HDFC Bank Ltd (HDB) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q1 FY25 earnings conference call on the financial results presented by the management of HDFC Bank. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 HDFC Bank Limited 2025 財年第一季度收益電話會議，會議內容是 HDFC Bank 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。

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

我現在將會議交給 HDFC 銀行財務長 Srinivasan Vaidyanathan 先生。謝謝你，祝你好運。

Okay, thank you (inaudible). Good evening and a warm welcome to all the participants. We have Shashi Jagadishan, our MD and CEO with us today. Without much ado, I'll hand it off to him to get meeting started, and then we'll take it from there. Shashi, over to you, please.

好的，謝謝（聽不清楚）。晚上好，對所有與會者表示熱烈歡迎。今天我們的董事總經理兼執行長 Shashi Jagadishan 也和我們在一起。話不多說，我會將會議交給他，讓他開始會議，然後我們就從那裡開始。沙希，請交給你。

Thank you, Srini and good evening to all of you. Yes, sort of engaging with you all after a quarter, just wanted to recap some of the guidance that we have been giving in the past couple of quarters. One of the things that we have been mentioning is that we would like to desist from providing any guidance of any form, as it is providing distraction from our long-term objective.

謝謝你，斯里尼，祝大家晚上好。是的，在一個季度後與大家進行交流，只是想回顧一下我們在過去幾季中提供的一些指導。我們一直提到的一件事是，我們希望停止提供任何形式的指導，因為它會分散我們對長期目標的注意力。

So we would like to stay focus. This is a period of transition, post merger, and stay focus and ensure stability of some of the key metrics and achieve some of the objectives in the medium to long term. I know that the most important part of our strategy is deposits and are we happy with the kind of numbers that have been that has come about? Not really.

所以我們希望保持專注。這是合併後的過渡期，需要保持重點並確保一些關鍵指標的穩定性並實現一些中長期目標。我知道我們策略中最重要的部分是存款，我們對已經出現的數字感到滿意嗎？並不真地。

It has fallen short of our expectations. But frankly, if you see this, this is not something new. There is a seasonality in the system and the bank has been tracking this seasonality being a large player in the system. Our net accretion to deposits normally is in the range that is similar to what is there in the system. But this time around, obviously, we were a little bit surprised on the period end numbers because of some unexpected flows in the current accounts, which is more than what we had anticipated.

它沒有達到我們的預期。但坦白說，如果你看到這一點，這並不是什麼新鮮事。該系統存在季節性，而銀行作為系統中的重要參與者，一直在追蹤這種季節性。我們的存款淨成長通常與系統中的淨成長範圍相似。但這一次，顯然，我們對期末數據感到有點驚訝，因為經常帳出現了一些意外的流量，超出了我們的預期。

Of course, I would like to recap to all of you all that we did sort of give you a heads up during the earnings call out of the fourth quarter, that we did sort of see lot more unanticipated transitory flows in the current account, if you recall, and that is what has gone out. So combination of this larger outflow because, we do have relatively higher share of the market in current account.

當然，我想向大家回顧一下我們在第四季度的財報電話會議期間所做的一切，我們確實在經常賬戶中看到了更多意想不到的暫時性流動，如果你記得，那就是已經出去的事情了。因此，結合這種較大的流出，因為我們在經常帳戶中確實擁有相對較高的市場份額。

And so as the balance sheet has been growing, the velocity of inflows and outflows have also been increasing in current accounts, which is the nature of the beast because, for us high economic activity in the current accounts is a sign of good is how we will achieve more larger transactional balances in the current account balances, but on a period end, you will see this kind of a high velocity.

因此，隨著資產負債表不斷增長，經常帳的流入和流出速度也在不斷增加，這就是野獸的本質，因為對我們來說，經常帳中的高經濟活動是一個好的標誌，我們如何將在經常帳餘額中實現更大的交易餘額，但在期末，您會看到這種高週轉率。

So a combination of outflows in current accounts and a combination of of these $160 billion or sorry, not dollar INR160 billion of an (inaudible) HDFC non-retail deposits, which randown has given us a very, kept it kind of a net accretion on a period end basis.

因此，經常帳戶的流出以及這 1600 億美元的組合，或者抱歉，不是 1600 億印度盧比（聽不清楚）HDFC 非零售存款的組合，該存款給了我們一個非常，保持了淨增長期末基準。

Now, if you've noticed, you may be surprised that we have started to even disclose in one of the decks, in our investor decks, which probably you may have access to on average deposits as well. You may be wondering why have we done that?

現在，如果您注意到了，您可能會感到驚訝，我們甚至開始在其中一個套牌中披露，在我們的投資者套牌中，您可能也可以訪問平均存款。您可能想知道我們為什麼要這樣做？

And let me be honest as to why we have done, it's not something to tell you that, okay, this is not, so the period end is not good. So the try and show something which is very good, not really. I think, you know, this is messaging, not just for the investor fraternity, but also to my people at large because, we've realized that, the, we want our ground level teams in our large distribution footprint to focus on basics at the ground level on a day-to-day basis.

老實說，我們這樣做的原因並不是要告訴你，好吧，這不是，所以期末不好。所以嘗試展示一些非常好的東西，但不是真的。我認為，你知道，這不僅是向投資者兄弟會傳達的訊息，也是向我的廣大員工傳達的訊息，因為我們已經意識到，我們希望我們龐大的分銷足跡中的基層團隊能夠專注於基礎知識每天的地面水平。

Focusing on certain period end numbers is leading to some unintended performance related pressures, which we want to avoid. And that is the reason why we want to converge the align or [convergence align] or internal and external metrics, so that there is no unintended pressures that builds up in the ecosystem.

關注某些期末數據會導致一些意想不到的績效相關壓力，這是我們希望避免的。這就是為什麼我們想要聚合對齊或[聚合對齊]或內部和外部指標，以便生態系統中不會產生意外的壓力。

If you have you seen the numbers and once you digest the average numbers on a quarterly basis, which we have given from Q1of FY22 to Q1 of FY25, that will give you a reasonable amount of comfort that there is a steady build up, secular trend, upward trend in the momentum, of course, there is some seasonality in some of the quarters, but that's fine.

如果您看過這些數字，一旦您消化了我們從 2022 財年第一季到 2025 財年第一季的季度平均數字，您就會感到相當安慰，因為存在穩定增長的長期趨勢，上漲的勢頭，當然，有些季度有一些季節性，但沒關係。

But largely the secular trend is visible and that's what we want to focus on. So, much as all of us are used to looking at the period numbers, I think looking at a longer trend on the averages seems to suggest that the resiliency of the organization is in track and continue to be so even in the future.

但在很大程度上，長期趨勢是可見的，這就是我們想要關注的。因此，儘管我們所有人都習慣於查看周期數據，但我認為，查看平均數的長期趨勢似乎表明，組織的彈性已步入正軌，並且即使在未來也將繼續如此。

On the, I have mentioned in the annual report recently, which is released to the world at large that we will be growing slower in our advances as against our deposit growth. This is not something new. If you have seen our track record over a long period of time, this is something that has been there.

關於這一點，我在最近向全世界發布的年度報告中提到，與存款成長相比，我們的預付款成長將放緩。這不是什麼新鮮事。如果您看過我們很長一段時間的業績記錄，您會發現這是一直存在的。

Probably in the last couple of external forums or the public forums that we have come on. We did sort of a firm that our focus is going to be on profitable growth, and not just on growth. And yes, in the bargain, it is in our interest to bring down the loan deposit ratios much faster than what one would have anticipated. It is in our interest and I'll explain that to you probably when one of you ask questions.

可能是在我們最近參加的幾個外部論壇或公共論壇。我們做了一家公司，我們的重點是獲利成長，而不僅僅是成長。是的，在討價還價中，以比人們預期更快的速度降低貸存比符合我們的利益。這符合我們的利益，當你們中有人提出問題時，我可能會向你們解釋這一點。

If you see the track record right from the time we merged on 1 July 2023, there was a starting pro forma financials, the day one financially, there's one cause it and probably this is also there and visible to each one of you in a investor deck.

如果您查看我們2023 年7 月1 日合併以來的業績記錄，您會看到一份起始的預計財務數據，第一天的財務數據，有一個原因，可能這也在那裡，並且對每個投資人來說都是可見的甲板。

If you look at some of the key metrics, whether it's the NIMS, whether it is the CASA ratios, whether it is the cost to income, whether it's the GNPA, from that starting point to 30 June 2025, it's been range-bound rather stable and range-bound.

如果你看一些關鍵指標，無論是 NIMS，無論是 CASA 比率，無論是收入成本，無論是 GNPA，從這個起點到 2025 年 6 月 30 日，它一直處於區間範圍內，而不是穩定且受區間限制。

For example, the NIMS have been in the range of 3.4% to 3.5% with the increase in bias. The CASA ratio has been in the range of 36% to 38%. The cost to income has been in the range of 40% to 41% with a decreasing bias. The GNPA has been in the range of 1.2% to 1.4%, and if you exclude the seasonality of agri, in fact, it's been properly on a declining trend and the ROEs have been in the region of 1.9% to 2.1%. And as you know, it may be, this is not a new number, new metric that we have encountered. We have seen for a long period of time this number of 1.9% in the pre-merger levels as well.

例如，隨著偏差的增加，NIMS 一直在 3.4% 至 3.5% 的範圍內。 CASA比率一直在36%至38%之間。收入成本一直在 40% 至 41% 之間，且呈下降趨勢。國民生產毛額一直在1.2%到1.4%之間，如果排除農業的季節性，事實上，它一直處於下降趨勢，而淨資產收益率一直在1.9%到2.1%之間。如你所知，這可能不是我們遇到的新數字、新指標。很長一段時間以來，我們在合併前的水平上也看到了 1.9% 的數字。

So what does it mean? The fact that we have maintained stability means that the inherent resilience of both the organizations is intact. So it's a period, despite the kind of changed environment in terms of liquidity, in terms of competitive intensity, in terms of the, our so-called urge to slow down our loan, so that we can get down the CD ratio of the loan deposit ratio faster than what we had anticipated.

那麼這意味著什麼呢？我們保持穩定這一事實意味著兩個組織的固有彈性都完好無損。因此，在這個時期，儘管流動性、競爭強度、所謂放慢貸款速度的環境發生了變化，這樣我們就可以降低貸款的定期存款比率存款比率比我們預期的要快。

Despite that, I think we are maintaining stability in some of the key metrics. Having that, that's something that I just wanted to reiterate and want you to sort of appreciate. I guess these were some of the things that we wanted to mention as a top of the mind, recall.

儘管如此，我認為我們在一些關鍵指標上保持了穩定性。話雖如此，我只是想重申這一點，並希望你們能夠欣賞。我想這些都是我們最想提到的一些事情，回想一下。

I think I would be happy to sort of take questions from any one of you. Over to you.

我想我很樂意回答你們任何人的問題。交給你了。

Okay, thank you, Shahsi for the opening remarks. (inaudible) with that we can open it up for questions. I do want to draw all the participants attention that if you do need to refer to a deck, I think it's on the website. You can refer to it if you need to at anytime. (inaudible) we can please prepare the queue and open it up for questions.

好的，謝謝 Shahsi 的開場白。 （聽不清楚）這樣我們就可以打開它來提問。我確實想提請所有參與者註意，如果您確實需要參考套牌，我認為它在網站上。有需要的可以隨時參考。 （聽不清楚）我們可以準備隊列並開放提問。

Thank you very much. We will now begin the question and answer session. (Operator Instructions)

非常感謝。我們現在開始問答環節。 （操作員說明）

Mahrukh Adajania, Nuama Wealth Management.

Mahrukh Adajania，努阿馬財富管理公司。

Yes, hi. Shashi, my first question is on LDR. So when you say, you wanted to possibly LDRs could come down faster than anticipated. All the large private banks, of course, one is at above 90%, but most of them are on an average of 83% to 87%.

是的，嗨。 Shashi，我的第一個問題是關於LDR的。因此，當您說，您希望 LDR 的下降速度可能比預期更快。所有的大型私人銀行，當然有一家在90%以上，但大多數平均在83%到87%。

So is that kind of an LDR you are hinting at and over what time frame, because, that really sets things are very clear, right? in terms of what loan growth to anticipate, and also in terms of loan growth, right now if you see other than CVs, most of retail and most other segments have go grown below 2% Q-o-Q. I do understand the first quarter seasonality, but if you wish to have focus on profitability over growth and growth remains kind of weakish relative to your historical trends?

那麼，您所暗示的 LDR 是這樣的嗎？就預期的貸款成長而言，就貸款成長而言，現在如果你看到履歷以外的其他領域，大多數零售業和大多數其他領域的環比成長都低於 2%。我確實了解第一季的季節性，但如果您希望專注於盈利能力而不是增長，並且增長相對於您的歷史趨勢仍然較弱？

Would it be very easy to then regain market share, once you think your balance sheet has course-corrected, right? Because, you're possibly giving up share. You can do much better on growth, but obviously, we know the constraints on deposit. So that's my question on HDFC Bank and if you could explain the high provisioning on [HDFC] financials as well.

一旦你認為你的資產負債表已經修正，那麼重新獲得市場份額會很容易嗎？因為，你可能會放棄份額。你可以在成長方面做得更好，但顯然，我們知道存款的限制。這就是我關於 HDFC 銀行的問題，您能否解釋一下 [HDFC] 財務狀況的高撥備金。

Okay. Thank you, Mahrukh. Number one, is we don't have, rather if at all, you're expecting that is there a prescription from anybody, including the regulator, whether there is a prescription for a loan deposit ratio. Not at all.

好的。謝謝你，馬魯克。第一，我們沒有，或者說，如果有的話，你期望任何人，包括監管機構，是否有規定貸款存款比率。一點也不。

As I mentioned, it is in our interest to have a glide path. True, you're absolutely right. It's theoretically, I would love to do this in one year, but is it feasible? Is it practical when you have an objective of profitable growth?

正如我所提到的，擁有一條下滑路徑符合我們的利益。確實，你說得完全正確。從理論上講，我很想在一年內做到這一點，但這可行嗎？當您的目標是獲利成長時，這可行嗎？

Absolutely. You're absolutely right that it's not something that I can do where I can just drop it in one go. And then done with this, et cetera. It's not practical.

絕對地。你說得對，這不是我可以一次放棄的事情。然後完成這個，等等。這不實用。

And let's go segment by segment. We have a machinery. We have to, there is a lot of buoyancy there, whether you know, this much better that funding or providing financing or loans to customers, whether it's the retail segment, whether it is the MSME segment, whether it is the corporate segment is actually a feeder for us in terms of the primary banking and hence liabilities as well.

讓我們逐段討論。我們有一台機器。我們必須這樣做，那裡有很大的活力，無論你知道嗎，這比向客戶提供資金或提供融資或貸款要好得多，無論是零售部門，無論是中小微企業部門，無論是企業部門實際上都是就主要銀行業務和負債而言，它是我們的支線。

So, you know, there is an optimal level that you can work with. You cannot drop the level. So therefore, we have to, this is a place that we have to manage very gingerly. There is the realityis, there is a tight liquidity environment, there is, as I mentioned to you and if you really look at the averages, the OP period numbers are not a reflection of what is the underlying resiliency.

所以，你知道，有一個可以使用的最佳水平。你不能降低等級。因此，我們必須，這是一個我們必須非常謹慎地管理的地方。現實是，流動性環境緊張，正如我向您提到的，如果您真正查看平均值，OP 期間的數字並不能反映潛在的彈性。

In fact of deposits, in reality, the deposit momentum when you look at it, maybe at some point in time, Srini will explain. The gross inflows across multiple products and deposits have actually been increasing. It's a very healthy trend. And as I mentioned to you, one of the things that we do not have some of the controls is the velocity of the flows in the current accounts and which is what has creates this kind of a little bit of what, it's unsettles you with ounces and answers in terms of and number on a particular date.

事實上，在存款方面，實際上，當你看到存款動量時，也許在某個時間點，斯里尼會解釋。多種產品和存款的總流入實際上一直在增加。這是一個非常健康的趨勢。正如我向你提到的，我們沒有控制的事情之一是經常帳戶中的流動速度，這就是造成這種情況的原因，它讓你對盎司感到不安以及特定日期的答案和數量。

It has never happened before. Of course, there may be some instances where it has happened for. But, so all of you rightfully so are seeing a little bit of a disappointment there. But when you look at the averages, which I'm sure you will compute, it's rather pretty steady over longest period of time.

以前從未發生過這種情況。當然，在某些情況下可能會發生這種情況。但是，所以你們所有人都理所當然地看到了一點失望。但是當你查看平均值時（我相信你會計算出平均值），它在最長的一段時間內相當穩定。

So it's not that and even on the advances side, the what has happened in quarter one is not a reflection of what we planned to. This is kind of an adjustment this happened. It's a matter of time that you would see in the next three quarters what we do.

所以事實並非如此，即使在進展方面，第一季發生的事情也沒有反映我們的計劃。這是一種調整。您遲早會在接下來的三個季度看到我們所做的事情。

We will be, our relationship since you spoke about market share, you spoke about relationships. We are very clear. We have one of the best relationships in the corporate side, even though you are seeing a little bit of a negative growth in the (inaudible). We have high amounts of already great penetration levels to the best set of corporates in the country.

我們將是，我們的關係，因為你談到了市場份額，你談到了關係。我們很清楚。我們在公司方面擁有最好的關係之一，儘管您看到（聽不清楚）有一點負增長。我們對國內最好的企業集團擁有大量已經很高的滲透水準。

What we are losing is transactional business consciously because, it's not meeting our pricing thresholds. We are all right to do so because, we maybe this is the best time for us to adjust our mix, which is what you are seeing a bit of a flavor in this particular quarter. We want to continue this kind of a mix change over a longer period of time.

我們有意識地失去的是交易業務，因為它沒有達到我們的定價門檻。我們這樣做是正確的，因為我們也許現在是我們調整組合的最佳時機，這就是您在這個特定季度看到的一些味道。我們希望在更長的時間內繼續這種混合變化。

Of course, it cannot be forever, there will be, during this period of adjustment, we may have to do it for some time before it sort of normalizes. But having said that, I don't have a specific number because, then you know, it will sort of bring in a fair amount of pressure on the system. We have an internal benchmarks for ourselves as to what we need to do.

當然，不可能是永遠的，會有的，在這個調整期間，我們可能要再做一段時間，然後才會有點正常化。但話雖如此，我沒有具體的數字，因為你知道，這會對系統造成相當大的壓力。我們對自己需要做什麼有一個內部基準。

As I said, neither have we received any regulatory prescription, but at the same time, the thought processes can we to the best of our abilities, try and get this done as quickly as possible with and still maintain the objective of a profitable growth. So all I can say is, that it's best that you see what we do in the next three or four quarters.

正如我所說，我們也沒有收到任何監管處方，但與此同時，我們的思維過程可以盡我們最大的能力，嘗試盡快完成這項工作，並仍然保持盈利增長的目標。所以我只能說，你最好看看我們在接下來的三到四個季度會做什麼。

And yes, when I relate this number than what we are planning, I am relating into what we were probably thinking of at the time of announcement of the merger. Obviously, things have changed. And we realize that maybe, as you alluded to a lot of other, there's been literature, which has been spelt out in the monetary policy literature on a credit deposit ratio.

是的，當我將這個數字與我們計劃的數字聯繫起來時，我正在聯繫我們在宣布合併時可能想到的事情。顯然，事情已經改變了。我們意識到，也許正如您提到的許多其他文獻一樣，貨幣政策文獻中已經詳細闡述了關於信貸存款比率的文獻。

So we are very cognizant of the risks that are there in the system and instead of being notched on that, we want to do it ourselves because, it makes the most economic sense to bring it as quickly as possible.

因此，我們非常清楚系統中存在的風險，我們不想因此受到影響，而是想自己做，因為盡快實現這一點最具經濟意義。

The only two more things that you alluded to that I can describe is that the activity at this various distribution points. We did add 2.2 million new customer relationships in the quarter. So last quarter was very similar. So from that sense, the pace at which the ground teams are operating is quite strong. So we do get the new account value. It is those existing customers or the transactional balances in the current account that I've seen that flow.

您提到的我可以描述的唯一兩件事是各個分發點的活動。本季我們確實增加了 220 萬個新客戶關係。所以上個季度非常相似。所以從這個意義上來說，地面團隊的行動速度相當強勁。這樣我們就得到了新的帳戶價值。我看到的是那些現有客戶或經常帳戶中的交易餘額。

Now coming to the other aspect that Shashi alluded to on in terms of the inflows, we measure inflows monthly to see what are the credits coming into various customers' accounts at individual aggregate branch level and so on.

現在談到沙什提到的流入方面的另一個方面，我們每月測量流入，以了解在各個總分行級別進入各個客戶帳戶的信貸等等。

When we look at the inflows that come and compare those inflows that are coming to the similar time period last year. The monthly inflows are up over 20%. So we do see enormous traction happening in the account, which means the credit flows that are coming, cash that is coming in, given when you say, cash, I mean funds that are coming in is of a good order.

當我們查看流入量並比較去年同期的流入量。每月流入量增加超過20%。因此，我們確實看到帳戶中出現了巨大的牽引力，這意味著即將到來的信貸流動、正在流入的現金，當你說現金時，我的意思是流入的資金秩序良好。

It gets deployed in various means. But again, this is across Current Account Savings Account, across all of these and the salary. When you say savings that include, the salary account that we have is gaining good traction from an inflows that come at aggregate level.

它以各種方式部署。但同樣，這是跨越經常帳戶儲蓄帳戶，跨越所有這些和工資。當你說儲蓄包括時，我們擁有的薪資帳戶正在從總體水平的流入中獲得良好的牽引力。

Thank you.

謝謝。

And then one other point you had was about the HDBIPO. I do want to say HDB credit cost. Okay. HDB credit cost, the GNPA ratio remained flat at 1.9%. The Stage three is remained flat. The credit costs have been higher because, seasonally, again, various reasons you can attribute to various reaching ability during this quarter has been hampered up due to, they are far more distributed into the Interland's than we are.

您提出的另一點是關於 HDBIPO 的。我確實想說HDB信貸成本。好的。 HDB 信貸成本、國民生產毛額比率維持在 1.9% 不變。第三賽段保持平穩。信貸成本之所以更高，是因為從季節性角度來看，本季的各種到達能力受到了阻礙，因為它們比我們更多地分佈在 Interland 中。

The heatwave issues and the electoral preoccupation at various list. So there is a seasonality that was there. So the early flows have caused that in the provisions to be higher, but the NPAs remain stable. So the sort of flow into that NPA bucket is limited, but early, they have to do more on that. That's where.

各種清單中的熱浪議題和選舉關注點。所以存在季節性。因此，早期的資金流動導致撥備中的金額較高，但不良資產保持穩定。因此，流入 NPA 桶的資金是有限的，但在早期，他們必須在這方面做更多的事情。就是在那裡。

Okay. Thanks a lot, thank you.

好的。非常感謝，謝謝。

Chintan Joshi, Autonomous.

Chintan Joshi，自治。

Hello, hi. Can you hear me?

你好。你聽得到我嗎？

Yes, Chintan, go ahead.

是的，金坦，繼續吧。

Yes. Thank you. So if I can start off with the deposit market share question. It's a historically, you've done about 18%, 19% you know, if I look at the last five, six, five, six years. Last year was about 12%, if my numbers are correct and it's a much more healthier banking system, everybody is well capitalized on the front foot asset quality, risks are low.

是的。謝謝。那我可以從存款市佔率問題開始嗎？從歷史上看，你知道，如果我看看過去五年、六年、五年、六年，你已經做到了大約 18%、19%。去年約為 12%，如果我的數字正確的話，這是一個更健康的銀行體系，每個人都充分利用了前腳資產質量，風險很低。

In this environment, like would you hold yourself to taking a certain amount of incremental market share over the next two, three, four years. You know, do you think like that? And if you do then you know what can we expect in terms of market share? Because when we think about deposit growth, that clearly is a challenge for the system.

在這種環境下，您是否會堅持在未來兩年、三年、四年內佔據一定數量的增量市場份額。你知道嗎，你也這麼想嗎？如果您這樣做了，那麼您知道我們對市場份額的期望是什麼嗎？因為當我們考慮存款成長時，這顯然對系統來說是一個挑戰。

So, and of course, therefore, all the other banks, all the banks will face that constraint. But in terms of market share, would hope that HDFC can show that historical trend. So that would be one question and then I have one more.

因此，當然，所有其他銀行，所有銀行都將面臨這種限制。但就市佔率而言，希望HDFC能夠呈現歷史趨勢。這是一個問題，然後我還有一個問題。

Chintan on the market share, if you see that, yes, you are right, that if you look at us over the last three, four years, in 2020 March, we were more closer to 8%, slightly above 8%. In '24, slightly above 11%. So over a period of, say, three, four years, we have got a little more than 300 basis points out of which 50, 60 basis points came through the effect of the merger.

關於Chintan 的市場份額，如果你看到這一點，是的，你是對的，如果你看看我們過去三四年的情況，即2020 年3 月，我們更接近8%，略高於8% 。 24 年，略高於 11%。因此，在三、四年的時間裡，我們獲得了 300 多個基點，其中 50,60 個基點來自合併的影響。

Other than that, call it 50, 60 basis points a year is what we have added on a market share. I do want to mention that the opportunity space to gather the market share remains. I want to remind that our distribution market share, the distribution share that we have, that 6%, right? So we have a little, not exactly 2, maybe 1.8 times of distribution share is what we have from a value market share point of view.

除此之外，我們每年增加的市佔率是 50、60 個基點。我確實想提一下，聚集市場份額的機會空間仍然存在。我想提醒一下，我們的分銷市場份額，我們擁有的分銷份額，6%，對吧？因此，從價值市場份額的角度來看，我們擁有一點，不完全是 2 倍，也許 1.8 倍的分銷份額。

We do have about half of our offer for branches, which are more than 10-year vintages, which are having a market share, at least 20%, 30% more than our average. And then another half of the branches are lower vintages. That means in the last five years or so, which have market share far lower than the average. So with an opportunity space has been mature to come and gain.

我們確實有大約一半的分店報價，都是10年以上的年份，它們的市佔率至少比我們的平均高出20%、30%。另外一半的樹枝是較低年份的。這意味著在過去五年左右的時間裡，其市佔率遠低於平均水準。因此，機會空間已經成熟，可以來獲得。

Yes, our our objective of getting the distribution reach expanded and getting the customer onboarded is to work on getting this market share up and we are confident that that's the direction in which we have previously gone and the speed at which we are going now gives us the confidence that we are in this to get further deeper on the share.

是的，我們擴大分銷範圍和吸引客戶的目標是努力提高市場份額，我們相信這是我們之前的方向，而我們現在的速度給了我們我們對此有信心進一步深入分享。

And this applies across all of them from a time deposits to current accounts, we did, Shashi did did allude to current account how we got INR540 billion in March quarter and we did have a rundown of utilization of the customers of INR430 billion in the June quarter.

And this applies across all of them from a time deposits to current accounts, we did, Shashi did did allude to current account how we got INR540 billion in March quarter and we did have a rundown of utilization of the customers of INR430 billion in the June四分之一.

Despite all of that, we are the largest current account bank, right? We are the largest current account, current account constitutes currently 11% of our total deposit stack. In March, it was about 14%. So yes, it moves around that. Despite that we are the largest between the current account all the time deposit and so on.

儘管如此，我們仍然是最大的經常帳戶銀行，對吧？我們是最大的活期帳戶，目前活期帳戶占我們總存款的 11%。 3月份約14%。所以是的，它圍繞著這個移動。儘管我們最大的往來帳戶都是定期存款等等。

And, Chintan just to (inaudible), you mentioned that our incremental market share was around 12%. I think it's a bit higher and there's a different way to competed, but 12%doesn't seem to come to our max anyway.

而且，Chintan 剛剛（聽不清楚），您提到我們的增量市場佔有率約為 12%。我認為這個數字有點高，而且有不同的競爭方式，但 12% 似乎還沒有達到我們的最大值。

Understood. I was looking at the flows, but we can talk about that offline. The other question I had was, in terms of, just detail, a couple of detail questions. So what is your current shortfall in the SMS category [XPSLCs?] And was there any impact on the (inaudible) from reclassification?

明白了。我正在研究流程，但我們可以在線下討論。我的另一個問題是，就細節而言，幾個細節問題。那麼，目前 SMS 類別 [XPSLCs] 的缺口是多少？

Can you repeat the last part?

你能重複最後一部分嗎？

Sir, was there any impact on NII from reclassification of investments, and then the shortfall in SMS category [XPSLC?]

先生，投資重新分類以及 SMS 類別 [XPSLC] 的短缺對 NII 是否有任何影響？

Yes, the SMS category as of March, which we have published in our report of our various disclosures, the SMS category target is, of course, the obligation is 10%. We were close to 9% in the past year. But as of June, we did not see much. We have tried to close as of June, and it's an ongoing number, right (multiple speakers) number as every quarter it changes. So that's one.

是的，截至 3 月的 SMS 類別，我們已在我們的各種揭露報告中發布了 SMS 類別的目標，當然，義務是 10%。去年我們接近 9%。但截至六月，我們並沒有看到太多。我們已經嘗試從 6 月開始關閉，這是一個持續的數字，對（多個發言者）這個數字每個季度都會發生變化。這就是其中之一。

Then from reclassification, when we reclassified the new accounting on investments got adopted on a post-tax basis, it was slightly under INR500 million, INR480 crores or something that has gone to general reserves.

然後，從重新分類來看，當我們對稅後採用的新投資會計進行重新分類時，它略低於 5 億印度盧比、48 億印度盧比或已計入一般儲備的金額。

Thank you very much. Sorry to interrupt Chnitan, kindly come back for a follow-up question. (Operator Instructions)

非常感謝。抱歉打擾 Chnitan，請回來回答後續問題。 （操作員說明）

Suresh Ganapathy, Macquarie Capital.

蘇雷什·甘納帕蒂 (Suresh Ganapathy)，麥格理資本。

I have two question. One on the (inaudible) I mean, (technical difficulty) Yes, okay, so if I'm looking at the last few years, RIDF bonds and PSLC that you bought, it's gone up 25%, right? And (inaudible) this is remember when your base is INR16 trillion and it shoots up to INR24 because of the last year's high base.

我有兩個問題。一個（聽不清楚）我的意思是，（技術難度）是的，好的，所以如果我看看過去幾年，您購買的 RIDF 債券和 PSLC，它上漲了 25%，對嗎？ （聽不清楚）請記住，當您的基數為 16 兆盧比，並且由於去年的高基數而飆升至 24 盧比。

Now, are you confident that, you know, you can meet some of these obligations, especially the shortfall in the SMS and still protect your margins because, it is getting a bit tougher now going higher? That's the first question.

現在，您是否有信心，您知道，您可以履行其中一些義務，特別是 SMS 的缺口，並且仍然可以保護您的利潤，因為現在走高變得有點困難？這是第一個問題。

And the second question is on cost itself. Now seen three or four quarters will be the (inaudible) is still broadly very range bound at 40% to 41%. I remember, Shashi (inaudible) giving a target, I know this was pre target, pre [dose] gave and you have to give target longer term, we want to take it down to 30%. Are you very confident that you are well on that part, considering there are so many pulls and pressures now the system? I will stop there.

第二個問題是成本本身。現在看來，三到四個季度（聽不清楚）仍將處於 40% 至 41% 的大範圍內。我記得，Shashi（聽不清楚）給了一個目標，我知道這是預先目標，預先[劑量]給出的，你必須給出更長期的目標，我們希望將其降低到 30%。考慮到現在系統存在如此多的拉力和壓力，您是否非常有信心在這方面做得很好？我就到此為止。

Suresh on the (inaudible) see the way the math works is the RIDS is for the entire book, including what was the power shortfall. You cannot compare the book RIDF, the PSL series of flow through the P&L. So it's the way to compute. This is not to see whether the book RIDF and the PSLC divided by the balance sheet to see whether the growth or not.

蘇雷什（聽不清楚）看到整本書的數學工作方式是 RIDS，包括電力短缺。你無法比較RIDF這本書，PSL系列的損益表流程。所以這就是計算的方法。這不是看帳面RIDF和PSLC除以資產負債表看是否成長與否。

It's cumulative needs to be thought through differently. And then we'll chat offline on that one, but it's, from a direction wise, if you see annual report as well, you'll see that year-on-year, we have become much better in terms of compliance, and that's something which will continue to do.

它是累積的，需要以不同的方式思考。然後我們會在線下討論這個問題，但是，從一個方向來看，如果你也看到年度報告，你會發現同比，我們在合規性方面變得更好了，那就是將會繼續做的事情。

So Mr. Ganapathy, on cost to income, yes, in the medium to long term, that is the glide path that I have and I'm reasonably sanguine that we will do. But as I said, then probably, if you recall, there is a period of adjustment that we have to go through where unfortunately there are some long-term borrowings where I'm sure even that those kind of maturities would be there at the annual report.

因此，Ganapathy 先生，就收入成本而言，是的，從中長期來看，這就是我所擁有的下滑路徑，而且我對我們將這樣做相當樂觀。但正如我所說，如果你還記得的話，我們可能必須經歷一段調整期，不幸的是，有一些長期借款，我確信即使是這些到期日也會在年度貸款中到期。

So we have to wait for that, [Philip], or the lift that will come in revenues as the bond matures and gets substituted by probably deposits. So we have to wait for that. But having said that, in a period of this, as you alluded to tough economic environment, maintaining stability of the cost to earnings with a downward bias itself, I would say is very commendable for a large organization, where we are not going to be compromising on strategic investments like distribution or technology.

因此，我們必須等待，[菲利普]，或隨著債券到期並可能被存款取代而帶來的收入提升。所以我們必須等待。但話雖如此，在這個時期，正如您提到的嚴峻的經濟環境，以下行偏見本身保持盈利成本的穩定性，我想說，對於一個大型組織來說，這是非常值得稱讚的，我們不會損害分銷或技術等戰略投資。

I'm very clear about it. So, you know, what we are trying to do is how do we juice out and efficiencies out of digitization, out of better productivity. So the intensity is now there across the organization how we can step up that.

我對此非常清楚。所以，你知道，我們正在努力做的是如何從數位化和更好的生產力中榨取效率。因此，現在整個組織都存在著強度，我們如何加強這一點。

So I'm, as I said, the proof of the pudding is in the eating. You have to be patient, wait for this particular FY25 for you to see it for yourself, as to where we land and then you know, that will give a lot of confidence to you that, yes, we are in the trajectory of having the numbers that we had envisioned in the medium to long term.

所以，正如我所說，布丁的好壞在於吃的過程中。你必須要有耐心，等待這個特定的 25 財年，讓你親眼看看我們的著陸點，然後你就會知道，這會給你很大的信心，是的，我們正處於擁有我們在中長期內設想的數字。

Okay. And then we are on the [NPSC] one app, where you can, not exactly an app other very one to really cross-sell and bring everything as the group products under one umbrella, [since] we're far away from that? Are we very much in that direction to get it executed?

好的。然後我們在[NPSC] 一款應用程式上，您可以在其中使用，而不是一款真正交叉銷售的應用程序，並將所有內容作為集團產品放在一個保護傘下，[因為]我們離這一點還很遠？我們是否非常朝著這個方向去執行它？

Good question. I think, the first step was to ensure that the franchise, especially the home loan franchise starts to get incrementally the primary banking or the savings accounts of the home loan borrowers. And I think this has been probably in the, it's in the public domain where incrementally we are now doing what percentage of our home loan borrowers are taking (multiple speakers) upwards of 85%.

好問題。我認為，第一步是確保特許經營權，特別是房屋貸款特許經營權開始逐步獲得房屋貸款借款人的主要銀行或儲蓄帳戶。我認為這可能是在公共領域，我們現在正在逐步採取行動，我們的房屋貸款借款人（多個發言者）的比例高達 85% 以上。

So you know this very well and still you're asking me these questions, very good. Now, as I said, the bundling of other products such as the consumer durable loans, the credit card, the insurance and all is, has commenced that of the first one that we wanted to, but now we have commenced.

所以你很清楚這一點，但你還是問我這些問題，很好。現在，正如我所說，其他產品的捆綁，例如耐用消費品貸款、信用卡、保險等，已經開始了我們想要的第一個產品的捆綁，但現在我們已經開始了。

The journey from the subsidiary companies, especially the insurance is expected shortly then probably the seamless frictionless experience, the frontline people to cross-sell with one-click experience will probably even enhance it even further.

子公司的旅程，尤其是保險預計很快就會實現無縫無摩擦的體驗，一線人員透過一鍵式體驗進行交叉銷售，甚至可能會進一步增強。

We are whilst, we're talking about this, I must also sort of add, whilst we have not put in the public domain. There has been and the reason for that is we want to, you know, have a sizable amount of success there and then we will try and to put this out. We have had reasonable amount of success in the stock of home loans, which did not have an HDFC bank account, the kind of success we have seen.

我們在談論這個的同時，我還必須補充一點，雖然我們還沒有將其置於公共領域。已經有這種情況了，原因是我們希望在那裡取得相當大的成功，然後我們將嘗試將其推出。我們在房屋貸款存量方面取得了相當大的成功，這些貸款沒有 HDFC 銀行帳戶，我們已經看到了這種成功。

I'm not sure of, probably I know you will be very eager to know what that number knowing you very well. But give us some more time, let us see the success at a substantial momentum and then we can sort of publish it. It's not going to be too long before we start to do that, but you will be surprised at the kind of efforts is going down at the ground level ever since the announcement of the merger.

我不確定，也許我知道你會非常渴望知道那個數字是什麼，你非常了解。但請再給我們一些時間，讓我們看到巨大的成功勢頭，然後我們就可以發布它。用不了多久我們就會開始這樣做，但你會驚訝地發現，自從宣布合併以來，這種努力正在下降。

Obviously, this is something that even surprised me of the efforts. And when I do that, you will see that. So obviously, the, you know, this is not something that can happen overnight in terms of the impact. But whatever we were, it gives us a lot of satisfaction as to what's happening.

顯然，這甚至讓我對這些努力感到驚訝。當我這樣做時，你就會看到這一點。顯然，就影響而言，這不是一朝一夕就能發生的事。但無論我們是什麼，它都讓我們對正在發生的事情感到非常滿意。

Now coming to the other aspects of the subsidiary, leveraging on our distribution strength. I think you may have since you cover the insurance sector as well. By now, you should tell me that we have seen a fair amount of step-up in the distribution of the subsidiary, especially on AMC, especially on the general insurance, especially on life insurance, where the share of their businesses have also been stepped up reasonably well.

現在談談子公司的其他方面，利用我們的分銷優勢。我想您可能會這樣做，因為您也涵蓋了保險業。到目前為止，你應該告訴我，我們已經看到子公司的分配有相當大的提升，特別是在AMC，特別是在普通保險，特別是在人壽保險方面，他們的業務份額也得到了提升。還不錯。

It's not that we are favoring one, it's purely, we continue to patronize open architecture. So it's a lot of hard work that all of them have put in together to sort of enjoy a higher distribution from our franchise. So I think it's moving in the right direction. If anyone is expecting a magic wand and it's going to be very, have a geometric progression overnight, that's not a fair expectation.

這並不是說我們偏愛其中一種，純粹是我們繼續支持開放式建築。因此，他們所有人都付出了很多努力，才能從我們的特許經營權中獲得更高的分配。所以我認為它正在朝著正確的方向發展。如果有人期待一根魔杖，而它會在一夜之間呈幾何級數增長，那麼這不是一個公平的期望。

But there is a positive glide path which is moving upwards and you probably have these numbers and at some point in time, we may even call out these kind of numbers appropriately. Thank you.

但有一個向上的正向下滑路徑，你可能有這些數字，在某個時間點，我們甚至可能會適當地調用這些數字。謝謝。

Thank you.

謝謝。

(Operator Instructions) Ravi Purohit, SIMBL.

（操作員說明）Ravi Purohit，SIMBL。

Yes, thanks for taking my question. Sir, two questions. One is basically, the debt reduction that we've seen in the last two quarters, there has been a significant drop in the borrowings, INR75,000 crores in the March quarter and about INR60 odd thousand crores in the June quarter. So this basically helping us kind of deleverage the book. Can you just help us understand what is the, I think in the annual report, we mentioned that about 15% of the HDFC borrowing book is due to kind of mature every year for the next three years.

是的，感謝您提出我的問題。先生，有兩個問題。一是我們在過去兩季看到的債務減少，借款大幅下降，3 月季為 75,00 億盧比，6 月季約 60 億盧比。所以這基本上幫助我們對這本書去槓桿化。您能否幫助我們了解一下是什麼？ 我想在年度報告中，我們提到 HDFC 借款簿中約 15% 的金額將在未來三年內每年到期。

So if you could just kind of because, last two quarters we've seen this big drop in borrowing. So if you could just kind of help us understand the part where these borrowings are getting repaid?

所以，如果你可以的話，因為過去兩季我們看到借貸大幅下降。那麼您能否幫助我們了解這些借款的償還部分？

And second question was, you know, on the deposit side, there was a fair bit of amount which HDFC Limited used to have. So and lot of corporates is to have deposits with them. So is it fair to say that a lot of those deposits kind of vanished the minute the merger happened. And therefore, what we are seeing in terms of deposit accretion within the system is actually is the large part which got taken out which was slightly larger size or corporate deposits kind. Of you could just kind of give us some sense of, you know, where this thing is moved between then and now?

第二個問題是，你知道，在存款方面，HDFC Limited 曾經擁有相當多的金額。因此，許多企業都在他們那裡有存款。因此，可以公平地說，許多存款在合併發生後就消失了。因此，我們所看到的系統內存款成長實際上是很大一部分被取出，其中規模稍大或屬於企業存款類型。您能否給我們一些感覺，您知道，這個東西從那時到現在移動到了哪裡？

Okay. Ravi your thought process and assumption is correct that on the HDFC Limited deposits, that came INR1.5 trillion. Certain components of that was corporates or trusts or certain institutions which have been pricey. And you saw that over the last three quarters in the December quarter, we alluded to some extent, March we did, and even in this quarter, we gave you even the number in one of those other questions, INR160 billion that went down in the time deposit.

好的。 Ravi 你的思考過程和假設是正確的，HDFC Limited 的存款為 1.5 兆盧比。其中某些組成部分是公司、信託或某些價格昂貴的機構。你看到，在12 月季度的最後三個季度中，我們在某種程度上提到了，3 月份我們也提到了，甚至在本季度，我們甚至在其他問題之一中給了你數字，即1600 億印度盧比在定期存款。

There of the right order and we prefer much more retail branch driven. And if these are rate sensitive or if the other participants in the market say, a higher price to take it. That's fine. So that as that is done. So that is one on the deposits that you asked.

那裡的順序正確，我們更喜歡更多的零售分支機構驅動。如果這些對利率敏感，或者市場上的其他參與者表示，可以接受更高的價格。沒關係。這樣就這樣完成了。這就是您要求的存款之一。

Second aspect on the borrowings. Yes, even if something more needs to go, it will go because, we will not be bidding for a higher and higher price to keep a larger ticket size deposits with us. Secondly, when the question you asked on the borrowings, yes in the quarter, we did take down close to INR60 odd thousand crores or INR600 billion of deposits down, borrowings down.

第二個方面是關於借款。是的，即使需要更多的東西，它也會消失，因為我們不會競標越來越高的價格來保留更大的票據金額存款。其次，當你問到關於借款的問題時，是的，在本季度，我們確實減少了近 60 億印度盧比或 6000 億印度盧比的存款和借款。

About INR150 billion was commercial papers, which matured and we had to run it down anyway. We don't like that because, we don't do, banks don't do. And so when the maturity came, it went out and we had enough to pay that down.

大約 1500 億印度盧比是商業票據，這些票據已經到期，無論如何我們都必須把它處理掉。我們不喜歡這樣，因為我們不這樣做，銀行也不這樣做。因此，當到期日到來時，它就消失了，我們有足夠的錢來償還。

And the second thing is that of the balance. Borrowings are roughly half and half. Part of them off, of it was maturity, which we paid down. And part of it was we had an opportunity space to pay down which we did, which is what even in the [average] balance sheet that we've published you will see that it is borrowings are down by close to INR600 billion. That's, this is most of that

第二件事是平衡。借款約各佔一半。其中一部分是成熟的，我們還清了。部分原因是我們有機會償還債務，我們已經這樣做了，即使在我們公佈的[平均]資產負債表中，您也會看到借款減少了近 6000 億印度盧比。也就是說，這就是大部分

Can we sustain this run rate or would a bulk of it has already been kind of done for the year?

我們能否維持這樣的運行速度，或是今年大部分的工作已經完成？

There is some maturity profile. For the year, which were published, for the year, I think the maturity profile is about INR650 billion for the year. That is scheduled maturity, INR600 billion for the year. Out of which, maybe INR250 or so INR1,250 billion were maturity that got paid in June quarter.

有一定的成熟度。對於已發布的今年，我認為今年的成熟度概況約為 6500 億印度盧比。預計今年到期時間為 6000 億印度盧比。其中，大約有 250 盧比左右是 6 月季度支付的到期付款。

And we did pay, in, on top of that maturity, we did do certain other payments. We exercise certain options to do that, certain other borrowings we did. And so we (inaudible) to come in the year. That's part of what we're published in the annual report, the profile over the next three, four years, we publish that profile of maturity,

我們確實付款了，除了到期日之外，我們確實還進行了某些其他付款。我們行使某些選擇權來做到這一點，我們也進行了某些其他借款。所以我們（聽不清楚）今年會來。這是我們在年度報告中發布的內容的一部分，未來三四年的概況，我們發布了成熟度概況，

One question for Jagdishan. Sir, at the time of the merger and subsequent to that and in some of our communications, we had mentioned that the merger is likely to be EPS accretive for us on day one, from day one, right?

有一個問題要問賈格迪山。先生，在合併時以及合併之後以及我們的一些溝通中，我們提到合併可能會在第一天為我們增加每股收益，從第一天開始，對嗎？

Now was that, did that have certain assumptions of, you know, from either the regulator allowing us for, let's say, for infrastructure bonds or certain other classifications and those have not materialized? Or is there something else that was in terms of assumed and that has not played out.

那麼，這是否有某些假設，你知道，監管機構允許我們進行基礎設施債券或某些其他分類，而這些假設尚未實現？或者是否還有其他一些假設但尚未實現的事情。

If you could just kind of, you know, help us understand a little bit on that. It will kind of appreciate why you know what deviations that happened between then and now? Those are my questions. Thank you for giving me this opportunity.

如果您能幫助我們稍微了解一下這一點。它會有點感激你為什麼知道從那時到現在發生了什麼偏差？這些都是我的問題。感謝您給我這個機會。

Ravi, yes, at the time of merger, you know, the economic conditions, including the liquidity system, liquidity and RBI stands on how the economy and the funds in the country were managed was at one state and today it is at a different state, right? So the conditions have changed. That's that's number one.

拉維，是的，在合併時，你知道，經濟狀況，包括流動性系統、流動性和印度儲備銀行的情況取決於該國經濟和資金的管理方式，以前是一個州，而今天卻處於不同的狀態， 正確的？所以條件已經改變了。這就是第一。

And number two, some of the forbearances, for example, be the forbearance on infrastructure borrowing, qualifying to fund the affordable housing or on certain of the deposit category, the non liable deposits category that we took over some of those assumptions are different. That's the second aspect.

第二，有些寬容，例如，對基礎設施借款的寬容，有資格為經濟適用房提供資金或對某些存款類別的寬容，我們接受的一些假設的無責任存款類別是不同的。這是第二個面向。

Third aspect, I do want to draw your attention to the EPS since you mentioned it. The EPS for the bank, June pre-merger was 21.4%, and last year, June. And in this quarter it was 21.3%. So thereabouts, right, it is a similar levels and then if you look at this quarter, it's between that 21% one 21.6%, 21.7%, 21.3% and thereabout from an EPS point of view.

第三個方面，既然你提到了每股盈餘，我確實想提請大家關註一下。合併前 6 月該銀行的每股盈餘為 21.4%，而去年 6 月則為 21.4%。本季為21.3%。所以，對吧，這是一個相似的水平，如果你看看這個季度，從每股收益的角度來看，它介於 21% 到 21.6%、21.7%、21.3% 之間。

Okay, thank you and all the best.

好的，謝謝你，祝一切順利。

Thank you, Ravi.

謝謝你，拉維。

Kunal Shah, Citi.

庫納爾·沙阿，花旗銀行。

So the question is on PSL again. When we look at it, almost like 53%, but again, that's on last year's balance sheet. But looking at it in terms of the sell-down (inaudible), which have been there in PSL, what we have disclosed in the annual report.

所以問題又回到了 PSL 上。當我們查看時，幾乎是 53%，但同樣，這是在去年的資產負債表上。但從我們在年度報告中揭露的 PSL 中出現的拋售（聽不清楚）來看。

And the overall ERV growth also being lower. Is that giving an indication that we are relatively more comfortable on PSL? And then in that context, how should we look at the overall ERV growth vis a vis the overall loan growth?

整體 ERV 成長也較低。這是否表明我們對 PSL 相對更滿意？那麼在這種情況下，我們應該如何看待整體 ERV 成長與整體貸款成長？

So Kunal, on the PSL, two aspects to keep in mind all the time, which is, there is a small and marginal farmer. A weaker section, which could have dual qualification. If you get a small and marginal farmer, it could have dual, it will have dual qualification and weaker will be satisfied. So that is one category that is in greater demand. We need that. We need more of that. So that is something.

所以 Kunal，在 PSL 上，有兩個方面要時刻牢記，那就是，有一個小而邊緣的農民。較弱的部分，可能具有雙重資格。如果你有一個小而邊緣的農民，它可以有雙重，它會有雙重資格，弱者會得到滿足。因此，這是需求更大的一類。我們需要那個。我們需要更多這樣的東西。所以這就是一件事。

Other than that, you alluded to CRB, that is why I'm talking about it. That particular segment is driven largely by CRB and by non CRB, which is agri segment, the SLI segment and various other business lines, which have some linkage to agri or allied agri, also bring in, but largely CRB.

除此之外，你提到了 CRB，這就是我談論它的原因。這個特定細分市場主要由CRB 和非CRB 驅動，即農業細分市場、SLI 細分市場和各種其他業務線，這些業務線與農業或聯合農業有一定聯繫，也引入了，但主要是CRB 。

But however the rest of CRB, when you think about the business banking or think about certain emerging enterprises and commercial vehicles and a lot of other categories, which are also enormously PSL driven book.

但是，無論 CRB 的其餘部分如何，當您考慮商業銀行業務或某些新興企業和商業工具以及許多其他類別時，這些類別也是 PSL 驅動的書籍。

It qualifies as total PSL, but we are quite comfortable. We are surplus in all of those categories. So our focus. If you think about PSL for us, which I've always said is that our focus is how do we get as much as possible, the small and marginal farmer and with the dual qualification for weaker. That is where and it's not that we are reaching out to 225,000 villages to get that reach to be there, but even if you get in all of those small and marginal farmers for the ticket sizes that we could offer to them because, that's what our credit will offer, cannot be offering outsized to the land because, a smaller margin farmers having a small farm.

它符合總 PSL 的標準，但我們相當舒適。我們在所有這些類別上都是過剩的。所以我們的重點。如果你想想我們的 PSL，我一直說我們的重點是如何盡可能多地獲得小型和邊緣農民以及弱者的雙重資格。這就是我們要向 225,000 個村莊伸出援手的目的，但即使您向所有這些小型和邊緣農民提供我們可以向他們提供的門票金額，因為這就是我們的目標信貸會提供，但不能提供過大的土地，因為利潤較小的農民擁有一個小農場。

So the credit could be only to suit that farm and not 2x, 3x, 5x platform requirement. So that's where the constraints come from. So we need to look outside of our organic approach to see if anybody else having that we can buy. So I hope that helps you. So you don't need to directly link to what CRB and PSL. It is only a component of the CRB, small and marginal farmers that we are more focused on.

因此，積分可能僅適合該農場，而不是 2x、3x、5x 平台要求。這就是限制的來源。因此，我們需要跳出我們的有機方法，看看是否有其他人擁有我們可以購買的東西。所以我希望這對你有幫助。所以不需要直接連結什麼CRB和PSL。我們更關注的只是CRB的一個組成部分，即小農和邊緣農戶。

And (inaudible)

並且（聽不清楚）

Kunal, sorry to interrupt. Can you speak through your handset, please?

庫納爾，抱歉打擾了。請問可以用手機通話嗎？

I was saying, maybe (multiple speakers) are we more confident in terms of the achievement we have been (inaudible)for PSL as well?

我是說，也許（多個發言者）我們對 PSL 所取得的（聽不清楚）成就更有信心嗎？

We are, we have good amount of confidence to be there where it is available. It's a question of supply, right? We are there creating the demand. We are there to buy. We are there to originate. It's a question of availability. That's where we are constrained and last year we managed to close enough, this quarter we managed close enough. But future I will not be able to talk to what's available and, but we are present that's all.

我們有足夠的信心去那裡，只要有可能。這是供給問題吧？我們在那裡創造需求。我們是來買的。我們是來創造的。這是一個可用性問題。這就是我們受到限制的地方，去年我們已經足夠接近，本季我們也足夠接近。但未來我將無法談論現有的情況，但我們就在場，僅此而已。

And secondly, on the deposit side, as you mentioned, like not really so Sashi also in the opening comments, highlighted, not really (inaudible) and it has fallen short of the expectations. Earlier we alluded in terms of the aggression on the field staff, plus the expansion in the branches. That is something which will drive the deposits, but somehow it's not coming through. So what could be the initiatives now and would rate be able ever be looked upon?

其次，在存款方面，正如您所提到的，Sashi 在開場評論中也強調，並不是真的（聽不清楚），而且它沒有達到預期。早些時候我們提到了對現場工作人員的攻擊，以及分支機構的擴張。這將推動存款的成長，但不知怎的卻沒有實現。那麼，現在可以採取哪些措施？

Okay, because we are not getting the benefit from the other two getting reflected in terms of the incremental deposit share. And similarly, when we look at the borrowings, almost like say, 60% of the borrowings are coming up for a maturity in less than three years. So at the end, we mentioned like we would (inaudible) some prepayment opportunities as well. So how do we gather that deposits, or maybe loan growth could be much lower?

好的，因為我們沒有從其他兩者的增量存款份額中體現的好處。同樣，當我們查看借款時，幾乎可以說，60% 的借款將在三年內到期。所以最後，我們提到我們也會（聽不清楚）一些預付款機會。那我們要如何收集存款，或者貸款成長可能會低很多？

Kunal, the first thing is that rate is not predominant, determinant or driver for us to have an engagement. You've seen that you can compare our rates. We don't get into a rate competition. We are priced fairly with our peers. So rate is not something that we want to use to get or gather more deposits. So that's one.

Kunal，首先，利率並不是我們參與的主要因素、決定因素或驅動因素。您已經看到可以比較我們的費率。我們不參與價格競爭。我們的定價與同業相當。因此，利率並不是我們想要用來獲得或聚集更多存款的東西。這就是其中之一。

So let's get the rates out of the way. That's not something that predominantly influences us. Having said that it is about that engagement and service delivery. That is what we endeavor to distinguish differentiate get on more customers. And that is the reason I alluded to talk about the inflows. That means the engagement and the service delivery should create more of our customer funds coming into our accounts, which is what I alluded to in another context of someone's question that when we look at the June quarter, we measure that monthly.

所以讓我們先把利率排除掉。這不是對我們有主要影響的事情。話雖如此，這與參與和服務交付有關。這就是我們努力吸引更多客戶的原因。這就是我提到談論資金流入的原因。這意味著參與和服務交付應該創造更多的客戶資金進入我們的帳戶，這就是我在某人的問題的另一個背景下提到的，當我們查看六月季度時，我們每月進行衡量。

The monthly inflows that come are in excess of 20% higher than what it was similar time period last year. So we see that traction gaining. It's a question of, both the environment and other opportunities and the spend levels that the customers see, that balance is out. Essentially we are there and the opportunity is there. It is going to stick more the probability of fixing and resting with us is far more.

每月的流入量比去年同期高出 20% 以上。所以我們看到這種吸引力正在增強。這是一個環境、其他機會以及客戶看到的支出水準的問題，這種平衡已經消失。本質上我們就在那裡，機會就在那裡。它會黏得越多，我們修復和休息的可能性就越大。

Kunal to sort of look at the 12 quarter data that has, that is in front of you all, and look at the quarterly momentum that will give you a reasonable amount of confidence as to how the buildup is reasonably resilient. And there's a lot of hard work that the team is doing at the ground level, and that's a real reflection. Our earnings come out of these averages, the daily averages.

Kunal 來看看你們面前的 12 個季度的數據，看看季度的勢頭，這會讓你們對經濟成長的彈性有一定的信心。團隊在基層做了很多艱苦的工作，這是真實的反映。我們的收入來自這些平均值，日平均值。

So this is, it's unfortunately as historically we have been reporting period end numbers, but I also realize that maybe, you know, it's not the right way to reflect things which are where there are lots of volatility. And yes, it may, as I again reiterate, is a bit disappointing to see on a period end something very tepid.

所以，不幸的是，正如歷史上我們一直在報告期末數據一樣，但我也意識到，也許，你知道，這不是反映存在大量波動的情況的正確方法。是的，正如我再次重申的那樣，在一個時期結束時看到一些非常不溫不火的情況可能會有點令人失望。

But in reality, my teams have done a lot of hard work and I want to acknowledge to this particular call that to, for them to continue the intensity of engagement and the kind of hard work that they have been putting, of course, so that there's no pressure on them on period-end numbers.

但實際上，我的團隊已經做了很多艱苦的工作，我想感謝這一特殊的呼籲，讓他們繼續投入的強度和他們一直以來所做的努力，以便他們對期末數字沒有壓力。

They continue to work hard on a daily basis to be able to deliver the organization goals. And I'm sure, I'm very confident that my team is going to surprise all of us, including you all when we publish the full year numbers.

他們每天繼續努力工作，以實現組織目標。我確信，我非常有信心，當我們發布全年數據時，我的團隊會給我們所有人帶來驚喜，包括你們所有人。

Thank you very much, Kunal I request to come back for a follow-up question. (Operator Instructions)

非常感謝，Kunal，我請求回來詢問後續問題。 （操作員說明）

Rahul Jain, Goldman.

拉胡爾·賈恩，高盛。

Yes, hi, good evening, Shashi, Srini and (inaudible) I had three, four questions. First is on the margin trajectory, right? So the governor recently talked about, again, the transmission of pricing. We are seeing massive fight going on for deposit market share.

是的，嗨，晚上好，Shashi、Srini 和（聽不清楚）我有三、四個問題。首先是邊緣軌跡，對吧？因此，州長最近再次談到了定價的傳導。我們看到存款市場份額的大規模爭奪正在進行中。

And HDFC Bank has been very, very disciplined on pricing. So any point in time, do you need to relent and then start increasing the deposit rates. How do you see the scenario shape up for you all and what would be the impact on margins because we're trying very hard to kind of maintain it or keep improving it. So in this scenario, how do you envisage this profitability to shape up for you all in the coming quarters?

HDFC 銀行在定價方面一直非常非常嚴格。因此，在任何時候，您是否都需要放鬆態度，然後開始提高存款利率。您如何看待這種情況對您所有人的影響以及對利潤率的影響，因為我們正在非常努力地維護它或不斷改進它。那麼在這種情況下，您認為未來幾季的獲利能力會如何？

Rahul, if you look at the, there's one public available data is this weighted average term deposit cost and, I think that's get published by the in the regulatory website or something. You can look at it. And when we look at it and you can look at it over the last 12 months by month, you can see which every bank reports.

拉胡爾，如果你看一下，有一個公開可用的數據是加權平均定期存款成本，我認為這是由監管網站或其他網站發布的。你可以看看。當我們查看它時，您可以按月查看過去 12 個月的數據，您可以看到每家銀行都報告了哪些情況。

The top of the page is what you will see the PSU bank weighted average term deposit costs going up and the three line graphs, if you draw, one top being the PSU banks, the second being the scheduled commercial banks and below that will be the HDFC Bank, right?

頁面頂部是您將看到 PSU 銀行加權平均定期存款成本上升的內容，以及三條線圖（如果您繪製的話），頂部是 PSU 銀行，第二個是預定的商業銀行，下面將是HDFC 銀行，對嗎？

So we have tried to remain disciplined on price as much as possible to win over the customer through engagement and service delivery. So we have not gone into this term and in terms of the rate as such, and we hope to keep that up as we go along. So that's not something. Now how do we get the margin, right?

因此，我們試圖盡可能地保持價格紀律，透過參與和服務交付來贏得客戶。因此，我們還沒有討論這個術語和速率本身，我們希望在我們進行的過程中保持這一點。所以這不是什麼事情。現在我們如何獲得保證金，對嗎？

Again, by the way, it is, we've talked about it, CASA. Market permitting, you know that in this quarter the market did not permit the CASA growth. We had only time deposit growth, and the CASA ratio through the cycle as it changes, we'll have to move up and that is what has happened historically. That is our confidence level that our engagement will keep that CASA to go up.

順便說一句，我們已經討論過了，CASA。如果市場允許，您知道本季市場不允許 CASA 成長。我們只有定期存款成長，隨著週期的變化，CASA 比率我們必須上升，這就是歷史上發生的情況。這是我們的信心水平，我們的參與將使 CASA 不斷上升。

Bringing new customers, the customers are coming in. We are getting in with the balance of savings account balances and the cohort, the month on book cost of savings account balances of the customers we bring in are behaving quite encouragingly, and we want to bring in more of the new customers to move that up. So we keep going up on that, and we have to wait it out for the cycle to turn and customer preference to change for the CASA mix to come favorable to us.

帶來新客戶，客戶進來。這一點。因此，我們繼續在這方面繼續前進，我們必須等待週期的轉變和客戶偏好的改變，CASA 組合才會對我們有利。

The second, as and the whatever the CASA mix you see today is impacted by about 3 percentage points or 4 percentage points due to the merger because, when we came in to the merger, we got the time deposits only as part of the merger. So that's the impact that is coming in addition to the to the market dynamics of customer preferences over the last two to three quarters because, also the merger impact that has impacted there. I just want to leave it there and go to your next.

第二，無論你今天看到的 CASA 組合，由於合併都會受到大約 3 個百分點或 4 個百分點的影響，因為當我們進行合併時，我們僅作為合併的一部分獲得定期存款。這就是過去兩到三個季度客戶偏好的市場動態所帶來的影響，因為合併的影響也對那裡產生了影響。我只想把它留在那裡並轉到你的下一個。

Thank you very much. I request all the planned participants due to time constraint, we won't be able to take more than one question per person.

非常感謝。由於時間限制，我請求所有計劃的參與者，我們每人只能回答一個問題。

Manish Shukla, Axis Capital.

曼尼什‧舒克拉 (Manish Shukla)，軸心資本。

Yes, thank you. On unsecured personal loan, job growth has been sharply lower than some of the peers. What's your thought process on that segment and how do you think that changes?

是的，謝謝。在無擔保個人貸款方面，就業成長大幅低於一些同業。您對該細分市場的思考過程是什麼？

No, that was a very conscious call. I mean, as I said, we, our internal early systems probably take this up early. And obviously they have been rather conservative. And that is the reason why we were alright and happy to sort of slow down growth. And we were, of course, this synchronizes with what the regulator has been sort of highlighting as well. It has been contrary to what we've seen in industry growth. And we have been contrarian to not just now, but even the past. So I guess the right time, we will step up the pedal

不，這是一個非常有意識的呼籲。我的意思是，正如我所說，我們的內部早期系統可能很早就開始考慮這一點。顯然他們相當保守。這就是為什麼我們對成長放緩感到滿意和高興的原因。當然，這也與監管機構所強調的內容是同步的。這與我們在行業成長中看到的相反。我們不僅現在反對，甚至過去也反對。所以我想適當的時候，我們會加大力度

One data point, what is the share of the (inaudible) book as of June?

一個數據點是，截至 6 月份，（聽不清楚）這本書的份額是多少？

Sorry?

對不起？

Share of (inaudible)book?

（聽不清楚）書的份額？

(multiple speakers)market linked is about total 30%, 70% or 36% and 70% is external. Mortgages will have about 27%. Nonmortgage is about 40%, which is externally we allowed [linked].

（多位發言者）相關市場約佔總數的 30%、70% 或 36%，其中 70% 是外部市場。抵押貸款將佔約27%。非抵押貸款約為 40%，這是我們外部允許的[連結]。

M.B. Mahesh, Kotak Securities.

M.B.馬赫什，科塔克證券。

Hi. Just one question on the noninterest income line. This miscellaneous income has gone up quite sharply. So just trying to understand what's driven that? And also on the fee income line, there is a slowdown, but largely the growth has come from third party products. If you could just kind of give an explanation to that.

你好。只有一個關於非利息收入線的問題。這筆雜項收入成長得相當快。那麼只是想了解是什麼推動了這一點？在費用收入方面，也出現了放緩，但成長主要來自第三方產品。如果你能對此做出解釋就好了。

Mahesh two things happened here. The third party products is seasonal. March quarter highest, first quarter comes down. Miscellaneous income has got recoveries, credit recoveries as well as it has got dividends from subsidiaries that is also seasonal and more or less offsetting, right? as you see there because, the third party seasonality comes down in the first quarter and then you have the dividends coming in and so they are there offsetting. So these are the two items there.

馬赫什這裡發生了兩件事。第三方產品是季節性的。三月季度最高，第一季下降。雜項收入得到了回收、信用回收，並且還得到了子公司的股息，這些股息也是季節性的，或多或少是抵消的，對嗎？正如您所看到的，因為第三方季節性因素在第一季下降，然後您將收到股息，因此它們會抵消。這是那裡的兩個項目。

Sameer Bhise, JM Financial.

Sameer Bhise，JM 金融公司。

Yes, hi, thanks for the opportunity. Just wanted to ask on the HDFC Limited borrowings that you have mentioned. Is there a case for any repricing in terms of floating versus fixed for what is due for repayment over the next three year?

是的，嗨，謝謝你的機會。只是想詢問一下您提到的 HDFC Limited 借款。是否有必要對未來三年到期還款的浮動利率和固定利率進行重新定價？

A good amount of that is fixed to good amount also, we are hedged. We have hedges on some of them and where there is a floating rate, again subject to periodic discussion and negotiations.

其中很大一部分也被固定為大量，我們進行了對沖。我們對其中一些浮動利率進行對沖，同樣受到定期討論和談判的影響。

Okay. But you would see a large amount is fixed in it?

好的。但你會看到其中有大量是固定的嗎？

There is a combination of fixed and floating, both are there. And if it is fixed, we have some hedges, if it is floating, some are negotiable and some are not, and so it's a combination. It's a quarter-to-quarter, month, actually month-to- month review in our [Alcoa] to see how to optimize it. What are the opportunity space that opens up. So there's no one aspect that we can sink ourselves to say this is what will we do.

有固定式和浮動式的組合，兩者都有。如果是固定的，我們有一些對沖，如果是浮動的，有些是可以協商的，有些是不可協商的，所以這是一個組合。我們的 [Alcoa] 會按季度、按月、實際上按月進行審查，以了解如何優化它。開啟了哪些機會空間。因此，我們沒有任何一個面向可以沉溺於說這就是我們將要做的事情。

In fact, I'm not too sure whether the data is there. But when you look at the modified duration of our assets and liabilities, the very fact that, the it is more or less in a very narrow band. Gaps are much lower, means that what Srini is saying is what we do and this is not something that we are doing it now. We've been doing it for a long period of time to ensure that these are a match in a very narrow band.

事實上，我不太確定數據是否存在。但當你看看我們的資產和負債的修改久期時，事實上，它或多或少處於一個非常狹窄的範圍內。差距要小得多，這意味著斯里尼所說的就是我們所做的，而這不是我們現在正在做的事情。我們已經這樣做了很長一段時間，以確保這些在非常窄的範圍內進行匹配。

So that's one of the reasons why we are able to see the margins in a range bound in a band of whatever that you, I have specified or had laid out at the beginning of the conversation.

這就是為什麼我們能夠看到你、我在對話開始時指定或佈置的任何範圍內的邊距的原因之一。

(inaudible) before the merger or after the merger?

（聽不清楚）合併前還是合併後？

The gaps remain very closely and tightly managed.

這些差距仍然受到非常嚴格的管理。

Yes. And just one last thing on staff costs. So well, there was a one-off last quarter. There is bit of a jump even on a sequential basis for this quarter. Anything to reason to it?

是的。最後一件事是關於員工成本的。好吧，上個季度有一次一次性的事情。即使從本季的環比來看，也有一些跳躍。有什麼道理可以解釋嗎？

No other than a quarter-to-quarter impact because some people additions of last quarter could have been part of the quarter coming into the full quarter, this quarter. Those kind of changes will be there and certain compensation changes can, could have will happen, will continue to happen as we go along. So there's nothing new other than the (inaudible) amount that was there last quarter and not this quarter.

只不過是季度間的影響，因為上個季度的一些新增人員可能會成為本季整個季度的一部分。這些變化將會存在，隨著我們的發展，某些薪酬變化可能、可能會發生、將繼續發生。因此，除了上個季度而不是本季的（聽不清楚）金額之外，沒有什麼新內容。

Thank you very much.

非常感謝。

I do not know where you are seeing an increase, but that's a different.

我不知道你在哪裡看到了成長，但那是不同的。

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

謝謝你，先生。女士們先生們，我們已經到了規定的時間了。 Vaidyanathan 先生，我現在想將會議交還給他，請他發表結束意見。

Thank you to all the participants for having joined today. We appreciate your time and thanks for engaging with us. If you do have more questions, comments, suggestions any other inputs, feel free to engage with us, our Investor Relations team headed by [Bhavin] and will be available anytime and or I will make myself available sometime, we could engage. Thank you. Bye bye. Have a great weekend.

感謝所有參與者今天的加入。感謝您抽出寶貴時間並與我們互動。如果您確實有更多問題、意見、建議或任何其他意見，請隨時與我們聯繫，我們的投資者關係團隊由[Bhavin] 領導，我們將隨時為您服務，或者我將在某個時候提供服務，我們可以參與。謝謝。再見。週末愉快。

Thank you very much. On behalf of HDFC Bank Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. 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，您現在可以斷開線路了。謝謝。