportunities on loans, you look at our wholesale loans, 11% year-on-year or minus 1.6% -- close to minus 2% quarter-on-quarter. We were not shy of not participating in certain loans if the price is not to our liking. We don't need it. And -- but we need the relationship, right? We keep it because around which we build several other segment relationships. But yes, that's broadly, that's where we are operating.

我們要看看我們想要哪一個以及我們什麼時候開始建造。並且以合適的價格，我想提一下，即使在本季度，也有一些貸款機會，你看看我們的批發貸款，同比增長 11%，即負 1.6%，環比接近負 2%。如果價格不符合我們的喜好，我們會毫不猶豫地不參與某些貸款。我們不需要它。而且——但我們需要這種關係，對吧？我們保留它是因為我們圍繞它建立了其他幾個細分關係。但是，是的，從廣義上講，這就是我們開展業務的地方。

Okay. Got it. And sir, what would be the -- would you be able to quantify the CRR and SLR of Limited, HDFC Limited at the end of June. Would that be possible?

好的。知道了。先生，您能否量化 HDFC Limited 在 6 月底的 CRR 和 SLR？這可能嗎？

No, see, it starts to kick in, I think, in the next fortnight, it will start to kick in. And we provided you the high level in terms of how we are carrying liquidity to both -- to support the growth and support all the results that are required. The bank stand-alone LCR is 126% on a combined basis -- which was 116% last quarter, 126% now. On a combined basis, pro forma combined 100% -- a little more than 120% after accounting for what is required for CRR and so on. So yes, we're quite comfortable with the position there to meet the regulatory requirements.

不，看，它開始發揮作用，我認為，在接下來的兩週內，它將開始發揮作用。我們為您提供了高水平的信息，說明我們如何為雙方提供流動性——以支持增長和支持所需的所有結果。銀行獨立 LCR 合計為 126%，上季度為 116%，現在為 126%。在綜合基礎上，預估綜合率為 100%——在考慮了 CRR 等所需內容後略高於 120%。所以，是的，我們對滿足監管要求的情況感到非常滿意。

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

下一個問題來自花旗銀行的 Kunal Shah。

So firstly, on, sir, on the retail deposit side, so last time, it was quite encouraging of INR 1 trillion and we have highlighted that on a quarterly basis, we would want to add that kind of number. Obviously, Q1 has some kind of a seasonality. But given the capacities which are being built and the investment in franchise, which is being done, what is the average kind of retail deposit accretion, which we can see over the next 6 to 8 odd quarters?

首先，先生，在零售存款方面，上次的 1 萬億盧比是相當令人鼓舞的，我們已經強調，按季度計算，我們希望增加這樣的數字。顯然，第一季度具有某種季節性。但考慮到正在建設的產能和正在進行的特許經營投資，我們在未來 6 到 8 個季度中可以看到的零售存款平均增長是多少？

See, Kunal, what we -- we don't give a forward-looking statement, but at least I want to indicate what we have previously said, which is, yes, we have built capacities to be at that kind of a level. And that is where -- that is -- when you look at it over a period of time, yes, there has been a quarter where it was lower again, there are -- seasonality, it is low because there are times in this April to June quarter, where typically it is low because people are away. Customers are away, schools are out. Many things happen in this quarter, right? And -- but our goal and our drive is to be at that kind of a level that we previously indicated. And this will come back up and where we try to drive that forward.

庫納爾，你看，我們——我們沒有給出前瞻性聲明，但至少我想表明我們之前說過的話，那就是，是的，我們已經建立了達到這種水平的能力。這就是——也就是說——當你在一段時間內觀察它時，是的，有一個季度它再次下降，有——季節性，它很低，因為今年四月有幾次到六月季度，通常較低，因為人們不在。顧客走了，學校也放假了。這個季度發生了很多事情，對嗎？而且 - 但我們的目標和動力是達到我們之前指出的那種水平。這將會再次出現，我們將努力推動這一趨勢向前發展。

Okay. So INR 1 trillion was the indication. So we should drive that back to INR 1 trillion level.

好的。所以 1 萬億印度盧比就是一個指標。因此，我們應該將其推回到 1 萬億印度盧比的水平。

Thereabout, that's what we had indicated that that's the level at which we'd like to operate.

就此而言，這就是我們所表示的，這就是我們希望運作的水平。

Sure. And in terms of credit growth, what you highlighted 17% to 18-odd percent, that is again maybe not taking into effect IBPC. So is that a -- or maybe this 13%, which is there post-IBPC is what you're indicating to be like 17% to 18-odd percent sustainable wise?

當然。就信貸增長而言，您強調的 17％ 至 18％以上，這可能又沒有使 IBPC 生效。那麼，您所說的 IBPC 後的 13% 是可持續的 17% 到 18% 嗎？

IBPC is typically a very transient book, right? And transient means, it comes in -- it goes out and comes in, back in, right? IBPC is not a full sale. If you manage it quarter-to-quarter, there are a few objectives that we achieved from a priority sector obligations point of view or from a liquidity point of view, there are several considerations that go into doing that. But when we think about the loan 17%, 18% or historical that we have done, 2.3x, 2.4x doubling every 4 years to 5 years, it is on a total basis, right?

IBPC 通常是一本非常短暫的書，對吧？瞬態意味著，它進來——它出去，進來，再回來，對吧？ IBPC 並非完全銷售。如果按季度進行管理，從優先部門義務的角度或從流動性的角度來看，我們實現了一些目標，這樣做有幾個考慮因素。但當我們考慮到我們做過的17%、18%或歷史貸款，每4年到5年翻一番2.3倍、2.4倍時，這是在總量的基礎上，對嗎？

So when do we actually expect this number to moderate? Maybe obviously, this will move out. It's a transient one. But what is the kind of number which we can look at in terms of the IBPC because that also exactly is the overall balance sheet number?

那麼我們什麼時候真正預計這個數字會放緩呢？也許顯然，這會移出。這是一過性的。但我們可以從 IBPC 角度來看什麼樣的數字，因為這也正是資產負債表的總體數字？

We don't have a target for IBPC. It is opportunistic. And as I told you, the purpose, not only opportunistic from a balance sheet point of view and the market demand, there are -- there was a good amount of demand in the market, right? There are certain other institutions which are wanting to put assets on and we get a good price, we pass it on, right? That's one. And we -- and second thing is that if there are -- when we look at the priority sector requirements and our ability to what we need to do and if it's an opportune to let that go with somebody else, that is also something. So there is no particular target we have. It completely depends on it is opportunistic. It depends on what the market is on pricing and priority sector pricing opportunities.

我們沒有 IBPC 的目標。這是機會主義的。正如我告訴你的，目的不僅僅是從資產負債表和市場需求的角度來看機會主義，市場上有大量的需求，對嗎？還有某些其他機構想要投入資產，我們得到了一個好價格，我們就把它傳遞出去，對吧？這是一個。我們——第二件事是，如果有的話——當我們考慮優先部門的要求和我們完成我們需要做的事情的能力時，如果有機會讓其他人去做，那也是很重要的。所以我們沒有特定的目標。這完全取決於它是機會主義的。這取決於市場的定價和優先行業定價機會。

Sure. And one last question in terms of any integration costs that would be incurred once there is a merger or there is no integration cost?

當然。最後一個問題是，一旦合併或沒有整合成本，將會產生任何整合成本？

No, there will be integration costs in the form of stamp duties and in the form of certain other cost that we will have. But they are, as we said, within reason, nothing substantial, but within reason it will be. We will call that out separately after we complete it.

不會，我們會產生印花稅和其他某些成本形式的整合成本。但正如我們所說，它們在合理範圍內並不是實質性的，但在合理範圍內它將是實質性的。完成後我們會單獨提出。

Okay. But that's not a meaningful one, which will...

好的。但這不是一個有意義的事情，它將......

It's not a big mover of the overall financials.

這對整體財務狀況影響不大。

We have the next question from the line of Saurabh Kumar from JPMorgan.

我們有來自摩根大通的 Saurabh Kumar 的下一個問題。

Just two questions. One is on deposit repricing. So this quarter-on-quarter, your interest cost is up quite sharply, 15%. So can you help us understand where you are in terms of your some term deposit rates on balance sheet versus incremental? And the second is basically on this -- on the HDFC mortgage book. Fair to assume that in 6 months, this book completely moves out, moves into (inaudible)?

只有兩個問題。一是存款重新定價。所以這個季度，你的利息成本大幅上升了 15%。那麼，您能否幫助我們了解您在資產負債表上的某些定期存款利率與增量利率方面的情況？第二個基本上是關於 HDFC 抵押貸款簿的。是否可以假設在 6 個月內，這本書完全移出、移入（聽不清）？

So second question, I didn't understand. Mortgage book, what is it?

那麼第二個問題，我不明白。抵押書，是什麼？

This will all be (inaudible) now? This was all P&L in the HDFC Limited.

現在這一切都會（聽不清）嗎？這就是 HDFC Limited 的全部損益。

Okay. I got the question now. Okay. First, the deposit pricing. Yes, if you look at the deposit pricing over a period of time, the (inaudible) deposits haven't moved, as you know, not just for us in the entire market, it is what it is. It is the time deposit. Our deposit cost that you are seeing is simply a function of the mix that has happened, which is rightfully, we are targeting to get the holistic customer relationship or deeper customer engagement and that is why the time deposit last year grew 29%. This quarter grew 26.5% time deposit. So it's a function.

好的。我現在得到了這個問題。好的。第一，存款定價。是的，如果你觀察一段時間內的存款定價，你會發現（聽不清）存款沒有變化，正如你所知，不僅僅是我們整個市場，情況就是這樣。這是定期存款。您所看到的我們的存款成本只是所發生的組合的函數，這是正確的，我們的目標是獲得全面的客戶關係或更深入的客戶參與，這就是為什麼去年定期存款增長了 29%。本季度定期存款增長26.5%。所以它是一個函數。

So then the next question is if you're growing the time deposit at what rate, right? It's just the market rate. If you look at our deposit pricing, it is more or less at or slightly below some of the competitors' pricing level, right? So we are not pricing to gain any deposits. We are trying to price it at or slightly below competitors level, we want that engagement. So we are not shy of that, that it is a cost, but because it gives better engagement and it gives a little more duration on deposits and we are okay with that.

那麼下一個問題是，您是否以什麼利率增加定期存款，對嗎？這只是市場價格。如果您查看我們的存款定價，它或多或少等於或略低於某些競爭對手的定價水平，對吧？因此，我們不會通過定價來獲得任何存款。我們試圖將其定價等於或略低於競爭對手的水平，我們希望這種參與度。因此，我們並不迴避這一點，因為這是一種成本，但因為它提供了更好的參與度，並且提供了更長的存款期限，我們對此表示同意。

So that's how you think about. It is not a lead pricing to get deposits. That's not what we are after. If you see any table at any point in time when you refer across various tenors, that's what you will see that, right? And of course, we are pitched slightly above State Bank for most of (inaudible) except for some short end where I think State Bank could be priced higher for whatever reason. But other than that, more or less in the private sector side, the top 2 or 3 or 4 banks (inaudible) there on pricing.

所以這就是你的想法。它不是獲取存款的主導定價。那不是我們所追求的。如果您在任何時間點看到任何表格，當您參考不同的期限時，您就會看到這樣的結果，對吧？當然，我們的定價在大多數情況下都略高於國家銀行（聽不清），除了一些短端，我認為國家銀行無論出於何種原因都可能定價更高。但除此之外，或多或少在私營部門方面，排名前 2 或 3 或 4 家銀行（聽不清）存在定價問題。

On the mortgages, you asked about the EBLR, yes, it will move to repo-based pricing. But when it starts off, it starts off with no difference to the customer because at the end of the day, customer -- whatever is the benchmark in which you do, today, yesterday or last year, the customer had a choice to finance anywhere the customer wants. So the price is to be pitched at a level which is, again, like the time deposit that I spoke about, competitively priced and with certain differentiator in terms of engagement and better relationship with the customer, that is how we are approaching it. So yes, it will move to EBLR repo-based loans.

關於抵押貸款，您詢問了 EBLR，是的，它將轉向基於回購的定價。但當它開始時，對客戶來說沒有什麼區別，因為最終，客戶——無論你今天、昨天或去年的基準是什麼，客戶都可以選擇在任何地方融資客戶想要的。因此，價格要定在一個水平，就像我談到的定期存款一樣，價格具有競爭力，並且在參與度和與客戶的更好關係方面具有一定的差異化，這就是我們的處理方式。所以是的，它將轉向基於 EBLR 回購的貸款。

Why I asked this is basically in future will HDFC NIMs will have slightly higher volatility than what it had in the past because now you have a large potentially external benchmark (inaudible) just to try to manage those 2 cycles now?

為什麼我問這基本上是在未來 HDFC NIM 的波動性會比過去稍高一些，因為現在你有一個巨大的潛在外部基準（聽不清）只是為了嘗試管理這兩個週期？

Okay. Yes. So if you look at how HDFC Limited manages -- managed and that is same book that we are taking over along with the same people and with a similar kind of risk philosophy and structure, the margins were moving in a narrow band, right? It was moving in narrow band because from a duration point of view, they were fairly hedged on the duration from an interest rate risk. That is why when the repo rates went up, you did not see in HDFC Limited spread of the NIM jumping out of page because the risk management was keeping it in a very narrow band. So in the up cycle or down cycle, it's a narrow change that will happen. But cannot go off. That's part of how the duration is managed, and that will be how -- it will continue to be managed that way.

好的。是的。因此，如果你看看 HDFC Limited 的管理方式，我們與同一個人以及類似的風險理念和結構接手的就是同一本書，你會發現利潤率在一個狹窄的範圍內移動，對嗎？它在窄幅波動，因為從久期的角度來看，它們在久期上對利率風險進行了相當的對沖。這就是為什麼當回購利率上升時，你沒有看到 HDFC Limited 的 NIM 利差跳出頁面，因為風險管理將其保持在一個非常狹窄的範圍內。因此，在上升週期或下降週期中，都會發生狹窄的變化。但無法下車。這是持續時間管理方式的一部分，而且也將繼續以這種方式進行管理。

We have the next question from the line of Rahul Jain from Goldman Sachs.

我們有來自高盛 (Goldman Sachs) 的拉胡爾·賈恩 (Rahul Jain) 的下一個問題。

Just first question, going back to one of your statements that you're sort of making use of declining credit costs in investing in capacity buildup. So how long can this trend continue? We've seen structural decline in credit cost so far along? Is there any more leg room available out there to bring the credit cost down from here? Or how do you see that play out?

第一個問題，回到您的一個聲明，即您正在利用信貸成本下降來投資能力建設。那麼這種趨勢還能持續多久呢？到目前為止，我們已經看到信貸成本出現結構性下降？是否還有更多的空間可以降低信貸成本？或者你認為結果如何？

Okay. It's a very good question. There's no crystal ball when the credit reverts to mean, right? But there will be a reversion to mean. When that reverts to mean, that's part of the risk management art, our credit will tell us a few quarters ahead of time which is what happened when we started to build those branches somewhere, November, December '21, we were looking at how our risk management was viewing how the cycle is coming along. And then we started to get on to those branches.

好的。這是一個非常好的問題。當信用恢復正常時，就沒有水晶球了，對吧？但意義將會回歸。當這意味著，這是風險管理藝術的一部分，我們的信用將提前幾個季度告訴我們，這就是當我們開始在某個地方建立這些分支機構時發生的情況，21 年 11 月、12 月，我們正在研究我們的風險管理正在觀察週期的進展情況。然後我們開始去那些分支。

March '22, we added a little more than 500 branches. And then from then on, we've been on that cycle of building. So we will -- our risk management will evolve and tell us in terms of how the cycle is going to turn or when. And it is nothing, but it's a function of maturity. It's not about the quality of the book. The quality of the book is sound now. It was sound then, and it will be sound in times to come. It's a question of maturity cycle of the product and of the credit. And when that reverts -- reversion begins, that's when we start.

22 年 3 月，我們增加了 500 多個分支機構。從那時起，我們就一直處於建設週期中。因此，我們的風險管理將不斷發展，並告訴我們週期將如何或何時轉變。這沒什麼，但它是成熟的函數。這與書的質量無關。現在這本書的質量還是不錯的。這在當時是健全的，在未來的時代也將是健全的。這是產品和信用成熟週期的問題。當這種情況恢復時——恢復開始，那就是我們開始的時候。

But still -- by the time the reversion begins, we are confident that we will lap the base effect comparison cycle, right? That's where you want to get this through so that the base effect starts to kick in. The maturity cycle starts to come in 18, 24 months breakeven and it starts to contribute to the top line. And then hopefully, the reversion to mean stops, right? So that's the kind of process that we are going through on that. I hope it helps for you to think to how long it can, right?

但是，當回歸開始時，我們有信心能夠完成基本效應比較週期，對嗎？這就是你想要完成的地方，以便基礎效應開始發揮作用。成熟週期開始於 18、24 個月的盈虧平衡，並開始為營收做出貢獻。然後希望回歸意味著停止，對吧？這就是我們正在經歷的過程。我希望它能幫助你思考可以持續多久，對嗎？

Yes. So just to paraphrase, I think you've got sufficient degree of visibility at least for this year, that credit costs can keep compensating for enhanced investment in capacity buildup. That's a fair understanding, right?

是的。簡而言之，我認為至少在今年，信貸成本可以繼續補償產能建設投資的增加。這是一個公平的理解，對嗎？

Yes, that's a fair understanding. And normally 18, 24 months breakeven to payback. So if you started this in December '21, January '22, that's where we started, 18 months' time that you see. And by the time, the base effect is also in.

是的，這是一個公平的理解。通常 18、24 個月即可實現盈虧平衡。因此，如果您在 21 年 12 月、22 年 1 月開始，這就是我們開始的地方，您會看到 18 個月的時間。而此時，基礎效應也已顯現。

That's very helpful,. The second is on the segmental growth. So we saw PL quarter-on-quarter growing. I think had a pretty slow sequential quarter, whereas home loans have picked up. Is this because of your calibrated risk stance that PL has to slow down and the secured portfolio has to grow up? Or it is just a quarterly phenomenon?

這非常有幫助，。二是關於細分領域的增長。所以我們看到 PL 環比增長。我認為連續一個季度的增長速度相當緩慢，而住房貸款卻有所增加。這是因為您校準的風險立場導致 PL 必須放慢速度並且擔保投資組合必須增長嗎？或者這只是一個季度現象？

It is simply a quarterly, Rahul. I think in some other place I alluded to. First quarter is typically a very slow quarter. If you look at 3, 5 years' time period at an aggregate level on loans, too, a little more than mid-single digits to somewhere a little mid- to low double digit. That's the kind of first quarter contribution to the full year, right? So it is normally slow, but we still see a good amount of underlying demand, which is there.

這只是季刊，拉胡爾。我想在我提到的其他地方。第一季度通常是一個非常緩慢的季度。如果你看看 3、5 年期間的貸款總額，也會從中個位數多到中兩位數到低位。這就是第一季度對全年的貢獻，對嗎？所以它通常很慢，但我們仍然看到大量的潛在需求，這是存在的。

And even as we speak, right, you've been asked about this, but as we speak now this quarter has begun and moving on, the mortgages now post merger, what we get anecdotally from various sources within our bank. And as we see some of the log-ins, right, it has to translate into full loan disbursals, the mortgage log-ins are 20% -- on a combined basis, 20% more than what we have seen before. So we are seeing a good amount of traction build up there. So it's a question of timing when it realizes into the balance sheet, but there is a good demand that is coming through.

即使在我們說話的時候，對，你也被問到了這個問題，但就在我們說話的時候，本季度已經開始並繼續發展，現在合併後的抵押貸款是我們從銀行內的各種來源獲得的軼事。正如我們所看到的一些登錄，對吧，它必須轉化為全額貸款支付，抵押貸款登錄佔 20%——綜合起來，比我們之前看到的多 20%。所以我們看到那裡有很大的吸引力。因此，這是一個何時體現在資產負債表上的時間問題，但目前存在良好的需求。

Actually, I was quite curious about personal loans in particular because the Y-o-Y growth also for the last few quarters have been underindexing versus the broader systems PL growth. So I was quite curious, is this more of a conscious strategy that you are not trying to grow this portfolio or can you share or...

事實上，我對個人貸款特別感興趣，因為過去幾個季度的同比增長與更廣泛的系統 PL 增長相比，指數較低。所以我很好奇，這是否更像是一個有意識的策略，你不是在試圖擴大這個投資組合，或者你可以分享或......

Good. Thanks for asking that, right. People sometimes have asked us the market grows personal loan at 30% or 35% or whatever high 20s and so on. And why we are not growing? We are at 18%, 20% or 22% kind of rate. What's going on? See, that's the level at which our risk management looks at how to calibrate and get that growth across. There are opportunities to do 2x that from a growth rate point of view, but I leave that respectfully to our credit to determine at what pace because every growth gets monitored, evaluated post the disbursals into the bureau to see learnings are incorporated. There are several processes they follow to calibrate it and go. And I wouldn't second guess them in terms of demanding for higher growth than what they allow.

好的。謝謝你這麼問，對吧。人們有時會問我們市場個人貸款增長率為 30% 或 35% 或 20 多歲等等。為什麼我們沒有成長？我們的利率是 18%、20% 或 22%。這是怎麼回事？看，這就是我們的風險管理關注如何校準和實現增長的水平。從增長率的角度來看，有機會做到兩倍，但我將這歸功於我們的功勞，以決定以什麼速度，因為每一次增長都會受到監控，並在向局支付後進行評估，以確保所學到的知識被納入其中。他們遵循幾個流程來校準它並運行。我不會再次猜測他們要求的增長高於他們允許的水平。

That's helpful. Just one last question on the PSL and RIDF, any incremental color, did you have to buy any more RIDF this quarter? Or were you self-sufficient for the full year? Can you just throw some color on that, please?

這很有幫助。關於 PSL 和 RIDF 的最後一個問題，任何增量顏色，本季度您是否需要購買更多 RIDF？或者你全年能自給自足嗎？請你給它加點顏色好嗎？

See, I wish I could tell you how much we will buy, but I want to be careful about the price in the market and not speak up or down. But at the same time, we are conscious of the requirement. We are at an aggregate level more than what is required. We always look for subcategories that we want to build. And over a long period of time, we want to be self-sufficient. That is the reason for our geographical expansion going into deep villages and so on. That's over a period of time, right? that we need to be self-sufficient ourselves. But in the short term, yes, all of those activities, which is buying PSLC, RIDF as a compensatory where we think that the price is not appropriate in the market, IBPC that provides PSL. On the (inaudible), which is the pass-through certificates that give qualifying assets, we are -- in addition to organically building, we are in the market for all of those all the time.

看，我希望我能告訴你我們要買多少，但我想小心市場上的價格，不要說高或低。但與此同時，我們也意識到了這一要求。我們的總體水平超出了要求。我們總是尋找我們想要建立的子類別。在很長一段時間內，我們希望能夠自給自足。這就是我們的地理擴張進入深入村莊等的原因。那已經過去一段時間了，對吧？我們自己需要自給自足。但從短期來看，是的，所有這些活動，即購買 PSLC、RIDF 作為補償，我們認為市場上的價格不合適，提供 PSL 的 IBPC。在（聽不清），即提供合格資產的傳遞證書上，除了有機建設之外，我們一直在市場上尋找所有這些資產。

Srini, just one last question, if I can squeeze in on the merger-related costs. I mean, is there going to be any one-off that we should expect? Any qualitative color that you can give around as you move to consolidate the numbers between you and HDFC Limited for the second quarter or whatever during the year? Anything that we should be aware of?

斯里尼，最後一個問題是，我能否擠出與合併相關的成本。我的意思是，是否會出現我們應該期待的一次性事件？當您開始整合您與 HDFC Limited 之間第二季度或年內的數據時，您可以提供任何定性的信息嗎？有什麼我們應該注意的嗎？

Yes, there will be some merger-related costs. I think in the previous -- some time, 1 or 2 questions ago I did hear from Kunal asking the same in terms of the merger costs. There will be, it would be something within range and manageable, the stamp duty cost and certain other costs that requires to effectuate the merger, we will be spending that, we have spent or we will be spending that. But it is all -- they are all within reason and nothing out of the page in a big manner.

是的，會有一些與合併相關的成本。我想在之前的某個時間，一兩個問題前，我確實聽到庫納爾就合併成本提出了同樣的問題。將會有一些在範圍內且可管理的費用，印花稅成本和完成合併所需的某些其他成本，我們將花費這些，我們已經花費或我們將花費那些。但僅此而已——它們都在合理範圍之內，沒有什麼大不了的。

And apart from costs, there is nothing much that can spring up on account of...

除了成本之外，沒有什麼可以因為......

No, apart from cost there could be some capital assets that we will put in from an infrastructure point of view. And then over a period of time, it will depreciate certain assets, for capacity building. But other than that, some costs will be incurred, but there are within reason and range.

不，除了成本之外，我們可能會從基礎設施的角度投入一些資本資產。然後在一段時間內，它會對某些資產進行折舊，以進行能力建設。但除此之外，還會產生一些費用，但都是在合理範圍內的。

We have the next question from the line of Abhishek from HSBC.

我們有來自匯豐銀行的 Abhishek 的下一個問題。

Srini, the first question is on this wholesale book of INR 1.1 lakh crores, which you are running down, the HDFC nonindividual loan book. What part of that book remains to be run down still? Or now is it at a steady state and you're probably looking to build from here?

Srini，第一個問題是關於您正在使用的這本 11 億印度盧比的批發賬本，即 HDFC 非個人貸款賬本。那本書的哪一部分還有待完成？或者現在它處於穩定狀態，您可能希望從這裡開始構建？

Okay. A good point. See, it has come down 18% or so over the last 12 months, right? Part of the management action in terms of how -- as we entered into the merger, a lot of rationalization, and we came down 18%. It will receive -- I don't have one number where we will settle and start to grow, but that's part of how our businesses evaluate, look at those relationships because you know that in our wholesale book that we have, which is the INR 4 odd lakhs or INR 4 trillion, something that we have, our wholesale book, it is simply not a lending-based value proposition.

好的。一個好點。看，過去 12 個月裡下降了 18% 左右，對吧？管理層行動的一部分是——當我們進行合併時，進行了大量的合理化，我們下降了 18%。它將收到——我沒有一個數字可以讓我們安頓下來並開始增長，但這是我們業務評估的一部分，看看這些關係，因為你知道在我們的批發書中，這就是印度盧比四十萬盧比或 4 萬億印度盧比，我們擁有的東西，我們的批發書，它根本不是基於貸款的價值主張。

It is a full relationship-based value proposition, which is lending with cash management, with the trade and FX and with the salary accounts and with the supply chain distribution accounts. So it's intricately connected across all the business segments we operate. Again, here, we are evaluating all of those things, and we would like to grow this book at some point in time. But at this moment, it is getting evaluated for what is the kind of a positioning across various segments that we need to do.

這是一個完全基於關係的價值主張，即通過現金管理、貿易和外匯、工資賬戶和供應鏈分配賬戶進行貸款。因此，它與我們運營的所有業務部門錯綜複雜地聯繫在一起。在這裡，我們再次評估所有這些事情，我們希望在某個時間點繼續完善這本書。但目前，我們正在評估我們需要在各個細分市場中進行什麼樣的定位。

Srini, the reason I'm asking this is this obviously affects your headline growth, right? And there would be part of this, which you may have earmarked that this is not the kind of business we want to do. So if we can get a sense of that, then we know except that how much we can grow.

Srini，我問這個問題的原因是這顯然會影響您的標題增長，對嗎？其中一部分，您可能已經指出這不是我們想做的業務。因此，如果我們能夠了解這一點，那麼我們就知道我們可以成長多少。

It's not that we don't want to be in the business. We very much want to be in those businesses. The construction financing is very intricately connected to mortgage lending. We will be there. We'll be nurturing and growing that.

這並不是說我們不想從事這個行業。我們非常想涉足這些行業。建築融資與抵押貸款有著非常複雜的聯繫。我們會在那兒。我們將培育和發展它。

It's a question of evaluation and it's a question of picking up the right kind of relationship or a broad-based across various segments for diversification and then we need to grow. So there is some level of review that needs to happen. So there is not a chance that we are thinking of that we will not be in this segment. We will be -- it's like it's the auto dealer financing, which we are very, very well embedded in, very similar in the mortgage business.

這是一個評估問題，也是一個建立正確類型的關係或跨各個細分市場建立廣泛基礎以實現多元化的問題，然後我們需要成長。因此，需要進行一定程度的審查。因此，我們不可能認為我們不會進入這一領域。我們將——這就像汽車經銷商融資，我們非常非常深入地參與其中，與抵押貸款業務非常相似。

We have to be in the construction business to get that insight into the development. So we are able to finance the mortgage through that process. We will be there. The other book is the LRD book. The LRD book, we do that, and the bank already grows that. And this will add on to that, and we will continue to grow on that. So the only thing that we would not be doing is land financing types, which we will not be doing or some of the project financing that doesn't meet the regulatory requirements, we will not be. Other than that. very much part of the growth. So I don't want you to take away saying that this is a rundown book. It is not. It is a core part of the book to grow the other retail mortgage loans.

我們必須進入建築行業才能深入了解發展情況。所以我們能夠通過這個過程為抵押貸款融資。我們會在那兒。另一本書是LRD 書。 LRD 的賬本，我們就是這麼做的，而且銀行已經在這麼做了。這將增加這一點，我們將繼續在此基礎上成長。所以我們唯一不會做的就是土地融資類型，這個我們不會做，或者一些不符合監管要求的項目融資，我們不會做。除此之外。增長的很大一部分。所以我不想讓你說這是一本破舊的書。它不是。本書的核心部分是發展其他零售抵押貸款。

Right. And the part that you don't want to do, the land financing and the project financing, does that run into, let's say, north of INR 10,000 crores or it's within that?

正確的。您不想做的部分，即土地融資和項目融資，是否會超過 1000 億印度盧比，或者在這個範圍內？

First, you take it and come, but it could be INR 5,000 crores, INR 10,000 crores or whatever. We are evaluating that in terms of what is it, what part of that we cannot or we shouldn't want to be there.

首先，你拿著它來，但它可能是 500 億印度盧比，1000 億印度盧比或其他什麼。我們正在評估它是什麼，其中哪些部分是我們不能或不應該在那裡的。

Got it. Got it. The second question, Srini, is on deposits. Now the reason -- or the point I'm trying to get to is, your incremental deposit market share requirement is roughly 25%. And if I look at a longer period acquisition rate, you're going at a 20% incremental market share. So there's still a 5% gap. Now incrementally, would you have to raise rates because you've kept your rates at or below competition mostly. But now you have this incremental requirement, right? And it can't just be fulfilled through your investments in branches. So how do you think about your rates on the DD side versus, let's say, or going forward? And will that lead to stickier rates on your cost of funds and therefore, some more pressure on NIM. How do you think about that?

知道了。知道了。斯里尼，第二個問題是關於存款的。現在的原因——或者我想要說的一點是，你們的增量存款市場份額要求大約是 25%。如果我看一下較長時期的收購率，您將獲得 20% 的增量市場份額。所以還有5%的差距。現在，您是否必須逐步提高費率，因為您的費率大多保持在或低於競爭水平。但現在你有了這個增量需求，對嗎？它不能僅僅通過對分支機構的投資來實現。那麼，您如何看待 DD 方面的費率以及未來的費率？這是否會導致您的資金成本更加嚴格，從而給NIM帶來更大的壓力。您對此有何看法？

So okay, good things. Two things I alluded to, right? One is the market share. So we don't drive the business targeting a market share. So I want you to get off that thought process saying that internally we are thinking of what should be the market share and drive that. No, we don't look at that at all. We look at what is our funding requirement and how do we use our building blocks to get that. So I just wanted to -- want you to keep in mind. So there is no particular mindset target of what we need to go there from a market share point of view.

好吧，好事。我提到了兩件事，對嗎？一是市場份額。因此，我們不會以市場份額為目標來推動業務。因此，我希望您擺脫這種思維過程，說我們在內部正在考慮市場份額應該是多少，並推動這一目標。不，我們根本不看這個。我們會研究我們的資金需求是什麼，以及我們如何使用我們的構建模塊來實現這一目標。所以我只是想讓你記住。因此，從市場份額的角度來看，我們沒有特定的心態目標來實現這一目標。

But coming to the second aspect, which is more important, Hey, if you need time deposit, what sort of pricing. We have stated in the past and that's how, not just in the last 1 to 2 years. But for a longer period of time, the bank has demonstrated discipline in pricing. We never lead by pricing to get any volumes and it is simply based on relationship. And this comes by a few things, right? We have built a brand over a period of time. We need to reach the customer. We need to be closer to the customer.

但是說到第二個方面，也是比較重要的，嘿，如果你需要定期存款，什麼樣的定價。我們過去已經說過，而且就是這樣，而不僅僅是在過去的一兩年裡。但在較長一段時間內，該銀行在定價方面表現出了紀律。我們從不通過定價來獲得任何銷量，這只是基於關係。這是由一些事情造成的，對嗎？我們經過一段時間建立了一個品牌。我們需要聯繫客戶。我們需要更貼近客戶。

That is the thought process we have and not just in the last 1 year, 2 years, over a period of time, if you see, that's how the branch got built. We had 2,500 branches in 2013; 4,500, 4,700 branches in 2018; then went to 7,000, 7,800 and growing, right? So the brand strategy is not something that we decided recently. We are accelerating to some extent on that, but it is about the distribution and the reach that is required, which is what we are doing.

這就是我們的思維過程，而不僅僅是過去一年、兩年，在一段時間內，如果你看到的話，這就是分支機構的建立方式。 2013年我們有2,500家分行； 2018年4,500、4,700家分支機構；然後到了 7,000、7,800 並且還在增長，對嗎？所以品牌戰略並不是我們最近決定的。我們正在某種程度上加速這方面的工作，但這是關於所需的分配和覆蓋範圍，這就是我們正在做的事情。

The third, since you have all this, you need to get the customers in, right? And we have built so far getting in 85 million customers and the -- out of the 4 million customers from HDFC Limited, we have opportunity to operate with more than 2.5 million, 3 million of them to bring liability relationship. This quarter, we added 2.4 million new liability relationships. So you need customers. And then we work on the customers, both the new account value as we bring in customers, we get in certain balances and then the change in balances of the existing customers, we work through engagement to say how do we deepen that to get more balances.

第三，既然你有了這一切，你就需要吸引顧客，對吧？到目前為止，我們已經吸引了 8500 萬客戶，在 HDFC Limited 的 400 萬客戶中，我們有機會與超過 250 萬客戶合作，其中 300 萬客戶建立了責任關係。本季度，我們新增了 240 萬個責任關係。所以你需要客戶。然後我們關注客戶，包括我們引入客戶時的新賬戶價值，我們獲得一定的餘額，然後是現有客戶餘額的變化，我們通過參與來說明我們如何深化這一點以獲得更多餘額。

And one of the ways in which we have recently got change in balances or the deposit from customers is time deposits. We have seen that our penetration has been low at 14%. We moved that needle to 14.5% right now, but the denominator has also changed, right? We have more customers now. So while we have grown 29% last year, 26% in the recent quarter, still it has made a difference of only 50 basis points higher from a penetration. We have a long way to go.

我們最近從客戶那裡獲得餘額或存款變化的方式之一是定期存款。我們發現我們的滲透率很低，只有 14%。我們現在將指針移至 14.5%，但分母也發生了變化，對吧？我們現在有更多的客戶。因此，儘管我們去年增長了 29%，最近一個季度增長了 26%，但滲透率僅高出 50 個基點。我們還有很長的路要走。

And if you look at the pricing, which is where you started this question, how far pricing is influenced by this? You can be -- at any point in time, if you look at the pricing, our deposit -- time deposit pricing versus some of the peer benchmarks that you see, they're pretty closely aligned. We don't lead by price. I want to leave the thought there. This is part of the (inaudible) discussion in terms of how we engage with the customer and how pricing is not the lead consideration for getting any deposits.

如果你看看定價，這就是你開始這個問題的地方，定價受此影響有多大？你可以在任何時間點，如果你看看定價，我們的存款——定期存款定價與你看到的一些同行基準相比，它們非常接近。我們不以價格為主導。我想把這個想法留在那裡。這是關於我們如何與客戶互動以及定價如何不是獲取存款的主要考慮因素的（聽不清）討論的一部分。

Got it. Got it. And just squeezing in one quick question on your calculation actually. So the ROA that you show in your PPT, that's 2.1%. Is that calculated on quarterly average balances? Because when I calculate it, it comes to 1.9%. So just trying to reconcile that difference?

知道了。知道了。實際上只是簡單地提出一個關於你的計算的問題。所以你在 PPT 中顯示的 ROA 是 2.1%。是按季度平均餘額計算的嗎？因為我算了一下，是1.9%。那麼只是想調和這種差異嗎？

I don't know how you calculate daily averages. But whatever the daily average, you cannot get 1.9%. Send your numerator and denominator, we will tell you where there is an issue.

我不知道你是如何計算每日平均值的。但無論日平均值是多少，你都無法獲得 1.9%。發送您的分子和分母，我們會告訴您哪裡有問題。

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。

Firstly, Srini, are you able to quantify the crystallized liabilities of HDFC Limited at the time of the merger?

首先，Srini，您能否量化合併時 HDFC Limited 的具體負債？

Yes. The liabilities that get crystallized is about INR 636,000 crores is what is moved to the bank. That INR 636,000 includes the deposits, right, which is on Page 23 of the earnings deck that we showed. That includes the deposit, but INR 636,000 is what is moved along with the assets.

是的。轉移至銀行的負債約為 636,00 億印度盧比。 636,000 印度盧比包括存款（右），它位於我們展示的收益表的第 23 頁上。其中包括押金，但 636,000 印度盧比是隨資產一起轉移的。

Sure. That's helpful. Secondly, on the merge basis, the loan-to-deposit ratio is at about 109%. How and when do you think you can get it down to below 100%? And basically, I'm saying that in terms of your incremental funding requirements, how do you think (inaudible)

當然。這很有幫助。其次，按合併計算，貸存比約為109%。您認為如何以及何時可以將其降至 100% 以下？基本上，我是說，就您的增量資金需求而言，您認為如何（聽不清）

Sir sorry to interrupt, but the line for you is not very clear. I request to please use the handset while you're speaking.

先生，很抱歉打擾您，但是您的線路不是很清楚。我請求您在講話時使用聽筒。

Is it okay?

可以嗎？

Manish, I will get to that. See, on the -- you asked about the deposits -- credit to deposit. Yes, instantly because of the merger, it goes up. On an incremental basis, if you see, last year was 72% incremental credit to deposit. This quarter is 50-something incremental deposit, but the way we think about and operate is that premerger on an average, it was 84% -- 84%, 85% credit to deposit. We are operating at about 80% or so. That is the kind of a thought process from a credit to deposit ratio. So even if we want, instantly, it cannot be brought down because there's a maturity profile for the borrowings that we have. So it will take 3, 4 years for that to come down to a level at which the bank has historically operated. And so we have to wait for the maturity profile to go and get replaced with the deposits.

曼尼什，我會解決這個問題的。瞧，關於——你問的是存款——信用存款。是的，由於合併，它立即上升。如果您看到的話，在增量基礎上，去年的存款信貸增量為 72%。這個季度有50多筆增量存款，但我們思考和運作的方式是，合併前平均來說，存款率為84%——84%、85%。我們的運營率約為 80% 左右。這就是從信貸與存款比率出發的思考過程。因此，即使我們想要立即降低，也不能降低，因為我們擁有的借款有到期期限。因此，需要三四年的時間才能降至該銀行歷史運營的水平。因此，我們必須等待到期情況消失並被存款取代。

So the gap would essentially be funded via affordable housing bonds or other kind of (inaudible)

因此，缺口基本上將通過經濟適用房債券或其他類型（聽不清）來彌補

Because it is maturity profile. It will both run down. On an incremental basis is what you need to look at. And then it will play out where it comes back in 3, 4 years down to normal.

因為它是成熟度概況。它都會跑下來。您需要關注的是增量的基礎。然後它會在三四年後恢復正常。

The next question is from the line of Pranav from Bernstein.

下一個問題來自伯恩斯坦的普拉納夫。

I'll just go back to the IBPC issue, Srini. The question is, if you had instead of going down the IBPC route, if you had kept the loans on the balance sheet, what could have been the loss in terms of numbers? Is it ROA which would have been impacted? Or is it your LCR? Or is it your PSL management? Or in otherwise, what did you -- or what would you have to sacrifice to report a better headline number?

我將回到 IBPC 問題，Srini。問題是，如果您不走 IBPC 路線，而是將貸款保留在資產負債表上，那麼損失的數字會是多少？ ROA 會受到影響嗎？或者是你的LCR？或者是你的 PSL 管理？或者換句話說，為了報告更好的標題數字，你做了什麼——或者你必須犧牲什麼？

No, it's like this, right. When you do IBPC (inaudible) in which case, this is what we have done, we've taken the loans off the balance sheet, and so the baseline for priority sector lending goes down. So you are reducing the obligations on which you need to have the directed lending at some point in time in the future. So that's something, right, very important on that front. .

不，是這樣的，對吧。當你進行 IBPC（聽不清）時，在這種情況下，這就是我們所做的，我們已將貸款從資產負債表中刪除，因此優先部門貸款的基準會下降。因此，您正在減少在未來某個時間點需要進行定向貸款的義務。所以這在這方面非常重要。 。

Then the second thing is that from a pricing point of view, if there is some better pricing and there is a demand there, it gives you a certain pickup in the spread on that. So these are a couple of concerns. There is liquidity, of course, right? You get some cash and you can deploy it. You can -- essentially, it's leveraged again, right? You've got the money, we can get more loans that you want and we are able to leverage for that. So that's the kind of thought process we deploy to do this.

第二件事是，從定價的角度來看，如果有更好的定價並且有需求，那麼價差就會有所上升。因此，這是一些令人擔憂的問題。當然有流動性，對嗎？你得到一些現金，然後就可以部署它。從本質上講，你可以再次利用它，對嗎？您有錢，我們可以獲得您想要的更多貸款，並且我們能夠為此提供槓桿。這就是我們為此而部署的思維過程。

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

謝謝。女士們先生們，我們通話的時間已經結束了。現在我想將會議交給 Vaidyanathan 先生進行總結評論。交給你了，先生。

Okay. Thank you, Daven. Thank you all the participants for participating. It was good and quite a dialogue that happened. Further questions and those of you who could not complete questions or haven't had that opportunity to get on the line to time constraints, we'll be open to having a conversation at some point in time. Please get in touch with our Investor Relations (inaudible) or anybody else with whom you are previously connected, we'll be happy to have any dialogue. Thank you. Bye-bye.

好的。謝謝你，達文。感謝所有參與者的參與。這是一次很好的對話。對於其他問題以及那些無法完成問題或由於時間限製而沒有機會在線的人，我們將願意在某個時間進行對話。請聯繫我們的投資者關係部門（聽不清）或任何其他與您之前有過聯繫的人，我們很樂意進行任何對話。謝謝。再見。

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

我謹代表 HDFC Bank Limited 結束本次會議。感謝您加入我們。您現在可以斷開線路。