HDFC Bank Ltd (HDB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q3 FY25 earnings conference call.

女士們、先生們，大家好，歡迎參加 HDFC 銀行有限公司 2025 財年第三季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議移交給 HDFC 銀行財務長 Srinivasan Vaidyanathan 先生。

Thank you, and over to you, Mr. Vaidyanathan.

謝謝您，接下來交給您了，Vaidyanathan 先生。

Okay.

好的。

Thank you, Nirav.

謝謝你，尼拉夫。

Good evening to all.

大家晚上好。

Thanks for participating and coming in today.

感謝您今天的參與和到來。

I will kick it off.

我將開始。

I'll request our CEO, Mr. Sashi Jagdishan, to, to get started and give some opening remarks.

我將請我們的執行長 Sashi Jagdishan 先生開始並致詞。

Then we will go straight to any questions that you all have, we can go into that.

然後我們會直接回答大家的任何問題，我們可以深入探討。

Sashi over to you, please.

請把 Sashi 交給你。

Thank you, Srini, and thank you all for joining on this call on a Wednesday evening.

謝謝你，Srini，也謝謝大家在星期三晚上參加這次電話會議。

We just declared our results, and obviously, as you probably know much better than all of us put together, we are in the midst of a very challenging macro environment with tight liquidity conditions, signs of moderating urban demand, [accepted] private capital expenditure programs, volatility and depreciation of the Indian rupee, capital outflows from equity and debt markets due to uncertainty around the new US administration.

我們剛剛宣布了我們的業績，顯然，你們可能比我們所有人加起來都更清楚，我們正處於一個非常具有挑戰性的宏觀環境中，流動性狀況緊張，城市需求出現放緩跡象，私人資本支出計劃被接受，印度盧比波動且貶值，由於新美國政府的不確定性導致股票和債務市場出現資本外流。

However, we also see some drivers of growth or some positive signs as well.

然而，我們也看到一些成長動力或一些正面跡象。

We are seeing some amount of rural demand picking up.

我們看到農村需求正在回升。

The government spending is picking up after a slow momentum in the hedge fund the first half of the year.

在上半年對沖基金的動能緩慢之後，政府支出正在回升。

We see continued strength in services exports and a gradual moderation in inflation.

我們看到服務業出口持續強勁，通膨逐漸緩和。

Coming to the bank, we seem to be progressing well in our journey to normalize our credit deposit ratio with the deposit growth outpacing our loan growth.

談到銀行，我們在實現信貸存款比率正常化方面似乎進展順利，存款成長速度超過了貸款成長速度。

We see robust growth in our average deposits at about 15%, which continue to gain market share and our AUM advances growth of 8% year on year basis.

我們的平均存款強勁成長約 15%，市佔率持續擴大，我們的 AUM 較去年同期成長 8%。

We've delivered a strong deposit growth despite the challenging macro environment.

儘管宏觀環境充滿挑戰，我們仍實現了強勁的存款成長。

As probably you would know, we've -- on an average basis, I think we saw a very near neutral liquidity in quarter three with a peak negative of around the

您可能已經知道，從平均值來看，我認為第三季的流動性非常接近中性，峰值為負值，約為

[INR2 trillion to INR2.5 trillion]. NIMs have remained reasonably range bound and stable despite the headwinds of from tight liquidity leading to tight pricing environment.

[2 兆印度盧比至 2.5 兆印度盧比]。儘管流動性緊張導致定價環境趨緊，但淨利差仍維持在合理的區間波動和穩定狀態。

We continue to add distribution, I think over a year-on-year period on a 12-month period, we've added about over 1,000-odd branches.

我們繼續增加分銷管道，我認為在 12 個月的同比期間內，我們增加了大約 1,000 多個分支機構。

But we've been able to maintain a very tight leash on the cost.

但我們能夠嚴格控製成本。

Our cost growth has grown 7% year on year, which is -- which means that we have gained some amount of productivity gains there.

我們的成本年增了 7%，這意味著我們的生產力得到了一定程度的提高。

But the most important part, which is something that we've always maintain is our credit USB.

但最重要的部分，也是我們一直維護的部分，是我們的信用 USB。

All our credit parameters, be it the slippages, be it the gross NPA, be it the credit costs, x of some of the cyclical patterns in the agri-sector have been reasonably resilient and stable, which is something which we -- which sort of shows the strength of the institution, not just now, but for a long time that we have been in this business.

我們的所有信貸參數，無論是滑點、總不良資產還是信貸成本，農業領域的一些週期性模式都具有相當的彈性和穩定性，這在某種程度上顯示了我們機構的實力，不僅是現在，而且是我們從事這項業務很長一段時間以來的實力。

Going into the future, we are robustly positioned.

面向未來，我們已做好堅實準備。

We have been growing in a very balanced and manner in line with what we had committed to ourselves and to the world at large in terms of the light path on the CD ratio, all the kind of growth levels that we are anticipating.

我們一直在以非常平衡的方式發展，這符合我們對自己和整個世界的承諾，包括 CD 比率的光路以及我們所預期的所有增長水平。

As we speak, we have sufficient liquidity.

目前，我們有足夠的流動性。

We continue to grow our deposits faster than the system.

我們的存款繼續以高於系統速度的速度成長。

Allow -- we have sufficient capital, allowing us to be very comfortable to grow or capture market shares in the loans when macro turns stable.

允許－我們有足夠的資本，當宏觀經濟轉為穩定時，我們可以非常輕鬆地增加貸款或佔領貸款市場份額。

I know all of you would have a lot more questions.

我知道你們還有很多問題。

So let me pause out here and let us take questions from all of you.

所以請容許我在這裡暫停一下，讓我們來回答一下大家的問題。

Thank you.

謝謝。

Thank you, Sashi.

謝謝你，Sashi。

We'll get -- Nirav, we can kindly open it up and we can go straight to questions, please.

我們會得到——尼拉夫，我們可以開放它並直接進入問題。

(Operator instructions) Maruka Adajania, Nuvama

（操作員指示）Maruka Adajania，Nuvama

Yeah.

是的。

Hi, congratulations.

你好，恭喜你。

First of all, can you give as much color as possible on how you met PSL on eHDFCs book because your OpEx does not seem to have increased?

首先，您能否盡可能詳細地說明您如何在 eHDFC 帳簿上滿足 PSL，因為您的 OpEx 似乎沒有增加？

And then there doesn't seem to be much RIDF for previous shortfalls either.

而且對於之前的不足似乎也沒有太多的 RIDF 來彌補。

So just as much color as you could give on PSL, that's the first question.

因此，您能否提供有關 PSL 的詳細信息，這是第一個問題。

And the second question is that if you could separately call out the PCR excluding agri-loans and if there was any tax refund in other income -- other interest income, these are my questions.

第二個問題是，您是否可以單獨列出不包括農業貸款的 PCR，以及其他收入（其他利息收入）中是否有退稅，這些就是我的問題。

Okay.

好的。

Thank you, Mahrukh.

謝謝你，Mahrukh。

First thing on the priority sector.

首先要討論優先領域。

We -- our priority sector is, last year or even as we see now, at the aggregate level, we meet the target, 40%-plus.

我們的重點領域是，去年，甚至正如我們現在所看到的，在總體水平上，我們都達到了目標，即 40% 以上。

The only area that we, last year and as we see speak now, we see is that the smaller marginal farmer and the weaker section, there dual qualifications between them.

我們去年以及現在所看到的唯一問題是，較小的邊際農民和較弱的階層之間存在雙重資格。

But that normally is about the percentage points we always look for opportunities.

但這通常是我們一直在尋找機會的百分點。

And yes, between -- there are several products that go for getting that.

是的，有幾種產品可以實現這一點。

One is organically grow on balance sheet book, that's one.

一是資產負債表上的有機成長，這就是其一。

We do IBPC to buy certain book or PTCs investment book we buy.

我們透過 IBPC 購買某些書籍或 PTC 投資書籍。

We also buy PSLC in the market.

我們也在市面上購買 PSLC。

So it is not just OpEx.

因此，這不僅僅是營運支出 (OpEx)。

The cost of PSL is embedded within our overall ROA structure now and in the past, and it can straddle across various lines.

PSL 成本現在和過去都嵌入我們整體 ROA 結構中，並且可以跨越多條線路。

If you originate, you end up with certain credit costs as part of how you price it in.

如果你發起，你最終會得到一定的信用成本作為定價的一部分。

If you buy it, you get it in PSLC.

如果您購買它，您將在 PSLC 中獲得它。

If you buy it through investments, you're getting it through investment book.

如果您透過投資購買它，那麼您就是透過投資書籍來獲得它。

Or if you get it through a loan purchase, you get it through a loan.

或者如果你透過貸款購買，你就透過貸款獲得它。

So it can straddle everywhere.

所以它可以跨越任何地方。

But yes, we do look for always.

但是是的，我們確實一直在尋找。

We do need to find that that last percentage in the SMF and agri has always been in the past elusive and as we see now, but we were mentally-pursuing at the right price to get that.

我們確實需要發現，SMF 和農業中的最後一個百分比在過去一直是難以實現的，正如我們現在所看到的，但我們在精神上追求以合適的價格來實現這一點。

That's part of the first question.

這是第一個問題的一部分。

Sir, just one thing, one clarification.

先生，我只想澄清一件事。

So this time around there was not much PSLC, is that a fair assumption?

所以這次 PSLC 沒有太多，這是一個合理的假設嗎？

There's not much, yes, but the year is still not over.

是的，雖然不多，但今年還沒結束。

And so as the year progresses, we love to see where it ends.

隨著一年的進展，我們很高興看到它的結局。

Okay.

好的。

The second aspect is the PCR that you touched upon.

第二個方面是您剛才提到的PCR。

The overall PCR you can see is about 68% and you know that the slippages were impacted by agri, which is the seasonal agri.

您可以看到整體 PCR 約為 68%，並且您知道下滑是受到農業（季節性農業）的影響。

Excluding the seasonal agri, the slippages are flat period to period.

除季節性農業外，各時期的下滑幅度均持平。

And so they are -- since they are in the early bucket, the PCR excluding agri is at 71%, which is same as what it was in the prior quarter.

事實上，由於它們處於早期階段，不包括農業的 PCR 為 71%，與上一季相同。

That's the PCR.

這就是 PCR。

The third aspect of it is the tax refunds or whatever.

第三個方面是退稅等等。

Yeah, every quarter we get something, but this quarter is about INR2 billion.

是的，每個季度我們都會獲得一些收入，但本季的收入約為 20 億印度盧比。

Last quarter was about a INR0.5 billion or something.

上個季度約為5億印度盧比左右。

And so every quarter there is something that comes.

因此每季都會有一些事情發生。

And the agri reversals, the interest reversals on agri also go, but that goes to the loans -- part of the interest on loans.

農業逆轉，農業利息逆轉也會消失，但這些都涉及貸款——貸款利息的一部分。

Yeah.

是的。

Correct.

正確的。

That is a separate item.

那是另一項事務。

Sir, what is the agri-reversal?

先生，什麼是農業逆轉？

So that's again for the NPA, relating to NPA.

這又是關於 NPA 的，與 NPA 有關。

You reverse the interest once an account goes to NPA, and typically, the agri interest reversal is about one-year interest that you reverse.

一旦帳戶轉為 NPA，您就可以逆轉利息，通常，農業利息逆轉約為您逆轉的一年利息。

Okay, sir.

好的，先生。

Thank you.

謝謝。

Thank you.

謝謝。

Yeah.

是的。

Chintan Joshi, Autonomous.

Chintan Joshi，自治。

Hi, good evening.

嗨，晚上好。

I've got one on liquidity and then one on your contingent provisions.

我有一個關於流動性的問題，還有一個關於或有準備金的問題。

On liquidity, you know, if I think about the last two quarters on average balances, you've added about INR1.2 trillion to INR1.3 trillion of excess deposits over loans and borrowings are only down about INR250 billion.

關於流動性，您知道，如果我考慮過去兩個季度的平均餘額，您已經增加了約 1.2 兆盧比至 1.3 兆盧比的超額存款，而貸款和借款僅下降了約 2500 億盧比。

That excess liquidity that you have on balance sheet, at what yield have you packed that liquidity if you can share that with us.

您的資產負債表上的過剩流動性，您以什麼收益率打包了這些流動性，如果您可以與我們分享的話。

And also what is the weighted average cost of borrowing, that is maturing over the next two years?

未來兩年到期的加權平均借款成本是多少？

Just trying to understand what the funding synergies will look like over the next 12 to 18 months.

只是想了解未來 12 到 18 個月的融資綜效將會是什麼樣的。

And then on contingent provisions, the question is, what is the process of releasing that contingent provision?

關於或有條款，問題是，解除或有條款的流程是怎樣的？

You release INR3 billion?

您釋出了 30 億印度盧比？

You obviously have a lot on your balance sheet.

你的資產負債表上顯然有很多東西。

Will you be using these provisions to buffer the P&L volatility?

您會使用這些準備金來緩衝損益波動嗎？

And do you kind of need to go to RBI to be able to use this or you can use this with your own discretion?

您是否需要去 RBI 才能使用它，或者您可以自行決定使用它？

Thank you.

謝謝。

Okay, thank you.

好的，謝謝。

First on the liquidity.

首先是流動性。

If you look at our balance sheet, average balance sheet, you'll see that, sequential quarter, the investments net of cash and cash equivalent is up by about INR500 billion or INR50,000-odd crores, right, it's up.

如果您看一下我們的資產負債表，平均資產負債表，您會發現，與上一季相比，扣除現金和現金等價物的投資淨額增加了約 5000 億印度盧比或 5000 多億印度盧比，對，是增加了。

And it gets invested by treasury at various -- through various instruments.

並透過各種工具由財政部門進行投資。

And the earning on that can range anywhere between 6.5%, 7% and depends on where it lands, right?

其收益範圍在 6.5% 到 7% 之間，取決於落地地點，對嗎？

If you -- to get your context, you want to know at what rate we invest.

如果你——為了了解你的背景，你想知道我們的投資率是多少。

But I'll tell you the G6, the 10-year G6, sub 7%.

但我會告訴你 G6，10 年期 G6，低於 7%。

So you get an idea of where those investments can go.

這樣您就知道這些投資可以投向何處了。

And there are several instruments that we choose to be there.

我們選擇了幾種樂器來演奏。

So I'll leave it with -- it's a -- period to period it changes and gets calibrated by our treasury.

因此，我將保留它 - 這是一個 - 它隨時期而變化並由我們的財政部進行校準。

And as much as possible, they will optimize what could be done within the overall liquidity scenario.

他們會盡可能優化整體流動性狀況下可以做的事情。

That's on the liquidity front.

這是流動性方面。

And the borrowing cost?

借貸成本呢？

The second aspect on

第二個方面

(multiple speakers)

（多位發言者）

The cost of borrowing

借貸成本

--?

--？

The borrowing cost is about -- 8% or so is the borrowing cost that we have had, particularly the borrowings that have come from HDFC limited, come with those kind of costs, right, 7.9%, 8% or so.

借貸成本約為——我們的借貸成本為 8% 左右，特別是向 HDFC 有限公司借款，這些成本約為 7.9%、8% 左右。

That includes the cost of the hedges and so on.

其中包括對沖的成本等等。

Fully loaded cost, it comes to about 8% or so on the borrowing.

全部成本約佔借款的 8% 左右。

And yes, we do optimize -- the good point that you touched and linked it to borrowing.

是的，我們確實進行了優化——您提到的要點並將其與借貸聯繫起來。

As part of the treasury management, we do as much as possible, link to see what are the opportunities out of the borrowing.

作為資金管理的一部分，我們盡可能地去了解借貸中存在哪些機會。

There's a maturity profile that you asked for the next 18 months.

您要求提供未來 18 個月的成熟度概況。

I think we published some of the maturity profile which is there.

我認為我們已經發布了一些成熟度概況。

And in the annual report, it is there.

在年度報告中，它就在那裡。

But in addition to that, I do want to say opportunistically, we do look at things that we can do.

但除此之外，我想說的是，我們確實在尋找機會，考慮可以做的事情。

For example, in this quarter, we did buy, call it INR44 billion or INR4,400 crores of bonds and extinguished.

例如，本季我們確實購買了價值 440 億印度盧比或 440 億印度盧比的債券，並且已經償還。

That's part of the ongoing process.

這是正在進行的過程的一部分。

Treasury manages and optimizes whatever is possible.

財務部管理和優化一切可能的事物。

And we mix and match and do these things.

我們將這些事情混合搭配起來並進行操作。

So that's -- I hope that gives you an idea of -- continuously and dynamically, it gets managed by our treasury.

所以，我希望這能讓您了解，它是由我們的財政部門持續、動態地管理的。

Getting to the contingent approach as such, I mean, we do -- there is signs around the contingent version.

對於這種應急方法，我的意思是，我們確實有關於應急版本的跡象。

There is a process across various portfolio classes that we employ in terms of what we do and how we assess certain things.

我們在不同的投資組合類別中採用一個流程來決定我們所做的事情以及我們如何評估某些事物。

If they are NPA, they're part of specific, right?

如果它們是 NPA，那麼它們是特定的一部分，對嗎？

It's not -- NPA is not in the contingent at all.

事實並非如此——NPA 根本不在該隊伍中。

Contingent is about -- it's not something that we foresee.

偶然事件是──它不是我們能夠預見的事情。

But contingent upon certain event, it can happen or not happen, and we assign various probabilities and we make a certain judgment calls.

但取決於某些事件，它可能發生或不發生，我們分配各種機率並做出某些判斷。

And there is some process around it, the document process we follow.

並且圍繞它有一些流程，我們遵循的文檔流程。

So certainly, this is not -- I think that is at a discretionary level.

所以可以肯定的是，這不是—我認為這是可自由決定的。

So you released a little bit of contingent provision this quarter.

因此，本季你們釋放了一些或有準備金。

So I was trying to understand what led to that release.

所以我試圖了解是什麼導致了這次發布。

Okay.

好的。

Good point.

很好的觀點。

Current quarter, there is a large wholesale account, which -- performing wholesale account, which means they're not in NPA, performing account which we attacked that for contingent pro because our credit risk assessment showed that vulnerability.

本季度，有一個大型批發帳戶，即表現良好的批發帳戶，這意味著他們沒有不良資產，我們針對該帳戶進行了或有專業攻擊，因為我們的信用風險評估顯示了這種脆弱性。

So we provided.

所以我們就提供了。

And then this quarter, we received money.

然後這個季度，我們收到了錢。

We collected cash, and so the contingent was not required.

我們收集了現金，因此不需要應急人員。

We recovered.

我們康復了。

Okay.

好的。

So we should read that as recoveries rather than -- okay, fine.

因此，我們應該將其理解為復甦，而不是--好的，很好。

That answers the question.

這就回答了問題。

Thank you

謝謝

Kunal Shah, Citigroup.

花旗集團的 Kunal Shah。

Yes.

是的。

Thanks.

謝謝。

So the first question, again, in terms of the overall provisioning coverage, specific provisioning, no doubt you indicated in terms of -- on agri, it's been flat on a quarter-on-quarter basis.

因此，第一個問題，就整體撥備覆蓋率、具體撥備而言，毫無疑問您指出了農業撥備，其環比持平。

But otherwise, the trajectory has been downward.

但除此之外，軌跡一直是向下的。

So maybe -- have we reached the optimal level or should we see further maybe at least managing the provisioning coverage slightly lower considering the behavior of the portfolio that we have?

那麼也許 - 我們是否已經達到了最佳水平，或者我們是否應該進一步考慮，至少考慮到我們擁有的投資組合的行為，將撥備覆蓋率管理得略低一些？

So how should we look at the entire trend because last five quarters has been coming off?

那麼，鑑於過去五個季度的下滑趨勢，我們該如何看待整個趨勢？

Yeah.

是的。

See, the provision coverage ratio is a mix of various products that go in and go out, right?

你看，撥備覆蓋率就是各種進出產品的混合體，對嗎？

And as you know that when something enters [90%], there is some level of provision we do.

如你所知，當某種東西進入 [90%] 時，我們會採取一定程度的準備措施。

And as they progress through the delinquent bucket, it gets covered.

隨著他們在拖欠金額桶中取得進展，金額就被覆蓋了。

So it depends on the mix of products that come and go.

所以這取決於進出的產品組合。

So in this quarter, if you saw the agri product come and go, it's a secured -- and again, the mix of secured, unsecured is very relevant in the overall situation, right?

因此，在本季度，如果您看到農產品來來去去，它是一種有擔保的——而且，有擔保和無擔保的組合在整體情況下非常重要，對嗎？

And so now you had an agri coming in, we'll have certain level of provision.

現在您有了農業，我們將提供一定程度的供應。

That is why ex-agri, provison coverage is 71%.

這就是為什麼除農業外，食品覆蓋率達到 71%。

And with the way that is reported, it is 68%.

據報道，這一比例為 68%。

And the vintage of the NPA also matters, right, the newer vintage versus the older vintage and so on.

NPA 的年份也很重要，例如新年份與舊年份等等。

Okay.

好的。

Got it.

知道了。

So maybe if you assume that maybe the stress level remains, we are able to manage it well.

所以如果你假設壓力水平仍然存在，我們就能很好地應對它。

And should it be managed at the current level or we will see the further decline out there because of this paved the movement which happened in the NPL?

它是否應該保持在當前水平，還是我們將看到它進一步下滑，因為這為不良貸款的變動鋪平了道路？

See, there is no 1 particular formula or whatever, right?

你看，沒有一個特定的公式或其他什麼，對吧？

It depends on the mix of products, secured, unsecured that come in and go out.

這取決於進出的有擔保產品和無擔保產品的組合。

And so thereby, the provision coverage moves in or out.

由此，撥備覆蓋範圍就會擴大或縮小。

So Kunal, there's no discretion or judgment from a retail standpoint.

因此，庫納爾，從零售的角度來看，不存在任何判斷或自由裁量權。

It's a product program.

這是一個產品計劃。

It's a mix of the product and the stage of NPE, which we'll define it.

它是產品和 NPE 階段的混合，我們將對其進行定義。

It is not necessarily some judgmental call that we take on a quarterly basis.

這不一定是我們每季都會做出的一些判斷。

Sure.

當然。

And overall, if you can share in terms of the 100% provisioning policy for the unsecured portfolio, when does that kick in and the write-off policy?

整體而言，如果您可以分享無擔保投資組合的 100% 撥備政策，那麼該政策何時開始生效以及註銷政策何時開始生效？

And any stress in any of the segments?

各個環節有沒有壓力？

Maybe the overall ex of agri slippages were almost flat in the absolute term.

也許農業下滑的整體幅度幾乎從絕對值上持平。

But any segments, which is worrying you?

但是有哪些片段讓您擔心呢？

We are seeing a few of the players talking about stress evolving in some of the other segments as well, anything that is worrying you at this point in time?

我們看到一些球員也談到了其他一些環節中出現的壓力，目前有什麼事情讓您擔心嗎？

Okay.

好的。

So two aspects of it.

因此它包含兩個面向。

One, in terms of the write-off unsecured and so on.

一、關於核銷無擔保等方面的問題。

The product program in the retail area, each product program is different in terms of what it is, but we touched upon the unsecured.

零售領域的產品計劃，每個產品計劃在本質上都是不同的，但我們涉及的是無擔保的。

Unsecured gets written off at 150%, which means we -- if an account is not recoverable at 90%there is a very quick P&L take on that, right?

無擔保的債務會被註銷 150%，這意味著，如果一個帳戶在 90% 的時候無法收回，那麼我們很快就會得到損益表，對嗎？

So suddenly, you'll see that we hit [200%] provision and then it gets out, right?

所以突然間，你會看到我們達到了 [200%] 的供給，然後它就出來了，對嗎？

So that's something very important to note that if you're not able to collect within 90%, there is a huge acceleration in terms of the provisioning that happens there.

因此，需要注意的是，如果您無法在 90% 以內收集，那麼在那裡發生的配置方面就會有巨大的加速。

So that's in terms of a couple of unsecured, that's where.

所以，就一些無擔保的情況而言，就是這樣。

The secured will have another kind of 150%, 180% and so on.

有擔保的則會有另外一種150%、180%等等。

But then this is the kind of a process, again, part of the product program, [formula-line] determined.

但這是一種過程，再次，是產品程序的一部分，由[配方線]決定。

The second aspect that I touched upon is the quality of the overall book.

我談到的第二個面向是整本書的品質。

The quality of the overall book across segments continues to remain stable, which is the retail, the retail unsecured, secure or the -- in the CRB book, the SME book or the SLI book or whatever or the wholesale book for that matter, pretty stable across all of those segments as we see.

各個細分市場的整體帳簿品質持續保持穩定，無論是零售、零售無擔保、擔保或——CRB 帳簿、SME 帳簿、SLI 帳簿或其他或批發帳簿，正如我們所見，所有這些細分市場的品質都相當穩定。

Okay.

好的。

Thanks and all the best.

謝謝並祝一切順利。

Suresh Ganapathy, Macquarie Capital

麥格理資本 Suresh Ganapathy

Yeah, just two questions.

是的，只有兩個問題。

One is on the HDB Financial credit costs having gone up quite sharply QoQ from 1.8% to 2.5%.

一是建屋局金融信貸成本較上季大幅上漲，從 1.8% 上漲至 2.5%。

Can you just give us some color what has contributed to this rise, both the secured, unsecured.

您能否告訴我們導致這種增長的原因，包括有擔保的和無擔保的。

So just a little bit color on that.

所以只要加一點點顏色即可。

The second thing is on merger synergies itself, right?

第二件事是關於合併綜效本身，對嗎？

So the merger happened on July 1 of last year.

因此合併於去年 7 月 1 日發生。

If I were to take a snapshot of that point in time, your margins were at 3.4% and cost ratio was 40, 40.5. 18 months down the line, the numbers are still the same.

如果我對那個時間點進行快照，你的利潤率為 3.4%，成本比率為 40、40.5。 18個月過去了，這些數字仍然相同。

So nothing has changed with respect to margin or OpEx.

因此，利潤率和營運支出方面沒有任何變化。

Now when can we start seeing some of these numbers happening?

現在我們什麼時候可以開始看到這些數字的發生？

Because it's 18 months already into the merger.

因為合併已經進行了18個月了。

When can you see the margins improve, the cost ratio is coming down.

什麼時候你能看到利潤率提高，成本比率下降。

Any color on that would be great.

任何顏色都可以。

Not exactly, I'm asking for the immediate guidance, but it's18 months into the merger.

不完全是，我請求立即給予指導，但合併已經過去了 18 個月。

So we thought we should see something on these two ratios.

因此我們認為我們應該在這兩個比率上看到一些東西。

Thank you.

謝謝。

Okay.

好的。

Thank you.

謝謝。

Suresh.

蘇雷什。

I'm going to get started, and then the others can join with whatever.

我要開始了，然後其他人可以隨意加入。

First is the HDB that we touched upon.

首先是我們提到的 HDB。

Yes, HDB did have higher levels of stage 3 in the quarter.

是的，建屋局本季的第三階段水準確實更高。

The difference between this quarter and last year was a lot to do with provision, including management overlays due to lowering of the economic forecast and so on.

本季與去年同期的差異很大程度上與撥備有關，包括因下調經濟預測而產生的管理覆蓋範圍等。

So the higher levels of provision, stage 3, in stage 3.

因此，第三階段的更高層級的規定在第 3 階段。

Stage 2, which is very important because that's where the flows move in as we go along.

第二階段，這個階段非常重要，因為隨著我們的前進，資金流會流入這個階段。

Stage 2 improved from September to December by about 5 basis points or so, stage 2 improved.

第 2 階段從 9 月到 12 月改善了大約 5 個基點左右，第 2 階段有所改善。

But stage 3 at an aggregate level changed by 15 basis points.

但第三階段的整體水準變化了 15 個基點。

But however, within that stage 3, there are two categories that we look at and manage.

但是，在第 3 階段中，我們需要關注和管理兩個類別。

One is loans that at some point in time, this quarter, prior quarter or even two, three quarters ago, moved into NPA, but subsequently have pulled below 90 days, but have not managed to pull all the way to 0 days, which means there are no more 90 days, but still, NPA, because they have not come back below 0.

一種是貸款在某個時間點，本季、上一季度，甚至兩三個季度前，轉為不良資產，但隨後拉至 90 天以下，但還沒有拉到 0 天以下，這意味著雖然不再有 90 天，但仍然是不良資產，因為它們還沒有回到 0 以下。

So that particular category is higher in this quarter than what it was in September.

因此本季該特定類別的水準高於九月。

So that means something slipped and pulled back but not pulled back enough.

所以這意味著某些東西滑落並回拉，但回拉的程度不夠。

So subject to that, the overall stage 3, right, is up by about 5 basis points or so in this overall category segmented book, which is for a couple of notches below the bank category of segment. 5 basis points is within the reason and the provisions were based on that purpose.

因此，受此影響，整個第 3 階段，在這個整體類別細分帳簿中上升了大約 5 個基點左右，這比銀行類別細分帳簿低了幾個等級。 5 個基點是合理的，且規定也是基於此目的。

So that's on the HDB as such.

所以這與 HDB 本身有關。

The second aspect on the merger and the merger benefits and so on.

第二個面向關於併購以及併購效益等等。

So there are several dimensions to the merger.

因此，此次合併涉及多個層面。

Certain basic metrics like getting the liability accounts opened, we are like 96%, 97% successful for any new to bank incremental mortgages come in.

某些基本指標，例如開設負債帳戶，對於任何新的銀行增量抵押貸款，我們的成功率都是 96% 到 97%。

So that's part of the beginning, and it comes with some INR30,000, INR32,000 balances one- to two-month installment.

這只是開始的一部分，附帶約 30,000 印度盧比、32,000 印度盧比的餘額，為期一到兩個月的分期付款。

So we are making good traction on that.

因此，我們在這方面取得了良好的進展。

The second traction is that out of the 4-odd million customers, we need to get the liability accounts open for that balance so that we get into not just a mortgage product relationship, the overall banking, about 1.9 million of them so far, we have been successful to bring them on the liability relationship.

第二個牽引力是，在400多萬客戶中，我們需要為這些餘額開設負債帳戶，這樣我們不僅可以建立抵押貸款產品關係，還可以建立整體銀行業務，到目前為止，我們已經成功地與大約190萬客戶建立了負債關係。

We have more to do on that one.

在這一點上我們還有許多工作要做。

So that's the second.

這是第二個。

And then we have another about 0.25 million or 250,000 customers or so, where we not only have this, we have other multiple other products like credit card products and a few other products we have started.

我們還有另外約 25 萬或 25 萬左右的客戶，我們不僅有這些產品，還有其他多種產品，例如信用卡產品和我們已經開始推出的其他一些產品。

Another dimension to the merger is also about the branches, how many branches we have to get through various, not just those 2,500, 3,000 branches, but broader.

合併的另一個面向也與分支機構有關，我們必須打通多少個分支機構，不僅僅是那 2,500 個、3,000 個分支機構，而是更廣泛的分支機構。

But if you look at over the last six months, 80%-plus of the branches have been able to do at least one.

但如果你回顧過去六個月，80%以上的分公司已經能夠至少完成一項。

So it depends on customer demand, but at least we made a good traction that capability at the branch level to open is there.

所以這取決於客戶的需求，但至少我們在分公司層級的開放能力方面取得了良好的進展。

Now, coming to the other dimension of it, which is get to the margin, the cost to income, and so on and so forth.

現在，談到它的另一個維度，即利潤、成本收入等等。

Yes, the margin we started with 3.4%, has been in a stable band over the last several quarters.

是的，我們的起始利潤率為 3.4%，在過去幾季一直處於穩定區間。

And the good amount of the tailwind that has come to reduce the borrowing cost, which is what we managed to get a good amount of borrowing has been offset by the CASA, right?

而為降低借貸成本而帶來的大量順風，也就是我們設法獲得的大量借貸，已經被 CASA 抵消了，對嗎？

Again, it's a customer behavior.

再次強調，這是一種顧客行為。

We have a chance to make in terms of whether we want a holistic customer relationship that includes time deposit, which grew at 22.7% in this quarter, right, or we don't get that time deposit and for only CASA so that the margin can go up.

我們有機會決定是否要建立包括定期存款在內的整體客戶關係，本季定期存款增加了 22.7%，對吧，或者我們不獲得定期存款而只獲得 CASA，這樣利潤率才能上升。

That's a choice to make.

這是一個必須做出的選擇。

But then I think the business leaders did make the choice to say that we need to keep that customer relationship alive growing.

但我認為企業領導者確實做出了選擇，我們需要維持這種客戶關係的持續發展。

So it's not about -- so that in the course of time, we will get the CASA coming.

所以這並不是說——隨著時間的推移，我們將迎來 CASA。

So that's another aspect of it.

這是它的另一個面向。

Sashi, I don't know whether you want to add.

Sashi，我不知道您是否想添加。

Cost to income, you will tell.

成本與收入，您就會知道。

Suresh, I mean, let's also look back into perspective that the environment at which -- which was prevailing at the time of announcement of the merger or at the time of the merger in July 2023 was completely different from where it has progressed from then on and where we are witnessing at this very moment in time.

蘇雷什，我的意思是，讓我們回顧一下，宣布合併時或 2023 年 7 月合併時的環境與當時的發展以及我們此刻所見證的環境完全不同。

Obviously, on a static basis, I would have agreed with you, probably we could have done better.

顯然，從靜態角度來看，我會同意你的觀點，也許我們可以做得更好。

But when you look at the dynamic environment that we have been witnessing since the merger, we have seen a kind of a shift in terms of what we need to reorient ourselves.

但當你觀察我們自合併以來所見證的動態環境時，我們發現我們需要重新調整自己的方向。

I mean, at that point in time, we were contemplating or growing our business in a manner similar to what we have been doing for a long period of time in terms of gaining market share even on loans.

我的意思是，在那個時候，我們正在考慮或以類似於我們長期以來所做的事情的方式來發展我們的業務，即使在貸款方面也以獲得市場份額。

But then when the macro started to change, when liquidity started to tighten, when the outlook on credit started to change negatively, as we recall and you would recall that in February of '24 -- I mean, as early as February '24, we called out to say that we are changing our tack.

但當宏觀經濟開始變化，流動性開始收緊，信貸前景開始出現負面變化時，我們還記得，你們也會記得，在 24 年 2 月——我的意思是，早在 24 年 2 月，我們就呼籲改變我們的策略。

We said that we will grow.

我們說我們會成長。

We will try and bring down the credit deposit ratio as quickly as possible over a two- to three-year timeframe.

我們將爭取用兩到三年的時間，盡快降低存款準備率。

FY25 will be lesser than the system.

FY25 將低於系統。

FY26 will be in line with the system.

FY26 將與系統保持一致。

FY27 will be faster than the system.

FY27 將比系統更快。

So obviously, this means that in FY25, you are -- as you have seen now with an average AUM growth of 7%, this is in line with what we had envisaged.

因此顯然，這意味著在 25 財年，正如您現在所看到的，平均 AUM 成長率為 7%，這與我們的預期一致。

So obviously, some of the parameters that we were talking at the time of what you were expecting or what we were expecting at the time of the merger does not hold good, and we have to recalibrate ourselves.

因此顯然，我們當時談論的、您所期望的或我們在合併時所期望的一些參數並不適用，我們必須重新調整。

So in the light of that, to maintain stability, which is what Srini was mentioning and being range bound means that I think the company has been resilient enough.

因此，有鑑於此，為了保持穩定（這就是 Srini 提到的），並且保持區間波動，我認為公司已經具備了足夠的韌性。

Instead of going northwards in some of the key metrics and the crisis and parameters, we've been able to maintain in a range-bound manner, which itself shows that as things start to get better from a macro environment perspective, from a liquidity perspective, when deposit prices start to come down, and probably -- and you have seen, we have all seen that as prices come down, CASA ratios will also move up, you will have a kind of a shift in some of the metrics, which is in line with what you and I would be expecting, et cetera.

在一些關鍵指標、危機和參數方面，我們並沒有出現大幅上漲，而是能夠維持區間波動，這本身就表明，從宏觀環境角度、從流動性角度來看，隨著情況開始好轉，存款價格開始下降，而且可能——你們已經看到，我們都看到，隨著價格下降，CASA 比率也會上升，一些你們將發生某種變化，這與你們我的預期一致，等等。

I think that perspective needs to be factored in in terms of why we continue to be stable and not sort of having an upward trajectory on some of the metrics, like margins or downward trajectory on cost to income.

我認為，在解釋為什麼我們能夠保持穩定，而不是在某些指標上呈現上升軌跡，例如利潤率，或成本收入比呈現下降軌跡時，需要考慮這個觀點。

On the cost to income, I want to add that we are at about 40.5% or so between 40%, 41%.

關於成本收入，我想補充一下，我們的比例大約在 40.5% 左右，在 40% 到 41% 之間。

It's been stable at that level.

它一直穩定在那個水平。

Two aspects to it.

有兩個方面。

If you look at the rate of growth of cost, about 7.5% or so rate of growth of cost.

如果你看看成本成長率，成本成長率大約是7.5％左右。

The country's inflation is between 5% and 6% at an aggregate level.

該國總體通膨率在5%至6%之間。

And depending on the wage and so on and so forth, it's getting maintained at that level, sub 8%.

根據工資等因素，它將維持在 8% 以下的水平。

One other context to that is that despite we have added 1,052 branches in the last 12 months.

另一個背景是，儘管我們在過去 12 個月中增加了 1,052 個分支機構。

So we've added that and managing the cost in a tight list.

因此，我們添加了這一點，並在嚴格的清單中管理成本。

I will continue to make those investments in technology.

我將繼續在技術方面進行投資。

The technology component of the costs are north of 10% right now.

目前，技術成本佔成本的 10% 以上。

It used to be in single digit to high single digit.

它曾經是一位數到高位個位數。

Now it's north of 10%.So

現在已超過 10%。

continue to make those investments that are required.

繼續進行必要的投資。

Lastly, I do want to add, it's not just about the cost to income, which is a function of the numerator and the denominator.

最後，我想補充一點，這不僅僅是成本收入問題，它是分子和分母的函數。

So we also talked about the margin impact there.

因此我們也討論了那裡的利潤影響。

If you look at the cost to assets that were about 1.93% or so, is very tight and is one of the best-in-class cost-to-asset basis.

如果你看一下資產成本，它約為 1.93% 左右，非常緊張，是同類最佳的資產成本基礎之一。

I just want to leave it there and hope that gives you some perspective, Suresh.

我只是想把它留在那裡並希望這能給你一些啟發，蘇雷什。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Pranav, Sanford Bernstein.

普拉納夫，桑福德‧伯恩斯坦。

Hey, good evening.

嘿，晚上好。

Thanks for taking the question.

感謝您回答這個問題。

The first question is on your loan yields.

第一個問題是關於你的貸款收益率。

I mean if you look at the bank's loan yields today, it's meaningfully lower than peers, whether it's the long-term history, where -- even if you improve the retail wastages, the loan yields were much higher.

我的意思是，如果你看看今天的銀行貸款收益率，它明顯低於同行，無論是長期歷史，即使你改善零售浪費，貸款收益率也要高得多。

Now, if you look forward, let's say, over the next two to three years, do you think the absolute loan yields will converge with peers?

現在，如果你展望未來，比如說，在未來兩到三年內，你認為絕對貸款收益率會與同業趨同嗎？

Or do you think only the risk-adjusted yields will converge?

還是您認為只有風險調整後的報酬率才會收斂？

Or will the lower risk adjusted yields be the price to pay for scale?

或者較低的風險調整報酬率是否是規模化的代價？

So where do you see it progressing next, not next few quarters, but more like a two- or three-year outlook?

那麼您認為它下一步將如何發展？

Okay.

好的。

Yeah.

是的。

There are two aspects to it.

這有兩個面向。

If you look at the current composition of a risk weight density, within one of our pages that we have, it's been stable at about 67% or thereabouts, the risk weight density.

如果您查看風險權重密度的當前組成，在我們的某一頁中，風險權重密度一直穩定在 67% 左右。

That means the assets -- RWA to total assets at about 67%, it's been pretty stable.

這意味著資產——風險加權資產佔總資產的比例約為 67%，一直相當穩定。

If you look at the RWA to funded and nonfunded post the conversion factor, at 63% or so.

如果您查看 RWA 與資助和非資助後的轉換因子，則為 63% 左右。

And if you benchmark this to some of the peers, you'll see that it's at least 5 to 7 percentage points or thereabouts lower, right?

如果你將其與一些同行進行對比，你會發現它至少要低 5 到 7 個百分點左右，對嗎？

So that means the risk density on the book appears to be lower.

所以這意味著帳面上的風險密度似乎較低。

That's one.

那是一個。

The second aspect of it is in a strategic sense, when you look at it in a couple of years, where the yield is, yield is a function of the mix.

它的第二個面向是從策略意義上講，當你在幾年內觀察它時，收益率是多少，收益率是組合的函數。

And as the retail, which over the last 12 to 18 months, we have been cautious in terms of the retail.

作為零售業，在過去 12 到 18 個月裡，我們在零售方面一直持謹慎態度。

Even before our overall loan book, we started to pare down the rate of growth.

甚至在我們的整體貸款帳簿之前，我們就開始削減成長率。

The retail rate of growth was even earlier taken down, the rate of growth, by our credit -- through calibration of credit models, they took down the retail.

零售成長率甚至更早被我們透過信貸模型的校準而降低，他們降低了零售成長率。

So it's a function of the mix.

因此，它是混合的功能。

We do -- we have -- we continue to make investments in retail people and product and technology.

我們確實——我們已經——繼續對零售人員、產品和技術進行投資。

We do expect that the retail mix will go up.

我們確實預計零售組合將會上升。

And so thereby, the yield on the overall book should tend up.

因此，整體帳面收益率應該會上升。

And thereby, you will see that the risk weight density also move up because the retail comes up with the higher risk weight assets.

因此，你會看到風險權重密度也會上升，因為零售業提出了更高風險權重的資產。

Sorry.

對不起。

So let's say, you see a convergence in the risk density, there's no reason why we will be at a lower yield compared to peers?

那麼，假設您看到風險密度趨同，那麼我們的收益率沒有理由低於同業？

If you think about this is finally a customer segment.

如果你想想的話，這最終是一個客戶群。

And we would -- historically, we've been operating in a slightly segment, which is comfortable with us.

從歷史上看，我們一直在一個讓我們感到舒適的小範圍內運作。

And hence, you would find that historically as well, our risk-weighted density is low.

因此，你會發現，從歷史上看，我們的風險加權密度也很低。

So the convergence, to my mind, would happen if the risk undertaken from all, since you're saying from a market, is similar or not.

所以，在我看來，如果所有人承擔的風險（就像你說的從市場角度而言）都相似或不相似，那麼就會發生趨同。

Understood.

明白了。

Thanks.

謝謝。

The second question is just on your trading and MTM income.

第二個問題只是關於您的交易和 MTM 收入。

You just had like three, four quarters, three quarters of low gains from securities, et cetera.

你剛剛經歷了三、四個季度，其中三個季度的證券收益較低，等等。

Is that a one-off or is that something that we should expect to continue?

這是一次性事件還是我們應該期待其繼續發生的事？

How do you see that line going forward?

您如何看待這條線路未來的發展？

So we had -- this quarter was a very modest number in terms of the growth.

所以，從成長角度來看，本季的數字非常溫和。

So kind of one of the things that has happened is we inherited certain equity investments, and that is also going through the P&L, which is showing up in the line that you're speaking about, the mark-to-market, which is coming.

所以發生的事情之一是我們繼承了某些股權投資，這些投資也正在透過損益表進行核算，這些損益表顯示在您所說的即將到來的按市價計算的行中。

In this quarter, particularly, we've had almost INR2.5 billion or so negative mark-to-market on an equity position that we have inherited, that we have taken through the P&L.

特別是在本季度，我們繼承的股權頭寸的市值已接近負 25 億印度盧比左右，這些頭寸已計入損益表。

It's a negative.

這是負面的。

Understood.

明白了。

So extra fat, there's nothing that's changed fundamentals.

因此，多餘的脂肪並沒有改變基本面。

No, fundamentally

不，從根本上來說

--

--

Thanks.

謝謝。

These are my two questions.

這是我的兩個問題。

Thank you.

謝謝。

Rikin Shah, IIFL

Rikin Shah，IIFL

Good evening and thanks for the opportunity.

晚上好，感謝有這樣的機會。

The first question is on the employee expense and more specifically--

第一個問題是關於員工費用，更具體地說——

Sorry to interrupt you.

抱歉打擾您。

Your audio is not clear.

您的音訊不清晰。

Can you please speak through the handset?

您可以用聽筒說話嗎？

Is this better?

這樣好些了嗎？

Slightly.

輕微地。

Yeah.

是的。

So the first question is on the employee head count.

第一個問題是關於員工人數。

So after dipping in 2Q, the employee head count has again gone back to 2,10,000.

因此，在第二季下降之後，員工人數又回升至 21 萬人。

And we've seen that some of the peers have been trying to stabilize the head count and letting the natural attrition happen.

我們看到，有些同行一直在努力穩定員工人數，並讓自然減員發生。

So how should we think about the employee head count going ahead.

那我們該如何考慮未來的員工人數呢？

That's question number one.

這是第一個問題。

And question number two, Sashi did allude to his earlier guidance that this year we should be growing slower than system next year in line and FY27 faster.

第二個問題，Sashi 確實提到了他先前的指導，今年我們的成長速度應該比明年的系統成長速度慢，而 2027 財年的成長速度應該更快。

But in that context, while we are gaining deposit market share at around 16%, that is still inherent macro restrictions and within that construct, the deposit growth can't be significantly higher.

但在這種背景下，雖然我們的存款市佔率正在增加 16% 左右，但這仍然是固有的宏觀限制，在這種結構下，存款成長率不可能顯著提高。

So how confident do you feel about growing in line with the system for next year.

那麼，您對明年按照系統發展有多大信心呢？

Can that, does that guidance still hold?

那個指導意見還成立嗎？

Okay.

好的。

I I'll start off on the head count we have about 210 or so about 2,500 call it around 3,000 people added in the quarter.

我先來統計一下員工人數，本季我們大約增加了 210 人，也就是 2,500 人，也就是說增加了 3,000 人左右。

And over a period of last quarter, we didn't actually we came down.

而在上個季度期間，我們的產量實際上並沒有下降。

So if you look at a six month or a nine month period or even 12 month period, it is just 2,000 from last December to this December.

因此，如果你看一下六個月、九個月甚至十二個月的時間，從去年 12 月到今年 12 月，這個數字只有 2,000。

So we held down.

因此我們就堅持下去。

Again, the reason is that we have ramped up some investments in people and maintained at that level and we are working through various productivity models to enhance the value that essentially, that means, getting various tools to these people to utilize better for engagement.

再次強調，原因是我們增加了對人才的投資並保持在這個水平，我們正在透過各種生產力模型來提升價值，本質上這意味著為這些人提供各種工具，以便他們更好地參與。

That doesn't mean to say we will not add going forward.

但這並不意味著我們今後不會增加。

We take it every quarter at a time in terms of, these are mostly front line, right?

我們每季都會進行一次這樣的評估，這些大多都是前線人員，對嗎？

In fact, even across the book, we have 85%, 90% of the book touching the customer account, touching the customer in some manner or the other, right?

事實上，即使在整個帳簿上，我們有 85% 到 90% 的帳簿涉及客戶帳戶，以某種方式接觸客戶，對嗎？

So depending on the need and the traction, we will add.

因此，我們會根據需要和牽引力進行添加。

But again, we are circumspect in terms of getting the right kind of productivity before we can add.

但是，我們在增加產能之前要非常謹慎，以確保達到正確的生產力。

So that's on the employee as such.

所以這取決於員工本身。

The second aspect of the growth rate.

第二個方面是成長率。

How do you get to the growth rate in line with the market from where we are?

從我們現在的狀況來看，如何實現與市場相符的成長率？

Again, one thing to note is that there is not a product that we have exited or a geography that we have exited.

再次強調，需要注意的一點是，我們尚未退出任何一款產品，也尚未退出任何地區。

We are there in all segments, all products, and all geography.

我們的業務涉及所有領域、所有產品和所有地區。

I'm sitting on liquidity, right?

我擁有流動性，對嗎？

And with, of course, capital tailwind, which is there.

當然，還有資本的順風。

Currently, the rate of growth is consciously calibrated either through credit models, a good amount of the retail, I'll put it in that bucket are calibrated through price models because we do see tightening prices, tightening spreads in the non retail in the corporate world, the spreads are tightening.

目前，成長率是有意識地透過信貸模型進行校準的，很大一部分零售，我將其歸入那個類別，是透過價格模型進行校準的，因為我們確實看到價格收緊，非零售領域的利差收緊，在企業界，利差正在收緊。

So somewhere between these it is being calibrated.

因此，在它們之間的某個地方，它正在校準。

So and the resources to, to get these loans up at the scale at which we want, continue to be in the system, continues to be engaged.

因此，我們會持續投入資源，讓這些貸款達到我們想要的規模，並繼續留在系統中。

So it's a question of at the right time that we want to dial as Sashi was alluding to in his opening remarks as the macro turns and we feel comfortable, the dial can be taken up.

因此，問題在於，正如 Sashi 在開場白中提到的那樣，我們希望在正確的時間撥號，當宏觀轉向並且我們感到舒適時，撥號就可以拿起。

Got it.

知道了。

Thank you.

謝謝。

Nitin Aggarwal, Motilal Oswal.

尼廷·阿加瓦爾 (Nitin Aggarwal)、莫蒂拉爾·奧斯瓦爾 (Motilal Oswal)。

Yeah, hi.

是的，你好。

Good evening Sashi and Srini.

晚上好，Sashi 和 Srini。

Thanks for taking my questions.

感謝您回答我的問題。

I have two questions.

我有兩個問題。

One is like you alluded to the difficult macro conditions in your opening remarks, but HDFC Bank definitely continues to navigate well through this environment as overall slippage rate remains better versus peers.

一方面，就像您在開場白中提到的那樣，宏觀環境十分艱難，但 HDFC 銀行無疑能夠繼續在這種環境下順利前行，因為其整體滑點率相比同行仍然較好。

So how are you looking at the credit environment in respect to unsecured loans and the commercial banking business?

那麼您如何看待無擔保貸款和商業銀行業務的信貸環境？

Because these are the two segments that we have been still growing and given the vulnerability that you see, how like confident you are to maintain this slippages run rate and the credit cost overall?

因為這兩個部分我們仍然在成長，考慮到您所看到的脆弱性，您有多大信心維持這種滑點運作率和整體信貸成本？

Okay.

好的。

Good point.

很好的觀點。

One, as we see now, the book is pretty stable, is performed both on the unsecured front or on the commercial side that you talked about has been pretty stable.

首先，正如我們現在所看到的，帳簿管理相當穩定，無論是在無擔保方面，還是在您所談到的商業方面，表現都相當穩定。

And that is part of the credit monitoring model and the collection analytics that go to be in front of the queue to do all of that.

這是信用監控模型和收集分析的一部分，需要排在佇列前面來完成所有這些工作。

I mean, the various factors that go in.

我指的是涉及各種因素。

So all of those factors are at play and I've been in a top notch in terms of keeping it pretty stable.

所以所有這些因素都在起作用，而我在保持穩定方面一直處於領先地位。

And one other important aspect of you looking at being stable is the ratios are stable despite the slowness of the book, which means the book is not growing at 12%, like the industry grows.

而您看待穩定性的另一個重要方面是，儘管圖書銷售成長緩慢，但比率是穩定的，這意味著圖書銷售的成長速度不像行業那樣達到 12%。

The book is growing at after the trade, even when you slow it down the ratios and the numbers look pretty stable that essentially vindicates the position of the origination quality as well as the capability in terms of getting the collection accomplished very well.

交易結束後，帳簿仍在增長，即使你放慢速度，比率和數字看起來也相當穩定，這本質上證明了發起品質的地位以及完成收款的能力。

So I want to leave the thought.

所以我想留下這個想法。

So as we see now.

正如我們現在看到的。

Going forward, we're confident of continuing our strength and displaying our strength on these portfolios.

展望未來，我們有信心繼續保持實力，並在這些投資組合中展現我們的實力。

Right.

正確的。

And we really appreciate that.

我們對此深表感激。

And second question is just a data keeping one on a mix of floating and fixed rate loans.

第二個問題只是關於浮動利率和固定利率貸款組合的數據。

Like how much is repo?

例如回購是多少？

How much is NCLR if you can just share that color?

如果您可以分享該顏色，NCLR 多少錢？

We have a roughly slightly under 70% which is floating, 30-odd percent which is fixed.

大約有略低於 70% 的是浮動的，30% 多的是固定的。

And on the floating side, if you see almost call it 45% of thereabouts is repo linked loans.

就浮動利率而言，約有 45% 是回購掛鉤貸款。

We have some NCLR and some treasury bill linked loans, but mostly it's repo.

我們有一些 NCLR 和一些國庫券掛鉤貸款，但大部分是回購。

Right, Srini.

對的，Srini。

Thanks so much.

非常感謝。

I wish you all the best.

祝你一切順利。

Thank you.

謝謝。

Ravi Purohit, SiMPL.

Ravi Purohit，SiMPL。

Thanks for taking my question.

感謝您回答我的問題。

I have two questions.

我有兩個問題。

One is the NPEs that we got in from the HDFC wholesale book would have been classified as NPA.

一是我們從 HDFC 批發帳簿中獲得的 NPE 將被歸類為 NPA。

They were restructured accounts earlier, and they would have been classified.

它們之前是重組帳戶，並且會被歸類。

Now that they would have spent 12 months since then.

從那時起他們已經度過了 12 個月。

Do we see a significant reversal of provisions of those that wholesale book in the current provisioning set?

我們是否看到目前撥備集中批發帳簿的撥備大幅逆轉？

And second question is on the wholesale deposits that came in to HDFC Limited book.

第二個問題是關於 HDFC 有限公司帳簿上的批發存款。

How many, so we reported 16% growth in our total deposits.

有多少，所以我們報告說我們的總存款增加了 16%。

But ex of, let's say, would we have let go of the wholesale deposits from HDFC Limited or we would have continued.

但是，假設，我們是否會放棄 HDFC 有限公司的批發存款，或者我們會繼續下去。

If you could just give some color ex of that or adjusted for that, what would have been actually deposit growth that we have actually delivered.

如果您可以對此進行一些說明或調整，那麼我們實際實現的存款成長實際上是多少。

Those are the two questions.

這是兩個問題。

Thank you.

謝謝。

Okay.

好的。

All right.

好的。

Let me first talk to you about that provisioning or whatever, right?

讓我先跟你談談有關配置或其他什麼的，好嗎？

There are a bunch of content provisions that we have done in the past.

我們過去已經完成了大量的內容提供。

And to the extent that I just alluded to for another question about when there is a cash recovery, we feel confident and until then, we remained provisioned on certain things.

就我剛才提到的另一個問題而言，即何時出現現金復甦，我們感到很有信心，在此之前，我們仍對某些事情做好了準備。

Now then we released the INR30-odd billion that I talked about.

現在我們就發布了我所說的300多億印度盧比。

INR3 billion that I talked about.

我談到的 30 億印度盧比。

The other aspect of it is, this is a good point that you raised.

另一方面，您提出的這個觀點很好。

We do have almost about 15 basis points of our NPA, which are performing, right?

我們的不良資產中確實有大約 15 個基點是表現良好的，對嗎？

They are performing.

他們正在表演。

But historically, in the erstwhile organization, they were restructured.

但從歷史上看，在以前的組織中，他們進行了重組。

But since they were restructured for the RBI regulation, we have marked them as NPA, 15 basis points.

但自從它們根據印度儲備銀行的監管進行重組以來，我們將它們標記為 NPA，15 個基點。

They are performing, but it is part of that NPA, which is there, right?

他們正在表演，但這是 NPA 的一部分，對嗎？

So I do want to bring your attention to that.

所以我確實想提請你注意這一點。

And the last aspect that you talked about is the deposits that we brought in.

您談到的最後一個方面是我們引入的存款。

And so the 16% rate of growth on deposits is net of all of that.

因此，16% 的存款成長率是扣除所有這些因素後的淨值。

There are certain categories of deposits, high cost, particularly nonretail high-cost type of deposits, which we did not patronize or let go because to us, I think in two quarters ago or so, we did talk about the value.

有一些類別的存款，成本較高，特別是非零售高成本類型的存款，我們並沒有光顧或放棄，因為對我們來說，我想大約在兩個季度前，我們確實談論過價值。

There are certain institutional type of deposits.

存在某些機構類型的存款。

Example can be a trust, example can be certain other organizations, where the value, the LCR value could be 100% runoff.

例如可以是信託，例如可以是某些其他組織，其中的值，LCR 值可以是 100％ 流失。

So, and for which we don't need to pay the high rate, which means the bulk deposit rate doesn't need to be paid.

所以，我們不需要支付高利率，這意味著不需要支付大額存款利率。

So if it is a bulk in nature, they are gone.

所以如果它本質上是一個整體，它們就消失了。

So whether excluding that, whether it will be more than 16 years, it will be more than 16.

因此，如果排除這一點，是否會超過 16 年，那就會超過 16 年。

How much?

多少？

Maybe 2%, 3% better.

也許好2%、3%。

But again, it's all part of the business and part of this overall mix.

但再次強調，這都是業務的一部分，也是整體組合的一部分。

Okay.

好的。

Thank you.

謝謝。

All the best.

一切順利。

Thank you.

謝謝。

Param Subramanian, Nomura.

野村證券的帕拉姆·蘇布拉馬尼安（Param Subramanian）。

Yeah, hi.

是的，你好。

Thanks for taking my question.

感謝您回答我的問題。

Firstly, going back to priority sector.

首先，回歸重點領域。

So last year, we had a shortfall in both SMS and data sections and the one-third requirement from HDFC Limited book.

因此，去年，我們的簡訊和數據部分以及 HDFC 有限公司帳簿的三分之一要求都出現了短缺。

So both of those PSL compliance will be completed by fourth quarter?

那麼這兩項 PSL 合規性都將在第四季完成嗎？

Is that the way to look at it?

是這樣看待問題的嗎？

And what proportion would roughly be RIDF within that?

其中 RIDF 所佔比例大概是多少？

Yes.

是的。

See, it is, the requirements have kicked in.

瞧，是的，要求已經開始生效。

And you know that the requirements are one-third, one-third, one-third over a three-year period.

你知道，在三年內，要求是三分之一、三分之一、三分之一。

So there's a glide path into that.

因此，這裡有一條通往該處的滑行路徑。

And so whatever, when we have to meet not just for the year end, even for December, for that matter, there is some proportion that kicks in.

所以無論如何，當我們不僅要在年底開會，甚至要在 12 月開會時，都會有一定比例的會議開始生效。

And that's part of what I alluded to, to say at an aggregate level, we are comfortable for the first nine months, there is a percentage point or so that we do need to close on SMF and the weaker section.

這就是我提到的部分內容，從整體層面來看，我們對前 9 個月的表現感到滿意，我們確實需要在 SMF 和較弱的部分上接近一個百分點。

That's part of the plan in terms of how we operate for the next three months to close.

這是我們未來三個月營運計畫的一部分。

Available, depending on what is available and at the right price.

可用，取決於可用的內容和合適的價格。

And of course, the first goal is to organically grow as much as we can.

當然，首要目標是盡可能實現有機成長。

And we don't, alternate instruments are used.

但我們不會，而是使用替代工具。

Okay.

好的。

Got it, Srini.

明白了，Srini。

So a percentage point shortfall in both SMF and weakersectors.

因此，SMF 和較弱行業都存在百分點的短缺。

That's probably that we are currently on the merged book?

那可能就是我們目前正在合併的書嗎？

That is correct.

正確。

Yeah.

是的。

Okay, thanks.

好的，謝謝。

That's helpful.

這很有幫助。

Secondly, on PCR.

其次，關於PCR。

How are we looking at PCR, say, relative to our peer group?

相對於我們的同齡人，我們如何看待 PCR？

Because if you look at it at 16%, we are lower than most of the big private banks even compared to where RBI takes the 16% level at 77%.

因為如果以 16% 來算，我們的利率低於大多數大型私人銀行，甚至比印度儲備銀行的 77% 的利率還要低。

So how are we looking at this going head?

那我們如何看待這項進展？

Okay.

好的。

First is the 68% to 71% without the agri.

首先是不含農業的68%到71%。

That's number one.

這是第一點。

Number two, the PCR is not something that is benchmarkable at the aggregate institution level.

第二，PCR 並不是在整體機構層面上可作為基準的。

We'll have to look at the composition of what the NPA is.

我們必須了解一下 NPA 的構成。

If an institution has got a larger composition of the wholesale book, particularly the legacy wholesale book in NPA, and if it is fully provided for, the PCR is higher.

如果一家機構的批發帳簿組成較大，尤其是 NPA 中的遺留批發帳簿，並且得到了充分的保障，那麼 PCR 就會更高。

And if it is a retail book, it enters as it described to you, particularly the unsecured book as it enters into the 90%, there's a level of provision.

如果它是一本零售書籍，它會像你描述的那樣進入，特別是無擔保書籍，因為它進入了 90%，有一定程度的撥備。

As it enters into [120], you provide for it.

當它進入[120]時，你就為它提供。

And at [150], you write them off.

而在 [150] 處，您將其註銷。

So It depends on each institution's policies of what is the provisioning at the entry stage and at the mid-stage and at the end stage, and what is the segment classification in the NPA.

因此，這取決於每個機構的進入階段、中期階段和後期階段的撥備政策，以及不良資產的細分分類。

Many factors play into this.

很多因素都會影響這現象。

So it's not a straightforward number across the institutions you can see and make a call what that is.

因此，這不是一個你可以從各個機構直接看到並判斷的數字。

Okay.

好的。

Thank you so much, Srini.

非常感謝，Srini。

Thank you.

謝謝。

Saurabh, JPMorgan.

索拉布（Saurabh），摩根大通。

Sir, just one question.

先生，我只想問一個問題。

On your costs, should we expect a broadly similar cost growth for next year because, I mean you've largely done with your branch expansion employees are not growing too much.

就您的成本而言，我們是否應該預計明年的成本增長大致相同，因為我的意思是，您的分支機構擴張已經基本完成，員工數量不會增長太多。

So should we expect the cost level to be pressed even going ahead?

那麼，我們是否應該預期成本水準在未來仍會受到壓力？

So Saurabh, to answer, right, normally, we don't give guidance or outlook.

那麼 Saurabh，回答一下，通常我們不會提供指導或展望。

I don't want to give you an indication, but I do want to tell you the intention on how we operate now.

我不想給你一個跡象，但我確實想告訴你我們現在如何運作的意圖。

The mindset is to be opting in a controlled manner.

這種心態就是以可控的方式來選擇。

Control means what I mean is that drive productivity as much as possible, make those investments in people, branches and technology where it is required and where we are able to see opportunity space.

控制的意思是，我指的是盡可能地提高生產力，在需要的地方以及我們能夠看到機會空間的地方對人員、分支機構和技術進行投資。

So there is no one predetermined path, but the underlying kind of directives that, I mean, Sashi is sitting here, what is given is that be circumspect and much more stringent in terms of how we allocate cost, how we give for spending.

因此，沒有一條預先確定的路徑，但潛在的指令，我的意思是，Sashi 坐在這裡，給出的是，在我們如何分配成本、如何支出方面要謹慎和更加嚴格。

So we're trying to keep it as tight as we can.

因此，我們正在盡力保持其緊密性。

Yeah, that's right.

是的，沒錯。

In fact, which means that we will, it doesn't mean that we will not be investing, we will be investing in distribution, in people, in technology, but they will be overall, we would want to ensure that we get productivity gains out of this.

事實上，這意味著我們將會投資，但這並不意味著我們不會投資，我們將在分銷、人才、技術方面進行投資，但總體而言，我們希望確保從中獲得生產力成長。

So if we all believe that our business growth is going to be in line with the system growth next year, our endeavor and which is what we are trying to have a goal for ourselves is to ensure that we are far more efficient in terms of how we spend and what we spend and try and have efficiencies arising out of the cost.

因此，如果我們都相信我們的業務成長將與明年的系統成長保持一致，那麼我們的努力以及我們為自己設定的目標就是確保我們在支出方式和支出內容方面更加高效，並嘗試提高成本效率。

Thank you.

謝謝。

Abhishek Murarka, HSBC.

匯豐銀行的 Abhishek Murarka。

Good evening, Abhishek.

晚上好，阿布舍克。

Am I audible?

我可以聽到我的聲音嗎？

Sorry about that.

很抱歉。

Good evening.

晚安.

Thanks for taking my question.

感謝您回答我的問題。

Good evening, Srini.

晚上好，Srini。

So my question is on this emerging corporate group on last four to five quarters, the loan book has been very, very stable, not growing much.

所以我的問題是，過去四到五個季度，這個新興企業集團的貸款帳簿非常非常穩定，沒有成長太多。

Is it that you still see risk there?

您是否仍認為那裡有風險？

Is it a function of profitability or why or when do we see some growth coming out of that?

這是獲利能力的函數嗎？

But it's some, if you can share some qualitative commentary on that.

但如果您可以就此分享一些定性評論。

That would be useful.

那將會很有用。

Okay.

好的。

Lovely.

迷人的。

Abhishek.

阿布舍克。

As the name suggests, these are emerging corporates.

顧名思義，這些都是新興企業。

That means that they are growing and getting to be larger corporate size.

這意味著他們正在成長並成為更大的企業規模。

Like the way we have seen spreads tighten in the larger corporate space.

就像我們看到更大的企業領域的利差收窄一樣。

Here, also we see the spreads tightening, right?

這裡，我們也看到利差在縮小，對嗎？

And that is something that we've been pretty cautious.

我們對此一直非常謹慎。

The quality of the book is exceeding be good, right?

這本書的品質非常好，對吧？

Like the way the corporate book, you'll see that we have seen that we reported that to quite very good.

就像公司帳簿一樣，你會看到我們已經將其報告得非常好。

However, it is, we are circumspect in terms of offering the right price.

然而，我們在提供合適的價格方面非常謹慎。

That's what is determined.

這是已經確定的事情。

We do want that relationship with those customers, which means there are certain level of wallet share that we want, we'll continue to keep those level of wallet share, and at any price, we don't need to keep increasing the wallet share.

我們確實希望與這些客戶建立關係，這意味著我們希望獲得一定水平的錢包份額，我們將繼續保持這種水平的錢包份額，並且無論付出什麼代價，我們都不需要繼續增加錢包份額。

So that's how we have looked at it and try to, of course, there is no one answer that we can do it every quarter time period, but we continuously evaluate and this is how we are approaching, right price, keep the wallet share and manage through the relationship because we do want the SMA relationship and the individual relationships coming from these corporates.

這就是我們看待這個問題並嘗試的方式，當然，沒有一個答案可以保證我們每個季度都能做到這一點，但我們會不斷評估，這就是我們的方法，正確的價格，保持錢包份額並通過關係進行管理，因為我們確實想要 SMA 關係和來自這些企業的個人關係。

Okay.

好的。

So it's more a function of pricing rather than slippage or asset quality or risk?

所以它更多的是定價的函數而不是滑點或資產品質或風險？

That's absolutely correct.

完全正確。

Yeah, because all of those corporates are quite strong for us and across the industry, we see this quite strong.

是的，因為對我們來說，所有這些公司都非常強大，並且在整個行業中，我們都看到了這一點。

(inaudible) To reiterate Abhishek, Srini needed allude to it.

（聽不清楚）重申 Abhishek 的話，Srini 需要提到這一點。

The asset quality across retail, unsecured, commercial and corporate has been very stable, including your emerging corporates.

零售、無擔保、商業和企業（包括新興企業）的資產品質一直非常穩定。

So, we have been seeing this for quite some time and that the stability continues even as we speak.

所以，我們已經看到這種情況很長一段時間了，而且現在穩定性仍在繼續。

Sure, Sashi, I really appreciate that and actually pretty commendable job there.

當然，Sashi，我真的很感激，事實上你的工作非常值得稱讚。

Just one data keeping question.

只有一個資料保存問題。

For the CRP book, what would be the blended field?

對於 CRP 書，混合字段是什麼？

We have not published that separately.

我們尚未單獨發布該內容。

But I don't know whether in our 20F annual filings that we do know.

但我不知道我們是否在我們的 20F 年度文件中知道這一點。

So we don't particularly break up.

所以我們並沒有特別分手。

We have retail wholesale segment rather than three segments.

我們有零售批發部門，而不是三個部門。

Would it be higher lower than blended book yield, just a qualitative indication that will also help?

它會高於或低於混合帳面收益率，這只是一個有幫助的定性指標？

We haven't published that, Abhishek.

我們還沒有發表那個，阿布舍克。

That is all.

就這樣。

At some point in time, we will consider doing that.

在某個時間點，我們會考慮這樣做。

Okay.

好的。

No worries.

不用擔心。

Thank you so much and all the best.

非常感謝，祝一切順利。

Thank you.

謝謝。

Thank you.

謝謝。

Prakhar Sharma, Jeffries India.

Prakhar Sharma，杰弗里斯印度公司。

Thank you and congratulations on managing good results in a tough environment.

謝謝你，並祝賀你在艱難的環境中取得良好的成績。

I had just a few questions on the agri part and you requested to, probably even if you want to give a monosyllable answer that will work.

我對農業部分只有幾個問題，您也提出了要求，也許即使您想給出單音節的答案也可以。

So, first part is, in this quarter, what sort of interest income reversal could have been there?

那麼，第一部分是，本季可能會出現什麼樣的利息收入逆轉？

So, has there been a few basis point impact on margins because of the seasonality.

那麼，季節性因素是否對利潤率產生了一些基點的影響。

There will be, and it could be INR1 billion to INR1.5 billion or so.

會有，而且可能在10億印度盧比到15億印度盧比左右。

But that's part of the business as usual, every other quarter, we get it, and it moves up and down.

但這是正常業務的一部分，每隔一個季度，我們就會遇到這種情況，它會上下波動。

Got it.

知道了。

And you have, in this quarter versus, I think, even the first quarter, there is a reasonable increase in the agri slippages.

我認為，與第一季相比，本季農業下滑幅度有合理成長。

So is this also a seasonal pattern that 3Q agri slippages tend to be higher than the 1Q slippages?

那麼，第三季農業下滑幅度往往高於第一季的下滑幅度，這是否也是季節性模式？

Or is there a deterioration in the environment?

或者環境是否惡化了？

And is it linked to micro finance?

它和小額金融有連結嗎？

It is slightly higher normally December is slightly higher than the June.

通常情況下，12 月的價格會比 6 月的價格略高一些。

And but it is within normal, but nothing connected with micro finance or anything.

但這是正常的，與小額金融或其他任何東西都無關。

Our micro finance is a separate book and that book, micro finance book is less than 1% of our total book and we have 5% of our workforce.

我們的小額融資是一本單獨的帳簿，小額融資帳簿占我們總帳簿的不到 1％，而我們擁有 5％ 的員工。

There's more good social and a very stable book, well performing lend to women in the rural area, handheld by our relationship managers to get them to produce various articles.

還有更多良好的社交和非常穩定的書，表現良好的借給農村婦女，由我們的關係經理手把手地讓她們創作各種文章。

So we're quite proud of the book and performance of the book.

因此，我們對這本書以及它的表現感到非常自豪。

Awesome.

驚人的。

And why do you keep a lower coverage on the agri loans?

為什麼你們對農業貸款的覆蓋率較低？

Because, I thought this is unsecured or difficult market.

因為，我認為這是一個無保障或困難的市場。

Is it secured in that sense?

從這個意義上來說，它是安全的嗎？

Yeah, it will be.

是的，會的。

And the entry level that the agri provision will be lower than the 70% or so

而農業供給的准入水準將低於70%左右

(inaudible)

（聽不清楚）

Is that what you're trying to say?

這就是你想說的話嗎？

The agri is lower than the rest of the book?

這本書的農業價值比其餘部分低嗎？

So the loss given default will be, over the lifetime, yes, it will be.

因此，在整個生命週期內，違約造成的損失將是的，是的。

If you go through an ECL model, it will be far lower.

如果您採用 ECL 模型，該數字將會低得多。

Got it.

知道了。

And last part is the agri slippages, as you report and the agri loans that you report, are they like-to-like or they are different cuts?

最後部分是您所報告的農業下滑和農業貸款，它們是同類的還是不同的削減？

They are like-to-like.

他們是同類人。

Okay.

好的。

Perfect.

完美的。

Thank you so much.

太感謝了。

Good luck.

祝你好運。

Thank you.

謝謝。

Rahul Jain, Goldman Sachs.

高盛的拉胡爾‧賈恩 (Rahul Jain)。

Good evening, everyone.

大家晚上好。

I just had two, three questions.

我只有兩三個問題。

So first is, you've got this business banking portfolio, which is INR3.5-odd. Is it possible to get some more color on this book, what proportion would be to the individuals, what provision would be unsecured or secured in this portfolio?

首先，您擁有這個商業銀行投資組合，價值為 3.5 多印度盧比。是否可以對這本書進行更詳細的介紹，其中分配給個人的比例是多少，在這個投資組合中哪些條款是無擔保的，哪些條款是有擔保的？

Sorry, Rahul, in business banking, you're saying?

抱歉，拉胡爾，您說的是商業銀行業務嗎？

Yeah.

是的。

(multiple speakers) So the business banking book will be largely secured (multiple speakers) Self employed will be in unsecured in the (inaudible) which is very stable, which is.

（多位發言者）因此，商業銀行帳戶將在很大程度上得到擔保（多位發言者），個體經營者將處於無擔保狀態（聽不清楚），這是非常穩定的。

And that's used for the business purposes.

這是用於商業目的。

That is correct.

正確。

Self employed.

自僱。

Self employed.

自僱。

Okay.

好的。

Fair enough.

很公平。

How much would that be, Sashi?

那要多少錢，Sashi？

Have you given that number out?

您給那個號碼了嗎？

Part of the overall portfolio, there's no change that we have seen there (Inaudible - microphone inaccessible), the individual business.

作為整體投資組合的一部分，我們沒有看到任何變化（聽不清楚 - 麥克風無法使用），個別業務。

Fair enough.

很公平。

Alright.

好吧。

Two more questions, real quick.

還有兩個問題，很快。

Okay.

好的。

Got it.

知道了。

Thanks, Sashi.

謝謝，Sashi。

The second was around on, appreciate the feedback on the resoinse you gave, Srini, about the choice of relationship that the business leaders are deciding.

第二個問題是，Srini，感謝您就企業領導者正在決定的關係選擇給予的回饋。

But at the same time, this is adding up to the cost of funds.

但同時，這也增加了資金成本。

So if you are losing disproportion there, are we able to pass on to the borrowers in the same magnitude.

所以，如果你的損失不成比例，我們是否能夠將同樣規模的損失轉嫁給借款人？

Are we able to protect our spreads for the change of mix that is happening at the deposit level?

當存款水準發生變化時，我們能否保護我們的利差？

Because is not specific to HDFC Bank, this is a system-wide phenomena.

因為這並不是 HDFC 銀行獨有的現象，而是全系統現象。

But this ratio has been continuously under pressure, may not or may take time to bottom out till such time, whatever incremental lending are we doing, are we able to pass on that incremental cost to those borrowers on a like-to-like basis?

但這比率一直在持續承受壓力，可能不會或需要一些時間才能觸底，到那時，無論我們進行多少增量貸款，我們是否能夠將增量成本同等地轉嫁給那些借款人？

The short answer is, yes, you can't pass it on because if it's a retail customer, it tends to get into adverse selection and the nonretail customer is extremely sensitive and actually the spreads are tightening.

簡短的回答是，是的，你不能把它轉嫁出去，因為如果是零售客戶，它往往會陷入逆向選擇，而非零售客戶則極其敏感，而利差實際上正在縮小。

It's moving on the other direction.

它正向另一個方向移動。

You see the bond spreads in this quarter.

您會看到本季的債券利差。

The bond spreads have come off triply or doubly, or whatever category NBFC corporates.

不論 NBFC 企業屬於哪一類，債券利差都擴大了三倍或兩倍。

If you see anywhere between 10 to 25 basis points, the spreads have tightened in the market in this quarter, in the recent time period.

如果您看到利差在 10 到 25 個基點之間，則表示本季度，也就是近期，市場利差已經收窄。

So the possibility of pass on.

因此存在傳承的可能性。

We wish, but that is not.

我們希望如此，但事實並非如此。

Other than getting any adverse section, we are very cautious.

除了收到任何不利部分外，我們都非常謹慎。

And it won't pass our credit even as the frontline boils down to different customer segments.

即使前線客戶分為不同的群體，我們的信譽也不會受到影響。

So that's in terms of the lending.

就貸款而言，這就是。

How do we protect the margins on a go-forward basis?

我們如何在未來保護利潤率？

How would the margins trend?

利潤率趨勢如何？

Of course, I understand the repricing of the HDFC limited borrowing are taking place.

當然，我知道 HDFC 有限借款的重新定價正在進行中。

But just keeping that aside, what is the drift of spreads or the margins in a declining cost environment from these levels?

但撇開這一點不談，在成本下降的環境下，利差或利潤率從這些水準會發生怎樣的變化？

So Rahul, good question.

那麼拉胡爾，好問題。

We have seen it over 30 years how the composition of our deposit mix changes with different interest rate cycles.

三十年來，我們已經看到存款組合的組成隨著不同的利率週期而改變。

So in a high interest rate cycle, obviously, the CASA ratio is down.

因此，在高利率週期中，CASA 比率顯然會下降。

And as we expect in a couple of years, the economy trying to move northwards.

正如我們預期的那樣，幾年後經濟將試圖向北發展。

We should see rates coming off, we should see the CASA volumes moving up, people or the TD volumes coming down, TD rates cooling off, and that will have, there's a huge correlation to that and the CASA volumes in the system itself.

我們應該看到利率下降，我們應該看到 CASA 數量上升，人們或 TD 數量下降，TD 利率降溫，並且這與系統本身的 CASA 數量之間存在巨大的相關性。

So we should start to gain share, better incremental share because ultimately, some of us in the banking system have a customer segment is primarily the middle and upper middle income segment, including all in this call.

因此，我們應該開始獲得份額，更好的是增量份額，因為最終，我們銀行系統中的一些人擁有的客戶群主要是中等收入和中上等收入群體，包括本次電話會議中的所有人。

I mean, all the fraternity in this call of 6,875 participants in the call, including in the room, that we are all sitting, all of us to take very similar consumer behavior in terms of trying to either move our funds to better yielding alternative assets or lock it into higher PDs, the expectation that TV rates will cool off.

我的意思是，在這次電話會議中，包括在房間裡的 6,875 名參與者，我們都採取了非常相似的消費者行為，即試圖將我們的資金轉移到收益更高的另類資產或將其鎖定在更高的 PD 中，預期電視利率將會降溫。

So therefore, at least if that's a segment we have been very consistently focusing, the accentuation or the deceleration of CASA ratio will be slightly sharper for us.

因此，至少如果這是我們一直非常關注的領域，那麼 CASA 比率的上升或下降對我們來說會稍微尖銳一些。

That is exactly what we're seeing.

這正是我們所看到的。

As Srini mentioned, it doesn't mean that we sort of say no to our customer segment saying that, sorry, we don't want to take deposits because it is not doing, it's not helping our CASA ratio.

正如 Srini 所提到的，這並不意味著我們會對我們的客戶群說“不”，對不起，我們不想接受存款，因為它沒有用，它對我們的 CASA 比率沒有幫助。

That's not how we do.

我們的做法不是這樣的。

We offer all our products.

我們提供所有的產品。

And as it happens, it seems to be more or less we match ourselves with some of the large peer group banks.

事實上，我們似乎或多或少與一些大型同業銀行不相上下。

And so we do operate, we are happy to take it even though it may be a slight deterioration of this.

所以我們確實在運作，我們很高興接受它，即使它可能會稍微惡化。

But these are very cyclical, and this in the medium to long term will normalize.

但這些都是非常週期性的，從中長期來看，這種情況將會正常化。

And as I said, you will see a kind of an uplift the moment you see the rate cycle changing.

正如我所說的，當你看到利率週期發生變化時，你會看到一種上升趨勢。

And of course, it doesn't happen very coincidentally.

當然，這並不是巧合發生的事情。

There will be a little bit of a lag effect.

會有一點滯後效應。

But definitely, there will be better CASA ratios coming off in the next couple of years as well.

但可以肯定的是，未來幾年 CASA 比率也會更好。

And that should see bounce back into the margin uptake that all of us, including yourself, have been looking for.

這應該會看到我們所有人（包括您自己）一直在尋找的利潤率反彈。

In the meantime, we do add customers 1.9 million liability relationship to get that new account value, 96.7 million customer relationships.

同時，我們確實增加了 190 萬客戶負債關係，以獲得新的帳戶價值，即 9,670 萬客戶關係。

We'll continue to focus on that to bring the new account

我們將繼續專注於推出新帳戶

Very helpful.

非常有幫助。

Thank you so much.

太感謝了。

Just one more question.

還有一個問題。

When you look at the employee headcount that went up for sequentially branches on a Y-o-Y basis, as we said, over 1,000 credit card market share seems to be inching higher.

正如我們所說，當您查看各分行員工人數同比連續增加的情況時，超過 1,000 張信用卡的市場份額似乎正在緩慢上升。

So at what stage, so it seems the bank is getting ready to tap into the growth opportunities and is down to 98.

那麼在什麼階段呢？

At what stage, Sashi, Srini, would you start to accelerate the federal you'll see that refine is now well within the range that you wanted it to.

Sashi、Srini，你們會在什麼階段開始加速聯邦，你們會看到提煉現在完全在你們想要的範圍內。

But sequentially, the growth can start now coming through at what stage can we start the bank to get into the growth path more on a sequential basis, quarter-on-quarter basis from these levels?

但從連續性來看，成長現在可以開始，在什麼階段我們可以讓銀行從這些水準上連續、逐季進入成長軌道？

I think whatever we had committed, in fact, if I remember, because in your, in the call with you, which we sort of shared it with the world at large, and that is the kind of commitment that we continue to maintain.

我認為，無論我們承諾了什麼，事實上，如果我沒記錯的話，因為在與你的通話中，我們與全世界分享了這一點，而這正是我們繼續保持的承諾。

We are on track, as I have mentioned in the opening message that whatever we are seeing is in light and of the call that we have taken at that point in time.

我們正在步入正軌，正如我在開場白中提到的那樣，我們所看到的一切都是光明的，也是我們在當時所發出的呼籲的結果。

So you would see this, FY26, you would see a step-up.

因此，您會看到，在 FY26 期間，您會看到一個進步。

At FY27, you would see a further step-up.

在 FY27，您將看到進一步的提升。

I mean I do not know which quarter.

我的意思是我不知道是哪個季度。

Obviously, we have the ammunition ready in terms of capital, in terms of liquidity through a high LCR, and we continue to outpace deposit growth as we speak.

顯然，我們在資本方面、透過高 LCR 的流動性方面已經做好了準備，而且我們的存款成長速度仍在繼續領先。

So I don't think that should be a constraint as if there is an opportunity for the economy to change positively and outlook getting better as the interest rates coming off, I think we should sort of see a bit of a step-up there.

因此，我認為這不應該成為一種限制因素，因為如果經濟有機會發生積極變化，而且隨著利率下降，前景會變得更好，我認為我們應該看到經濟略有上升。

Great.

偉大的。

Thanks, Sashi.

謝謝，Sashi。

Thank, Srini.

謝謝，Srini。

Thank you, man.

謝謝你，老兄。

Thank you very much, Ladies and gentlemen, we will take that as the last question.

非常感謝各位，女士們、先生們，我們將把這當作最後一個問題。

I will now hand the conference over to Mr. Vaidyanathan for closing comments.

現在，我將會議移交給 Vaidyanathan 先生，請他作最後發言。

Thank you, Nirav.

謝謝你，尼拉夫。

Thank you, all the participants, for coming in today.

感謝各位參加者今天的到來。

You can get in touch with us for any other clarifications questions or matters that you want to cover.

您可以就任何其他澄清問題或想要涉及的事項與我們聯絡。

Our Investor Relations team, led by Bhaven, will be available, and where we can today or tomorrow or any time, and we'll continue to keep engaged.

我們的投資人關係團隊由 Bhaven 領導，今天、明天或任何時間都將竭誠為您服務，我們也將繼續保持參與。

Thank you.

謝謝。

Bye-bye.

再見。

Thank you very much.

非常感謝。

On behalf of HDFC Bank Limited that concludes this conference.

我代表 HDFC 銀行股份有限公司結束本次會議。

Thank you for joining us and you may now disconnect your lines.

感謝您加入我們，您現在可以斷開線路了。

Thank you.

謝謝。