HDFC Bank Ltd (HDB) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to HDFC Bank Limited Q2 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 財年第二季度收益電話會議，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 銀行財務長 Srinivasan Vaidyanathan 先生。謝謝您，接下來就交給您了，先生。

Okay. Thank you. Thank you, Nirav. Good evening, and a warm welcome to all the participants. Our MD and CEO, Mr. Sashi Jagdishan, has joined us today to provide an overview of the business before we get into the quarterly results. Sashi, over to you to get started, please.

好的。謝謝。謝謝你，尼拉夫。晚上好，對各位嘉賓的到來表示熱烈的歡迎。我們的董事總經理兼執行長 Sashi Jagdishan 先生今天加入我們，在我們公佈季度業績之前提供業務概覽。 Sashi，請您開始吧。

Thank you, Srini. Thank you for allowing me to steal your talk time. I'll keep it as brief as possible. This being the first results post the merger, I thought of sharing my thoughts. It's such a pleasure to connect with you all after a very long time. As you know, we just consummated one of the largest mergers in recent times with seamless integration of people, process and systems. And that too, without any external help. This showcases the power of our execution. The day one merged balance sheet was audited by the 31st of August, and the team disclosed this to the world at large around mid-September. The presentation, which they did to the analysts brought out some of the one-offs on account of the debt-funded liquid assets to meet the liquidity coverage ratio, the LCR, as per banking norms.

謝謝你，斯里尼。謝謝你允許我佔用你的談話時間。我會盡可能簡短。這是合併後的第一個結果，我想分享我的想法。在很長一段時間後再次與大家聯繫真是太高興了。如您所知，我們剛剛完成了近年來最大的合併之一，實現了人員、流程和系統的無縫整合。而且在沒有任何外部幫助的情況下也是如此。這體現了我們執行力的力量。第一天的合併資產負債表在 8 月 31 日進行了審計，團隊在 9 月中旬左右向全世界披露了這一情況。他們向分析師所做的演示中提出了一些一次性的債務融資流動資產，以滿足銀行業規範的流動性覆蓋率（LCR）。

As you know, sometimes the assumptions and cash flows that an NBFC does is going to be -- is different from that what a bank would do. And so therefore, there was some amount of buildup of liquidity to be -- to meet those liquidity coverage ratio norms and also provide an extra cushion to take care of contingencies. As luck would have it, there was an incremental CRR, which is announced, and this cushion came in extremely handy. Obviously, it came with a cost, which is approximately 25 basis points between the liquidity buildup and the ICRR impact. I think Srini will talk about it more in detail in this call.

如您所知，有時非銀行金融公司所做的假設和現金流量將與銀行所做的不同。因此，需要累積一定程度的流動性，以滿足這些流動性覆蓋率規範，並提供額外的緩衝來應對突發事件。幸運的是，CRR 已公佈，而這個緩衝非常方便。顯然，這是有代價的，流動性累積和 ICRR 影響之間大約有 25 個基點。我認為斯里尼會在這次電話會議中更詳細地討論這個問題。

The presentation also brought about the day 1 adjustments to equity, which was one of the asks of all you -- of this fraternity to say what will be the day 1 equity and with all the adjustments that one would do on merger. I think a lot of people probably mistook some of them to be destroying of value of the equity, but it's not. If you look at it deeply, and I'm sure most of you would have -- would realize that these are all accounting and timing differences, which means that these benefits will accrue over time from here on.

演講也帶來了第一天的股權調整，這是各位兄弟會的要求之一，要求大家說明第一天的股權以及合併時要做的所有調整。我認為很多人可能誤以為其中一些是在破壞股權價值，但事實並非如此。如果你深入研究它，我相信你們大多數人都會意識到這些都是會計和時間上的差異，這意味著這些好處將從現在開始隨著時間的推移而累積。

A lot has been spoken about the nonretail book of erstwhile HDFC Limited. Surely, there was a bit of a spike -- incremental spike in NPA account, which was standard, but had to be restructured. And as per the norms, when you restructure even if it's a performing asset, it tags -- it gets tagged as an NPA. Yes, there could be some tail remaining from this book, which could slip into substandard in the future, but the impact to the overall bank's gross NPA will not be significant at all.

關於以前的 HDFC Limited 的非零售書籍，人們已經談論了很多。當然，NPA 帳戶出現了一點峰值——增量峰值，這是標準的，但必須進行重組。根據規範，當你重組時，即使它是一項績效資產，它也會被標記為 NPA。是的，這本書可能會留下一些尾部，將來可能會滑入不合格狀態，但對整個銀行總不良資產的影響根本不會很大。

In fact, I can categorically say that the bank will not incur any incremental costs or losses on account of this book into our P&L going forward. And this is something is because of the realizable value of security, the provisions that we have made is going to be adequate enough to cover some of the exposures that we have inherited. A lot of questions and question marks come about what are we planning to do on the construction finance. It is going to be extremely important. It's going to be an important part of our mortgage business.

事實上，我可以斷然地說，銀行不會因為這本書而在我們的損益表中產生任何增量成本或損失。這是因為安全的可實現價值，我們制定的規定將足以涵蓋我們繼承的一些風險。關於我們計劃在建築融資方面做什麼，有很多問題和問號。這將非常重要。這將成為我們抵押貸款業務的重要組成部分。

We have just absorbed the contours of this book. You will now start to see the construction finance book growing steadily from here on. And that will sort of help in building not only the top line but also some of the margins back. If you have seen the results, which has been released a couple of hours ago, I think it showcases the execution capability, which is what we're known for, what is -- which is what we have constantly spoken about as well and even demonstrated.

我們剛剛吸收了這本書的輪廓。從現在開始，您將開始看到建築融資書籍穩定成長。這不僅有助於提高營收，還有助於恢復一些利潤。如果你看過幾個小時前發布的結果，我認為它展示了執行能力，這就是我們眾所周知的，這也是我們經常談論的，甚至證明了。

Let's look at some of the key metrics. Look at the deposit accretion of INR 1.1 lakh crores. That translates on an apple-to-apple basis of a sequential growth of 5.3%, which if you analyze it, it's upwards of 20%, 21%. And mind you, this is almost 83% to 85% of that is retail. One would wonder and one -- probably one of the questions that you may have is what happened in June, which is -- which I think we may have explained, but let me articulate it slightly better is that when the liquidity cushion was being built on the other side, that is in HDFC Limited, we decided that we will not roll over some of the large ticket deposits even for a few basis points as well.

讓我們來看看一些關鍵指標。看看 11 億印度盧比的存款成長。這相當於逐一成長 5.3%，如果你分析一下，你會發現增幅高達 20%、21%。請注意，其中幾乎 83% 到 85% 是零售。有人會想知道，一個可能是你可能有的問題之一是 6 月發生的事情，我想我們可能已經解釋了這一點，但讓我更好地闡述一下，流動性緩衝是在何時建立的另一方面，也就是HDFC Limited，我們決定不會將一些大額票據押金押金展期，即使是幾個基點。

So we let some of them grow and that is masked, these outflows in the large ticket deposits, the nonretail deposits masked the outflow of the core momentum in the retail ones. So we are very sanguine and very confident that funding is never going to be an issue, and you will see the kind of execution that we are capable of going forward as well. Look at the loan growth. We have also accreted on an apple-to-apple basis, INR 1.1 lakh crore during this quarter. These are high-quality assets, whether it is corporate, whether it is CRP, the commercial rule of the MSME book or the retail book. This extremely high-quality book where we're extremely comfortable from the quality of the book now and into the future.

因此，我們讓其中一些成長，而這被掩蓋了，大額存款和非零售存款的流出掩蓋了零售存款核心動力的外流。因此，我們非常樂觀，也非常有信心，資金永遠不會成為問題，您也會看到我們有能力繼續前進的執行力。看看貸款成長。本季我們還增加了 11 億印度盧比。這些都是優質資產，無論是企業，無論是CRP、MSME帳本或零售帳本的商業規則。這本高品質的書，無論現在或未來，我們都對這本書的品質感到非常滿意。

But look at the kind of sequential apple-to-apple growth rate. At 4.9%, it's an annualized growth rate of 19.6%. So when you look at these 2 metrics, it's a very strong, very healthy numbers, which is what we have mentioned several times over that even on such a large scale that we -- the bank will have the energy to continue to grow at a pace that we have done in the past even on such a larger book.

但看看同類之間的連續成長率。成長率為 4.9%，年化成長率為 19.6%。因此，當你看這兩個指標時，你會發現這是一個非常強勁、非常健康的數字，這就是我們多次提到的，即使規模如此之大，我們 - 銀行將有能力繼續以即使是在這麼大的一本書上，我們也以過去的速度完成了任務。

The NIMs. I think the presentation in the mid-September called out that they will be kind of an impact because of the liquidity cushion and the incremental CRR impact of about 25 basis points. We had said that we will -- the core margins on a total asset basis, on a pure arithmetic should be somewhere between 3.7 to 3.8. So when you adjust for this 25 basis points, we are at a lower band of the 3.65. That's all right. I mean, that's something that we -- I'm sure, with time, we will recoup some of the margins as we substitute the high-cost bonds with deposits and the changing mix of our business, loans mix more and more towards retail.

NIM。我認為 9 月中旬的演示指出，由於流動性緩衝和約 25 個基點的增量 CRR 影響，它們將產生某種影響。我們說過，我們會——以總資產為基礎的核心利潤率，根據純算術應該在 3.7 到 3.8 之間。因此，當您調整這 25 個基點時，我們處於 3.65 的較低區間。沒關係。我的意思是，我確信，隨著時間的推移，當我們用存款替代高成本債券以及我們的業務組合不斷變化時，我們將收回一些利潤，貸款組合越來越傾向於零售。

Look at the return on assets. Despite that, I think the company maintained the return on assets around the 2% mark and the ROE at the 16.2% mark. So the top line growth and the profitability has been intact, and it is something that will only improve going forward. This being the first quarter, we wanted to ensure that the fabric of HDFC Limited's profits on mortgages is maintained, especially in the retail mortgages. We wanted the teams to settle down and we wanted them to slowly but surely start to energize themselves and galvanize the home loan, retail disbursal momentum.

看看資產報酬率。儘管如此，我認為該公司的資產報酬率維持在2%左右，淨資產收益率維持在16.2%左右。因此，營收成長和獲利能力完好無損，而且未來只會有所改善。這是第一季，我們希望確保 HDFC Limited 抵押貸款利潤的結構得以維持，尤其是零售抵押貸款。我們希望團隊安定下來，我們希望他們慢慢但肯定地開始為自己注入活力，並激發房屋貸款和零售支付的勢頭。

We have mentioned in the early release that they did the highest ever retail mortgage loans of 170,000 in numbers and a INR 40,000 crores of disbursals, the highest ever. This demonstrates that this is a start, this is the tip of the iceberg. It's just now a matter of time where we now will start to sweat the franchise, both the distribution and the customer franchise to take this forward. But what is going to be exciting is when we launch our digital journeys for bundling products during this quarter. That will be incremental in terms of icing on the cake. So the innate strength of the institution to galvanize energy, to execute consistently even on a larger base is what we have demonstrated year after year for 28-plus years.

我們在早期新聞稿中提到，他們發放了有史以來最高的零售抵押貸款數量，達到 17 萬筆，支出金額達到 40,00 億印度盧比，創歷史新高。這說明這只是一個開始，這只是冰山一角。現在我們將開始為特許經營權、分銷權和客戶特許權付出努力以推動這一進程，這只是時間問題。但令人興奮的是，我們將在本季推出捆綁產品的數位之旅。這將是錦上添花的增量。因此，我們在 28 多年的時間裡年復一年地證明了該機構激發活力、即使在更大的基礎上也能始終如一地執行的內在力量。

As one can see, in the recent results, the bank is poised to silently deliver the core growth that you have just seen in this quarter, and I'm very confident and sanguine that it will continue to do so quarter after quarter even on a larger scale, maintain the profitability in the range of 1.9% to 2.1% as in the past. So without much ado, I just wanted to tell you that we are extremely excited about this merger, and we will slowly but surely demonstrate to the world that how we will execute the way we have done in the past. So over to you, Srini. Thank you so much.

正如人們所看到的，在最近的業績中，該銀行準備默默地實現您在本季度看到的核心增長，而且我非常有信心和樂觀地認為，即使在一個季度之後，該銀行也將繼續這樣做。規模較大，獲利能力維持在過去的1.9%至2.1%區間。因此，閒話不多說，我只是想告訴大家，我們對這次合併感到非常興奮，我們將緩慢而堅定地向世界展示我們將如何執行我們過去所做的事情。那就交給你了，斯里尼。太感謝了。

Okay. Thank you. Thank you, Sashi, for those opening remarks. Now let's get on to the main. I want to start with the macro context provided that it provided a good healthy tailwind in the quarter, right? We continue to see good domestic demand conditions and push from government through CapEx. You know well that the GST collections were healthy and manufacturing services PMI in the expansionary zone, the key logistics indicators were quite healthy and good. RBI kept its rate unchanged at 6.5.

好的。謝謝。謝謝 Sashi 的開場白。現在讓我們進入正文。我想從宏觀環境開始，前提是它在本季提供了良好的健康推動力，對嗎？我們繼續看到良好的內需狀況以及政府透過資本支出的推動。大家都知道，商品及服務稅（GST）徵收狀況良好，製造業服務業採購經理人指數（PMI）處於擴張區間，關鍵物流指標也相當健康良好。印度儲備銀行將利率維持在 6.5 不變。

And as we look ahead, we see the environment is good for robust growth. Our estimate of the GDP growth for this year FY '24 is 6.3%, which will demonstrate that it's one of the fasting growing economies of the world. Now if you look at some of the key factors in the bank's growth journey, on the distribution footprint expansion, our branch network stands at 7,945 outlets as of -- branches as of September 30. Overall, there has been an increase of 1,446 branches over the last 12 months, including 85 branches in the quarter. In addition, we are operating over 400 branches of erstwhile HDFC branches as -- under the bank banner now, and are progressively developing other banking product capabilities as we go through the year.

展望未來，我們看到環境有利於強勁成長。我們對今年 24 財年 GDP 成長率的估計為 6.3%，這將表明它是世界上成長最快的經濟體之一。現在，如果你看看銀行成長歷程中的一些關鍵因素，在分銷足跡擴張方面，截至 9 月 30 日，我們的分行網絡已達 7,945 個網點。總體而言，2017 年增加了 1,446 個分行。過去12 個月，包括本季85 家分公司。此外，我們現在在銀行旗下經營 400 多家昔日 HDFC 分行的分行，並在這一年中逐步開發其他銀行產品功能。

Payment acceptance points currently at 4.9 million, a year-on-year growth of 43% as adoption of Vyapar app builds momentum there. In the CRB, which runs the SME businesses, the rural business reach expanded to 1.85 lakh villages, and it's on track to go to the objectives of over 2 lakh villages in the near term. Gold loan processing, that we started this vehemently a few quarters ago is now offered in 4,544 branches, an increase of 53% over prior year. In the customer franchise building, we added 2.7 million new liability relationships during the quarter. Our base -- customer base stands at 91 million, including those added on the merger.

由於 Vyapar 應用程式的採用勢頭強勁，目前支付受理點已達 490 萬個，較去年同期成長 43%。在經營中小企業業務的CRB中，農村業務覆蓋範圍已擴大到18.5萬個村莊，並且預計在短期內實現超過20萬個村莊的目標。我們在幾個季度前大力開展的黃金貸款處理現在已在 4,544 個分行提供，比去年增加了 53%。在客戶特許經營建設中，本季我們新增了 270 萬個責任關係。我們的客戶群為 9,100 萬，其中包括合併後新增的客戶群。

This provides the opportunity to further engage and deepen the customer relationships. In order to position this for greater engagement with those customers, we've added 16,000 people during the quarter. On cards, we issued 1.7 million cards in the quarter, taking the total base to 18.8 million. The granularity on the deposit focus continues with total deposits currently at INR 21.7 lakh crores, grew by INR 1.1 lakh crores in the quarter on a comparable basis, 5.3% sequentially. Term deposits have been the bedrock of this growth given the interest rate scenario and the customer preferences, aggregated to INR 13.6 lakh crores, registering a healthy growth of 7.8% sequentially.

這提供了進一步參與和加深客戶關係的機會。為了更好地與這些客戶互動，我們在本季增加了 16,000 名員工。在卡片方面，本季我們發行了 170 萬張卡，使卡片總數達到 1,880 萬張。存款重點持續細化，目前存款總額為 217 億盧比，本季可比成長 11 億盧比，季增 5.3%。考慮到利率情境和客戶偏好，定期存款一直是這一成長的基石，總計達 136 億盧比，環比健康成長 7.8%。

Savings account deposits stands at INR 5.7 lakh crores, and grew by INR 9,000 crores or 2% sequentially. Current account stands at INR 2.5 lakh crore and that's INR 18,000 crores over prior year. Retail of this current account constitutes 72% and grew by 3% sequentially. So we are focusing more and more on the retail current account as we go along because as the corporate or -- the wholesale current account gets managed professionally through various treasuries, the retail current account offers the biggest opportunity there.

儲蓄帳戶存款為 57 億印度盧比，較上季成長 900 億印度盧比，即成長 2%。經常帳為 25 億印度盧比，比上年增加 1800 億印度盧比。該經常帳零售額佔 72%，較上季成長 3%。因此，隨著我們的發展，我們越來越關注零售經常帳戶，因為隨著企業或批發經常帳戶透過各種財政部進行專業管理，零售經常帳戶提供了最大的機會。

Overall, CASA deposits ended the quarter at INR 8.2 lakh crores, resulting in a CASA ratio of 37.6%. This is after the impact coming from the merger, which came from HDFC Limited, the term deposits that got added into our base. On the advances side, the gross advances at INR 23.5 lakh crores reflects a sequential momentum of about 4.9%. Retail advances grew 3.1% sequentially. CRB advances grew 9.7% sequentially. The Wholesale segment grew, excluding the nonindividual loans of HDFC Limited, grew 5.8% and the nonindividual loans of the HDFC Limited is now at INR 1.03 lakh crores compared to INR 1.09 lakh crores as of the beginning of the quarter.

總體而言，本季 CASA 存款為 82 億印度盧比，CASA 比率為 37.6%。這是在合併帶來的影響之後，HDFC Limited 的定期存款被添加到我們的基礎中。在預付款方面，總預付款為 235 億盧比，季增約 4.9%。零售預付款較上季成長 3.1%。 CRB 預付款較上季成長 9.7%。批發業務成長了 5.8%（不包括 HDFC Limited 的非個人貸款），HDFC Limited 的非個人貸款目前為 10.3 億印度盧比，而本季初為 10.9 億印度盧比。

We continue to pursue the technology and digital kind of a foray, PayZapp 2.0 currently has 3 million registered users and handles a daily volume of 2.5 lakh transactions. SmartHub Vyapar platform handles monthly transactions of INR 19,000 crores and provides monthly disbursals of INR 650 crores. Xpress Car Loans brings and contributes almost 30% of our car volumes. HDFC Bank won the customer service hub, the AI-driven channel platform serving contact centers nationwide, serving 30 million engagements as interactions with 15 million customers monthly through e-mail, social care, WhatsApp and chat banking and phone banking services. Balance sheet remains resilient. LCR for the quarter was 121%, absorbing the 4-plus percentage points coming from the ICRR. Capital adequacy ratio is at 19.5%, with CET1 at 17.3%.

我們繼續追求技術和數位化的嘗試，PayZapp 2.0 目前擁有 300 萬名註冊用戶，每天處理 25 萬筆交易。 SmartHub Vyapar 平台每月處理 1,900 億印度盧比的交易，每月提供 65 億印度盧比的支出。 Xpress 汽車貸款帶來並貢獻了我們近 30% 的汽車銷售。 HDFC 銀行贏得了客戶服務中心，這是一個服務於全國聯絡中心的人工智慧驅動的管道平台，每月透過電子郵件、社交關懷、WhatsApp、聊天銀行和電話銀行服務與1500 萬客戶進行互動，提供3000萬次互動。資產負債表保持彈性。本季的 LCR 為 121%，吸收了 ICRR 的 4 個多百分點。資本適足率為19.5%，CET1為17.3%。

Let's get to the net revenues for the quarter, which were at INR 38,093 crores, grew by 33% over prior year. Net interest income for the quarter at INR 27,385 crores, which is 72% of net revenues grew by 30% over prior year. The core net interest margin for the quarter was at 3.65% on total assets and 3.85% on interest-earning assets after absorbing the debt funded cost for additional liquidity and merger management, the reported net income -- net interest margin for the quarter was 3.4% on total assets and 3.6% on interest-earning assets.

讓我們來看看本季的淨收入，為 3,809.3 億印度盧比，比上年同期成長 33%。本季淨利息收入為 27,385 千萬印度盧比，佔淨收入的 72%，比上年同期成長 30%。在吸收額外流動性和合併管理的債務融資成本後，本季的核心淨利差為總資產 3.65%，生息資產為 3.85%，報告的本季度淨收入-淨息差為 3.4佔總資產的% ，佔生息資產的3.6%。

Getting to the details of other income. Total other income was INR 10,708 crores. Fees and commissions constitutes 2/3 or 65% of other income was at INR 6,936 crores and grew by 19.5% over prior year. Retail constitutes 92% of fees and commission, demonstrating the granularity of the fees and commission income. FX and derivatives income at INR 1,221 crores, was higher by 12.8% compared to the prior year. Net trading and mark-to-market income was INR 1,041 crores for the quarter. Prior quarter was INR 552 crores and prior year was a negative INR 387 crores.

了解其他收入的詳細資訊。其他收入總額為 10,708 千萬印度盧比。費用和佣金佔其他收入的 2/3 或 65%，為 693.6 億印度盧比，比上年增長 19.5%。零售業佔手續費及佣金的92%，反映了手續費及佣金收入的粒度。外匯和衍生性商品收入為 1,221 千萬印度盧比，較上年增長 12.8%。本季淨交易收入和以市價計算的收入為 104.1 億印度盧比。上一季為 55.2 億印度盧比，上年度為負 38.7 億印度盧比。

Other miscellaneous income of INR 1,510 crores includes recoveries from the written-off accounts and dividends from subsidiaries. On the operating expenses for the quarter, which were at INR 15,399 crores represents the cost to income for the quarter at 40.4%. Our pre-provision operating profit was at INR 22,694 crores and represents around 8x the total provisions from a coverage point of view. Coming to the asset quality. The GNPA ratio was at 1.34% as compared to 1.41% on a pro forma as of July 1 that we mentioned. Out of the -- and last year, as you know, it was 1.23%. Out of the 1.34% as of this quarter end, we have about 22 basis points which are related to restructured accounts, which are restructured accounts in erstwhile nonretail HDFC Limited, which are current and performing but have been classified as NPA according to the extant guidelines.

其他雜項收入 1,510 千萬印度盧比包括從沖銷帳戶中收回的款項以及子公司的股息。本季的營運費用為 15,399 千萬印度盧比，佔該季度收入的成本率為 40.4%。我們的撥備前營業利潤為 22,694 千萬印度盧比，從覆蓋範圍來看約為撥備總額的 8 倍。說到資產品質。國民生產毛額比率為 1.34%，而我們提到的截至 7 月 1 日的預估值為 1.41%。如你所知，去年這一比例為 1.23%。截至本季末的1.34% 中，我們有大約22 個基點與重組帳戶相關，這些帳戶是以前的非零售HDFC Limited 的重組帳戶，這些帳戶目前正常且表現良好，但根據現行準則已被歸類為NPA 。

Net NPA ratio was at 0.35%. The slippage ratio for the current quarter is at 32 basis points, about INR 7,800 crores. During the quarter, we had recoveries and upgrades that were INR 4,500 crores at 22 basis points. Write-offs in the quarter were INR 3,250 crores, approximately 17 basis points. There were no sale of NPA accounts during the quarter. On the provision side, the total provisions reported were around INR 2,900 crores against INR 2,850 crores during the prior quarter and INR 3,250 crores in the prior year.

淨不良資產比率為0.35%。本季的滑點率為 32 個基點，約 780 億印度盧比。本季度，我們的復甦和升級為 450 億印度盧比（以 22 個基點計算）。本季沖銷額為 325 億盧比，約 17 個基點。本季度沒有出售 NPA 帳戶。在撥備方面，報告的撥備總額約為 290 億印度盧比，而上一季為 285 億印度盧比，去年為 325 億印度盧比。

The core specific loan loss provision was around INR 2,500 crores against INR 2,700 crores in prior quarter. The provision coverage ratio was at 74%. At the end of current quarter, contingent and floating provisions were approximately INR 15,600 crores, general provisions were INR 10,100 crores. Total provisions comprising specific, floating, contingent in general were about 156% of gross nonperforming loans. This is in addition to securities held as collateral in several of the cases.

核心特定貸款損失撥備約 250 億印度盧比，上一季為 270 億印度盧比。撥備覆蓋率為74%。截至本季末，或有和浮動準備金約為 1,560 億印度盧比，一般準備金為 1,010 億印度盧比。包括特定準備金、浮動準備金、或有準備金在內的總準備金約佔不良貸款總額的 156%。這還不包括在一些案例中作為抵押品持有的證券。

Floating, contingent and general provisions were about 1.09% of gross advances as of September end. Now coming to credit cost ratios. Total annualized credit cost ratio for the quarter was 49 basis points, prior quarter was 70 basis points and prior year was 87 basis points. Recoveries which are recorded as miscellaneous income amount to 16 basis points of gross advances for the quarter as against 19 for the prior quarter. The total credit cost ratio, net of recoveries, was at 34 basis points in the current quarter compared to 51 basis points in the prior quarter and 64 basis points in prior year.

截至 9 月底，浮動準備金、或有準備金和一般準備金約佔預付款總額的 1.09%。現在來談談信用成本比率。本季總年化信貸成本率為 49 個基點，上一季為 70 個基點，上年度為 87 個基點。本季作為雜項收入記錄的回收總額為預付款總額 16 個基點，而上一季為 19 個基點。本季的總信貸成本比率（扣除回收金額）為 34 個基點，而上一季為 51 個基點，上年度為 64 個基點。

The profit before tax was INR 19,790 crores and grew by 39% over prior year after INR 1,000 crores write-back of tax provisions no longer required consequent to favorable appellate orders. Net profit after tax for the quarter was INR 15,976 crores, grew by 50% over prior year. Now a few sentences on our subsidiaries before we get to the summary. HDBFS this is on Ind AS basis, disbursements at INR 14,150 crores were higher by 43% over prior year. Loan book at INR 78,000 crores, grew 5.8% sequentially. Customer franchise grew to 13.6 million customers with 6.3% additions during the quarter.

稅前利潤為 19,790 千萬印度盧比，比上年增長 39%，因為有利的上訴令不再需要回撥 1,00 億印度盧比的稅款撥備。該季度稅後淨利潤為 1597.6 億印度盧比，比上年同期增長 50%。在進行總結之前，先簡單介紹一下我們的子公司。 HDBFS 這是以 Ind AS 為基礎的，支出為 1,415 億印度盧比，比前一年增加了 43%。貸款總額為 7,800 億印度盧比，較上季成長 5.8%。本季客戶特許經營數量增加了 6.3%，達到 1,360 萬。

Quality of the book continues to see sustained improvement with gross Stage 3 at 2.38% as of September against 4.88% prior year. The provision coverage of Stage 3 book stood at 68%. The profit after tax for the quarter was INR 601 crores compared to INR 471 crores from prior year. The ROA and ROE annualized in the quarter was 3.2% and 19.6%, respectively. The earnings per share in the quarter in HDB was INR 7.59 and the book value per share in HDB is at INR 158.

圖書品質持續改善，截至 9 月份，第三階段毛利率為 2.38%，去年為 4.88%。第三階段帳面撥備覆蓋率為68%。本季稅後利潤為 60.1 億印度盧比，而去年同期為 47.1 億印度盧比。該季度的 ROA 和 ROE 年化後分別為 3.2% 和 19.6%。 HDB 本季每股收益為 7.59 印度盧比，HDB 每股帳面價值為 158 印度盧比。

Now getting to a few other subsidiaries, HDFC Life, on an IGAAP basis. The profit after tax for the quarter ended September increased to INR 377 crores compared to INR 326 crores in the prior year. In the HDFCAMC, again, this one on an Ind AS basis, profit after tax for the quarter amounted to INR 438 crores, registering a year-on-year growth of 20%. In HDFC ERGO, this on an IGAAP basis because there are different standards, profit after tax for the quarter ended at -- for the September quarter increased to INR 236 crores compared to INR 177 crores in the prior year, registering a growth of 33%.

現在我們來談談其他一些子公司，HDFC Life，基於 IGAAP。截至 9 月的季度稅後利潤增至 37.7 億印度盧比，而去年同期為 32.6 億印度盧比。同樣，在 HDFCAMC 中，以印度AS 為基礎，本季稅後利潤達 43.8 億印度盧比，較去年同期成長 20%。在 HDFC ERGO 中，這是基於 IGAAP 的基礎上的，因為有不同的標準，截至 9 月季度的稅後利潤從上一年的 17.7 億盧比增加到 23.6 億盧比，增長了 33% 。

Securities HSL has a network of 2,203 branches and the net profit after tax was INR 214 crores as against INR 191 crores for same time last year. I want to take the opportunity to provide a quick update on ESG. We further strengthened the integration of ESG and climate change risk assessment into our credit appraisal process for corporate borrowers. We also have finalized a sustainable finance framework to classify loans and advances as green, social and sustainable in alignment with International Capital Market Association principles.

證券 HSL 擁有 2,203 家分行網絡，稅後淨利為 21.4 億印度盧比，而去年同期為 19.1 億印度盧比。我想藉此機會快速介紹一下 ESG 的最新情況。我們進一步加強將ESG和氣候變遷風險評估納入企業借款人信用評估流程。我們也最終確定了永續金融框架，根據國際資本市場協會的原則，將貸款和墊款分類為綠色、社會和永續。

Now getting to the summary. Our results reflect the robustness in growth after consummating the merger, 5.3% sequential momentum in deposit growth, 5.7% sequential momentum in retail deposit growth and advances growth of a sequential increase of 4.9%. Profit after tax for the quarter at INR 15,976 crores increased by 50% versus prior year. The consolidated profit after tax for the quarter is at INR 16,811 crores, delivering the return on assets in the quarter of about 2% and return on equity of about 16.2%.

現在進行總結。我們的業績反映了合併完成後成長的強勁性、存款環比增長 5.3% 的勢頭、零售存款環比增長 5.7% 的環比增長勢頭以及 4.9% 的環比增長。該季度稅後利潤為 1597.6 億印度盧比，比去年同期增長 50%。本季綜合稅後利潤為 1,681.1 億印度盧比，本季資產回報率約為 2%，股本回報率約為 16.2%。

Earnings per share in the quarter on a stand-alone basis is INR 21.1 and at a consolidated bank level, it is INR 22.2. The book value per share on a stand-alone bank level is at INR 534 and at a consolidated bank level, it's at INR 553. With that, may I request the operator to open up the line for questions, please.

本季的單獨每股收益為 21.1 印度盧比，綜合銀行層級為 22.2 印度盧比。獨立銀行層面的每股帳面價值為 534 印度盧比，合併銀行層面的每股帳面價值為 553 印度盧比。因此，我可以請接線員開通提問線路。

(Operator Instructions) First question is from Mahrukh Adajania from Nuvama.

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

My first question is on margins. So of course, you've explained that is the ICRR and the excess liquidity on limited book. But would there be any other adjustments in the NII while moving from Ind AS to Ind GAAP for HDFC. Like for instance, HDFC's NII in Q2 FY '23 was around 45 billion, 46 billion, right? So would that be restated significantly under Ind GAAP?

我的第一個問題是關於利潤率的。當然，您已經解釋過這是 ICRR 和有限帳簿上的過剩流動性。但是，當 HDFC 從 Ind AS 轉向 Ind GAAP 時，NII 是否還會有其他調整？例如，HDFC 在 23 財年第二季的 NII 約為 450 億、460 億，對嗎？那麼，根據 Ind GAAP 是否會大幅重申這一點？

Mahrukh, maybe we will have a session about what the Indian GAAP and Ind AS would be. There are several differences that happen. I'll give you, for example, one important, there's several of them. On the nonperforming loan in Ind AS, you accrue for interest. In IGAAP, you don't accrue for interest if the loan is nonperforming. Here are some examples, actually, right? so there are several differences that happen -- and so -- and the time has elapsed and the profile of the balance sheet, including the interest rate structure of the balance sheet is different now versus what it was at that time. So they are not comparable as such. They are different regulatory regime, different accounting standards, different regulatory regimes and the composition of the balance sheet is different.

Mahrukh，也許我們會召開一次會議，討論印度公認會計準則和印度會計準則是什麼。存在一些差異。我給你舉個例子，一個重要的，有好幾個。對於 Ind AS 的不良貸款，您會產生利息。在 IGAAP 中，如果貸款不良，您不會產生利息。實際上，這裡有一些例子，對吧？因此，出現了一些差異，而且時間已經過去，資產負債表的狀況，包括資產負債表的利率結構，現在與當時不同。所以它們本身沒有可比性。它們是不同的監管制度、不同的會計準則、不同的監管制度以及資產負債表的構成不同。

Correct. But most of the margin decline from pro forma 3.7 to 3.4 is largely excess liquidity and ICRR or...?

正確的。但利潤率從預計 3.7 下降到 3.4 的大部分原因主要是流動性過剩和 ICRR 還是…？

See the way you think about it is that the balance sheet is funded with debt, right? There is a level of additional borrowing that has been exercised, and that is debt borrowing that has come on. And debt borrowing comes in at a cost that is north of 8% or so. So that's part of how there is a transition post the merger. As part of the merger management, we carried additional. One way to describe this is additional liquidity. But if you think about what is there, where does it reflect? It reflects in the cost of funds. So that's where the cost of funds is higher.

看看你的想法是資產負債表是由債務提供資金的，對嗎？已經行使了一定程度的額外借款，即已經發生的債務借款。債務借貸的成本高達 8% 左右。這就是合併後過渡的一部分。作為合併管理的一部分，我們進行了額外的收購。描述這一點的一種方法是額外的流動性。但如果你想一想那裡有什麼，它反映在哪裡？它反映在資金成本上。所以這就是資金成本較高的地方。

Got it. Makes sense. Sir, my next question is on the tax rate. So given that there were favorable decisions and that's why the tax rate fell, does it normalize to 25% next quarter or...?

知道了。說得通。先生，我的下一個問題是關於稅率。因此，考慮到做出了有利的決定，這就是稅率下降的原因，那麼下個季度稅率會正常化為 25% 還是…？

Yes, there is this onetime effect if you take it out, whatever is the normal tax rate, if you look at last quarter of the past year, we've been around 25%, 24.9% 25%, thereabouts. That's where we have been. So there's no difference from that, yes.

是的，如果你把它拿出來，就會產生一次性效應，無論正常稅率是多少，如果你看看去年最後一個季度，我們的稅率大約是25%、24.9%、25%左右。這就是我們去過的地方。所以這沒什麼區別，是的。

Okay. And sir, just 1 last question. Sir, so do you see margins -- how long would it take for margins to come back up to 3.6, 3.65, like 2 to 3 quarters, would the exit margin for FY '24 be at that level? Or would it take longer?

好的。先生，還有最後一個問題。先生，您看到利潤率了嗎？利潤率需要多長時間才能恢復到 3.6、3.65，例如 2 到 3 個季度，24 財年的退出利潤率會達到這個水準嗎？或會需要更長的時間嗎？

Mahrukh, I think Sashi alluded to say that there are a few things, right? One is the utilization of this to a better mix of loan originations, particularly focused on the retail shift is something that would bring this to a normal level over a period of time. Then there are other choices to make.

Mahrukh，我認為 Sashi 暗示有幾件事，對吧？一是利用這一點來更好地組合貸款發放，特別是關注零售業的轉變，這將使貸款在一段時間內恢復到正常水平。然後還有其他選擇要做。

But given that these are -- this funding is the longer-term funding that we've chosen, part of the merger management, we need to get through building assets which are of a better yield.

但考慮到這些資金是我們選擇的長期資金，是合併管理的一部分，我們需要建立更高收益率的資產。

Next question is from the line of Kunal Shah from Citigroup.

下一個問題來自花旗集團的 Kunal Shah。

Sir firstly, maybe what Sashi highlighted earlier that in terms of the rundown in the wholesale portfolio of erstwhile HDFC, is it more or less done? Or should we see it getting towards...?

首先，先生，也許Sashi之前強調的那樣，就以前HDFC的批發投資組合而言，它或多或少已經完成了？或者我們應該看到它走向…？

Kunal, if I request you to slightly come closer to mic and speak up, I can hear, but not as great.

Kunal，如果我要求你稍微靠近麥克風並大聲說話，我可以聽到，但不是那麼好。

Yes sorry. Now if it's better. So I was just saying whether this rundown in wholesale portfolio, is it largely done? Because earlier we thought that it can come down to INR 80,000-odd crores, INR 90,000-odd crores from INR 1.3 lakh crores. But I think in the opening remarks, you said like it should largely be done and now we should see the growth coming through in the construction finance portfolio?

是的，抱歉。現在如果更好的話。所以我只是說批發投資組合的縮減是否已基本完成？因為之前我們認為可以從 13 億盧比降至 8 兆盧比、9 兆盧比。但我認為在開場白中，您說這應該在很大程度上完成，現在我們應該看到建築融資組合的成長？

That is the kind of a direction. If you think about it, it has got 3 components. One component is to do with the construction finance, which from a bank positioning and strategic -- strategically to feed into the retail we want to grow this portfolio, right? We have the risk assessment framework. We want to grow within the framework that we have. The second component of the book is the LRD book, lease rental. That book is also a growth oriented book and will be assessed and grown. The third component is a small component of a corporate loan book that will be assessed as part of the overall exposure to various corporates that we have, and we'll take a decision about what is the overall exposure.

就是這樣一個方向。如果你仔細想想，它有 3 個組成部分。其中一個組成部分與建築融資有關，它從銀行的定位和戰略角度進入零售業，我們希望擴大這一投資組合，對嗎？我們有風險評估架構。我們希望在我們現有的框架內成長。本書的第二個組成部分是 LRD 書，即租賃租賃。那本書也是一本成長導向的書，會被評估和成長。第三個組成部分是公司貸款帳簿的一小部分，將作為我們對各種公司的整體風險敞口的一部分進行評估，我們將就整體風險敞口做出決定。

Yes, the direction, what Sashi alluded to is on the construction finance. And it equally applies to LRD too, but all of this in the context of overall exposure to corporates that we have.

是的，薩什提到的方向是建設金融。這同樣適用於 LRD，但所有這些都是在我們對企業的整體曝險背景下進行的。

Sure. Got that. And secondly, in terms of other income, was there any one-off maybe pertaining to IGAAP transitioning for HDFC or this is like now the overall fee income trajectory, which we should see, and there is no one-off in this line item now.

當然。了解。其次，就其他收入而言，是否存在任何一次性可能與 IGAAP 向 HDFC 的過渡有關，或者這就像現在的整體費用收入軌跡，我們應該看到這一點，而且現在這一行項目中沒有一次性的。

So the fee income that you saw, which is INR 6,900 and whatever -- yes, INR 6,936 crores, yes, that is a normal level of fees. And if you look at how we have in the past seen the fee, which is -- 65% of the other income is the fees, right? And this fee line has got multiple from asset origination fees to liability product fees to payment transaction type fees to wholesale banking fees to third-party distribution fees.

所以你看到的費用收入是 6,900 印度盧比等等——是的，6,936 千萬印度盧比，是的，這是正常的費用水平。如果你看看我們過去如何看待費用，那就是——其他收入的 65% 是費用，對嗎？這條費用線有多種，從資產起源費到負債產品費到支付交易類型費到批發銀行費到第三方分銷費。

There are seasonalities up and down. It happens because there are certain quarters where you see for various considerations, it could be tax considerations, or for origination consideration, it goes up or down. But when you look at it over a period of time, historically, this has been in the mid- to high teens, right? That's where the fee component has moved. And that's where I will tell you to look at it is if you look historically, that's the range of which. This quarter, if it was 19-odd percent, again, quarter-to-quarter, there's seasonality. But when you look at a year, 2 years in the past, it's mid- to high teens.

季節性有上下之分。發生這種情況是因為在某些方面，您會看到出於各種考慮因素，可能是稅收考慮因素，或者出於起源考慮因素，它會上升或下降。但如果你從歷史上看一段時間的情況來看，這個數字一直在十幾歲左右，對嗎？這就是費用部分改變的地方。這就是我要告訴你的地方，如果你從歷史的角度來看，那就是它的範圍。本季度，如果季度環比為 19% 左右，則存在季節性。但當你回顧一年、兩年前的情況時，你會發現現在已經是中等到十幾歲了。

(Operator Instructions) Next question is from the line of Parag Thakkar from Anvil Wealth.

（操作員說明）下一個問題來自 Anvil Wealth 的 Parag Thakkar。

Yes, yes. So first of all, I would like to congratulate the entire team for bringing up the deposit number to such a good number, about INR 1 lakh crores. I think it requires a lot of efforts and you all did it brilliantly, especially in the quarter when it was a merger quarter. And we had this onetime ICRR hit plus this liquidity effect. So overall, I'm very, very happy with the performance.

是的是的。首先，我要祝賀整個團隊將存款數量提高到如此好的數字，大約10億印度盧比。我認為這需要付出很多努力，你們都做得非常出色，尤其是在合併季度。我們遭遇了 ICRR 的一次性打擊以及流動性效應。總的來說，我對錶演非常非常滿意。

First of all, I would like to congratulate you all. And second, let me say that 1.92% to 2.1% ROA is possible. The growth rate above 15% or 17%, 18% of the merged entity is also possible, right?

首先，我向大家表示祝賀。其次，我想說 1.92% 到 2.1% 的 ROA 是可能的。合併後實體15%以上或17%、18%以上的成長率也是有可能的吧？

Parag, firstly, thank you for the recognition, and we appreciate. These are the things that keeps us charged and ensures that we drive to the best potential both market has to offer and the people here are capable of delivering. Thank you for those compliments. Now getting to the question that you asked in terms of the growth rate, see, more than thinking about the forward-looking growth rate, but growth rate is underpinned on 2 things: one, market rate of growth. Typically, in the past, we have seen the market rate of growth anywhere from 10% to 12%, depending on the year, you will see that the nominal rate of GDP x1 or 1.1, 10% to 12% is what you will see. And what we have always endeavored and that is what historically we have delivered is premium on that, right, 5%, 6% thereabouts the premium on the market rate of growth is what we delivered.

Parag，首先感謝您的認可，我們非常感激。這些東西讓我們保持活力，並確保我們發揮市場所能提供的最佳潛力以及這裡的人們有能力實現的潛力。謝謝你的讚美。現在回到您提出的成長率問題，請注意，不僅僅是考慮前瞻性成長率，而是成長率取決於兩件事：第一，市場成長率。通常，在過去，我們看到的市場成長率從10%到12%不等，取決於年份，你會看到名目GDP成長率x1或1.1，10%到12%就是你會看到的。我們一直在努力，這就是我們歷史上所提供的溢價，對吧，5％，6％左右，市場增長率的溢價就是我們所提供的。

That is where the market share gains come from that additional growth rate over the market that we do. And so now take this to what is the kind of a market share gain. If you see over a period of a 3 -- 5 years, if you see, it's about 400 basis points or thereabouts market share gain, either side of the balance sheet. That's a similar type of market share gain. And when you gain that, currently, if you look at the recent times, the share in the market -- market share gains is faster than what it was 5 years ago, meaning the larger distribution and the bigger the scale, the opportunity space for gaining more market share is available, and that is what in the recent times that we have done. So that's -- I want to leave the thought process there. This is how we think, and that's how we are capacitized to drive.

這就是我們的市佔率成長來自於我們在市場上的額外成長率的原因。現在讓我們來看看什麼是市場佔有率的成長。如果你看一下 3 到 5 年的時間，如果你看的話，資產負債表兩邊的市佔率都會增加約 400 個基點或左右。這是類似類型的市場佔有率增益。當你獲得這一點時，目前，如果你看看最近一段時間，市場佔有率——市場佔有率的成長速度比5年前更快，這意味著分佈範圍越大，規模越大，機會空間就越大。獲得更多的市場份額是可以的，這就是我們最近所做的。所以，我想把思考過程留在那裡。這就是我們的思考方式，這就是我們的駕駛能力。

And sir, you have opened around 2,200 branches in the last 2 years. So when they start showing productivity, your OpEx to asset ratio will -- should come down, right, logically because they will become more productive now in terms of gathering deposits as well as advances?

先生，您在過去 2 年裡開設了大約 2,200 家分行。因此，當他們開始表現出生產力時，你的營運支出與資產的比率將會 - 應該下降，對吧，從邏輯上講，因為他們現在在收集存款和預付款方面會變得更有生產力？

Yes, sir. It will come over time. But as we keep adding more and more new branches, one weighs the other. But if you look at 2 years ago branches, very important that you touched upon, if you look at what we opened about 2 years ago and look at that cohort. And when we look at that cohort of branches about how they are performing, right, our model shows that it should breakeven in 2 years' time and about 90-plus percent, slightly above 90% of the branches have broken even in about 20-odd months. We have another 10% of the branches to breakeven. And when that does, that's the average of, call it, 22 to 24 months breakeven. So they are all following a scripted model in terms of how they deliver.

是的先生。隨著時間的推移它會到來。但隨著我們不斷增加越來越多的新分支，一個因素就會影響另一個因素。但是，如果你看看兩年前的分支機構，你提到的非常重要，如果你看看我們大約兩年前開設的分支機構，看看那個群體。當我們觀察這一系列分支機構的表現時，我們的模型顯示，它應該在2 年內實現收支平衡，並且大約90% 以上、略高於90% 的分支機構在大約20 年內實現了收支平衡。奇數月。我們還有另外 10% 的分公司需要達到收支平衡。當這種情況發生時，這就是 22 至 24 個月盈虧平衡的平均值。因此，他們在交付方式上都遵循腳本化模型。

We are confident that all of them starts to pay back sooner. But we continue to add branches, right? That's why when you see a part of the cost is when there's a credit opportunity, credit costs as you heard, it's at about 49 basis points. And if you look back, what is the -- how does -- where does it revert to me, right? At what level does it revert to me at some point in time? Call it, 80, 90 basis points or in the pre-mortgage book, we would have said that it is 90, 100 basis points is the mean where it can revert over a period of time, whenever this normalizes, benign conditions normalize, maybe with the margin, it is more closer to the 80 basis points or something reversion to mean.

我們相信他們所有人都會更快開始還款。但我們繼續增加分支機構，對嗎？這就是為什麼當你看到一部分成本是有信貸機會時，正如你所聽到的，信貸成本約為 49 個基點。如果你回頭看，它會在哪裡回到我身邊，對吧？在某個時間點它會恢復到什麼等級？稱之為80、90 個基點，或者在抵押貸款前的書中，我們會說它是90、100 個基點，是在一段時間內可以恢復的平均值，每當這種情況正常化時，良性條件就會正常化，也許加上邊際，它更接近80個基點或迴歸的意思。

But the point to mention to you is that for every 10 basis points of credit cost opportunity that we take from a timing point of view, right, within the return framework, ROA framework, we take this opportunity on a timing to invest. It's about 1% to 2% of cost to income that gets invested there. And so that is what -- and we are trying to say, as we make those investments, it should start to pay back. So we can now look at those ones which are more than 2 years old, and those cohorts are performing well. And we're now starting to look at the last 12 months' cohorts, and we will keep tracking them as we go.

但要向您提及的一點是，我們從時機角度來看，在回報框架、ROA 框架內，每增加 10 個基點的信貸成本機會，我​​們就會抓住這個機會進行投資。投資成本佔收入成本的 1% 到 2% 左右。這就是我們想說的，當我們進行這些投資時，它應該開始得到回報。所以我們現在可以看看那些超過 2 歲的群體，這些群體表現良好。我們現在開始查看過去 12 個月的群組，我們將繼續追蹤他們。

Sir, just 1 last question because everybody is concerned, now that you have gathered deposits of more than INR 1 lakh crores, I think that concern is gone. But till last quarter, everybody was concerned about how we'll fund. And as Mr. Sashi rightly pointed out in the beginning that we are not concerned about the funding part now. But going ahead, so for example, we have Credila, we have a stake in HDB Financial Services. Anyway, I think we have mandated to list right by FY '25.

先生，最後一個問題是因為每個人都擔心，既然您已經累積了超過 10 億盧比的存款，我認為這種擔憂已經消失了。但直到上個季度，每個人都擔心我們將如何融資。正如 Sashi 先生一開始就正確指出的那樣，我們現在並不關心資金部分。但是，舉例來說，我們擁有 Credila，我們擁有 HDB Financial Services 的股份。無論如何，我認為我們已強制要求在 25 財年之前上市。

And that will also unlock some value. And of course, that will provide us some funding also. So just -- can you just throw some light on direction of monetizing the stakes in various entities which we have in order to fund our growth. Because that much pressure will be lesser on the deposit engine, right?

這也將釋放一些價值。當然，這也將為我們提供一些資金。那麼，您能否介紹一下將我們所擁有的各種實體的股份貨幣化的方向，以便為我們的成長提供資金。因為存款引擎的壓力會更小，對吧？

Yes. Your points are well taken, and appropriate timing, those will be considered for either, but of course, at the right kind of value. Yes, your thought process are right and from a timing point of view and from a consideration point of view, it will all depend upon the appropriate valuation.

是的。你的觀點得到了很好的理解，並且在適當的時機，這些都會被考慮，但當然，以正確的價值。是的，你的思考過程是正確的，從時機的角度和考慮的角度來看，這一切都取決於適當的估值。

(Operator Instructions) Next Question is from the line of Atul Mehra from Motilal Oswal.

（操作員說明）下一個問題來自 Motilal Oswal 的 Atul Mehra。

I have just 1 simple question. In terms of the nonretail NPA for HDFC Limited, how much of this was unanticipated at the time of the merger? And how much of it is in terms of already anticipated and built for the -- in the swap ratio that we had. Maybe if you can throw some color on that.

我只有 1 個簡單的問題。就 HDFC Limited 的非零售不良資產而言，其中有多少是合併時未預料到的？其中有多少是我們已經預期和建立的互換比率。也許你可以在上面添加一些顏色。

Okay. Yes. See if you look at the book, and look at this book over a period of 6 quarters, at least now, it has been on a decline, right, which is -- this book has been assessed from a bank risk assessment perspective. And it has been -- there has been a degrowth that has been happening.

好的。是的。你看你看這本書，從6季來看這本書，至少現在是在下降，對吧，就是──這本書是從銀行風險評估的角度來評估的。確實，經濟衰退已經發生。

So go back to the June '22 quarter, it was flat. And then from then on, there was a minus 4% or a 5%, then a minus 6% and a minus 7% and so on. And the recent quarter is a minus 6%. So the risk assessment, we want that book. Sashi mentioned it, we want to grow that book.

回到 22 年 6 月的季度，情況持平。然後從那時起，出現了負4%或負5%，然後是負6%和負7%等等。最近一個季度的成長率為-6%。因此，關於風險評估，我們想要那本書。 Sashi 提到過，我們想要發展那本書。

But before you grow the book, we have to assess in terms of the exposure for kind of facility and so on, so that you are balancing the risk over a period of time. And that's what has happened. And we are at a stage where we feel comfortable with the quality of the book as we see now with the provisions of approximately what we described, we had provision coverage ratio at 74% or the contingent provisions we have at 66 basis points and it's all post-merger, it's not just premerger, encompassed well. And we are looking at a book that is strongly positioned.

但在您增加書籍之前，我們必須評估設施類型等的風險，以便您在一段時間內平衡風險。這就是發生的事情。我們正處於一個階段，我們對這本書的品質感到滿意，正如我們現在看到的，我們所描述的條款大致相同，我們的撥備覆蓋率為74％，或者我們的或有撥備為66個基點，這一切合併後，不只是合併前，包容性很好。我們正在尋找一本定位強勁的書。

Right. Got it. Just 1 clarification on the same point. Did any of -- in terms of the incremental stress come as a surprise to the internal management like to the bank management? Or this was something that you had already anticipated while you had worked out the numbers at the time of the merger?

正確的。知道了。僅對同一點進行 1 次澄清。就增量壓力而言，是否有任何因素讓內部管理階層（如銀行管理階層）感到驚訝？或者這是您在合併時計算出數字時就已經預料到的事情？

The risk assessment is a dynamic risk assessment. That is why on every quarter basis, you see certain things slips and certain things recovers and upgrades. And it is a continuous process. What is true at a point in time is not true at every point in time. It keeps changing.

風險評估是動態風險評估。這就是為什麼在每個季度，你都會看到某些事情發生下滑，而某些事情則恢復和升級。這是一個持續的過程。在某個時間點正確的內容並不在每個時間點都正確。它不斷變化。

Next question is from the line of Suresh Ganapathy from Macquarie.

下一個問題來自麥格理的 Suresh Ganapathy。

Just 2 questions. One is Sashi said 83% to 85% of that INR 1.1 trillion is retail deposits, right? So it's about INR 85,000 crores is what you mobilize out of INR 1.1 trillion. Is that right?

只有 2 個問題。一是Sashi說1.1兆盧比中83%到85%是零售存款，對吧？因此，從 1.1 兆盧比中調動的資金約為 8,500 億盧比。是對的嗎？

That is right, 83% is retail, yes.

沒錯，83%是零售，是的。

Yes. So seen it as INR 85,000 crores, which is the effective number absolute, what would be the Basel III LCR quarter-on-quarter addition? The reason why I'm asking is last quarter, it was INR 66,000 crores. I want a like-for-like quarter-on-quarter addition for the Basel III retail deposits because this number seems to be way different from this INR 85,000 crores. Is it possible to share that number?

是的。那麼，如果將其視為 85,00 億印度盧比，這是一個有效的絕對數字，那麼巴塞爾 III LCR 季度環比增加是多少？我問這個問題的原因是上個季度，為 6,600 億印度盧比。我希望巴塞爾 III 零售存款季度將比去年同期增加，因為這個數字似乎與 8,500 億印度盧比有很大不同。可以分享一下這個號碼嗎？

I don't have it offhand, we'll look at it and share, but Suresh, just to say that the Basel classification is different, right? And there are different factors that apply in that classification. So there is no 1-for-1 mapping. The point I'm trying to say is that the retail, which is the branch-managed deposits that we have is not 1-for-1 retail definition as per Basel.

我沒有現成的，我們會看看並分享，但是Suresh，只是說巴塞爾分類是不同的，對吧？此分類適用不同的因素。所以不存在一對一的映射。我想說的一點是，零售，也就是我們擁有的分行管理存款，並不是巴塞爾定義的一對一零售定義。

Okay, fine. And last question is on the synergy itself, right? I mean, of course, these are very early days. We have seen pickup -- slight pickup in mortgage growth and also what your subsidiary reported numbers and apparently, the counter share has gone to 70% in your bank branches, HDFC Life. So just wanted to understand on the qualitative aspects, what are the things where you have already started seeing, not in terms of, as I said, quantifiable, but better traction. It could be anything like cross-selling of loans or products? Anything that you can give us would be great.

好的。最後一個問題是關於協同作用本身，對嗎？當然，我的意思是，現在還處於早期階段。我們已經看到了回升——抵押貸款增長略有回升，以及您的子公司報告的數字，顯然，您的銀行分行 HDFC Life 的櫃檯份額已達到 70%。所以只是想了解定性方面，你已經開始看到哪些事情，不是像我所說的可量化的，而是更好的牽引力。可能是貸款或產品的交叉銷售之類的東西？您能給我們的任何東西都很棒。

Suresh, we are focused on a few things, right? One, they are our subsidiaries, and we work very closely. And the engagement level has gone up significantly before the merger and certainly after the merger. And one is about the sales process itself, right, in terms of -- so customer comes in into a branch and works with an RM or an RM visits a customer for various sales processes.

蘇雷什，我們專注於幾件事，對吧？第一，他們是我們的子公司，我們合作非常密切。合併前以及合併後的參與度顯著提高。其中一個是關於銷售流程本身，對，就客戶進入分支機構並與客戶管理合作或客戶經理拜訪客戶進行各種銷售流程而言。

The sales support has significantly enhanced, right, in terms of making the product features and the product kind of dynamics much more articulative to the customers. So that is the process. And not only at the -- when you go into one of the metro regions, you will find that it is at a top notch. But the process has to be broad-based across the country, which is bigger very well. That's one, right, in terms of getting that. The second is also getting the -- closing it out from an immediate turnaround time point of view. That has also been a great deal of a focus to ensure that a customer doesn't need to wait to get the product consummated, you're able to turn around quite fast.

銷售支援得到了顯著增強，對吧，使產品功能和產品類型的動態對客戶來說更加清晰。這就是過程。不僅是在——當你進入其中一個都會區時，你會發現它是一流的。但這進程必須在全國範圍內廣泛開展，而且規模更大。就獲得這一點而言，這就是其中之一。第二個也是從立即週轉時間的角度來看將其關閉。這也是一個重點，以確保客戶不需要等待產品完成，您能夠很快週轉。

That gives enormous confidence to the RMs to pitch a product to a customer because you know that it gets -- the turnaround time is pretty soon, pretty fast, and the product will be in the hands of the customer that we could consummate. So there have been some of these qualitative or kind of a relationship process that is enhanced and it will pay results as we go along.

這給了客戶經理向客戶推銷產品的巨大信心，因為你知道它會得到——週轉時間非常快，非常快，並且產品將交到客戶手中，我們可以完成。因此，其中一些定性或某種類型的關係過程得到了增強，隨著我們的進展，它將帶來結果。

Next question is from the line of Abhishek from HSBC.

下一個問題來自匯豐銀行的 Abhishek。

So the first 1 is, can you just quantify the LCR now on a merged basis. And also how much of the HDFC Limited deposits were retail as per the LCR classification, if you can share that number, it will be useful.

所以第一個是，你現在可以在合併的基礎上量化 LCR 嗎？另外，根據 LCR 分類，HDFC Limited 存款中有多少是零售的，如果您可以分享該數字，它將很有用。

I did give out, the LCR was at an average 121% after absorbing the ICRR for most of the quarter. Your second aspect of the question was to do with the retail component?

我確實給出了，在吸收本季大部分時間的 ICRR 後，LCR 平均為 121%。您問題的第二個面向與零售部分有關？

Of the HDFC Limited deposits that came in?

HDFC Limited 的存款有多少？

I think the retail component was slightly above 2/3, it's merged into the total organization, there is no particular special tracking that we look at as -- this is HDFC Limited, and this is HDFC Bank kind of thing, it's all part of one.

我認為零售部分略高於 2/3，它已合併到整個組織中，我們認為沒有特別特殊的跟踪 - 這是 HDFC Limited，這是 HDFC Bank 之類的東西，它都是一。

Got it. And in terms of conversion of HDFC Limited loans from the current PLR to repo-linked, what percentage has been done? And yes, what's the progress on that?

知道了。就 HDFC Limited 貸款從目前 PLR 轉換為回購掛鉤而言，已經完成了多少百分比？是的，這方面的進展如何？

Abhishek, all of that has done -- has been done, right? And it's available for the customers who are in the bank -- already a bank customer could view it in the system on the screen when you log in, you can see -- but yes, it has been done.

Abhishek，所有這些都已經完成了，對吧？它可供銀行的客戶使用——當你登入時，銀行客戶已經可以在螢幕上的系統中查看它，你可以看到——但是，是的，它已經完成了。

I think we had a December deadline for it, right? So we should be -- like the entire book would be on repo now or by December anyway, it would be on repo, the most of it?

我想我們有十二月的最後期限，對吧？所以我們應該 - 就像整本書現在或 12 月之前都會在回購上一樣，大部分都會在回購上？

Well, no, it is -- the December deadline is for various customer communication and customer assertion and so on and so forth, which we are working through various alternatives to accomplish.

嗯，不，是的——12 月的最後期限是各種客戶溝通和客戶主張等等，我們正在透過各種替代方案來完成這些任務。

(Operator Instructions) The next question is from the line of Rajiv Pathak from GeeCee Holdings.

（操作員說明）下一個問題來自 GeeCee Holdings 的 Rajiv Pathak。

So I think in the opening remarks, you alluded to like a 25 bps hit on the margins because of the ICRR and the excess liquidity. So you would have taken approximately say INR 1,900 crores a quarter of this hit. So now this will, from next quarter start getting normalized, right? So next quarter, we should be tracking a median of 3.85% and then maybe inch up to 4% over the next 3, 4 quarters? And on the loan growth, do you think a 4.5%, 5% quarterly run rate is possible going forward?

因此，我認為您在開場白中提到，由於 ICRR 和流動性過剩，利潤率受到了 25 個基點的打擊。因此，您將獲得大約 190 億印度盧比這一點擊量的四分之一。那麼，從下個季度開始，這將開始正常化，對嗎？那麼下個季度，我們的中位數應該為 3.85%，然後在接下來的 3、4 個季度中可能會上升到 4%？關於貸款成長，您認為未來季度營運率可能達到 4.5%、5% 嗎？

Yes. Rajiv, we don't give forward-looking guidance in terms of what we will grow, but we can point to past and give the kind of how we have done and how we are capacitized to repeat what we have done. But in terms of the margin that you talked about, we did allude to that there is an impact due to the merger management and thereby, funding certain liquidity requirement to transition and come and it has been debt funded. And so it's not a short-term debt funded to enter and exit. And so that's -- it will take some time. And even Sashi alluded to that in terms of how we grow into it in the form of better mix, higher yielding retail products to grow. And I also mentioned about that and which is how we will approach to get that.

是的。拉吉夫，我們不會就我們的發展方向提供前瞻性指導，但我們可以回顧過去，並介紹我們的做法以及我們如何有能力重複我們所做的事情。但就您談到的保證金而言，我們確實提到，合併管理會產生影響，從而為過渡和到來的某些流動性要求提供資金，並且它已經通過債務融資。因此，這不是為進入和退出提供資金的短期債務。所以這需要一些時間。甚至 Sashi 也提到了我們如何以更好的組合、更高收益的零售產品的形式成長。我也提到了這一點，以及我們將如何實現這一目標。

Next question is from the line of Saurabh Kumar from JPMorgan.

下一個問題來自摩根大通的 Saurabh Kumar。

Sir, just on this LCR. So the excess liquidity that you...

先生，就在這個 LCR 上。所以你的流動性過剩...

I'm sorry to interrupt you, your voice is not coming clear.

很抱歉打擾您，您的聲音不清楚。

Is this better now?

現在好些了嗎？

No, it's still the same. Can you please speak a little louder?

不，還是一樣。你能說大聲一點嗎？

Yes, sir. So the excess liquidity that you're referring to sir, this will be the difference between LCR and organized...

是的先生。因此，先生，您所指的流動性過剩，這將是 LCR 和有組織的之間的區別...

I'm sorry, we again lost your audio.

抱歉，我們再次丟失了您的音訊。

Will that be the excess liquidity you will referring to?

這就是您所說的流動性過剩嗎？

Saurabh, we lost you, man. If you come back again, we'll hear you.

索拉布，我們失去了你，老兄。如果你再回來，我們會聽到你的聲音。

The next question is from the line of Piran Engineer from CLSA.

下一個問題來自 CLSA 的 Piran 工程師。

Sir, firstly, could you quantify what your SLR ratios as of quarter end?

先生，首先，您能否量化一下截至季度末您的 SLR 比率是多少？

No, we don't say what it is, but we can tell you we carry more than what is required. So that is a mandatory SLR is 18%. We carry more than that. That's part of the -- that's not something that we talk about.

不，我們沒有透露它是什麼，但我們可以告訴您我們攜帶的數量超出了所需的數量。所以說強制單眼就是18%。我們攜帶的還不只這些。這是我們不談論的事情的一部分。

Okay. Okay. Fair enough. And sir, just secondly, on the branch opening. Just wanted to understand, last 2 quarters have been a bit weaker than expected. Why is it that branch opening is always back-ended?

好的。好的。很公平。先生，第二，在分行開業時。只是想了解一下，過去兩季的表現比預期弱一些。為什麼開分店總是後端？

Very, very important and good. See, what happens in the branch process. So it's very important -- you asked a very important thing, right, for opening up a branch, there are a few things that go into it. One is our marketing team. Second is our credit analytics team scans the geography in the country to determine our presence and certain other banks presence in the vicinity and maps it with the potential, potential not just of deposits, but potential of even advances. There's a third, marketing looks at what is our market share. That means if you look at our distribution market share is about 4.5%, which means our branches are 4.5% of country's branches close to getting to be -- close to 5%, but still 4.5% of countries branches. And our deposit market share is slightly above 10%.

非常非常重要而且很好。看看分支進程中發生了什麼事。所以這非常重要——你問了一件非常重要的事情，對吧，為了開設一個分支機構，有一些事情要涉及。一是我們的行銷團隊。其次，我們的信用分析團隊掃描該國的地理位置，以確定我們的存在以及附近某些其他銀行的存在，並將其與潛力進行映射，不僅是存款的潛力，甚至是預付款的潛力。第三個，行銷著眼於我們的市場佔有率。這意味著，如果你看看我們的分銷市場份額約為4.5%，這意味著我們的分支機構佔國家/地區分支機構的4.5%，接近5%，但仍佔國家/地區分支機構的4.5% 。我們的存款市佔率略高於10%。

So we have a 2x of distribution to deposit market share. So we look at see where we are more, where we are less and what is the vicinity of the catchment area where we can get the deposit concentration into our bank. So this analysis is done. And then there are 2 other constituents that enter at this stage. One is our infrastructure team that tries to scout around to see, is there a property available? Our credit analytics both from a liability and asset analytics have given something. Our marketing is proposing a particular location to go for it, our infrastructure team will come and say whether they can get it or not get it. Because that's the availability space, which is the biggest constraint. So I'm able to articulate that it is not about we know where we want to open the branches. It is the right kind of property of the branch space, that is availability, that is a constraint.

因此，我們有 2 倍的分配來存入市場份額。因此，我們會看看哪裡我們的存款較多，哪裡的存款較少，以及我們可以將存款集中到我們銀行的服務區域附近。那麼這個分析就完成了。然後還有另外 2 個成分進入此階段。其中之一是我們的基礎設施團隊，他們試圖四處尋找是否有可用的房產？我們對負債和資產的信用分析都給了一些東西。我們的行銷正在提議一個特定的位置，我們的基礎設施團隊會過來告訴他們是否可以得到它。因為這就是可用空間，這是最大的限制。因此，我可以明確表示，這與我們知道在哪裡開設分公司無關。這是分支空間的正確屬性，即可用性，即約束。

Now once that is done enters our legal to ensure that the landlord who is leasing the property to us has got the title and it's appropriately there so that we keep up our image that it's a property that somebody is appropriately owning and we are able to lease it. So these are several of these that go in. And when we go through this process and get there, it gets to bunch up in the second half and the first half. That's what we have seen over the last 2 years that we have seen, too, right? As much as we would like it to be even through the year, there are other constraints of availability, and that makes it tough for us to get there.

現在，一旦完成，就進入我們的法律程序，以確保將房產出租給我們的房東擁有所有權並且該產權適當存在，以便我們保持我們的形象，即這是某人適當擁有的房產並且我們能夠租賃它。所以這些都是其中的幾個。當我們經歷這個過程並到達那裡時，它會在下半場和上半場聚集在一起。這也是我們過去兩年所看到的，對嗎？儘管我們希望全年都能如此，但可用性還有其他限制，這使得我們很難實現這一目標。

And this is a machine, as you know, that's right, it's opening not 100, 200, it's a machine that needs to run and so when we are opening 500 branches in a quarter, the preparation and the legwork for that is a pretty long lead into getting there.

這是一台機器，正如你所知，沒錯，它開的不是100、200 個，它是一台需要運行的機器，所以當我們在一個季度內開設500 個分支機構時，準備工作和跑腿工作是相當長的導致到達那裡。

Okay. Just lastly, in terms of personal loans last couple of quarters, especially this quarter has been a slowdown. Just wanted to understand how much of it is deliberate versus market-led competition?

好的。最後，就個人貸款而言，過去幾個季度，尤其是本季一直在放緩。只是想了解其中有多少是故意的，而不是市場主導的競爭？

Yes. I believe the market is quite good and underpenetrated. We have enormous, I think, the preapproved base, and we published that in the May month also where our preapproved personal loan base is pretty high. And the demand is quite good. So no question about that. In terms of the growth rate, we have about 15%, 15.5% year-on-year growth rate. We expect that -- yes, it has been in the -- sometimes it's been in the 20s, sometimes it has been in the high teens. But in the recent times, it has been in that 15%, 16% range. But we are confident that this is a strategic growth area for us. And the more customers we bring in and more they go through the seasoning process and monitoring process, we get the canvas even more opened up for an opportunity on personal loan.

是的。我相信市場相當好，但滲透率較低。我認為，我們有巨大的預先批准的基礎，我們在五月發布了這一數據，我們的預先批准的個人貸款基礎也相當高。而且需求還是相當不錯的。所以毫無疑問。從增速來看，我們大概有15%左右，年增速是15.5%。我們預計 - 是的，它一直在 - 有時是在 20 多歲，有時是在十幾歲。但最近一段時間，一直在15%、16%的範圍內。但我們相信，這對我們來說是一個策略成長領域。我們引入的客戶越多，他們經歷的調味過程和監控過程越多，我們就越有機會獲得個人貸款。

Next question is from the line of Manish Shukla from Axis Capital.

下一個問題來自 Axis Capital 的 Manish Shukla。

Srini, you acquired about INR 6.35 lakh crores of liabilities from HDFC Limited. What would be the average cost of those liabilities?

Srini，您從 HDFC Limited 獲得了約 63.5 億印度盧比的負債。這些負債的平均成本是多少？

That includes the borrowing you're talking about, right?

這包括你所說的借款，對嗎？

Yes, borrowings plus deposits, it was INR 6.35 lakh crores.

是的，借款加上存款，為 63.5 億印度盧比。

Manish, I will direct you to what we have published, right? The cost of funds is up by about 80 basis points at an aggregate level. Most of that is driven through the incoming, you'll be able to see that, right? You'll be able to deduce and work it out. We have published the cost of funds at an aggregate level.

Manish，我會引導您查看我們已發布的內容，對吧？資金成本整體上升約80個基點。其中大部分是透過傳入驅動的，您將能夠看到這一點，對嗎？你將能夠推斷並解決它。我們公佈了整體資金成本。

Understood. And of these liabilities, roughly, if you can give an approximation of the maturity over either the next 6 months or 12 months, if you have it? What proportion of these liabilities will mature?

明白了。對於這些負債，如果您有的話，您能否大致給出未來 6 個月或 12 個月內的到期期限？這些負債的到期比例是多少？

That also, I think HDFC Limited has published as of May or June.

我認為 HDFC Limited 已於 5 月或 6 月發布。

As of March.

截至三月。

Team can point you to the right place where it is.

團隊可以為您指明正確的位置。

No, no, we have it as of March, but during June quarter, they added a significant amount of liabilities, which is why I wanted to know as of June. We have it as of March.

不，不，我們有截至 3 月的數據，但在 6 月季度，他們增加了大量負債，這就是為什麼我想知道截至 6 月的情況。截至三月，我們已經有了。

They are longer term, Manish.

它們是長期的，曼尼什。

Thank you very much. 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.

非常感謝。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. Thank you, Nirav. We appreciate all the participants dialing in today and spending time with us. We are available through the week or through the next week, whenever you all need any other clarifications we can provide, we'd be happy to do. You know the contact of our Investor Relations team, Bhavin Lakhpatwala or others. Please stay in touch and get to us whenever you need. Thank you. Bye-bye.

好的。謝謝。謝謝你，尼拉夫。我們感謝所有今天撥打電話並與我們共度時光的參與者。我們將在本週或下週為您服務，只要您需要我們提供的任何其他說明，我們將很樂意為您服務。您知道我們投資者關係團隊 Bhavin Lakhpatwala 或其他人的聯絡方式。請保持聯繫並在需要時與我們聯繫。謝謝。再見。

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

非常感謝。我謹代表 HDFC Bank Limited 結束本次會議。感謝您加入我們。現在您可以斷開線路。謝謝。