HDFC Bank Ltd (HDB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q2 FY25 earnings conference call. (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 財年第二季財報電話會議。 （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, sir.

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。

Thank you, Neerav. Welcome to all the participants. I appreciate dialing in today. We'll start with -- we have our CEO and Managing Director, Mr. Sashi Jagdishan with us. We'll start with his opening remarks and then get back to you all. Sashi, over to you.

謝謝你，尼拉夫。歡迎各位嘉賓的到來。我很高興今天撥通電話。首先，我們的執行長兼董事總經理 Sashi Jagdishan 先生和我們在一起。我們將從他的開場白開始，然後再回覆大家。薩西，交給你了。

Thank you, Srini, and thank you, friends. Let me first wish you a belated Dussehra festivities and also wish you in advance the Diwali festivities that's going to come in next week itself.

謝謝你，斯里尼，謝謝你，朋友們。讓我先祝您度過一個遲來的十勝節慶祝活動，並提前祝您度過下週即將到來的排燈節慶祝活動。

Let me start with some of the macroenvironment which we are witnessing. Liquidity has been gradually improving over the last couple of months, so that's a bit of a good news. However, the deposit rates continue to be elevated and sticky. Probably the credit growth still outpaces deposit growth in the system, and that's maybe the reason why it continues to be sticky.

讓我從我們正在目睹的一些宏觀環境開始。過去幾個月流動性逐漸改善，所以這是一個好消息。然而，存款利率繼續走高且具有黏性。系統中的信貸成長可能仍超過存款成長，這可能是其持續黏性的原因。

As we have witnessed in the previous high interest rate cycles, customer preferences continue to be towards time deposits, probably to lock in at higher rates. Despite intense competition and competitive environment, deposit growth has been very healthy. On an average basis, we have grown around 15% year on year. Retail branch continues to contribute around 80% to 85%, in fact, to be precise, 84% of the total deposits.

正如我們在先前的高利率週期中所看到的那樣，客戶仍然偏好定期存款，可能是為了鎖定更高的利率。儘管競爭激烈，競爭環境激烈，存款成長非常健康。平均而言，我們的年成長率約為 15%。零售分行繼續貢獻存款總額的80%至85%左右，確切地說是84%。

Let me talk about the advances under management. We have mentioned in earlier public forums and calls that we will bring down the CD ratio faster than what we had anticipated in the past. Let me spell out some of the bright parts of our credit growth.

我先說一下管理方面的進展。我們在先前的公開論壇和呼籲中提到，我們將比過去預期的更快降低CD比率。讓我詳細闡述我們信貸成長的一些亮點。

FY25, we would probably grow slower than the system. FY26, we may be at or around the system growth rate. FY27, we should be faster than the system growth rate. Our assumption is that from all the regulatory comments in the monetary policy statements, there will be a convergence of system loan growth and deposit growth rates somewhere during this period.

25 財年，我們的成長速度可能會慢於系統。 2026 財年，我們可能達到或接近系統成長率。 27 財年，我們的成長速度應該快於系統的成長速度。我們的假設是，從貨幣政策聲明中的所有監管評論來看，在此期間系統貸款增速和存款增速將在某個時間點趨同。

In the light of the above strategy, the average assets under management grew by about 10.2% year on year. The margins have been stable in the range that we have been talking about at 3.4% to 3.5%. It's printed at 3.46%.

綜合上述策略，平均管理資產較去年同期成長約10.2%。利潤率一直穩定在我們所說的 3.4% 至 3.5% 的範圍內。印刷利率為 3.46%。

The gross NPA continues to be stable at about 1.4%. In fact, the gross slippages at 1.2% is better than what we had witnessed same time last year.

總不良資產持續穩定在 1.4% 左右。事實上，1.2% 的總滑點比我們去年同期看到的要好。

The profit after tax grew at about INR16,800 crores. It shows an optical growth rate of 5.3%, but adjusted for the bond gains and for the tax adjustments that we enjoyed last -- same time last year, the growth rate -- adjusted growth rate is about 17%. Let me pause out here. And we probably will take a lot of questions, and we have the team out here, Srini, Bhavin, who probably will also chime in for responding to your questions.

稅後利潤成長約 1,680 億印度盧比。它顯示了 5.3% 的直觀增長率，但根據債券收益和我們上次享受的稅收調整（去年同期的增長率）進行了調整，調整後的增長率約為 17%。讓我在這裡暫停一下。我們可能會回答很多問題，我們這裡有團隊，斯里尼 (Srini)、巴文 (Bhavin)，他們也可能會插話回答你們的問題。

Thank you, Sashi. Neerav, with that, you can open it up, please.

謝謝你，薩西。 Neerav，這樣，你就可以打開它了。

(Operator Instructions) Mahrukh Adajania, Nuvama.

（操作員指示）Mahrukh Adajania，努瓦瑪。

My first question is on fee. So it's grown strongly. Is there some securitization and coming fees? And if you could also refresh us with the accounting for any securitization as in where it should come, that's my first question.

我的第一個問題是關於費用。所以它的成長非常強勁。是否有一些證券化和未來的費用？如果您也可以讓我們了解任何證券化的會計處理，以及它應該發生在哪裡，這是我的第一個問題。

And my second question is on movement of contingent provision. So what kind or what class of loans would they have been used for because I think the contingent provision look lower Q-o-Q?

我的第二個問題是關於或有準備金的變動。那麼，由於我認為或有撥備看起來比去年同期較低，因此它們會被用於什麼類型或什麼類別的貸款？

Okay. Mahrukh, I'll take this question on the fees first. Fees at about INR8,000 crores, grew by about 17% year-on-year. Think about the fees, third-party products, the distribution products have been quite strong. It grew by almost 32% in this quarter year-on-year.

好的。 Mahrukh，我先回答關於費用的問題。費用約800億印度盧比，較去年同期成長約17%。想想費用，第三方產品，分銷產品已經相當強大了。本季年增近32%。

Year-on-year this quarter to last year's same quarter, 32%. And if you think about all of the retail categories, assets, cards and retail liability, all of those other categories, on a combined basis grew by about 15%, 15.5% of their box, right? Wholesale, which has got certain episodic within that, we grew by about 5%. That's what you're seeing on a net basis, fees growing by about 17% thereabouts. Last quarter was between 14% and 15%.

本季年增32%。如果你考慮所有的零售類別、資產、卡片和零售負債，所有其他類別的綜合成長率約為 15%，即 15.5%，對嗎？批發業務，其中有一定的偶發性，我們成長了約 5%。這就是您所看到的淨額，費用增加了約 17%。上個季度在 14% 到 15% 之間。

So it's a very similar range anywhere between 14% to 17% is what -- when you look at it over several quarters, you will see that's the range at which the fees growth year-on-year. And quarter-to-quarter seasonality plays out. That was the first part of the question that you asked on the fees.

所以這是一個非常相似的範圍，在 14% 到 17% 之間——當你觀察幾個季度的情況時，你會發現這就是費用同比增長的範圍。季度與季度之間的季節性也會顯現出來。這是您提出的有關費用的問題的第一部分。

On the securitization that you asked, securitization comes with excess spread and the excess spread is not part of fees. That excess spread in this quarter, you know that we did it towards almost the end of the last week. So there's not much of income or whatever is there. But that is excess spread and not a fee, yes.

關於你問的證券化，證券化帶有超額利差，超額利差不屬於費用的一部分。本季的超額利差，你知道我們幾乎在上週末就做到了。所以沒有太多的收入或其他什麼。但這是超額點差，而不是費用，是的。

And Mahrukh, it will be amortized over the life of a loan, nothing is upfronted. So the fee item is not impacted by securitization at all.

Mahrukh，它將在貸款期限內攤銷，無需預付任何費用。所以收費項目根本不受證券化的影響。

Got it. And will the margins optically look higher than in some next quarter given that -- no, not really because they'll be part of investments in,, right? Sorry. And on contingent provisions?

知道了。考慮到——不，不是真的，因為它們將成為投資的一部分，對吧？對不起。那麼或有條款呢？

Okay. Contingent provision, you see that there was a release of contingent provision. There's a footnote in the accounts that provisions. We received clarifications on AES. We had reserved 100% of our contribution to the the AES clarifications came that we don't need to provide rupee for rupee of the amounts that we have provided to the AES.

好的。或有準備金，您看到有或有準備金的釋放。帳目中有一個腳註規定。我們收到了有關 AES 的澄清。我們保留了 100% 的捐款給 AES，並澄清我們不需要為 AES 提供的金額提供盧比。

It is sufficient to provide on a proportionate basis based on the AES lending to the data company. And so appropriately, the promotions have been taken down. There's nothing to do with credit. It was simply a regulatory provision that was created and it was taken out, yes.

根據AES貸款按比例提供給數據公司就足夠了。因此，促銷活動已被適當地取消。和信用沒關係。是的，這只是一項監管規定，後來又被取消了。

Kunal Shah, Citi.

庫納爾·沙阿，花旗銀行。

Yes. So first question with respect to RBI's traffic circular..

是的。第一個問題是關於印度央行交通通告的。

Your audio is not coming clear. Can I request you to speak through the handset?

您的音訊不清楚。我可以請您透過聽筒講話嗎？

Yes. Is it clear now?

是的。現在清楚了嗎？

Yes.

是的。

Yes. So the question is on RBI's draft circular in terms of the over lift in lending EBITDA group entities. So what do you things should be the impact on HDB Financial and maybe till the time there is the final guidelines, would it and which impact the listing of the HDB financial that is being planned and that is required is for the regulatory requirement yes?

是的。因此，問題在於印度央行關於 EBITDA 集團實體貸款超額的通知草案。那麼，您認為這會對 HDB Financial 產生什麼影響，也許在最終指導方針出台之前，它會影響正在計劃的 HDB Financial 上市嗎？

Okay, Kunal, thank you for asking two aspects to what you're asking. One is draft circular. The word is -- underlying word here, it is draft number one. Number two, the comments are required to be submitted by November 20, our bank, and I'm sure the banking facility would be providing similar comments. So we'd like to wait to see what turns out to be the final second.

好的，Kunal，謝謝您針對您所問的問題提出了兩個面向的問題。一是通告草案。這個字是－－這裡的底層字，它是第一號草案。第二，我們的銀行必須在 11 月 20 日之前提交意見，我相信銀行機構也會提供類似的意見。所以我們想看看最後一秒會發生什麼。

Number 3, the context to keep in mind is also that HDB is a regulated entity operating under the license from Reserve Bank of India. So it is a licensed entity. And there are certain conditions for license, it meets those conditions for license.

第三，要記住的背景是 HDB 是一家在印度儲備銀行許可下運作的受監管實體。所以它是一個獲得許可的實體。獲得許可是有一定條件的，滿足這些條件就可以獲得許可。

It is also supervised by the similar team that supervises the bank. The policies and the procedures adopted by HDB are consistent with what the bank does in terms of let it be income recognition, provisioning, lending standards that are required or where lending is prohibited and so on. So the entity follows very similar principles, which means there is no arbitrage between the bank and HDB. There's no arbitrage as such, too. There's no choice.

它也受到監管銀行的類似團隊的監管。 HDB採取的政策和程序與銀行的做法一致，包括收入確認、撥備、要求的貸款標準或禁止貸款等面向。因此，該實體遵循非常相似的原則，這意味著銀行和建屋發展局之間不存在套利。也不存在這樣的套利。別無選擇。

The bank operates, as you know, for that particular product segments, those kind of products, the bank operates on a program basis. And HDB by nature of the customer segment, which is very different from the bank customer segment operates with a touch and feel closer to the customer through a branch network and operates handholding the customer on a periodic basis. So a very different model in terms of how HDB operates and it's a necessity in this market where credit evolution is still in an early to mid-stage. So that's in terms of HDB as such in the draft circular for you to fit the context.

如您所知，銀行針對特定的產品細分市場、此類產品進行運營，是按計劃運營的。 HDB 的客戶群本質上與銀行客戶群有很大不同，透過分行網路與客戶建立更緊密的聯繫，並定期掌握客戶。因此，就 HDB 的運作方式而言，一種非常不同的模式是必要的，在這個信貸發展仍處於早期到中期階段的市場中，這是必要的。因此，這是在通知草案中的建屋發展局方面，以適應上下文。

We do not know what the final will be, we'll be providing the feedback, and then we'll take it from there. As it relates to IPO, you know that there is a upper tier circular, which came in some time a couple of years ago now that a couple of years ago, a circular actually came after the white paper of this draft circular that was given about almost three years ago. So subsequent to that white paper, there was a draft circular, the draft circular of the -- I'm sorry, the circular for the upper tier came and that requires HDB to be listed by September '25.

我們不知道最終結果是什麼，我們將提供回饋，然後我們將從那裡獲得回饋。就 IPO 而言，您知道有一個上層通知，幾年前的某個時候發出的，現在幾年前，實際上是在這份通知草案的白皮書之後發出的通知大約三年前。因此，在該白皮書之後，出現了一份通告草案，該通告草案——對不起，上層的通告已經發布，要求 HDB 在 25 年 9 月之前上市。

The process for that listing was kicked off. As you know, we put out certain press releases after various board deliberations here as well as in HDB between July and August, and the process has kicked off. As it relates to the timing or anything else, I would not be able to talk more specificity on that. That's part of the publicity guidelines as we enter into an IPO process, publicity guidelines do not permit to talk anything more specific at this stage.

該上市流程已啟動。如您所知，我們在 7 月至 8 月之間以及 HDB 的各種董事會審議之後發布了某些新聞稿，並且該過程已經啟動。由於它涉及時間或其他任何事情，我無法對此進行更具體的討論。這是我們進入首次公開發行流程時宣傳指南的一部分，宣傳指南不允許在現階段談論任何更具體的內容。

Okay. Okay. That's helpful. And second question is on LDR. So you indicated in terms of how we should look at the overall growth compared to that of the system averages.

好的。好的。這很有幫助。第二個問題是關於LDR的。因此，您指出了我們應該如何看待與系統平均值相比的整體成長。

But when we look between our own loan and deposit growth, the way we have been maybe at least contracting the LDR, till what level should we assume that we'll be so aggressive in getting the LDRs down? Would it be like 90%, 95% odd level, and then we will get relatively more comfortable or would there be any time period, maybe that we would have wanted to get it down or maybe we will see a much higher deposit growth compared to that of loan growth for next two, three quarters. And then maybe both of them should normalize, yes.

但當我們審視我們自己的貸款和存款成長時，我們可能至少在收縮 LDR，直到什麼水平我們才應該假設我們會如此積極地降低 LDR？是不是像90%、95% 的奇怪水平，然後我們會變得相對更舒服，或者是否會有任何時間段，也許我們會想要降低它，或者也許我們會看到與之前相比更高的存款成長未來兩、三個季度的貸款成長。然後也許他們倆都應該正常化，是的。

Yes. lots of details you provided there, Kunal. The point here is that the bank LDR was more closer to the 86%, quality, even 87%, if you round it, that was the rate that we operated before the merger. We went all the way to 110% and rightfully so because it was funded through longer-term borrowings. Typically, a banking system, if you look at it, at least the top banks, if you look at it, the borrowing mix in the funding profile is about 7% to 8%.

是的。 Kunal，你在那裡提供了很多細節。這裡的要點是，銀行的LDR更接近86%，質量，甚至87%，如果四捨五入的話，那就是我們在合併前所操作的利率。我們一路走到了 110%，這是理所當然的，因為它是透過長期借款提供資金的。通常情況下，銀行系統，如果你看一下，至少是頂級銀行，如果你看一下，資金狀況中的借貸組合約為 7% 至 8%。

For us also, it was 8% before, and it went to 21%. So for better economics and for alignment, repositioning the balance sheet was required. And so thereby, currently, it's at about 16%. The borrowing mix is at 16% or so. And the LDR when it will come down, the thought process we had, which our CEO had articulated over the last nine months is that we had thought that it would take four, five years to be at that level of what historically we have run, it's just the mid-80s to high 80s.

我們也是，之前是8%，現在變成21%了。因此，為了更好的經濟效益和調整，需要重新定位資產負債表。因此，目前該比例約為 16%。借貸比例約16%。當 LDR 下降時，我們的執行長在過去九個月中闡明的思維過程是，我們認為需要四到五年的時間才能達到我們歷史上運行的水平，這只是 80 年代中期到 80 年代中期。

Instead of that, there is an opportunity right now with the rate of credit growth being high over the last two years and is expected to come down to maybe the deposit level rate of growth and so, in this scenario, it was appropriate for us to rethink to say we will do it within two to three years to get to the high 80s, right? So there is no -- you asked me if that quarterly, as you described two, three quarters are a year, we don't want to get into quarterly or year. But certainly, an accelerated approach is what we have in mind to do.

相反，現在有一個機會，過去兩年信貸增長率很高，預計可能會下降到存款水平增長率，因此，在這種情況下，我們適合重新考慮一下，我們將在兩到三年內達到80 多歲，對嗎？所以，你問我，正如你所描述的，兩個、三個季度是否是一年，我們不想進入季度或年度。但當然，我們打算採取加速方法。

And again, keep in mind, the way we are operating is that as far as the retail lending is concerned, retail loan is concerned. If you think about our mortgages, we are full force in the market in terms of marketing and selling mortgage because it provides better customer relationship. Price, our price and the price of the legacy banks, which are there were high differential exists. And so there is a sensitivity to price there. But we grew, as you see there, almost 11.7% year-on-year.

再次請記住，我們的營運方式是，就零售貸款而言，就零售貸款而言。如果您考慮我們的抵押貸款，我們在行銷和銷售抵押貸款方面在市場上處於全力狀態，因為它提供了更好的客戶關係。價格方面，我們的價格和傳統銀行的價格，是存在著很大的差異的。因此，那裡對價格很敏感。但如您所見，我們同比增長了近 11.7%。

And as it relates to non-mortgage retail, we grew 11% this year-on-year in this quarter that you are seeing, but we have moderated the growth purely based on credit dynamics that our credit underwriting standards, underwriting team looks at certain standards and calibrate that.

就非抵押零售而言，正如您所看到的，本季度我們同比增長了 11%，但我們純粹根據我們的信貸承保標準、承保團隊認為的信貸動態來調整增長速度。 。

And priority sector has grown 4%, 4.7% sequentially, which is at the rate of 16% to 20%. We need the priority sector, high quality, again, passing through the whatever credit filters comes in. Where there is -- the larger ticket size loans is where we have used this tool of calibrating, again, price conscious. If you look at even in this quarter, the bond spreads on a 2-year AAA or a 1-year AAA bond spreads have moved between 15 to 30 basis points up. Loan spreads in the market are pressurized to come down.

優先產業季增4%、4.7%，成長速度在16%至20%之間。我們需要優先部門，高品質，再次通過任何信貸過濾器。即使在本季度，2 年期 AAA 或 1 年期 AAA 債券的利差也上漲了 15 至 30 個基點。市場貸款利差受壓下行。

And so at this stage, we chose that it's not the way to go. And so we moderated the growth on that. So there is no one particular target, as you saw. We talked about it for two minutes to say there is not something that over the next 1, two or three quarters that we can give you a target, but directionally, you've got what Sashi has been talking about for a few months now.

所以在這個階段，我們選擇這不是正確的選擇。因此我們減緩了成長。因此，正如您所看到的，沒有一個特定的目標。我們討論了兩分鐘，表示在接下來的 1、2 或 3 個季度內，我們無法為您提供目標，但從方向上講，您已經了解了 Sashi 幾個月來一直在談論的內容。

And the reason for the change in our thought processes, we also believe from the various regulatory commentaries that is you have a listening and we all have been listening that it may coincide over the next two to three years a change in the credit environment. So we want to ensure now that we have mentioned and we have been witnessing a very stable asset quality, we want to be extremely well positioned when the positive cycle probably changes in the next two to three years, we want to be well positioned to capture the kind of incremental growth that we have seen in the premerger levels. That's one of the reasons why we are accelerating the -- bringing down the CD ratio or the loan deposit ratio, which is what I mentioned in the beginning of my commentary as to what our life path of credit growth would be vis-a-vis the system growth rate over the next three years, including FY25, '26 and '27.

我們的思考過程改變的原因是，我們也從各種監管評論中相信，大家都在傾聽，我們都在傾聽，在未來兩到三年內，信貸環境可能會改變。因此，我們現在要確保我們已經提到並且我們已經見證了非常穩定的資產質量，當未來兩到三年的正週期可能發生變化時，我們希望處於非常有利的位置，我們希望處於有利的位置來捕捉我們在合併前看到的那種增量成長。這就是我們加速降低存款準備金率或貸存比的原因之一，這也是我在評論開頭提到的關於我們的信貸成長路徑的內容。財年。

Gaurav, (inaudible) Management.

Gaurav，（聽不清楚）管理。

I have a couple of questions. The first is on the priority sector loans. Maybe if you can share some more detail on how much are we meeting organically? Because I noticed that in the last few quarters, our other assets as a percentage of total have gone up a lot, like 3%, 4% premerger, now it's like almost 6%. But this quarter, it has actually come down Q-o-Q, so I'm just curious if that is because we are making more priority sector requirement organically.

我有幾個問題。首先是優先部門貸款。也許您可以分享更多關於我們有機會面的細節？因為我注意到，在過去的幾個季度裡，我們的其他資產佔總資產的百分比上升了很多，例如合併前的3%、4%，現在幾乎是6%。但本季度，它實際上比上一季度有所下降，所以我很好奇這是否是因為我們有機地提出了更多優先部門的要求。

So maybe if you can share some thoughts on that?

那麼也許您可以就此分享一些想法嗎？

And the second question is about the non-mortgage retail that you mentioned, do we envisage that reaccelerating this and start gaining market share again because a lot of our peers actually are now seeing credit costs go up. And then we are going faster earlier. So in the next several quarters, we see us gaining back market share as our peers step back.

第二個問題是關於您提到的非抵押零售，我們是否設想重新加速並開始再次獲得市場份額，因為我們的許多同行實際上現在看到信貸成本上升。然後我們會走得更快。因此，在接下來的幾個季度中，隨著同業的退卻，我們將重新獲得市場份額。

Okay. Thank you for asking again. Let's go to the PSL that you mentioned. Yes, I think as far as the PSL achievement is concerned for March '24 that is already published that you will be able to see it. It's in our annual report and various other disclosures.

好的。謝謝你再次詢問。讓我們看看你提到的 PSL。是的，我認為就 24 年 3 月的 PSL 成就而言，您將能夠看到已經發布的成績。它存在於我們的年度報告和各種其他披露中。

We are close enough in terms of at an aggregate level, our PSL was 50-odd percent aggregate level. And the small and marginal farmer in the weaker section, we were slightly under. That's less than 1% or so that you have seen that. Sequentially, you'll see some other assets going down. That's various causes that go up and down, including some RIDF maturities.

就整體水準而言，我們已經足夠接近了，我們的 PSL 是總體水準的 50% 左右。而弱勢族群中的小農和邊緣農戶，我們則稍微落後。你已經看到了，這個比例還不到 1% 左右。隨後，您會看到其他一些資​​產下跌。這是各種起起落落的原因，包括一些 RIDF 到期日。

So many things will happen that. That's about INR2,000 crores or so. That's something. Then you talked about the PSL as we stand today. yes, as far as the PSL is concerned, the only PSL that we focus on organically because the rest are naturally part of the business model to grow is on the small and marginal farmer and the weaker section which typically, we are between the organic growth and the PSLC and the IBPC and the PTCs or the securitization that we do on the investment side, across all these sites, we operate somewhere between 9%, 9.5%, thereabouts, closer to the 9%, 10% is the target, as you know.

這樣就會發生很多事情。大約是 200 億印度盧比左右。那是一件事。然後你談到了我們今天的 PSL。是的，就 PSL 而言，我們唯一關注有機成長的 PSL，因為其餘的自然是成長商業模式的一部分，是針對小型和邊緣農民以及較弱的部分，通常我們處於有機成長之間PSLC、IBPC 和PTC 或我們在投資方面所做的證券化，在所有這些網站上，我們的營運比例在9%、9.5% 之間，大約是接近9%、10% 的目標，因為你知道。

So we endeavor to close that gap as much as we can organically. That is where the approach has been do organically.

因此，我們努力盡可能有機地縮小這一差距。這就是方法有機實施的地方。

I wouldn't say where we will end because we don't know the market availability and how we do it, but that's at least the approach is that organically, we want to do as much as possible. And other tools are available at a price for us to take. And that's where we are as we stand even in September. That's one on the PSL.

我不會說我們將在哪裡結束，因為我們不知道市場可用性以及我們如何做到這一點，但這至少是有機的方法，我們希望盡可能多地做。其他工具也可供我們付費使用。這就是我們在九月的處境。這是 PSL 上的一個。

On the non-mortgage retail, I'm going to start, and then Sashi's going to say. You talked about market share, right, despite whatever you talk about our rate of growth slowing down. In the recent year, we slowed the unsecured loan to a rate of growth, which is 10%. In the recent time periods, one to two quarters this year, we slowed down to between 9% and 10% rate of growth. And if you look at the year before, we grew at 19%, right?

關於非抵押零售，我要開始，然後 Sashi 會說。您談到了市場份額，對吧，儘管您談到我們的成長率正在放緩。近年來，我們將無抵押貸款的成長放緩至10%。最近一段時間，今年一到兩個季度，我們的成長率放緩至 9% 到 10% 之間。如果你看看前一年，我們的成長率是 19%，對吧？

So the risk calibrates in terms of -- they're seeing it far ahead of time in terms of how to time it from a calibration, which is what has happened. And if you look at the nonperforming on the retail side, our nonperforming loans, GNPAs at 1.36% or thereabouts, retail GNP is at about 0.8% right, 0.8%. That's where the unsecured loans are also there.

因此，風險校準的方式是——他們在如何確定校準時間方面提前看到了這一點，這就是已經發生的事情。如果你看看零售方面的不良貸款，我們的不良貸款、國民生產毛額約 1.36% 左右，零售國民生產毛額約為 0.8%，對吧，0.8%。無擔保貸款也在那裡。

From a market share that you alluded to, on PL, on the private side, that means leave the government segment to the site, we are the #1. If you look at auto, we will be the #1 right? So in cards, we are the #1. So various products on the retail nonmortgage when you think about it. We are the market leaders across various product segments with whatever.

從您提到的市場份額來看，在 PL 上，在私人方面，這意味著將政府部分留給該網站，我們是第一名。如果你看看汽車，我們會是第一，對嗎？所以在牌方面，我們是第一名。當你考慮一下時，零售非抵押貸款上有各種各樣的產品。不管怎樣，我們都是各產品領域的市場領導者。

Even in the recent times, if you look at the high-quality customers, customers who are rated above 750, 760 score and above, which is a bureau score, which is not the model for us to originate, but that's for us to refer, we have one of the highest share both from application incoming, inquiries, disbursals across all of those segments. In the stock. We are one of the highest from a higher-rated credit score segment point of view. I think that's -- in terms of -- we continue to focus its credit calibrated, and we don't have a particular target for credit to achieve there.

即使是最近，你看優質客戶，750分、760分以上的客戶，這是一個局分，這不是我們原創的模型，但這是給我們參考的。和支出方面都擁有最高的份額之一。在庫存中。從信用評分較高的細分市場來看，我們是最高的之一。我認為，就這一點而言，我們繼續將重點放在信貸校準上，而且我們沒有設定具體的信貸目標。

And all the portfolio, as I said, beginning of the commentary, while the quality continues to be very stable across the board. And of course, there will be this quarterly fluctuations, but we are not overly concerned. So it also sort of helps us to position ourselves very well when we probably are ready when the cycle changes back into a positive territory. And that's the time when we will probably pick and choose the right customers at the right price, which will be conclave into some of the banking system trends.

正如我在評論開始時所說的，所有的投資組合的品質仍然非常穩定。當然，季度波動也會存在，但我們並不過度擔心。因此，當我們可能準備好當週期轉回到積極的領域時，它也可以幫助我們很好地定位自己。到那時我們可能會以合適的價格挑選合適的客戶，這將成為銀行體系的一些趨勢。

Pranav G, Bernstein.

普拉納夫·G，伯恩斯坦。

The question is on the loan yields for the bank. I think if you look historically, the bank as well as the pro forma entity has always had a higher yield versus peers, we have a significant gap versus peers. Incrementally, if the bank's loan yields on par with peers, or are we still seeing a lower yield because of our conservative stance on underwriting.

問題在於銀行的貸款收益率。我認為，如果你從歷史上看，銀行以及備考實體的收益率始終高於同行，我們與同行相比存在很大差距。逐漸地，如果銀行的貸款收益率與同業持平，或者由於我們對承保的保守立場，我們仍然會看到較低的收益率。

You have to look at it by segment, again, if you look at it by product on the mortgages, it's -- our published rates are anywhere between 8.8% to 8.9%. So the private sector peers would be more or less within the same range within a 10 basis points range. That is not the competition on the price. It is the legacy banks, the incumbent banks from ages -- that's where the price differentials are almost 50 basis points or thereabouts. That's the mortgage as such.

你必須再次按細分市場來看待它，如果你按抵押貸款產品來看待它，我們公佈的利率在 8.8% 到 8.9% 之間。因此，私部門同業將或多或少處於 10 個基點範圍內的相同範圍內。這不是價格上的競爭。正是傳統銀行、多年來的老牌銀行——價格差異幾乎達到 50 個基點左右。這就是抵押貸款。

So the non-mortgage when you look at it, on the retail side, again, there is a risk-based pricing for the quality of the assets that you originate or the customer segment that you choose, the prices appropriately calibrated according to the risk models that come.

因此，當你看到非抵押貸款時，在零售方面，同樣，針對你所發起的資產品質或你選擇的客戶群，存在基於風險的定價，價格根據風險進行適當校準來的模型。

Similarly, on the CRB side, the commercial and rural banking, we have tried several price points from anywhere from 10 basis points to 20, 25 basis points over the last six months, the price has been extremely elastic, which means the higher the price, lesser the demand because, again, this is the incumbent legacy banks have lower price in that segment.

同樣，在CRB方面，商業銀行和農村銀行，我們在過去六個月裡嘗試了從10個基點到20、25個基點的幾個價格點，價格非常有彈性，這意味著價格越高，需求減少，因為這又是現有傳統銀行在該領域的價格較低。

And so we haven't seen the ability to move the price up. We are not seeing. And that's what we are seeing even in the system when the repo rate has gone up by 250 basis points, the dollar, the weighted average lending rate has moved up only half of it and -- or 150 basis points or thereabouts. But you will see that the public sector banks rate movement is far below that 120 basis points or thereabouts, essentially inhibiting the private sector to price up more in line with what the repo rates have moved up. So that's the factor there.

所以我們還沒有看到提高價格的能力。我們沒有看到。這就是我們在系統中看到的情況，即使回購利率上升了 250 個基點，美元加權平均貸款利率也只上升了一半，或 150 個基點左右。但你會發現，公共部門銀行的利率變動遠低於 120 個基點左右，這本質上抑制了私部門的定價與回購利率的上漲保持一致。這就是那裡的因素。

On the wholesale side, or larger ticket side, I talked about the credit spreads, credit spreads move in the direction, but not necessarily the bond spreads move in the direction, not necessarily the credit spreads or not the loan credit spreads are not keeping up in the same direction as the bond spreads. So thereby, that's again a choice to make in terms of how you price for that. I agree that the credit quality in that segment is extremely great. But still, you have to price for a life cycle credit cost and not for today or tomorrow just credit cost. So that's where we are inhibited on that segment.

在批發方面，或者說大票方面，我談到了信用利差，信用利差朝這個方向移動，但不一定是債券利差朝這個方向移動，不一定是信用利差，或者不是貸款信用利差跟不上。因此，這又是一個根據定價方式做出的選擇。我同意該領域的信用品質非常好。但是，您仍然必須為生命週期信用成本定價，而不僅僅是今天或明天的信用成本。這就是我們在該領域受到限制的地方。

Rahul Jain, Goldman Sachs.

拉胡爾·賈恩，高盛。

Three questions. First is on the trajectory of the liquidity coverage ratio. So I wanted to understand, we have been inching that higher. Clearly, there is a draft regulation out there. So is that something that you are taking into our assumptions?

三個問題。首先是流動性覆蓋率的軌跡。所以我想明白，我們一直在進步。顯然，已經有一個法規草案了。那麼您是否將這一點納入我們的假設中？

And pushing this LCR higher? Or what exactly is the reason are thinking there? So that's question number 1.

並將 LCR 推高？或者說到底是什麼原因？這是第一個問題。

See, one, the liquidity coverage ratio is at 128. There is no -- we have told you that our target that we normally tend to operate is between 110 to 120. And somewhere historically, we operated at that 115 or thereabouts plus/minus 1%, 2%. That's the kind of where one would desire to operate. However, in the recent times, last quarter was 123, this quarter was 128.

看，一，流動性覆蓋率是 128。 1%、2%。這就是人們想要經營的地方。不過最近一段時間，上季是123，本季是128。

Again, it is driven by the fact that we get more deposits, granular deposits, retail-driven deposits, which have higher value, good value. We want to get more deposits, which puts money in reserves.

同樣，它是由我們獲得更多存款、顆粒存款、零售驅動的存款這一事實所驅動的，這些存款具有更高的價值、良好的價值。我們希望獲得更多存款，從而將資金存入儲備。

And we have talked about our lending value proposition about how we are addressing the lending loan growth as such. So it's a fallout of how we are trying to get as much as possible the optimal level of deposits that are available and calibrate the loan for current conditions and situations for repositioning the balance sheet as well as the credit filters. That's what it shakes out to be at that level.

我們已經討論了我們的貸款價值主張，以及我們如何解決貸款成長問題。因此，這是我們如何努力獲得盡可能多的最佳可用存款水平並根據當前條件和情況調整貸款以重新定位資產負債表和信貸過濾器的結果。這就是它達到那個水平所需要的。

So just to simplify (inaudible) so LCR, would it further go up or you would run it down a bit because clearly now the mix is also changing and we would want to push up our margins also because the ROA also could potentially be better or you will keep inching this up because there's an impending regulation that is out there or draft regulation that is out there.

因此，為了簡化（聽不清楚）LCR，它會進一步上升還是會稍微下降，因為顯然現在的組合也在發生變化，我們也希望提高我們的利潤率，因為 ROA 也可能會更好或你會不斷地推動這一點，因為有一項即將出台的法規或正在起草的法規。

Yes. See, we have to wait. It's still in a draft form -- that regulation is still in a draft form. Feedback has been provided by us and by various organizations and associations, feedback has been provided. We'll have to wait through to see.

是的。看，我們必須等待。它仍處於草案形式——該法規仍處於草案形式。我們已經提供了回饋，各個組織和協會也已經提供了回饋。我們必須等待才能看到。

For example, if you see some of those anybody with their digital banking capability net banking capability, including an UPI transaction capability, which is a digital capability and so on. So it starts to be punitive where in a situation where we are trying to digitize many things, including day-to-day transactions. So we do not know where it will land. So that's on one side, right? Draft regulations is something which is there.

例如，如果你看到其中一些人擁有數位銀行能力、網路銀行能力，包括UPI交易能力，這是一種數位能力等等。因此，在我們試圖將許多事情（包括日常交易）數位化的情況下，它開始成為懲罰性的。所以我們不知道它會降落在哪裡。所以這是一方面，對嗎？法規草案是已經存在的東西。

The feedback has been provided. We'll have to work through it. We do not know what that is, where it will come and end. But the second aspect of it that you asked whether it will go up or come down or remain where it is. Again, it is a function -- Rahul, it's a function of what happens with the market on the deposits.

已提供回饋。我們必須解決這個問題。我們不知道那是什麼，它會在哪裡出現並結束。但你問的第二個面向是它會上升、下降還是保持原狀。再說一次，它是一個函數——拉胡爾，它是存款市場發生的情況的一個函數。

As we have said, we will get -- we are positioned to get a good share of deposits, and we are calibrating our loan growth. So we could remain where it is or we could go up. But that is the last of the considerations, but it is about the customer franchise of growing those deposits and getting that loans at a level that we desire.

正如我們所說，我們將獲得良好的存款份額，並且我們正在調整貸款成長。所以我們可以留在原地，也可以上升。但這是最後一個考慮因素，但它關係到客戶增加存款並以我們期望的水平獲得貸款的特許權。

The reason why I ask this question is because in the balance sheet, quarter-on-quarter, the GX still went up by about INR15,000 crores, LCR also went up. I appreciate the point about the granularity of deposits and therefore, the lower runoff factor. But just wanted to get some directional sense. Fair enough. The other question is on the branch expansion, et cetera.

我之所以問這個問題是因為在資產負債表中，環比GX仍然上漲了約1500億印度盧比，LCR也上漲了。我很欣賞關於沉積物粒度以及因此較低的徑流係數的觀點。但只是想獲得一些方向感。很公平。另一個問題是關於分支機構擴張等。

So what are the fresh thoughts out there? How are you all thinking about it?

那麼有哪些新想法呢？大家怎麼想的呢？

We grew 240-odd branches in this quarter, 350 something for the year so far. Last year, we grew 917 branches. Our objective has been to make those investments and branches now when the credit has been benign. And as you know, as you see that, it continues to be benign. And there is -- we have stopped giving exactly what number, whether it is 1,000 or 750 or 1,250 or whatever.

本季我們增加了 240 多家分支機構，今年到目前為止已增加了 350 多家。去年，我們增加了 917 個分店。我們的目標是在信用良好的情況下立即進行這些投資和分支機構。正如你所知，正如你所看到的，它仍然是良性的。我們不再給出確切的數字，無論是 1,000、750、1,250 或其他什麼。

But we will -- our approach has been to grow branches to go into more areas where we need reach. And -- but even in cities to make it much more denser so that we could capture all the customers that are possible. So we continue to grow at what pace that will be calibrated time to time.

但我們會——我們的方法是擴大分支機構，進入我們需要到達的更多領域。而且，即使在城市，也要使其更加密集​​，以便我們能夠吸引所有可能的客戶。因此，我們將繼續以不時校準的速度成長。

All right. I appreciate it. Last question is on your latest thoughts on the credit quality because I think you've -- you got the cycle again right on the unsecurity straight away. Now you're starting to grow that these, while others are having the normalized experiences or elevated credit cost, so what's your latest thoughts on asset quality in general, unsecured micro finance, any other segment that you are cautious about -- anything that we all would -- should know from your perspective where the credit comes in may be starting to build up?

好的。我很感激。最後一個問題是關於您對信用品質的最新想法，因為我認為您已經--您立即再次獲得了關於不安全性的正確週期。現在，您開始成長這些，而其他人正在經歷正常化的經歷或信貸成本上升，那麼您對一般資產品質、無擔保小額信貸、您所謹慎的任何其他領域的最新想法是什麼——我們所關注的任何領域從你的角度來看，所有人都應該知道信貸可能開始在哪裡累積？

No. we have been sort of mentioning this for quite some time. As Srini did mention for a couple of years, we have been calibrating our growth depending on what we have been seeing the early indicators. But I think the call that has been taken by our credit architecture has come out well yet again. And so as we speak today, we are in a very extremely comfortable position.

不，我們已經提到這一點有一段時間了。正如斯里尼幾年來提到的那樣，我們一直在根據我們所看到的早期指標來調整我們的成長。但我認為我們的信貸架構所採取的行動再次得到了很好的結果。因此，當我們今天講話時，我們處於一個非常舒適的位置。

Obviously, there are risks in the system. There are the impact of what's going to happen in the macro side is something that you and I may not be able to predict, but we are well positioned as we speak looking at our portfolio that we don't have too much of a worry at this juncture. Which is one of the reasons why, whilst it will take some time for the book to build -- the retail, as you can see, we are seeing the retail disbursals going up. We -- and this will take a little bit of time for the book to start to reflect that because a large part of the book will happen only in about if you continue this kind of momentum over the next 12 to 18 months' time. But the -- definitely, we'll be ahead of the curve and probably should capture the right customer segmentation at the right price going into the future.

顯然，系統中存在風險。宏觀方面將要發生的事情的影響是你我可能無法預測的，但當我們談論我們的投資組合時，我們處於有利的位置，我們沒有太多擔心這個關頭。這就是為什麼這本書需要一些時間來完成的原因之一——零售，正如你所看到的，我們看到零售支出正在上升。我們——這本書需要一點時間來開始反映這一點，因為只有在未來 12 到 18 個月的時間內繼續這種勢頭，本書的大部分內容才會發生。但毫無疑問，我們將處於領先地位，並且可能應該在未來以合適的價格捕獲正確的客戶群。

So that's the thought process, but we are very watchful of what's happening in the environment, what's happening in the ecosystem. And good to say that as of now, we are not seeing any red alerts or amber alerts, and we continue to calibrate our growth depending on what we have policy at the ground level.

這就是思考過程，但我們非常關注環境中正在發生的事情，生態系統中正在發生的事情。值得慶幸的是，到目前為止，我們沒有看到任何紅色警報或琥珀色警報，我們將繼續根據我們的基層政策調整我們的成長。

And just to chime or complement what supplement what Srini has been talking on the LCR. The one thing that we don't want to control or is on the deposit franchise. The deposit momentum is not something that you can -- it's an overnight plug and play. It's a very large franchise, and there is a momentum that it needs to have, and we don't want to sort of curtail that kind of momentum. Obviously, we are working in a very competitive environment and a very tough macro and liquidity environment.

只是為了配合或補充 Srini 在 LCR 上所說的內容。我們不想控制的一件事就是存款專營權。存款動力不是你能做到的——它是一夜之間即插即用的。這是一個非常大的特許經營權，它需要有一種動力，我們不想削弱這種動力。顯然，我們正在一個競爭非常激烈、宏觀和流動性環境非常嚴峻的環境中工作。

So there is a little bit of an uncertainty where we want to cushion ourselves in terms of a higher LCR.

因此，我們希望透過更高的 LCR 來緩衝自己，這存在一些不確定性。

In addition to that, we have just both Srini and I just mentioned about the glide path on why and what we want to do on the credit growth rate. Obviously, that will lead to this extra amount of high-quality liquid assets, which probably you're right, may depress in the near end some amount of margins, which we are okay for it because we are not here in the shorter end, we want to ensure that the balance sheet and our financial statements are very resilient in the medium to long term.

除此之外，斯里尼和我剛才都提到了關於信貸成長率的原因和我們想要做什麼的下滑路徑。顯然，這將導致額外數量的優質流動資產，這可能是你是對的，可能會在近期壓低一定程度的利潤率，但我們對此沒有意見，因為我們不在短期內，我們希望確保資產負債表和財務報表在中長期內具有很強的彈性。

The third aspect, which you alluded rightfully is the fact that there is an overhang in terms of what will happen if the guidelines come into play, the draft guidelines when it comes in circular. Obviously, we want to position for that as well. So the 129 or whatever that you're seeing is probably kind of a temporary phenomena, which we will keep on we'll watch as to how the various macro and the regulatory framework keeps evolving. And at some point in time, I think it will normalize to the median levels at which we have operated, which is what Srini alluded to. I think it's just a timing difference that you are seeing this kind of slightly elevated LCRs, which will adjust itself into the future.

您正確地提到的第三個方面是，如果指南發揮作用，指南草案在循環發佈時會發生什麼，則存在懸而未決的問題。顯然，我們也想為此定位。因此，129 或您所看到的任何內容可能只是一種暫時現象，我們將繼續關注各種宏觀和監管框架如何不斷發展。在某個時間點，我認為它將正常化到我們運營的中位數水平，這就是斯里尼提到的。我認為這只是時間上的差異，你看到這種 LCR 略有升高，它會在未來進行自我調整。

Rikin Shah, IIFL Securities.

Rikin Shah，IIFL 證券。

Just have one question. with faster normalization in the LDR, we are generating excess liquidity on the balance sheet. So the cash balances have gone up almost by INR750 billion in this quarter. In the past, we have demonstrated to prepay some of the bond borrowings in addition to the scheduled maturity. But this quarter, we didn't see that.

只是有一個問題。隨著存貸比的更快正常化，我們正在資產負債表上產生過剩的流動性。因此，本季現金餘額增加了近 7500 億印度盧比。過去，我們已經證明除了預定到期日外還可以提前償還部分債券借款。但本季度，我們沒有看到這一點。

So I just wanted to understand, do you still see those prepayment optionalities available in the quarters to come by or we could put or see for a few more quarters where this excess liquidity could set on the balance sheet.

所以我只是想了解，您是否仍然可以在接下來的幾個季度中看到這些預付款選項，或者我們可以在接下來的幾個季度中看到這種過剩的流動性可能會出現在資產負債表上。

Rikin, I -- you're right. That endeavor continues to be our efforts are towards that endeavor. But as you know, a large part of the borrowings that we have inherited from erstwhile HDFC is noncallable. So it requires a lot of negotiations across the table. Obviously, it has to find favor with the investors.

Rikin，我——你是對的。我們將繼續為這項努力而努力。但如您所知，我們從以前的 HDFC 繼承的大部分借款都是不可贖回的。因此，這需要進行大量的談判。顯然，它必須贏得投資者的青睞。

It's not a done thing that this will happen. It will take -- it depends on their interest as well. But having said that, the efforts are on.

這件事不會發生。這需要——這也取決於他們的興趣。但話雖如此，努力仍在繼續。

Also, in line with what I just said, just about a moment ago towards -- in Rahul's question, we also want to ensure that we have adequate cushion and liquidity to balance off not just the probability of the sustainability of deposits going into the future. the drop guidelines that will come about and also the fact that if there's an opportunity to bring down the borrowings, yes, why not? So we have to play this depending on the circumstances and how this -- how all this plays out in the future. But if at all, we do have an opportunity to do so and still keep adequate cushion in terms of liquidity, why not, we will do that.

此外，正如我剛才所說，在拉胡爾的問題中，我們還希望確保我們擁有足夠的緩衝和流動性，以平衡的不僅僅是未來存款可持續性的可能性。即將出台的下降指導方針以及如果有機會減少借款的事實，是的，為什麼不呢？因此，我們必須根據具體情況以及這一切在未來如何發揮作用來發揮作用。但如果有的話，我們確實有機會這樣做，並且在流動性方面仍然保持足夠的緩衝，為什麼不呢，我們會這樣做。

Abhijeet, AXA Mutual Fund.

Abhijeet，AXA 共同基金。

Sir, the first question is the other OpEx. Growth is sharply down. What is driving these efficiencies? And what is the trajectory we should expect in the near term?

先生，第一個問題是其他營運支出。成長率急劇下降。是什麼推動了這些效率？短期內我們應該預期的軌跡是什麼？

Yes. The total -- other OpEx is what expenditure, you are talking about expenses. Yes, the total expenses is is growing at the rate of about 10% or so. You've seen that we have moderated the headcount to some extent in this quarter. It's a seasonal timing in terms of how we spend for what festival and so on.

是的。總計－其他營運支出是什麼支出，你說的是支出。是的，總費用正在以大約10%左右的速度成長。您已經看到，本季我們在一定程度上調整了員工人數。就我們如何度過什麼節日等而言，這是一個季節性的時間安排。

And again, certain third-party expenses of origination and so on could be calibrated. There are several plays that go into it. There's no particular strategy on that, yes.

同樣，某些第三方費用等可以進行校準。有幾部戲劇涉及其中。是的，這方面沒有特別的策略。

Sure. And second question is I just want to understand. You have spoken about CBR, the project, et cetera, but --

當然。第二個問題是我只是想了解一下。您談到了 CBR、該專案等等，但是—

Abhijeet, sorry, but we are losing your audio, your voice is breaking. Can I request you to come back in the question queue?

Abhijeet，抱歉，我們正在丟失您的音頻，您的聲音正在破裂。我可以請您回到問題佇列嗎？

M.B. Mahesh, Kotak Securities.

M.B.馬赫什，科塔克證券。

Just two questions from my end. One is you have started to see a slowdown in the commercial banking space, especially on the emerging profits, if you could just kind of highlight as to what's happened there?

我最後只有兩個問題。一是您已經開始看到商業銀行領域的放緩，尤其是新興利潤方面，您能否強調一下那裡發生了什麼？

Emerging corporates, I mentioned to you in some other context, Mahesh, that larger ticket-sized loans are sensitive to rates and the rates are not moving in tandem with the bond spreads that are moving in the market, right? These are good rated emerging corporates. We need the right kind of a price for that quality, right? So -- and if you don't get it, it's calibrated to a lower level. And -- but within that segment, we do grow, too.

新興企業，我在其他情況下向您提到過，馬赫什，較大規模的貸款對利率很敏感，而且利率的變化與市場上債券利差的變化不同步，對嗎？這些都是評級良好的新興企業。我們需要針對這種品質提供合適的價格，對嗎？所以——如果你沒有得到它，它就會被校準到一個較低的水平。而且──但在這個細分市場中，我們也確實在成長。

And there are certain in the segment, which provides us priority sector and also provides through them partnership, certain smaller marginal farmer or agricultural allied activity loans. We patterned all of those.

該領域有某些領域為我們提供了優先部門，並透過他們的合作夥伴關係提供了某些較小的邊際農民或農業聯合活動貸款。我們對所有這些進行了設計。

So it's not that it's only one way of just look at this. You balance across various parameters of cost price, including the priority sector cost price and so on. But that's how we calibrate that. There's no again, one particular way, just a business line that you manage that.

所以這不僅僅是看待這個問題的一種方式。您可以平衡成本價格的各個參數，包括優先部門成本價格等。但這就是我們校準的方式。不再有特定的方式，只有一條業務線可供您管理。

Sure sir. Second question is on the deposit side and loan growth. Is there any number in mind when you're looking at below industry average and looking at where the sector is growing in terms of deposits or -- you don't have an opinion about this at all.

當然，先生。第二個問題是存款和貸款成長。當您查看低於行業平均水平並查看該行業在存款方面的增長情況時，您心中是否有任何數字，或者您對此根本沒有任何意見。

See, the deposits, what we have seen is that the industry has grown anywhere between 10.5%, 11%. And we have grown more than that, gaining market share any time period, if you take a year, three years or five years between 50 to 70 basis points a year, gaining market share. But I'm not sure, which one you talked about where.

看看存款，我們看到該行業的成長率在 10.5% 到 11% 之間。我們的成長不止於此，在任何時間段都獲得了市場份額，如果你用一年、三年或五年的時間，每年以 50 到 70 個基點的速度獲得市場份額。但我不確定你在哪裡談論哪一個。

In deposits at a system level, let's say, is about 15% and loan growth starts to accelerate for the system. Is there a number in mind as to where you want your loan growth to grow? Or you're going to keep it a very flexible number out here?

假設系統層面的存款約為 15%，系統貸款成長開始加速。您是否有一個關於您希望貸款成長的數字？或者您打算將其保留為一個非常靈活的數字？

Yes. We are leaving that there's no one particular target, Mahesh, as we said, we are not strategizing to execute that one number that we want to hit. That's not what is there..

是的。我們認為沒有一個特定的目標，馬赫什，正如我們所說，我們沒有製定策略來執行我們想要達到的數字。那不是那兒的事..

Okay. Just one clarification. On the savings account balances, if you look at the number of credits that are happening to the account, has there been a slower comp there? Or this is general transition to term deposits that we are looking at?

好的。只是一處澄清。在儲蓄帳戶餘額方面，如果您查看帳戶中發生的積分數量，是否有較慢的補償？或者這是我們正在考慮的向定期存款的普遍過渡？

We are glad that you asked that question. When you look at the credits that are coming into the accounts that they are robustly growing, growing in 20s, right? So that means that's again contributed by new customers, too. So it's not just a -- I'm not talking about a static customer base. I'm talking about adding every quarter, a little more than two million customer base coming in shows that the credits do increase, and we are seeing robust increase in the credits.

我們很高興您提出這個問題。當你看到進入帳戶的信用額時，你會發現它們正在強勁增長，增長速度在 20 多歲，對嗎？所以這意味著這也同樣是由新客戶貢獻的。所以這不僅僅是——我不是說靜態的客戶群。我說的是每個季度都會增加，超過 200 萬的客戶群表明信用確實增加了，而且我們看到信用的強勁增長。

But people do spend -- you're seeing that in the card spends anywhere between high teens to low 20s even in our own base, issuing spend or the acquiring spend, we have slightly under 40% share on the acquiring spend, but also we're seeing quite robust growth where spends are happening.

但人們確實會消費——你會看到，即使在我們自己的基礎上，信用卡消費也從十幾歲到二十多歲之間，無論是發行支出還是收單支出，我們在收單支出上所佔的份額略低於40%，而且我們也在支出發生的地方看到相當強勁的成長。

So it's just that people spend and money is with the government not coming back recycle. -- are going through investments, through their alternatives in terms of what we are choosing to do. And time deposit is also one other areas where savings is moving to time.

所以只是人們花錢了，錢卻在政府那裡，沒有回來回收。 - 正在根據我們選擇做的事情進行投資，透過他們的替代方案。定期存款也是儲蓄轉向時間的另一個領域。

Saurabh Kumar, JPMorgan.

索拉布·庫馬爾，摩根大通。

Sir, just two questions. One is on your Slide 36, your RWA to total assets is down quarter-on-quarter. And your the corporate book and the mortgage book has also gone lower than the overall growth quarter-on-quarter. So what would explain this lower RWA, and the second is just on the savings account, again, I mean, assuming you get a 50 basis point rate cut, would you expect savings account or to go up? Or do you think this is more structured this time?

先生，只有兩個問題。其中一張投影片 36 上顯示，您的 RWA 與總資產的比率是季減。您的企業帳簿和抵押貸款帳簿也低於季度環比的整體成長。那麼如何解釋這種較低的 RWA，第二個只是在儲蓄帳戶上，我的意思是，假設你降息 50 個基點，你會期望儲蓄帳戶還是上升？還是你認為這次更有條理？

All right, yes. Let's talk about the RWA density. 69% last quarter went to 67% this quarter, again, sort of that's a function of carrying higher liquid assets. If you look at our HQLA on an average basis went up by almost INR40,000 crores in this quarter. So it's a function of how the HQLA is up, and it's there and one other page on the balance sheet, where you see that we have more liquid assets.

好吧，是的。我們來談談RWA密度。上季的 69% 升至本季的 67%，某種程度上是流動資產增加的結果。如果你看看我們的 HQLA，本季平均成長了近 4000 億印度盧比。因此，這取決於 HQLA 的上升情況，它存在於資產負債表的另一頁上，您可以在其中看到我們擁有更多的流動資產。

That's one. The second aspect you touched upon is if the rate changes by 50 basis points, what happens to -- whether the savings rate goes down, it's too early to speculate on the direction of what it would be. system -- we watch it. We'll watch the system in terms of how.

這是一個。你提到的第二個面向是，如果利率變動50個基點，會發生什麼事──儲蓄率是否會下降，現在推測它的走向還為時過早。系統——我們觀察它。我們將如何觀察該系統。

We have seen that change in rates is rather inelastic for savings balances build up. So having said that, we cannot sort of do it in -- on a stand-alone basis or suo motu, we have to watch how the system plays out, how the bank paternity plays out because it is something we wouldn't like to sort of dug that at this point in time. So we are not committing anything. I think we would like to wait and watch on that particular front, how it plays out in the future.

我們已經看到，利率變動對於儲蓄餘額的累積來說相當缺乏彈性。所以話雖如此，我們不能在獨立的基礎上或suo motu 上做到這一點，我們必須觀察系統如何發揮作用，銀行親子關係如何發揮作用，因為這是我們不希望發生的事情在這個時間點上有點挖掘了。所以我們沒有承諾任何事。我認為我們願意等待並觀察這一特定領域未來的發展。

Abhishek Murarka, HSBC.

阿布舍克‧穆拉卡 (Abhishek Murarka)，匯豐銀行。

So two questions. One is a data keeping one. Can you share the loans that are linked to repo, EBLR, MCLR and fixed rate? And I can come back, circle back for the second question.

那麼兩個問題。一種是資料保存型。您能否分享與回購、EBLR、MCLR 和固定利率掛鉤的貸款？我可以回來回答第二個問題。

The loans that are floating, our external benchmark is, I think, roughly about 69%, 70% or thereabouts, which is similar to what last quarter or the previous quarter that we had mentioned. So it is pretty at that level.

浮動貸款，我認為我們的外部基準大約是 69%、70% 左右，這與我們提到的上季或上季類似。所以在這個水平上它是相當漂亮的。

Srini, this includes MCLR as well? Or this is external entirely LCR.

Srini，這也包括 MCLR 嗎？或者這完全是外部 LCR。

MCLR is a tiny piece of that.

MCLR 只是其中的一小部分。

Okay. And the rest is fixed.

好的。其餘的都是固定的。

Yes.

是的。

Okay. And the second question is on NIM. So it seems if I sort of assimilate all the comments by Sashi during the call, it seems that there are positive factors, there are negative factors as well like liquidity buildup, CD ratio run on. All of that is keeping NIM where it is. Going forward, there will be a repo card at some point, and that will sort of to drag it down.

好的。第二個問題是關於NIM的。因此，如果我吸收 Sashi 在電話會議期間的所有評論，似乎有積極因素，也有消極因素，例如流動性增加、CD 比率持續上升。所有這些都讓 NIM 保持在原來的位置。展望未來，在某個時候將會有一張回購卡，這將有點拖累它。

What can you do to offset that? If you want to keep it here or increase, what are -- what is now in your hands, what levers are there in your hands to offset that?

你能做些什麼來抵銷這一點？如果你想維持或增加，現在你手中有什麼，你手中有什麼槓桿可以抵銷它？

See, while Bhavan and Srini will sort of supplement what I'm planning to say, all along, we have maintained a very matched modified duration of our balance sheet. So our view is that we should not have too much of an impact in the range at which we have been operating the margins in the near term. Of course, it's not a perfect, it will not be the change or the delta for rate movements is not going to be in a perfect thing. So there will be quarterly variations. But broadly, we should not see too much of -- I mean, don't go by two and three with the decimal points piece.

看，雖然 Bhavan 和 Srini 會補充我打算說的話，但我們一直保持著非常匹配的資產負債表修改期限。因此，我們認為，短期內我們的利潤率不會對我們的經營範圍造成太大影響。當然，這不是完美的，不會是變化，或者利率變動的增量也不會是完美的。所以會有季度變化。但從廣義上講，我們不應該看到太多——我的意思是，不要用小數點來表示兩位和三位。

We have been operating in a certain tight range. I think that should be maintained.

我們一直在一定的窄幅區間內操作。我認為應該維持這一點。

In the medium term, I think we should be able to manage this margins in this particular range. If we have clarity as to how the sustainability of liquidity in the macroenvironment, the sustainability and hence of our deposit mobilization, the fact that Hopefully, by then, the drop guidelines will also sort of bring in clarity. Then you will -- and we normalize the LCR to levels where we have operated in the past. I think you should see some amount of kicker that we should -- we have always explained in the past.

從中期來看，我認為我們應該能夠將利潤率控制在這個特定範圍內。如果我們清楚宏觀環境中流動性的可持續性、存款動員的可持續性以及存款動員的可持續性，那麼希望到那時，下降指導方針也將帶來一定的清晰度。然後你就會——我們將 LCR 標準化到我們過去操作的水平。我認為你應該看到我們應該看到的一些有趣的東西——我們過去一直解釋過。

Prakhar Sharma, Jefferies India.

Prakhar Sharma，傑富瑞印度公司。

Congratulations on the results. I just want to ask on the credit cost part. Generally, 1Q tends to be a seasonally heavier quarter from the agri side. So generally, slippages spend come off in second quarter adjusted for the seasonality and same for credit costs. But if I look at the slippage ratio, it's kind of flat Q-o-Q, which I wanted to ask for clarity.

祝賀結果。我只想問一下信用成本部分。一般來說，第一季往往是農業方面季節性較重的季度。因此，一般來說，第二季的滑點支出會根據季節性和信貸成本進行調整。但如果我看一下滑點率，就會發現它的環比持平，我想澄清這一點。

And similarly, if I look at the provision number of about INR2,700 crores, and add back the reversal that would have been done of the AIF, it will probably go to INR3,300 crores. So can you just explain if there is any other moving part in the credit (inaudible).

同樣，如果我看看大約 270 億印度盧比的撥款數額，再加上 AIF 的逆轉，它可能會達到 330 億印度盧比。那麼您能否解釋一下信用證中是否還有其他移動部分（聽不清楚）。

Okay. Prakhar, it is -- yes, your observation that the NPA is stable. The question of whether it should be improving, it's a relevant question. Historically, there has been some level of improvement, whether it can be -- we can debate whether it is a 3 or 5 basis points, it has to improve. That is the kind of range that we are talking about here.

好的。 Prakhar，是的，您觀察到 NPA 是穩定的。是否應該改進的問題，這是一個相關的問題。從歷史上看，已經有了一定程度的改善，無論是否可以——我們可以爭論是3個基點還是5個基點，它必須有所改善。這就是我們在這裡討論的範圍。

Also keep in mind the context that we made forays into small and marginal farmer and into deeper geographical segment over the last one to two years. So the seasonality operates differently at different years, right, particularly when you move into different segments that organically, yes.

還要記住，在過去的一到兩年裡，我們進軍小型和邊緣農民以及更深入的地理區域。因此，季節性在不同年份的運作方式有所不同，對吧，特別是當你有機地進入不同的細分市場時，是的。

Chintan Joshi, Autonomous Research.

Chintan Joshi，自主研究。

Can I come on the balance sheet again. So if I kind of take a few points, you mentioned that there is limited optionality on repaying the borrowings, you are doing more securitizations, which also reduced our loan growth rate. But excess deposit that you have. So for example, this quarter, it was 700 on average deposits versus 300 on average advances, kind of gets parked in liquidity. How would you optimize this?

我可以再次進入資產負債表嗎？所以，如果我提幾點，你提到償還借款的選擇有限，你正在做更多的證券化，這也降低了我們的貸款成長率。但你有多餘的存款。舉個例子，本季度，平均存款為 700 筆，而平均預付款為 300 筆，流動性有所下降。你會如何優化這個？

If you build up too much liquidity, does that give you a little bit of room to grow your loans a little bit? -- for one quarter until the optionality on the borrowing plays out. Is that how we should think about kind of sequentially how you would optimize our balance sheet structure?

如果你累積了太多的流動性，這是否會給你一點點增加貸款的空間？ ——一個季度，直到借款的選擇性發揮作用。這就是我們應該如何依序考慮如何優化我們的資產負債表結構嗎？

Chintan, thank you for asking again, similar to what I alluded to before. As far as the deposit is concerned, both our distribution reach addition of the customers, working with them 96 million-plus customers and our 207,000 people are positioned to get as much as we could on the deposits. with everything else permitting. So that's something -- there's no calibration there, right? We want to get as much as we can.

Chintan，謝謝你再次提問，與我之​​前提到的類似。就存款而言，我們的分銷都增加了客戶，與他們合作的客戶超過 9,600 萬，我們的 207,000 名員工可以從存款中獲得盡可能多的收入。在一切允許的情況下。所以這就是——那裡沒有校準，對吧？我們希望得到盡可能多的東西。

Price is not a differentiator It's about the relationship we get.

價格不是區別因素，而是我們之間的關係。

Having got that, then it goes to the other side of the balance sheet in terms of how you deploy what you do. That's where you're asking about how does the liquidity ratio or the LCR shakes up, right? The LCR is one outcome is not a driver. These are the drivers in terms of you get as much as possible deposits and the loan calibration that we have done. Loan calibration, again, I described that we want as much loans as possible that passes through the credit on the mortgages and on the retail side at the price point we want and that the credit filters, it passes.

明白了這一點之後，就如何部署你所做的事情而言，它就轉到了資產負債表的另一邊。這就是您問流動性比率或 LCR 如何變化的地方，對嗎？ LCR 是一種結果，而不是驅動因素。這些是您獲得盡可能多的存款和我們所做的貸款校準的驅動因素。貸款校準，我再次描述，我們希望盡可能多的貸款以我們想要的價格點通過抵押貸款和零售方面的信貸，並且信貸過濾，它會通過。

Where we have inhibition is only on the larger ticket size, where we are seeing very stubborn pricing, which is very low. That's where it gets calibrated. And other than credit and price there's no other way that we are calibrating the loan as such. And we are not targeting one number or one range of numbers that we want to get to there.

我們所抑制的只是較大的門票規模，我們看到非常頑固的定價，而且價格非常低。這就是它被校準的地方。除了信用和價格之外，我們沒有其他方法來校準貸款。我們的目標並不是我們想要達到的數字或數字範圍。

So the bottom line is that if you keep growing deposits faster than loans, we don't have any issues with growing liquidity because the point here is to look to this LDR ratio rather than worrying about the NIMs in the short term?

因此，底線是，如果存款成長速度持續快於貸款成長速度，我們就不會遇到任何流動性成長的問題，因為這裡的重點是關注 LDR 比率，而不是擔心短期的淨利差？

Yes. No, that is building of liquidity is a outcome that comes and it's a good thing to be having because when there is a growth opportunity, that is what it gets positioned for growth. It's a good thing to have.

是的。不，流動性的建立是一個必然的結果，這是一件好事，因為當出現成長機會時，這就是它為成長做好準備的地方。這是一件好事。

The second question I have is on asset quality -- the one area that has seen a pretty strong growth over the last few years has been CRB, MSME, we're going through cycles in MFI in consumer credit. I'm wondering if there is something that might be in the pipeline in that area, if not for you then more generally for the industry.

我的第二個問題是關於資產品質——過去幾年成長相當強勁的一個領域是 CRB、MSME，我們正在經歷消費信貸領域 MFI 的周期。我想知道該領域是否有一些東西正在醞釀中，如果不適合您，那麼更廣泛地適合整個行業。

We have not seen in our book any kind of a credit that inhibits the growth or inhibit any kind of different approach to how we operate that.

我們在書中沒有看到任何形式的信用會抑製成長或抑制我們運作的任何不同方法。

That's good is happening to see the improvement in the LDR ratio and not accelerated.

看到 LDR 比率有所改善並且沒有加速改善，這是件好事。

Manish Shukla, Axis Capital.

曼尼什‧舒克拉 (Manish Shukla)，軸心資本。

Srini, just to reconfirm the floating proportion of the book. Corporate loans are about 19%. So I'm assuming that would be entirely linked to MCLR, right?

Srini，只是為了再次確認這本書的浮動比例。企業貸款約為19%。所以我假設這完全與 MCLR 相關，對吧？

You can't look at it like that. There are some corporate loans that could be MCLR, there could be other -- yes, a good amount of that your assumption is there a majority of this EBLR, yes, it will be.

你不能這樣看。有些企業貸款可能是 MCLR，也可能是其他貸款——是的，您假設其中大部分是 EBLR，是的，將會是。

And the question is purely on repo. So purely reporting book would be what proportion of your overall loan book, just linked to report.

問題純粹是關於回購的。因此，純粹的報告書將佔您整筆貸款書的比例，僅與報告相關聯。

No, I don't have that particularly handy, but there are -- EBLR has got repo across mortgages, across some CRB products to and the wholesale cockpit products -- it's got -- some of them are T-bills and some of them have MCLR. So across all of that, that's 69%, 70% that we talked about.

不，我沒有特別方便的東西，但是 - EBLR 已經獲得了抵押貸款、一些 CRB 產品和批發駕駛艙產品的回購 - 其中一些是國庫券，一些是國庫券有MCLR。綜上所述，我們討論的是 69%、70%。

Okay. And the last question, before merger, HDFC Limited used to carry hedges on the liability side for interest rates. Are you still carrying any of that? All those have matured?

好的。最後一個問題，在合併之前，HDFC Limited曾對利率負債方進行避險。你還帶著那個嗎？這些都成熟了嗎？

Yes, we do carry those hedges. You know that hedges presupposes there is a borrowing that is attached. So to the extent that the borrowings have not been paid down, that means they are not rolled down or prepaid, they had just continued.

是的，我們確實有這些對沖。您知道，對沖的前提是存在附帶借款。因此，如果借款尚未償還，這意味著它們沒有滾動或預付，而是繼續進行。

Would you be able to quantify that proportion?

您能量化這個比例嗎？

I think for the annual, we have published as of March, we have published in our derivative schedule, we should be able to see it in our annual report for the annual, but not quarterly yes. We published that annually questions.

我認為對於年度報告，我們已經在三月發布了，我們已經在我們的衍生性商品時間表中發布了，我們應該能夠在我們的年度報告中看到它，但不是季度報告。我們每年都會發布這些問題。

Thank you very much. I now hand the conference over to Mr. Vaidyanathan for closing comments.

非常感謝。我現在將會議交給 Vaidyanathan 先生進行總結評論。

Thank you all for participating with us today and engaging here. I appreciate your time. Thank you, Sashi. And any of you have more questions or comments to provide, feel free to connect with our Investor Relations over time, and they shall be happy to engage. Thank you all.

感謝大家今天與我們一起參與並參與其中。我很感激你的時間。謝謝你，薩西。如果您有更多問題或意見要提供，請隨時與我們的投資者關係聯繫，他們將很樂意參與。謝謝大家。

Have a nice weekend. Thanks, Neerav. I can switch off now.

祝你周末愉快。謝謝，尼拉夫。我現在可以關掉了。

Thank you. Thank you all.

謝謝。謝謝大家。

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

謝謝大家。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。