HDFC Bank Ltd (HDB) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q4 FY25 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 HDFC 銀行有限公司 2025 財年第四季財報電話會議。（操作員指示）

Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank.

請注意，本次會議正在錄製。現在，我將會議交給 HDFC 銀行財務長 Srinivasan Vaidyanathan 先生。

Thank you, and over to you, sir.

謝謝您，先生，接下來就交給您了。

Okay. Thank you. Good evening, and welcome to all. We have with us Sashi Jagdishan, MD and CEO. We'll request him to give some opening remarks before we can jump in. Sashi, over to you for any remarks that you have.

好的。謝謝。晚上好，歡迎大家。我們邀請了董事總經理兼執行長 Sashi Jagdishan 出席。在我們開始之前，我們會請他先致一些開場白。Sashi，如果您有任何意見，請隨時提出。

Thank you, Srini, and thank you all for joining in on a Saturday evening. You probably would have seen the press release and the investor presentation that the team would have put it up. So let me give you a very brief context as to how we have done on a broad basis, before Srini takes over some of the finer points.

謝謝你，Srini，也謝謝大家在星期六晚上加入我們。您可能已經看到了該團隊發布的新聞稿和投資者簡報。因此，在 Srini 講解一些細節問題之前，請容許我向您簡要介紹我們在整體上做得如何。

Within the global context, we believe India is well placed. RBI has recently commenced cutting rates. The moderation in food inflation and headline inflation also augurs well. We've already seen two rate cuts and the change in stance from neutral to accommodative is a welcome relief to all of us.

在全球範圍內，我們認為印度處於有利地位。印度儲備銀行最近已開始降息。食品通膨和整體通膨的緩和也是好兆頭。我們已經看到兩次降息，從中性到寬鬆的立場轉變讓我們所有人都感到欣慰。

RBI intends to increase durable liquidity, which is followed by concrete actions, which, along with rate cuts, will help supporting our GDP growth.

印度儲備銀行打算增加持久流動性，並採取具體行動，加上降息，將有助於支持我們的 GDP 成長。

For FY26, we expect the GDP to be supported by a pickup in rural spending, discretionary consumer demand and investment activity. Of course, the goods exports may be impacted until the global trade and tariff situation becomes far more clearer. We acknowledge that the global macroeconomic outlook has become more uncertain due to the recent trade tariff-related measures and the volatility surrounding them. This may potentially impact global inflation leading to lower growth across economies. Corporates have adopted a wait-and-watch stance, and we are waiting for more clarity.

對於26財年，我們預期GDP將受到農村支出、可自由支配的消費需求和投資活動的支持。當然，在全球貿易和關稅情況變得更加明朗之前，商品出口可能會受到影響。我們承認，由於近期與貿易關稅相關的措施及其周圍的波動，全球宏觀經濟前景變得更加不確定。這可能會影響全球通膨，導致各經濟體的成長放緩。企業採取了觀望態度，我們正在等待更明確的消息。

We remain watchful. Coming to the bank. As you recall, we spelled it out in Q4 of last year and to be more precise, I think, somewhere around February. We continue to be on the journey that we spelled out. Our credit deposit ratio has been brought down from the highs at the time of merger, which was at about 110% to around 96% as of March 2025.

我們保持警惕。來到銀行。您還記得，我們​​在去年第四季就明確指出了這一點，更準確地說，我想是在二月左右。我們將繼續踏上我們所規劃的旅程。我們的信貸存款比率已從合併時的約 110% 的高點降至 2025 年 3 月的 96% 左右。

Our deposits have grown faster than the system and so has grown faster than our loans as well. Next year, in line with what we had committed, the adjustment in CD ratio will not be so steep, supporting the loan growth for the bank, but it will be on a downward path.

我們的存款成長速度快於系統成長速度，因此也比我們的貸款成長速度快。明年，按照我們承諾的，存單比率調整幅度不會那麼大，對銀行的貸款成長有一定的支撐作用，但會是下降的。

Cost remains under a tight leash, and we expect this to continue. Asset quality, one of our USPs, remains pristine. As liquidity and growth improve, we are well placed to grow in both assets and deposits. We have been doing a lot of work on technology, over the last few years, and we should start reaping the benefits of the same gradually during the course of the year.

成本仍然受到嚴格控制，我們預計這種情況將持續下去。資產品質是我們的獨特賣點之一，依然保持完美狀態。隨著流動性和成長的改善，我們的資產和存款都有所成長。過去幾年，我們在技術方面做了大量工作，我們應該在今年內開始逐步收穫這些成果。

This is a space to watch out for, and we shall unveil at the appropriate time. I would like to express my gratitude to all our employees for their hard work and performance and to our shareholders and all of you who are on this call for being very patient with us during the speed of adjustment. Thank you so much.

這是一個值得關注的領域，我們將在適當的時候揭曉。我要對我們所有員工的辛勤工作和出色表現表示感謝，也對我們的股東以及參加此次電話會議的所有人表示感謝，感謝他們在我們調整過程中給予我們的耐心。太感謝了。

Srini, over to you.

Srini，交給你了。

Okay. Thank you, Sashi, for those remarks. With that, we go straight to -- we can open it up, and we use the time for questions. Please go ahead whatever -- whoever is on the queue, please.

好的。謝謝 Sashi 的評論。這樣，我們就可以直接開始了——我們可以開始討論，並利用這段時間來回答問題。無論排隊的是誰，請繼續。

Thank you very much, sir. We will now begin the question-and-answer session.

非常感謝您，先生。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Chintan Joshi, Autonomous.

Chintan Joshi，自治。

Hi, good evening. Can I start with NIM? Some expansion coming through this quarter, if you could explain what the drivers of that expansion goes? And also how we can think about NIMs progressing over the next year? On one hand, you've got the rate cuts, but on the other hand, your funding synergies are gradually coming through. Do you think if you see 100 bps rate cycle, NIMs can be higher than where we are today?

嗨，晚上好。我可以從 NIM 開始嗎？本季將出現一些擴張，您能否解釋一下這些擴張的驅動因素是什麼？我們如何看待明年 NIM 的進展？一方面，你們遭遇了降息，但另一方面，你們的融資綜效正在逐漸顯現。您是否認為，如果利率週期為 100 個基點，NIM 會高於目前的水平？

That's on NIMs.

那是在 NIM 上。

And then the second question I have is more on the corporate sector. If I look at cash and investments on corporate sector balance sheet over the last three, four years and how the in the banking system that's kind of gone up significantly. But these deposits are short term in nature, we don't have the LCR benefit like we have with the household sector, how does the bank take on these deposits? How do they use it?

我的第二個問題比較是關於企業部門的。如果我看一下過去三、四年來企業部門資產負債表上的現金和投資，就會發現銀行體系的現金和投資大幅增加了。但這些存款本質上是短期的，我們沒有像家庭部門那樣的流動性覆蓋率優勢，銀行該如何處理這些存款？他們如何使用它？

I assume they can't really be used for term lending. It would be helpful to understand in this period where we've got geopolitical uncertainty, there will be even more corporate deposits, how does the banking system or yourselves use that?

我認為它們實際上不能用於定期貸款。了解在當前地緣政治不確定的時期，企業存款將會更多，銀行系統或你們自己將如何利用這些存款，這將會很有幫助。

Okay. Two things. One is at the macro level. First, I'll take the NIM first. You saw the NIM for us over the last 12 months, if you see operated in a very narrow band, 3.4 to 3.5.

好的。兩件事。一是宏觀層面。首先，我先參加 NIM。您可以看到，過去 12 個月我們的 NIM 運作在一個非常窄的區間，即 3.4 到 3.5。

Last year, March quarter was 3.44, now on a core basis, 3.46; last quarter was 3.43, and so on, so it's in a very narrow band plus/minus 5 basis points here and there, that's where the NIM is operated.

去年 3 月季度為 3.44，現在核心基礎為 3.46；上一季是 3.43，等等，所以它處於一個非常窄的區間內，這裡或那裡加/減 5 個基點，這就是 NIM 的運作範圍。

And if you look at the components of the NIM, one is the cost of funds, which is in one of our pages, where we published that, which is I think is on page number 15, I think it is in our deck. The cost of funds is also very stable at about 4.9.

如果你看一下 NIM 的組成部分，其中一個是資金成本，它在我們的其中一頁中，我們在那裡發布了它，我認為是在第 15 頁，我想它在我們的簡報中。資金成本也非常穩定，約4.9。

And there are two things going on in the cost of funds to be stable there. One is the borrowing mix has come down during this time period, whatever is on the page there, you see that the borrowing mix in the first of the time period, December '23 was 21% and then from then on last March, it was 18% and now it is 14% borrowing mix.

為維持資金成本穩定，需要做兩件事。一是在此期間借款結構有所下降，無論頁面上顯示什麼，您都會看到，在這段時間的第一個月，即 23 年 12 月，借款結構為 21%，然後從去年 3 月開始，借款結構為 18%，現在是 14%。

So that's one of the tailwind that contributed as a positive item to the cost of funds. Then there is a headwind in the cost of funds we have seen is the customer preference towards time deposit. If you see the rate of growth even in the recent time period, time deposit rate of growth, INR2 trillion in a full year time period.

因此，這是對資金成本產生正面影響的順風因素之一。我們看到資金成本面臨的一個阻力是客戶對定期存款的偏好。如果你看一下最近一段時間的成長率，定期存款的成長率在全年的時間段內為 2 兆印度盧比。

In the quarter, this quarter, recent quarter, about INR0.8 trillion time deposit rate of growth, 20%-or-so, right? So we have seen that. So the CASA ratio mix has not been favourable. It's an adverse variance there, right? But between all of these, the cost of funds, we kept it stable by selecting retail deposits and not pricing up on the non-retail deposits and we'll come to the second aspect of what you asked.

本季度，最近一個季度，大約0.8兆印度盧比的定期存款成長率，是20%左右，對嗎？我們已經看到了這一點。因此，CASA 比率組合並不理想。這是一個不利的差異，對嗎？但在所有這些之中，資金成本，我們透過選擇零售存款而不是對非零售存款進行定價來保持其穩定，我們將討論您詢問的第二個方面。

So the nonretail we've been circumspect, even from -- I think it's going back to almost December '23, that time period itself, we saw that the pricing on the non-.retail deposit was unacceptably high and competitive without consideration for the liquidity, lendable value of those deposits. So we remain circumspect and in price but try to manage it in a way that it's in a very narrow band there.

因此，我們對非零售業務一直持謹慎態度，甚至從——我想這可以追溯到 1923 年 12 月，那個時間段，我們發現非零售存款的定價高得令人無法接受，而且競爭激烈，沒有考慮到這些存款的流動性和可藉貸價值。因此，我們對價格保持謹慎，但嘗試以非常狹窄的區間來管理它。

Now come to the yield on assets, the other component of the NIM before we get to the conclusion of what you had asked. So if you look at the yield on assets, they've also been pretty stable between 8.3%, 8.4% that's the level at which we operated and that's how we manage that.

在我們得出您所問問題的結論之前，現在來談談資產收益率，即 NIM 的另一個組成部分。因此，如果你看一下資產收益率，它們也一直相當穩定在 8.3% 到 8.4% 之間，這是我們營運的水平，也是我們管理資產收益率的方式。

Now yield on assets, if you see here, the retail will give more yield than the nonretail because then you'll have to pay through credit cost in some manner now or at some point in time. But we have had a balanced growth there to manage this yield in a very stable band there.

現在就資產收益率而言，如果你從這裡看，零售將比非零售產生更多的收益率，因為你現在或在某個時間點必須以某種方式透過信貸成本支付。但我們在那裡實現了均衡成長，將收益率控制在一個非常穩定的區間內。

And again, selection, we have seen over the last 12 months, 18 months, the corporate loans of the larger ticket corporate loans and the larger ticket SME loans, have been very competitive, particularly coming from certain public sector institutions where the growth is an objective and not necessarily marginal returns. We have seen that pricing is very, very low on those.

再次，我們看到，在過去的 12 個月和 18 個月中，大額企業貸款和大額中小企業貸款的競爭非常激烈，特別是來自某些公共部門機構的貸款，這些機構的增長是客觀的，而不一定是邊際回報。我們發現這些產品的定價非常非常低。

I mean the loan spreads have been very low compared to the bond spreads. When the bond spreads moves up or down, the loan spreads is not moving, it's actually coming down, which is what we are seeing. Now we try to manage it through appropriate selection, both quality is, of course, the first criteria for selection. Quality process, it has to pass the rate. And if it doesn't passes, we were happy to let go and not necessarily bulk up the balance sheet because we said we can reposition the balance sheet and grow the loans at any time.

我的意思是，與債券利差相比，貸款利差非常低。當債券利差上升或下降時，貸款利差並不會變動，實際上它會下降，這就是我們所看到的。現在我們嘗試透過適當的選擇來管理它，當然，兩者的品質都是選擇的首要標準。品質工序，有合格率。如果該法案沒有通過，我們很樂意放手，而不必增加資產負債表，因為我們說過，我們可以隨時重新調整資產負債表並增加貸款。

So that's how we manage that. Now coming to what's happened in the recent time period; 3 basis points, 4 basis points always moves at any time for various reasons. And -- so there's no one particular on, we can say. Of course, there is a cash reserve ratio that changed sometime in December. So part of -- there was some impact -- positive impact last quarter and the balance of the positive impact in this quarter, call it, a couple of basis points.

這就是我們的管理方式。現在來談談最近一段時間發生的事情； 3個基點、4個基點總是會因為各種原因而隨時變動。並且 — — 因此我們可以說，沒有特定的人。當然，現金準備率在 12 月的某個時候發生了變化。因此，部分影響是存在的，上個季度是正面影響，而本季的正面影響的平衡，可以稱之為幾個基點。

And then a few basis points moves up and down. There is no kind of a finesse. And similarly, when the NPA changes, lower agriculture in the March quarter, that also is a good kind of margin benefit we get to some extent. But they're all within a narrow band that.

然後幾個基點就會上下波動。沒有任何一種技巧。同樣，當 NPA 發生變化時，3 月季度的農業成本會降低，這在某種程度上也是我們獲得的一種良好的利潤收益。但它們都處於一個狹窄的範圍內。

Now where does it go? I don't want to provide an outlook where this goes. But all I want to tell you is that I described to you this long to tell you how we think about margin and how we manage, which is policy rates change. So the loans that are linked to policy rates like the repo rate gets changed right away, so which is a headwind.

現在它去哪了？我不想提供事情將會如何發展的前景。但我只想告訴你們，我向你們描述了這麼長時間，是為了告訴你們我們如何看待保證金以及我們如何管理，也就是政策利率的變化。因此，與回購利率等政策利率掛鉤的貸款會立即發生變化，這是一個不利因素。

And the faster the policy rate changes, it starts to factor in faster. The deposit side or the funding side rates take time to factor it in. So I would urge not to look at quarter-to-quarter because it's not something that could be managed at all because the policy can change tomorrow and then the deposit rate can change over time.

政策利率變化越快，其影響就越快。存款方或融資方利率需要時間來考慮。因此，我建議不要專注於季度數據，因為這根本無法管理，因為政策明天就可能改變，然後存款利率也會隨著時間而改變。

So you have to look at it at least a year or longer than a year to see how stable and how we are managing that margin level, which is what on the page that you are seeing shows that page 15 at that kind of a level stability how it gets managed. That's the first part.

因此，您必須觀察至少一年或一年以上才能了解其穩定性以及我們如何管理該保證金水平，您在第 15 頁上看到的頁面顯示了在這種水平穩定性下如何進行管理。這是第一部分。

The second part is you talked about the cash and investment in the corporate sector balance sheet, how it gets deployed. Again, the first part I tried to answer that certain categories of deposits have lower lendable value and the market doesn't price appropriately for that lendable value because that's how it should be.

第二部分是您談到了企業部門資產負債表中的現金和投資及其配置方式。再次，第一部分我試圖回答，某些類別的存款具有較低的可貸價值，市場沒有對該可貸價值進行適當的定價，因為這是應該的。

Typically, those kind of segmented deposits should be lower than a retail because the retail is the highest value -- lendable value we can get. But these type of deposits are priced far higher than the retail deposits. So thereby only for large relationships, and how -- where we could get certain other product mix aligned well, we patronize and participate.

通常，這些分段存款應該低於零售存款，因為零售存款是我們可以獲得的最高價值——可藉貸價值。但這類存款的價格遠高於零售存款。因此，只有建立大的關係，以及如何——我們可以在哪裡很好地協調某些其他產品組合，我們才會光顧和參與。

And there are certain other institutions like affiliated institutions to large corporates that we patronize and hold it. That's because we want to keep the wallet share on our lending. We are the largest working capital bank in the country, so we want to keep that wallet share growing in a reasonable manner. So we participate to some extent on this. Otherwise, we don't bid for these kind of deposits.

還有一些其他機構，例如我們贊助和持有的大公司的附屬機構。這是因為我們希望保留借貸中的錢包份額。我們是全國最大的營運資金銀行，因此我們希望保持錢包份額以合理的方式成長。因此我們在一定程度上參與了這一點。否則，我們不會競標此類存款。

So quick on your NIM point, how much of the TDs will reprice within the first year?

那麼，請快速回答您的 NIM 點，有多少 TD 會在第一年內重新定價？

I'm sorry to interrupt. I request you to join the queue please, as we have other participant to--

很抱歉打擾您。我請求你加入隊列，因為我們還有其他參與者——

Just to follow up.

只是為了跟進。

(Operator Instructions)

（操作員指示）

Maruk Adajania, Nuvama.

馬魯克·阿達賈尼亞，努瓦瑪。

Yeah, hi. Good evening and congratulations. I had two questions. The first one is on deposit growth. So large banks have cut deposit rates in the most popular budgets by 30 bps to 45 bps, which is of course transmission, but are you comfortable that the liquidity position has changed enough to support a healthy deposit growth for the system and yourself? Because tight liquidity was really a big issue for the last 1.5 years, except in the last two to three months. So that's my first question.

是的，你好。晚上好，恭喜你。我有兩個問題。第一個是存款成長。因此，大型銀行已將最受歡迎的預算中的存款利率下調了 30 個基點至 45 個基點，這當然是一種傳導，但您是否認為流動性狀況已經發生了足夠的變化，可以支持系統和您自己的健康存款增長？因為除了最近兩三個月以外，流動性緊張在過去一年半確實是一個大問題。這是我的第一個問題。

And my second question is on your priority progress. Of course, your CRB has been growing faster than your other loans. But if at all, there are any shortfalls how would that be managed? Would that have any ROA impact so just a focused discussion on how priority will be managed?

我的第二個問題是關於您的優先進度。當然，您的 CRB 成長速度比您的其他貸款要快。但如果確實存在任何不足，該如何處理？這會對 ROA 產生影響嗎？所以只是重點討論如何管理優先順序？

Okay. First, just if I get on the rates and deposits as such, right? One is that it's not -- the deposit rate change, if you noticed, while we may have had gone first or second or whatever it is, across the industry, you're seeing at least the large top three, five players you are seeing responded to the policy rate change. So that's something that is part of the transmission process. The loan transmission for good amount happens automatically because of the linked to policy rates.

好的。首先，如果我得到利率和存款就好了，對嗎？一是存款利率沒有變化，如果你注意到的話，雖然我們可能是整個行業中第一個或第二個或其他什麼，但你會看到至少前三名、前五名的參與者對政策利率變化做出了反應。所以這是傳輸過程的一部分。由於與政策利率掛鉤，大量貸款的轉移是自動發生的。

And on the deposit side, one has to manage it and announce it after deliberation. So you have seen that happen. So there is no change as such from a competitive positioning or whatever all that differentiates with that ability to reach, that means have the distribution reach, bringing new customers have better engagement through the RMs, that's been what we have done in the past, that's how we have grown, if you see the past year, rate of deposit growth about 15.8%-or-so, that's INR3.4 trillion in the year.

而在存款方面，則必須進行管理，並在審議後予以公佈。所以你已經看到了這種情況的發生。因此，競爭定位或其他與覆蓋能力有區別的東西並沒有改變，這意味著分銷覆蓋範圍，透過客戶經理帶來新客戶，獲得更好的參與度，這就是我們過去所做的，這就是我們的增長方式，如果你看過去一年，存款增長率約為 15.8% 左右，即當年的存款為 3.4 萬億印度盧比。

So we continue to be optimistic and continue to have that approach of energy to get that market share gaining, right? So the rate is not a differentiator in the past, and we don't think rate is a differentiator to win something because that would be very transitional and a short-term approach to getting that. So that's one on deposits, right? We continue to be playing on an even field there, and we're confident of how we are positioned for that.

因此，我們繼續保持樂觀，並繼續採取這種積極的方式來擴大市場份額，對嗎？因此，利率在過去並不是一個差異化因素，我們也不認為利率是贏得某些東西的一個差異化因素，因為那將是一種過渡性的、短期的方法。這就是關於存款的事情，對嗎？我們將繼續在公平的環境中競爭，並且我們對我們的定位充滿信心。

Second aspect of what you asked is the priority sector lending. While the priority sector details get published in the annual report, but nevertheless, at an aggregate level, as we have said in the past, we do meet that 40% that is required. We are slightly above that level in terms of the aggregate priority sector lending.

您問到的第二個面向是優先部門貸款。雖然優先部門的詳細資訊會在年度報告中公佈，但儘管如此，從總體來看，正如我們過去所說的那樣，我們確實達到了 40% 的要求。就優先領域貸款總額而言，我們略高於該水準。

There are two subsegments, which is the small and marginal farmer segment and a weaker section that always calls for something that inorganically, that means how do we go and buy it in the market either through certificates, IBPC, PTCs or any other manner or through on-lending program. There are several instruments that we use and we keep on.

有兩個子部分，即小農和邊際農戶部分和較弱的部分，他們總是需要一些無機的東西，這意味著我們如何透過證書、IBPC、PTC 或任何其他方式或透過轉貸計畫在市場上購買它。我們使用並繼續使用多種儀器。

And if none of those economics work well, there is always the last resort is the RIDF. That's not our first -- if you don't get any of these done, then there is RIDF, right? If you look at the cost dynamics of any of these things, they all work almost very similar dynamics to the overall P&L.

如果這些經濟措施都不起作用，那麼最後的手段就是 RIDF。這不是我們的第一次——如果你沒有完成其中任何一個，那麼還有 RIDF，對嗎？如果你看一下其中任何一項的成本動態，它們的運作方式幾乎與整體損益表的動態非常相似。

You rightfully so touched up on returns. What does it mean to returns? Whether you have one or the other instrument, the impact on the return is very similar. There's no difference. And that is what historically also we have done.

您正確地對回報進行了修改。退貨是什麼意思？無論您擁有其中一種工具，其對回報的影響都非常相似。沒有別的。從歷史上看，我們也這樣做過。

Even if you look at the year that has gone by, we were about 1%-or-so short on these kind of segments. And even now, we continue to look for and search for how to close in that last 1% across SMA for the weaker and we will endeavour to do and close as much as we can. If not, the alternatives are already there, yeah.

即使回顧過去的一年，我們在這些細分市場也只缺少了約 1% 左右。即使是現在，我們仍在繼續尋找和探索如何為較弱的群體縮小 SMA 中的最後 1% 差距，我們將盡力做到並盡可能縮小差距。如果沒有的話，替代方案已經存在了，是的。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Anand Swaminathan, Bank of America.

美國銀行的阿南德‧斯瓦米納坦 (Anand Swaminathan)。

Great, thank you. I have a couple of questions. Sashi, first question is on CRB. There has been a lot of media noise around senior management and some changes. It would be great if you could give us some confidence around what's happening and give us some clarity around that? That's number one.

太好了，謝謝。我有幾個問題。Sashi，第一個問題是關於 CRB 的。媒體對高階管理和一些變動有很多報告。如果您能讓我們對正在發生的事情有信心並給我們一些清晰的解釋，那就太好了？這是第一點。

And number two, on ROAs. We have successfully defended the 1.8% ROA we've been guiding for the last several quarters. Srini, actually we go into the rate cut cycle and growth slightly improving in the FY26, do we have enough levers to defend this 1.8% level or we should expect a brief kind of decline and then come back above 1.8% when growth eventually occurs? Thank you.

第二，關於 ROA。我們成功捍衛了過去幾季一直指導的 1.8% 的 ROA。Srini，實際上我們進入了降息週期，並且 2026 財年經濟成長略有改善，我們是否有足夠的槓桿來捍衛 1.8% 的水平，或者我們應該預期出現短暫的下降，然後在最終實現增長時回到 1.8% 以上？謝謝。

Okay. I'm going to get it started first in terms of what it is, right? If you see, we had a reorganization. And Rahul Sukhla who heads the commercial and rural banking have taken personal time off and this on sabbatical, right? So he's taken some time off or whatever family reasons and so on.

好的。我要先了解它是什麼，對嗎？如果你看到了，我們已經進行了重組。商業和農村銀行業務主管 Rahul Sukhla 也休了個人假和休假，對嗎？所以他休息了一段時間或因為家庭因素等等。

And the reorganization is expected to accomplish a few things, right? One is if you see what is going on particularly in the rural segment. Take example, I'll give you the -- how we are thinking about the -- to drive certain synergy and capture the growth opportunity and bring some productivity, right? So that's both from a customer point of view, better engagement and from people point of view, better productivity.

重組預計會實現一些目標，對嗎？一是如果你看到農村地區正在發生的事情。舉個例子，我會告訴你——我們如何思考——推動某些協同效應、抓住成長機會並帶來一些生產力，對嗎？因此，從客戶的角度來看，這可以提高參與度；從人的角度來看，這可以提高生產力。

And what does it do to get that. One is a simple thing, if you think about agriculture, that's now part of the retail management team who handled the two-wheeler and auto business and so on, that's the same kind of a leadership that handles agriculture.

那麼它要做什麼才能實現這一點呢？一個很簡單的事情，如果你想想農業，它現在是零售管理團隊的一部分，負責處理兩輪車和汽車業務等等，這與處理農業的領導層是一樣的。

So once we reach the farmer, you know that as part of the prior growth approach, we expanded our geographical reach to 2.25 lakh -- 225,000 villages. Now the next phase of this growth is having a presence there, we need to go capture the volumes, that is reach out in the vicinity of those villages, the right kind of farmer to bring in.

因此，一旦我們接觸到農民，您就會知道，作為先前增長方法的一部分，我們將地理覆蓋範圍擴大到 22.5 萬個村莊——225,000 個村莊。現在，這成長的下一階段是在那裡開展業務，我們需要去獲取產量，也就是接觸那些村莊附近地區，吸引合適的農民。

So we do not -- right now, we envisage not to just do an agriculture loan because that particular town, the farmer, the family and the neighbours do need a two-wheeler, do need a car, auto loan and so on and so forth. So under the same team that we are trying to get these kind of multiple products made available to that.

因此，我們現在不打算只提供農業貸款，因為那個特定的城鎮、農民、家庭和鄰居確實需要兩輪車、汽車、汽車貸款等等。因此，在同一個團隊的領導下，我們正努力讓更多人能夠獲得這類多種產品。

And also, if you look at where this particular thing is positioned, it's also positioned alongside the gold loan business. You know that in the country, a lot of farmers have gold and use goal for financing appropriately and perhaps rightfully so to fund the requirements of the farm. And so now these synergies are expected. And what does it do?

而且，如果你看一下這個特定事物的定位，它也與黃金貸款業務並列。您知道，在該國，許多農民擁有黃金，並適當地、甚至正確地利用目標進行融資，以滿足農場的需求。因此現在這些協同效應是可以預期的。它起什麼作用？

It enables us to have a frequent connect with the farmer and that community in the rural segment through these kind of products which we are having. So it enhances our periodicity at which we will touch that customer. And so since we are delivering multiple products to the same customer, we do anticipate this is supposed to give better productivity for people productivity.

透過我們擁有的這類產品，我們能夠與農民和農村社區保持頻繁聯繫。因此，它提高了我們接觸該客戶的頻率。因此，由於我們向同一個客戶提供多種產品，我們確實預計這將提高人們的生產力。

I'll give you one example, and that's how if you look at anything, all of those things that we have done is expected to provide the significant lift in productivity across all of these product and geography and customer segments that we are operating. So that's one that gives you the context of the CRB, what goes on--

我給你舉一個例子，那就是如果你看一下任何事情，我們所做的所有這些事情都有望顯著提高我們所經營的所有這些產品、地理和客戶群的生產力。所以這可以讓你了解 CRB 的背景，以及發生的事情--

Srini, I would like to add to whatever you have said. Rahul was one of our very good business managers. And obviously, he did express, as Srini mentioned, his desire to go on a sabbatical because he had some personal matters to attend to with his family and the academics of his children.

Srini，我想補充你所說的內容。拉胡爾是我們非常優秀的業務經理之一。顯然，正如 Srini 所提到的，他確實表達了想要休假的願望，因為他需要處理一些與家人和孩子的學業相關的個人事務。

But having said that, we built a very strong team. And as you probably heard Srini, we have reorganized the entire asset side of the balance sheet under an even more able individual. As you know, the is now handles the entire asset side of the balance sheet and the investment banking business. And all the heads who have been with us, we have, as we have mentioned, several times in the past, we have a very good depth in management and they now all of them have now handle larger businesses and report to the Deputy Managing Director.

但話雖如此，我們還是建立了一支非常強大的團隊。正如您可能聽到的，斯里尼 (Srini)，我們已經在一位更有能力的人的領導下重組了資產負債表的整個資產方。如您所知，它現在負責資產負債表的整個資產方和投資銀行業務。正如我們過去多次提到的那樣，所有與我們共事的負責人都具有非常深厚的管理經驗，現在他們都負責更大的業務並向副總經理報告。

I'm quite excited about this reorganization and I'm sure that we will harness the most optimal way to find growth. And as Srini mentioned, synergies between various asset groups so that. We can optimize even our resources at the grassroot levels, so that there is not too much of an overlap. So this is going to be a very exciting period for us, and you will start to see a lot more efficiencies and even greater hunger than what we have seen from the CRB and the entire assets at the balance sheet.

我對這次重組感到非常興奮，我相信我們將利用最優化的方式來成長。正如 Srini 所提到的，各個資產組之間有協同作用。我們甚至可以優化基層的資源，這樣就不會出現太多的重疊。因此，這對我們來說將是一個非常令人興奮的時期，您將開始看到比我們從 CRB 和資產負債表上的全部資產中看到的更多的效率和更大的渴望。

Obviously, optimizing yields, optimizing the need to maintain priority sector requirements and other aspects as well. So this is a year to watch out for in terms of the kind of benefits that will accrue from this so-called massive reorganization that we have undertaken during the year.

顯然，優化收益率、優化需要維持優先部門的要求等方面也是如此。因此，今年是值得關注的一年，因為我們今年進行的所謂大規模重組將會帶來什麼樣的好處。

Yeah, Srini, over to you.

是的，Srini，交給你了。

Yes. Thank you for that additional color. Very good. Now getting to the -- your second aspect of ROA. See, if you see our ROA has operated around that 1.9 level, right, plus/minus a few basis points.

是的。謝謝你提供的額外顏色。非常好。現在來談談 ROA 的第二個面向。你看，如果你看到我們的 ROA 一直在 1.9 水平附近運行，對吧，加/減幾個基點。

Ever since we accomplished the merger July 1, 2023, it's been approximately around that level, right? We're consistently delivering there.

自從我們在 2023 年 7 月 1 日完成合併以來，它一直保持在這個水平左右，對嗎？我們一直在那裡提供服務。

When the -- you had asked about what does it do in a different rate scenario, if whatever happens? I talked about the margin in a couple of questions before in terms of how we think about the margin to be within a stable range, right? So ROA similarly can move around 5 basis points, 10 basis points.

當您詢問如果發生任何情況，在不同的利率情況下它會做什麼？我之前在幾個問題中談到了利潤率，即我們如何認為利潤率處於穩定範圍內，對嗎？因此，ROA 同樣可以在 5 個基點、10 個基點左右變動。

Our long-term average of ROA, if you see somewhere, I think we have published that also over a 10 year, 15 year period, if you see, anywhere between a merger or premerger or post-merger, any which way if you look at it, 1.9 to 2.1.

我們的長期平均 ROA，如果你在某處看到的話，我想我們已經發布了 10 年或 15 年期間的數據，如果你看到的話，在合併期間或合併前或合併後的任何時間，無論以何種方式看，都是 1.9 到 2.1。

And for many instances, many -- the frequency of two is the highest. And sometimes we are at 1.9 and sometimes you had 2.1. So that is the optimal level, right, at which it operates. If the ROA tends for better cost of credit or better margin that comes through and for cost efficiency and so on to some extent, there is always a reinvestment opportunity because at the end of the day, our market share on deposits is level.

對許多實例來說，許多——兩個的頻率是最高的。有時我們的數字是 1.9，有時則是 2.1。所以這就是它運作的最佳水平。如果 ROA 趨向於更好的信貸成本或更好的利潤率，並在一定程度上實現成本效率等，那麼總會有再投資機會，因為最終我們的存款市佔率是穩定的。

Our market share on distribution, which is branch is 6% and our market share on loans is 14%. So we still have enormous room and a need to make investments, pace those investments appropriately to keep growing for the long term. So that's in that narrow band that we operate. So there is no one particular -- can we have a 10 basis points change in a year possible? Absolutely possible.

我們的分銷市佔率（即分公司）為 6%，貸款市佔率為 14%。因此，我們仍然擁有巨大的投資空間，並且需要進行投資，適當調整投資節奏，以保持長期成長。這就是我們操作的窄頻。所以沒有一個特定的——我們有可能在一年內實現 10 個基點的變化嗎？絕對有可能。

But can it be far higher than that? Not likely, right? Because we have operated in a stable band up or down.

但其值還能更高嗎？不太可能吧？因為我們一直在穩定的上下波動區間內運作。

Thank you. That's very useful.

謝謝。這非常有用。

Rikin Shah, IIFL.

Rikin Shah，IIFL。

Yeah, thank you for the opportunity. Two quick questions. First one for the repo-link loans. Do they get repriced immediately as soon as the repo rate changes? Or is there usually a lag of a few months from the change of repo rate?

是的，謝謝你給我這個機會。兩個簡單的問題。第一個是回購掛鉤貸款。回購利率一旦發生變化，它們會立即重新定價嗎？或者回購利率的變化通常會有幾個月的延遲？

And secondly, an extension to this, does the number of days impact your reported margins? That's the first question. And the second one is, was there any reversal on AIF provisions in this quarter? Those are my 2 questions.

其次，進一步說，天數是否會影響您報告的利潤率？這是第一個問題。第二個問題是，本季 AIF 撥備是否有任何逆轉？這是我的兩個問題。

Okay. So in terms of the timing of the repo rate change, and so thereby the transmission or flow-through by product, it is different. If you think about mortgages, which is 30% of the book-or-so, it can happen in the immediate cycle. Rate changes and in the following cycle -- month cycle, it can happen. So it can be anywhere within a month, it can happen.

好的。因此，就回購利率變化的時間以及由此產生的產品傳輸或流通而言，情況有所不同。如果你考慮抵押貸款，它佔帳面價值的 30% 左右，它可能在近期發生。利率發生變化，並且在接下來的周期——月週期中，它就會發生。所以它可能在一個月內的任何地方發生。

. If you look at corporate loan or something, it can happen immediately. So it depends on product to product and the contractual arrangements, which are there in terms of the repricing frequency. But no it will not be a kind of an annual or something like that. It can be a month, it can be a quarter, but not something that it takes a year to get that transmitted.

。如果你看一下公司貸款或其他東西，它可能會立即發生。因此，這取決於產品和合約安排，這些都與重新定價頻率有關。但它不會是年度刊物或類似的東西。這可能是一個月，也可能是一個季度，但不可能花一年的時間來完成傳輸。

And your second aspect of the -- number of days, yes, it can be a couple of basis points, it happens all the time. And yes, that's possible.

第二個方面是——天數，是的，它可能是幾個基點，這種情況一直在發生。是的，這是有可能的。

Got it. And the reversal of AIF provision, please?

知道了。還有 AIF 規定的逆轉，好嗎？

AIF, there is no -- there's nothing significant in this quarter in terms of the contingency, if you remember the AIF provision that we had last financial year, not the one that we ended, was about INR1,200 crore-or-so. Then after the RBI clarification in the beginning of the recent financial year, it was taken down.

AIF，沒有——就應急費用而言，本季度沒有什麼重大的支出，如果您還記得的話，我們上個財政年度的 AIF 準備金（不是我們結束的那個）約為 1,200 億印度盧比。隨後，在印度儲備銀行於最近一個財政年度初作出澄清後，該政策被撤下。

And then depending on the volumes that move up and down, it moves, but there's nothing significant as such on that, yes.

然後，根據上下移動的音量，它會移動，但這並沒有什麼重大意義，是的。

Okay. The context of this question, Srini, was that in note number 15 to your results, it says that AIF-related provision stock is around INR288 crore right now. The last quarter, it read around INR350 crore. So I just wanted to clarify, was there any reversal or just some of the AIF investments mature and hence, you were not required to carry them?

好的。Srini，這個問題的背景是，在您的結果註釋 15 中，它說 AIF 相關的撥備庫存目前約為 288 億印度盧比。上個季度，其收入約為 35 億印度盧比。所以我只是想澄清一下，是否有任何逆轉，或者只是一些 AIF 投資到期，因此您不需要攜帶它們？

So yes, it was not required, but then there has been survived to the P&L to the bottom because there are so many ins and outs that happens in the provision. So the way of contingent provision didn't happen because at the end, there was some net addition of INR60 crore for various other reasons. So it didn't survive to the P&L, to the bottom line.

所以是的，這不是必需的，但是它一直保留到損益表的底部，因為在規定中發生了太多的來龍去脈。因此，或有撥備的方式並未實現，因為最終由於各種其他原因，淨增加了 6 億印度盧比。因此它未能體現在損益表中，未能體現在底線。

Understood. Thank you very much.

明白了。非常感謝。

Kunal Shah, Citigroup.

花旗集團的庫納爾沙阿 (Kunal Shah)。

Yeah, thanks for taking the question. A couple of questions. So firstly, again, sorry to harp again on margins. But the way you have been indicating the balance sheet construct is such that we should be able to operate margins within a narrow band, does that really change with the relatively higher repo rate cut? Or do we have additional levers to still manage margins relatively better compared to that of peers?

是的，感謝您提出這個問題。有幾個問題。首先，再次抱歉再次談論利潤率。但是，您一直指出資產負債表的構造方式使得我們應該能夠在一個狹窄的區間內操作利潤率，那麼，隨著回購利率相對較高的下調，這種情況真的會改變嗎？或者我們有額外的手段來比同業更好地管理利潤率？

Yeah. See -- good question, Kunal, thanks for asking that. One is that when the policy rate changes in a steady manner over a longer period of time, you know that the adjustment that is required from a cost of funds catches up to neutralize -- to keep the margin safe. But if it quick succession the policy changes then the matching of the cost of funds takes longer time. So that means you cannot look at whether it is in a narrow band in a quarter-to-quarter period -- but when you look at a year, you will be able to see that it is in a very narrow band.

是的。瞧——好問題，庫納爾，謝謝你提出這個問題。一是，當政策利率在較長時期內穩定變化時，您知道資金成本所需的調整會趕上來以達到中和效果，從而保持保證金安全。但如果政策連續變化較快，資金成本的匹配就需要較長的時間。所以這意味著你無法查看它是否在一個季度內處於狹窄的區間內——但是當你查看一年時，你將能夠看到它處於一個非常狹窄的區間內。

Sure. And so on CASA, we have been indicating that in the falling interest rate cycle, generally, we would tend to improve the CASA, but the rate action both on the savings as well as FD seems to be almost similar or savings is relatively higher, then would it be fair to assume that maybe the overall structurally declining SAR that phase can very much continue?

當然。關於 CASA，我們一直在指出，在利率下降的周期中，我們通常會傾向於改善 CASA，但儲蓄和定期存款的利率行動似乎幾乎相似，或者儲蓄相對較高，那麼是否可以公平地假設，也許該階段整體結構性下降的 SAR 可以持續下去？

And maybe a follow-up on the LDR, when you indicated that now LDR we will not see a steep decline, are we changing a stance that we need to get it to the premerger level at an accelerated pace and maybe even if it holds relatively higher at 90, 92, we would be comfortable then over the next 18, 24 months?

也許可以對 LDR 進行後續跟踪，當您表示現在 LDR 不會大幅下降時，我們是否要改變立場，需要以更快的速度將其恢復到合併前的水平，甚至即使它保持在 90、92 的相對較高水平，我們也會在接下來的 18 到 24 個月內感到安心？

Okay. First is the CASA. I do want to go back to describing that, right? The study, both industry as well as for us, which is published CASA ratio and the policy rates if you see over a 15 year period through the up and down rate cycle, the CASA has moved in the opposite direction, which is when the rate goes up, CASA ratio goes down; and the rate starts to come down, there is some lag it's not instantaneous a few quarters lag, the CASA starts to go up.

好的。首先是CASA。我確實想回去描述這一點，對嗎？這項研究，無論是對於行業還是對我們來說，都是發布的 CASA 比率和政策利率，如果你看到在過去 15 年的時間裡，通過利率的上升和下降週期，CASA 朝著相反的方向移動，也就是當利率上升時，CASA 比率下降；利率開始下降，存在一些滯後，不是瞬間發生的，滯後幾個季度，CASA 開始上升。

So you'll see that if you map us over a 15 year period in the industry, you'll see that it moves up and down. So we do -- if the empirical is repeated, there is no reason to believe that it would not be the same or we're not seeing something different as such, we should get the CASA back, but not in a hurry, right? Because there have been two rate cuts that have happened.

因此，如果你繪製該行業 15 年期間的圖表，你會發現它會上下波動。所以我們這樣做——如果經驗重複，沒有理由相信它不會是一樣的，或者我們沒有看到不同的東西，我們應該恢復 CASA，但不要著急，對吧？因為已經發生過兩次降息。

We need to wait and see how this stabilizes, what the global macro effects, what it plays in the country, both from an inflation cost and purchasing power of people, we need to see how all of those plays out, which you have seen in the last 12, 18 months that middle to the lower segment did not have adequate disposable income to be put in savings because they were using it for their day-to-day needs.

我們需要拭目以待，看看這種情況如何穩定下來，會產生什麼樣的全球宏觀影響，對國家產生什麼影響，無論是從通膨成本還是從人們的購買力來看，我們都需要看看所有這些因素將如何發揮作用，正如你所看到的，在過去的 12 到 18 個月中，中下層民眾來沒有足夠的可支配其收入。

So that's why you saw CASA had one more nuance to it that it came back, right? People have less to save. They were spending on certain things and money was moving from household to non-household and so on and so forth. So that's in terms of the CASA as such.

所以這就是為什麼您看到 CASA 回歸時又多了一個細微差別，對嗎？人的儲蓄減少了。他們在某些事情上花錢，錢從家庭轉移到非家庭，等等。這就是 CASA 本身的意義。

And LDR?

還有 LDR？

LDR, I'll take a shot at it to see. See, what we had described, Kunal, last quarter or even about a year ago that the LDR will come down to the premerger level, 85 to 90; more precisely, it was 87-and-change the quarter before the merger, 85 to 90 is what we have operated, that will come into that range in FY27.

LDR，我會試試看。看看我們上個季度甚至大約一年前 Kunal 所描述的，LDR 將降至合併前的水平，即 85 到 90；更準確地說，合併前一個季度是 87 左右，我們現在的運營規模是 85 到 90，27 財年也將進入這個範圍。

And so that is why we saw that the loan growth in this year that went by FY25 will be lower than the prior year for the industry. and we took that opportunity, both industry loan growth going down and pricing being not to our liking, we accelerated to say, let's take this opportunity to slow down even further.

因此，我們看到今年（即 2025 財年）的產業貸款成長將低於前一年。我們抓住了這個機會，當行業貸款成長下降且定價不符合我們的喜好時，我們加速說，讓我們藉此機會進一步放慢速度。

So we grew at 7.7%, the assets under management in this recent time period. We have also indicated that in FY26, we are quite -- subject to appropriate pricing, quality is always given appropriate pricing that we will be growing at the market rate of growth. If you see the recent quarter that went by, March quarter '25, our sequential momentum growth was about 3.3%, which call it approximately annualized 12% or 13% thereabout.

因此，我們最近一段時間的管理資產成長了 7.7%。我們也表示，在 2026 財年，我們將在適當的定價下，始終以適當的價格提供優質的產品，以市場成長率成長。如果你看一下最近一個季度，即 2025 年 3 月季度，我們的連續動量增長約為 3.3%，折合成年率約為 12% 或 13% 左右。

So I'm not giving you an outlook of what you should expect, I'm just describing what happened in the recent time period and that's the kind of velocity at which it was growing. So we do expect that FY29 is when or FY27 is when it will come below that 90 mark. So at this moment, there is no other approach that we are having. And we continue to power on getting the right kind of deposits at the right price to keep that leadership position in gaining market share and deposits.

因此，我不會給你一個你應該期待的前景，我只是描述最近一段時間發生的事情以及它成長的速度。因此，我們確實預期 FY29 或 FY27 將會跌破 90 這一大關。因此目前我們沒有其他辦法。我們將繼續努力以合適的價格獲得合適的存款，以保持在獲得市場份額和存款方面的領導地位。

Sure. Thanks and all the best.

當然。謝謝，祝一切順利。

Abhishek M, HSBC.

Abhishek M，匯豐銀行。

Yeah, hello, good evening, and thanks for taking my question. So a couple of very quick clarifications and then one question. The first is when you say repo cut gets passed on right away, does it happen exactly right away or does it happen on a particular day in a month or a particular day in a quarter when does the transmission actually happen?

是的，你好，晚上好，感謝您回答我的問題。因此，我先簡單澄清幾點，然後再問一個問題。首先，當您說回購削減會立即傳遞時，它是立即發生還是在一個月中的特定一天或一個季度中的特定一天發生，傳遞實際發生的時間是什麼時候？

It can happen if you're repricing date is set for 15, it is 15 is balanced the reset the rate is set for 25 it is 25. If my reset date is 5. And it depends product to product. And that means the mortgage product is different. Wholesale product is different.

如果您將重新定價日期設為 15，則可能會發生這種情況，它是 15，平衡重置利率設定為 25，它是 25。如果我的重置日期是 5。並且這取決於產品的不同。這意味著抵押貸款產品有所不同。批發產品有所不同。

SME product is different. So it is different for -- there's no one that is what broadly will a good amount reprice in a month? Yeah. Will log most of it reprice in three months? Absolutely.

中小企業產品則有所不同。所以這是不同的——沒有人知道一個月內大量貨幣的重新定價大致是多少？是的。大部分木材將在三個月內重新定價嗎？絕對地。

Right, right. So the cumulative impact will probably be seen in Q1 may not have been seen in Q4 yet, that's the understanding, right?

對，對。因此累積影響可能會在第一季顯現，但可能在第四季還不會顯現，這是理解，對嗎？

That is correct.

沒錯。

Right. And then just in terms of the-

正確的。然後就…而言

In fact that quarter four, Abhishek, the first repo rate cut happened in February itself. So even the quarter impact of that you have not seen, you will see that only in the April to June quarter. So you'll see the full 50 basis points impact happening in this quarter, what you've not seen perhaps in the fourth quarter.

事實上，阿布舍克，第四季首次回購利率下調發生在二月。因此，即使您還沒有看到其對季度的影響，您也只會在 4 月至 6 月季度看到它。因此，您將看到本季發生的全部 50 個基點的影響，而這在第四季度可能是沒有看到的。

Perfect. Yeah. That's what I want to clarify. And therefore, in terms of the NIM trajectory, right, 1Q should -- would anyway not have the -- any benefit from the TD cuts that you are taking now? So there should be a bigger impact in 1Q and then through the year, you would see some benefit of the rate cut, et cetera, that you're taking, that should build up--

完美的。是的。這就是我想澄清的。因此，就 NIM 軌跡而言，對吧，第一季應該——無論如何都不會——從您現在採取的 TD 削減中受益？因此，第一季的影響應該會更大，然後全年，你會看到降息等帶來的好處，這些好處應該會逐漸累積——

That is correct, but I do not want to talk about it quarter-to-quarter at all. You should look at a year because we do not know what will come next week or next month, so we will handle it as a management appropriately to market needs and customer needs.

這是正確的，但我根本不想逐季談論這個問題。您應該著眼於一年，因為我們不知道下週或下個月會發生什麼，所以我們將根據市場需求和客戶需求進行適當的管理。

Yeah. Fair enough. And therefore, in terms of this 2% ROA target, let's say, is this like now a two year or a three year kind of target? Because it will take time for cost of funds to catch up and for policy rates to maybe stabilize at some level. So does this become like a '27 or '28 kind of target for you?

是的。很公平。因此，就 2% ROA 目標而言，這是否是兩年或三年的目標？因為資金成本需要時間來趕上，政策利率也可能需要時間才能穩定在某個水準。那麼這對您來說是否變成了 27 年或 28 年那樣的目標呢？

Or are there other levers, which helps you--

或者有其他手段可以幫助你——

I don't want to give you an outlook. And by the way, I do not know where you picked up a target of a 2% ROA. We've not specified that. All we specified even in this call earlier was that when you look at the frequency of the 2% over the last 10 years or 15 years, the 2% has been the maximum frequency at which we have it on an annual basis. That's what I mentioned.

我不想給你一個展望。順便說一句，我不知道您從哪裡得到 2% ROA 的目標。我們沒有具體說明這一點。我們之前在這次電話會議上就明確指出，當你查看過去 10 年或 15 年內 2% 的頻率時，你會發現 2% 是我們每年的最高頻率。這就是我提到的。

Yeah. Okay. Fair enough. So let me modify the question. Basically, do you have any other levers in your P&L, maybe fees or maybe OpEx where you could see some improvement from here?

是的。好的。很公平。因此，讓我修改一下這個問題。基本上，您的損益表中是否有其他槓桿，可能是費用或營運支出，您可以從中看到一些改進？

We have told you about the OpEx rate in terms of how we have made investments, if you think about the branch investments, and so the time for getting some realization benefits as well as the productivity benefits are on the anvil on that. If you look at a five year period, 250 branches to 350 branches to 750 to 1,400-something to 900 to 700 something now. So in terms of the branches, this is the last five, six years, if you see that we have built, right? Even the recent time period, 700 branches, if you see, is almost 2x what we were doing five years ago in terms of the branch.

如果您考慮分支機構的投資，我們已經向您介紹了有關營運支出率的信息，因此獲得一些實現收益以及生產力收益的時間就取決於此。如果你看一下五年的時間，分行數量從 250 個增加到 350 個，再到 750 個、1,400 多個，最後到 900 個、700 多個。所以就分支機構而言，這是過去五、六年，如果你看到我們已經建成了，對嗎？即使是最近一段時間，700 個分支機構，如果你看的話，幾乎是我們五年前的 2 倍。

So we have accelerated and made those investments. And now we are pressing on that to get better productivity and thereby, the efficiency to come in. Again, the trajectory of that is not quarter-to-quarter, not linear, but the trajectory of that is for the cost to income to improve. And again, one other aspect I do want to tell not just look at cost to income, please look at cost to assets, too, where we are the best-in-class in terms of cost to assets at about 1.9-and-change.

因此我們加快了步伐並進行了這些投資。現在我們正在努力提高生產力，從而提高效率。再次強調，這一軌跡不是逐季度變化的，也不是線性的，而是成本收入比改善的軌跡。再次強調，我想說的是，我們不僅要看收入成本，還要看資產成本，我們的資產成本是同類中最好的，約為 1.9 左右。

Yeah, exactly. So that is what I was wondering if it can improve even further from here because you're already very efficient when you compare to your peers?

是的，確實如此。所以我想知道它是否可以從現在開始進一步改善，因為與同行相比你已經非常有效率了？

We are efficient and we continue to press on new technologies and person greater productivity, yes, indeed.

是的，我們效率很高，我們將繼續推動新技術的發展，提高生產力。

Got it. Okay. Thank you so much and all the best.

知道了。好的。非常感謝，祝一切順利。

Harsh Modi, JP Morgan.

嚴厲的莫迪，摩根大通。

Yeah, hi. Thanks, for allowing me to ask a question. First is on CASA market share. Could you provide some details over, let's say, next 18 to 24 months? How do you see your both CA and SA market share evolve? And is there any particular number that we could think about in terms of CASA ratio, let's say, over 18 to 24 months? Thanks.

是的，你好。謝謝，允許我提問。首先是CASA市佔率。您能否提供一些未來 18 到 24 個月的詳細資訊？您如何看待 CA 和 SA 市場佔有率的變化？那麼，就 CASA 比率而言，我們是否可以考慮一個特定的數字，比如說 18 到 24 個月的比率？謝謝。

In a different form, it's the same question of an outlook or a target that want us to specify. The opportunity exists. Our total market share is 11. The time deposit or CASA market share is give and take around that level, right? So which means we are early positioned take time deposit could be 11.5 and CASA could be 10.5 and so somewhere in that level. That's where we are in terms of the market share.

只是形式不同，這都是同一個問題，需要我們明確一個觀點或目標。機會是存在的。我們的總市佔率為11。定期存款或 CASA 市場份額是在這個水平左右波動的，對嗎？因此，這意味著我們早期定位的定期存款可能是 11.5，CASA 可能是 10.5，因此處於該水平的某個位置。這就是我們的市場佔有率。

The opportunity exists across both of this. I do want one other very important factor to tell and which we have been mentioning over the last three, four years, the penetration of time deposit in our customer base is low. So we do see opportunity space for getting better customer relationship through those time deposits. So we cannot leave it on the table to say just because it is time deposit, we don't want. We want that customer relationship because that's when -- that's based on customer needs.

這兩者都存在機會。我確實想說另一個非常重要的因素，也是我們在過去三、四年裡一直在提到的，定期存款在我們的客戶群中的滲透率很低。因此，我們確實看到了透過這些定期存款建立更好的客戶關係的機會空間。因此，我們不能僅僅因為這是定期存款就說我們不想要。我們想要這種客戶關係，因為這是基於客戶的需求。

So I cannot tell you that we drive to one ratio and our goal is to have this ratio and so on. Our goal is to have the predominant share, wallet share of the customer whatever comes. And so thereby, that is how it is operated. And that is how the market share, if you see, 11%, either any of these CASA or time deposits, hovers around that kind of level.

所以我不能告訴你我們追求一個比例，我們的目標是達到這個比例等等。我們的目標是無論如何都要佔據顧客的主要份額，即錢包份額。因此，它就是這樣運作的。這就是市場份額（如果你看到的話）11%，無論是 CASA 還是定期存款，都徘徊在這種水平上。

Right. If I could -- okay, I understand that, Srini. If I could rephrase the question, especially for savings account market share. Incremental savings account market share over next 18 to 24 months. Given your investments in branches that you just explained and technology and best-in-class distribution network, do you expect to gain meaningful market share on savings account in next annual 24 months? Or would you probably just be maintaining your market share over the next 18, 24 months? How do we think about that?

正確的。如果我可以的話——好的，我明白，Srini。如果我可以重新表達這個問題，特別是關於儲蓄帳戶市場佔有率。未來 18 至 24 個月內儲蓄帳戶市佔率的增量。鑑於您剛才解釋的對分行、技術和一流分銷網絡的投資，您是否預計在未來 24 個月內在儲蓄帳戶上獲得有意義的市場份額？或者您可能只是在未來 18 到 24 個月內維持您的市場佔有率？我們對此有何看法？

Our ambition and our historical experience has always been to gain market share. That is how we are positioned. How much we gain depends on market conditions at any point in time and the disposable income in the hands of the customers, depending on how the inflation plays out, how the wage growth plays out and so on and so forth. And market returns as well as is another aspects of it, which we have seen in the last 12 months when the market returns were high, we have seen some investment into the markets.

我們的目標和歷史經驗一直是獲得市場份額。這就是我們的定位。我們能賺多少錢取決於當時的市場狀況和消費者手中的可支配收入，取決於通貨膨脹如何發展、薪資成長如何發展等等。市場回報以及其他方面，我們看到過去 12 個月市場回報很高，我們看到一些對市場的投資。

All right. Thank you.

好的。謝謝。

[Param Subramanian, Investec].

[Param Subramanian，Investec]

Hi, good evening. Thanks for taking my question. There's a few data keeping questions. Firstly, what is the maturity of term deposits on book? I don't mean on sourcing, on book. And similarly, how much of your borrowings mature over the course of next year?

嗨，晚上好。感謝您回答我的問題。有幾個資料保存問題。首先，帳面上的定期存款期限是多少？我不是指採購，而是指書籍。同樣，您明年有多少借款到期？

No, I mean -- you'll get to -- some of these things we'll get once the annual report is out. I don't have that, some of these things and because on multiple buckets that goes through. So on the time deposit, we can't really have a number to give out to say this is a maturity that you're looking for. And sorry--

不，我的意思是——你會了解到——年度報告出來後我們就會了解到其中一些事情。我沒有這些，其中一些東西，因為在多個桶上經過。因此，對於定期存款，我們實際上無法給出一個數字來表明這是您想要的期限。抱歉——

Okay. Broad number would also do, Rahul.

好的。大致的數字也可以，拉胡爾。

No, it's not something which we can just -- difficult to put a number out that way. And sorry, can you repeat the second question again, please?

不，這不是我們可以——很難用這種方式給出一個數字。抱歉，您能再重複第二個問題嗎？

On borrowings over the next 12 months.

關於未來 12 個月的借款。

Borrowings -- see, two things on borrowings, right? There is a maturity profile, which also last time we published, I think it's 0.5 trillion or thereabouts of the legacy bond borrowing will mature. And we will have opportunity space to have some new borrowings, which is infrastructure borrowings, which could be much more cost effective. So it depends on the market rates, and there's no one particular strategy.

借款－看到了，關於借款有兩件事，對吧？有一個到期情況，上次我們也發布了，我認為大約有 0.5 兆的遺留債券借款將會到期。我們將有機會進行一些新的借款，即基礎設施借款，這可能會更具成本效益。所以這取決於市場利率，並沒有一個特定的策略。

We do the breakeven between certain category of deposits and infrastructure borrowings -- and in many instances, we see the infra borrowings could be better. So again, I don't know what the market rate will be when we go to the market, but both of these are -- we will have some borrowings intra borrowings at a cost-effective way, and there will be a certain level of maturity that will happen, which is, again, 0.5 trillion or thereabouts, that will happen.

我們對某些類別的存款和基礎設施借款進行損益平衡——在許多情況下，我們發現基礎設施借款可能會更好。所以，我再說一次，我不知道我們進入市場時的市場利率是多少，但這兩種情況都是——我們將以具有成本效益的方式進行一些內部借款，並且會出現一定程度的到期，也就是 0.5 兆左右。

And keep in mind that the borrowing mix to the total liabilities now stands at about 14%. Pre-merger, it was in single digit, call it, 8% or thereabouts, 9%, right? So ideally, somewhere in the long term, it will transition towards that level. A combination of both, balance sheet growth as well as some maturity and replaced modestly with cost-effective borrowings.

請記住，借款佔總負債的比例目前約為 14%。合併前，這個數字是一位數，大概是 8% 左右，9%，對嗎？因此理想情況下，從長遠來看，它將過渡到那個水平。兩者結合，資產負債表增長以及一定的成熟度，並適度地用具有成本效益的借款取代。

Okay, thanks, really. Just on that, just one additional part. How much of your borrowing is, say, floating rate hedged as we go into this rate cycle? Just a relevant question there. And secondly, last quarter, you had given a number on the PSL shortfall in SMF and weaker section being about 1%, where are we there broadly?

好的，真的，謝謝。僅此而已，還有一個附加部分。當我們進入這個利率週期時，您的借款中有多少是透過浮動利率來對沖的？這只是一個相關的問題。其次，上個季度，您給出了 SMF 和較弱部分的 PSL 缺口約為 1% 的數字，我們大致處於什麼水平？

About a 1%-or-so is where it is. We endeavour to close it, but that is always -- we chase volumes at different categories, as I told you on that. Then your first part of the question--

大約是 1% 左右。我們盡力去關閉它，但那總是——我們追逐不同類別的數量，正如我告訴你的那樣。那麼你的問題的第一部分——

Borrowing that hedge is continues to be 60%, 65% of the borrowings, which will be hedged, which is again from the HDFC Limited book, which is we've always had that.

借入的對沖金額仍為 60% 至 65%，這些金額將被對沖，這又來自 HDFC Limited 帳簿，我們一直都有這樣的帳簿。

And which is the relevant floating benchmark once you look at--

如果你看一下，你會發現相關的浮動基準是——

(Operator Instructions)

（操作員指示）

Deekshanth, DB Wealth.

Deekshanth，DB Wealth。

Thank you, sir, for taking the question. Sir, on the larger macro cycle, let's say, for the last two decades or 15 years-or-so, where do you think we are on our growth -- credit growth to NPA cycle? Are we at a stage where we are seeing the credit growth going up. And with that in order to get that credit growth, we will also see the NPAs going up? Or are we in a space where we see that there will be a range found period of an NPA. We won't be crossing a certain level and the credit growth would be good?

先生，謝謝您回答這個問題。先生，就更大的宏觀週期而言，比如說，過去二十年或十五年左右，您認為我們的成長（信貸成長與不良資產週期）處於什麼位置？我們是否正處於信貸成長上升的階段。那麼，為了實現信貸成長，我們還會看到不良資產增加​​嗎？或者我們是否處於一個可以看到 NPA 存在一段範圍發現期的空間。我們不會跨越某個水平，信貸成長就會很好嗎？

I guess you are talking about the industry level, right? You've seen us through various cycles, we've been pretty steady, right? Our NPAs have been quite steady other than the year or two of COVID, even those time periods, maybe 20 basis points, it went up. But otherwise, we've been operating in a very narrow band on nonperforming loans and so on. I guess your question is more philosophical in terms of what's happening in the industry and where that is heading.

我猜您說的是產業層面，對嗎？您已經見證了我們經歷的各種週期，我們一直都很穩定，對嗎？除了新冠疫情爆發的一兩年之外，我們的不良資產一直相當穩定，即使在那些時段，也可能上升了 20 個基點。但除此之外，我們在不良貸款等方面的營運範圍一直非常狹窄。我想你的問題更具哲學性，是關於這個產業正在發生的事情以及未來發展方向。

If you listen to our Chief Credit Officer, has done various analysis to say that the credit cycle bottomed out maybe even three quarters ago, four quarters ago, and which you have seen at the industry level, the nonperforming loans going up and the credit cost beginning to go up.

如果你聽聽我們的首席信貸官的說法，他做過各種分析，說信貸週期可能在三個季度前、四個季度前就已觸底，而且你已經在行業層面看到，不良貸款在增加，信貸成本也開始上升。

The offset has always been some of the legacy loans five years, ten years, whatever legacy loans some recoveries and repayments have happened against those. So you don't necessarily see the full effect of that through the P&L in the -- at the industry level. You don't see that.

抵銷額一直是一些五年期、十年期的遺留貸款，無論這些遺留貸款有多少，都會進行一些回收和償還。因此，您不一定能透過產業層面的損益表看到其全部影響。你沒看到這一點。

So whether the credit NPAs and credit costs will normalize over the next one, three years, it should, but that should be at a lower level than what historically we have seen is the assessment of our credit offices.

因此，無論信貸不良資產和信貸成本在未來一至三年內是否會恢復正常，都應該如此，但這應該會低於我們信貸辦公室歷史上的評估水準。

So just to add to what Srini is saying, our segmentation of customers, whether it's corporate, whether it's SME, whether it is retail is very clear. We have tested these segments over a long period of time, and we probably have a reasonable fix on the expected loss -- credit losses in that. So we -- and the opportunity to nibble away more share in these kind of customer segments is huge.

因此，補充 Srini 所說的，我們對客戶的細分，無論是企業、中小企業或零售，都非常明確。我們已經對這些部分進行了長期的測試，我們可能對預期損失（其中的信貸損失）有一個合理的解決方案。因此，我們在這些客戶群中蠶食更多份額的機會是巨大的。

As I said, it is up to us the pace at which we want to grow, but it doesn't mean that the proportion of our losses is going to be -- is going to go up just because we are growing fast because we're going to be limiting ourselves only to the segment that we are comfortable to operate.

正如我所說的，我們想要成長的速度取決於我們自己，但這並不意味著我們的損失比例會——會因為我們成長迅速而上升，因為我們將把自己限制在我們可以舒適地運作的領域。

So Srini did allude to it. I think you have -- if you take a 25 year history of our expect actual credit loss experience adjusted for some of the events and also mergers, you will find that we have been virtually on a flat basis or on a straight-line basis across the x axis of the curve. So growth does not mean our losses or loss ratios will go up.

所以 Srini 確實提到了這一點。我認為，如果您對我們預期的實際信用損失經歷的 25 年曆史進行一些調整，並根據一些事件和合併情況進行調整，您會發現，我們實際上一直是沿著曲線的 x 軸呈平坦或直線狀的。因此，成長並不意味著我們的損失或損失率會上升。

I think it should be more or less in a range bound because of the target segment that we would still like to -- because there is opportunity, there's a runway, and we would want to stick to this opportunity and not go down the risk flatters.

我認為它應該或多或少處於一個範圍內，因為我們仍然希望有目標部分 - 因為有機會，有跑道，我們希望抓住這個機會而不是冒風險。

Sir, there is no question that we are the best-in-class when it comes to like loan performances and even the way that we issue the loans. Just to like narrow this question a little bit more: There seems to be an early sign of some sort of SME growth that can come in. Sir, also alluded to that the -- that some of the things have bottomed out right now. Considering that SME growth does come in and even the retail loans do start coming in better, mainly the home loans?

先生，毫無疑問，就貸款表現乃至貸款發放方式而言，我們都是同類中最好的。只是想進一步縮小這個問題的範圍：似乎有跡象表明中小企業可能會出現某種增長。先生，我還提到，有些事情現在已經觸底。考慮到中小企業確實在成長，甚至零售貸款也開始好轉，主要是房屋貸款？

Do we think that the incremental growth of market share that we are focusing on will that come at the cost which would be lower on the lower end of our range of our NPA cycle or would that be at a higher end of the range of NPA cycle?

我們是否認為，我們所關注的市場份額的增量增長，是以低於我們的 NPA 週期範圍的低端為代價的，還是以高於 NPA 週期範圍的高端為代價的？

So getting directly to that question in terms of whether we would go down the credit ladder to pick up the volumes, the short answer is no. Credit policies will not be changed to pick up volumes. They have been stable and they're consistent. And the market opportunity presents very well to capture. In addition to the credit, one other important dimension that determines whether we pick up that loan or not, is also the rate at which we can do.

因此，直接回答這個問題，即我們是否會降低信貸階梯來增加貸款量，簡短的回答是「不會」。信貸政策不會為了增加銷售而改變。他們一直很穩定並且始終如一。而市場機會非常值得把握。除了信用之外，決定我們是否能夠獲得貸款的另一個重要因素是我們的貸款利率。

And the third dimension that is required is we just not want to be a lending institution to anybody. We want it to be a relationship bank including SME, including we want that proprietor our partners, their family, even if there are 5 employees or 3 employees or 50 employees, their employee account, the primary banking need to be with us. So we are not going to do lending just as a product of lending. It is for the total banking relationship we want from that particular transaction [account.]

第三個必要的維度是，我們不想成為任何人的貸款機構。我們希望它成為一家關係型銀行，包括中小企業，包括我們希望業主、我們的合作夥伴、他們的家人，即使有 5 名員工、3 名員工或 50 名員工，他們的員工帳戶，主要銀行業務都需要與我們在一起。因此，我們不會將貸款僅僅作為貸款產品來經營。我們希望透過特定交易建立起完整的銀行關係[帳戶。 ]

Piran engineer, CLSA.

里昂證券 (CLSA) 皮蘭工程師。

Yeah, hi team, congrats on the very strong numbers. Firstly, just -- I know it's early days, but have we started cutting lending rates on fixed-rate products (technical difficulty).

是的，大家好，團隊，恭喜你們取得如此強勁的成績。首先，我知道現在還為時過早，但我們是否已經開始降低固定利率產品的貸款利率了？（技術難度）。

I'm sorry, Piran, your voice is breaking.

對不起，皮蘭，你的聲音變了。

So congrats on the quarter. My first question is, how has the industry or have we started cutting lending rates on fixed rate products like vehicle loans (technical difficulty) after the 50 bps repo rate cut?

恭喜本季取得佳績。我的第一個問題是，在回購利率下調 50 個基點後，產業狀況如何，或者我們已經開始降低汽車貸款（技術難度）等固定利率產品的貸款利率？

See, no, I don't know, but we are not -- we are seeing intense competition. We have not seen anything different now than what we saw six months ago from a price competitiveness point of view, let it be mortgage product or auto product and so on.

你看，不，我不知道，但我們沒有——我們看到了激烈的競爭。從價格競爭力的角度來看，我們現在看到的與六個月前沒有什麼不同，無論是抵押貸款產品還是汽車產品等等。

So that's one from an industry point of view. I will not be able to talk about their risk-based pricing model. But for us, we have a band of risk-based pricing product for a given risk profile, what is the kind of a price band that we can operate. And that has been consistent and we'll operate in the same manner there.

這是從產業角度來看的。我無法談論他們基於風險的定價模式。但對我們來說，對於給定的風險狀況，我們有一個基於風險的定價產品區間，我們可以操作什麼樣的價格區間。這是始終如一的，我們將以同樣的方式在那裡運作。

Okay. So it's fair to say we've not got lending rates like in auto loans, et cetera?

好的。所以可以公平地說，我們沒有像汽車貸款等那樣的貸款利率嗎？

No, we are not cut, but we do have a risk-based pricing model for us given a risk profile of our customer. So my profile may be different from my colleagues profile, and so it depends on what it is, we get double rates.

不，我們沒有被削減，但是我們確實有一個基於風險的定價模型，可以滿足我們客戶的風險狀況。因此，我的個人資料可能與同事的個人資料不同，因此，這取決於具體情況，我們會獲得雙倍費率。

Okay. Fair. And sir, just secondly, on your unsecured book of roughly INR2 lakh crore, what percentage would be unsecured business loans? And can you also just talk a bit about this business, the customer profile? Are these repeat loans to existing customers?

好的。公平的。先生，其次，您約 20 億印度盧比的無擔保資產中，無擔保商業貸款佔比是多少？能否簡單談談這項業務和客戶概況？這些是針對現有客戶的重複貸款嗎？

Or do you also acquire fresh new-to-bank customers through this product? And are there -- like when we have the retail asset quality cycle -- by we, I mean the industry, are there some signs of stress in unsecured business loans? Just an overview of this would be useful. Thanks.

還是您也透過該產品獲得了新的銀行客戶？當我們經歷零售資產品質週期時，我們（我指的是產業）是否有無擔保商業貸款出現壓力的跡象？僅對此進行概述就會很有用。謝謝。

One is the -- you see that we published personal loans, which is almost about close to INR2 trillion-or-so, right, [code run to] INR2.25 trillion-or-so. See, call it, about 75%, 80% of them are salaried customers, mostly salaried with us or if it is taken from the market still salaried. The rest could be the open market loans, which are non-salaried customers.

一是——您看，我們公佈的個人貸款大約接近 2 萬億印度盧比左右，對吧，[代碼運行到] 2.25 萬億印度盧比左右。你看，其中大約 75%、80% 都是受薪客戶，大部分都是我們的受薪客戶，或者如果是從市場上購買的，仍然是受薪客戶。其餘的可能是公開市場貸款，貸款對象為非薪資客戶。

Non-salaried customers could be self-employed, which is some professionals or they're doing certain other activities and so on and so forth, which they may use this for other purposes. Then the third aspect of it is the performance of what this is.

非受薪客戶可能是自僱人士，即一些專業人士，或者他們正在從事某些其他活動等等，他們可能將其用於其他目的。那麼它的第三個面向就是這個的表現是什麼。

No, we have not experienced stress, touchwood, and we see that it's quite strong and very good. And operates across several such segments, which is from individuals to proprietors to partners to various and we operate this in a few segments.

不，我們沒有經歷過壓力，Touchwood，我們看到它非常強大而且非常好。並且我們在多個細分市場中開展運營，從個人到業主到合作夥伴等等，我們透過幾個細分市場來運作。

We operate this in the retail personal loan segment, we also operate this in the CRB segment and the emerging enterprises, which is business and it can operate for a small merchant to a medium merchant to a larger entity. So across all of these, we can operate there.

我們在零售個人貸款領域經營這項業務，我們也在 CRB 領域和新興企業領域經營這項業務，這是一項業務，它可以為小型商家、中型商家和大型實體運作。因此，我們可以在所有這些方面開展業務。

Okay. This is useful. Thank you, sir, and wish you all the best.

好的。這很有用。謝謝您，先生，祝您一切順利。

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

女士們、先生們，我們的通話時間已經結束。現在我想將會議交給 Vaidyanathan 先生作最後發言。交給您了，先生。

Okay. Thank you. Thank you all for participating in the call with us today. appreciate your time, and it's late have a great evening, great weekend. And if you do have anything more, feel free to connect with us.

好的。謝謝。感謝大家今天參加我們的電話會議。感謝您抽出時間，祝您有個愉快的夜晚和週末。如果您還有其他問題，請隨時與我們聯絡。

Bhavin Lakhpatwala and the Investor Relations team and us will be available for anything else over the next few days, whenever you need. Thank you. Have a great day.

在接下來的幾天裡，只要您需要，Bhavin Lakhpatwala 和投資者關係團隊以及我們將隨時為您提供協助。謝謝。祝你有美好的一天。

Thank you all. Thank you.

謝謝大家。謝謝。

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

謝謝。我代表 HDFC 銀行股份有限公司結束本次會議。感謝您的加入，現在您可以斷開您的線路了。