HDFC Bank Ltd (HDB) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q2 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank.

女士、先生們，大家好，歡迎參加HDFC銀行股份有限公司2026財年第二季業績電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將會議交給HDFC銀行財務長Srinivasan Vaidyanathan先生。

Thank you, and over to you Mr. Vaidyanathan.

謝謝，接下來請瓦伊迪亞納坦先生發言。

Thank you, Nirav. Good evening, and welcome to all the participants on a very busy day. Without much ado, let me get to our CEO and MD, Sashi Jagdishan, for his opening remarks before we get on. We also have Kaizad Bharucha, our Deputy Managing Director. We will also get him at some point.

謝謝你，尼拉夫。晚上好，歡迎各位參與者，今天真是忙碌的一天。無需贅言，在我們正式開始之前，請我們的執行長兼總經理 Sashi Jagdishan 致開幕詞。我們還有副總經理 Kaizad Bharucha。我們遲早也會把他招進來的。

Yes, please, Sashi over to you.

好的，薩希，請你上。

Good evening, friends. First, let me wish all of you, Shubha Dhanteras and Shubha Deepavali. So first, let me start with the macro. Global outlook remains very volatile, thanks to the uncertainty related to tariffs and immigration policies. However, the domestic economy appears to be getting stronger.

朋友們，晚上好。首先，讓我祝福你們所有人，Shubha Dhanteras 和 Shubha Deepavali。首先，讓我從巨集開始。由於關稅和移民政策方面的不確定性，全球經濟前景仍然非常不穩定。然而，國內經濟似乎正在走強。

The triad of fiscal and monetary measures, whether it is the direct tax reductions, the GST reductions or the interest rate -- upfronting of interest rate cuts, I think, have galvanized the economic activity in the recent past. The food -- the headline inflation has been printing very low, thanks to the low food inflation. This probably gives the monetary policy committee to maneuver on future interest rate actions.

我認為，財政和貨幣政策的三項措施，無論是直接減稅、消費稅減免還是利率調整——尤其是提前降息——都刺激了近期的經濟活動。由於食品通膨率低，整體通膨率一直很低。這或許能讓貨幣政策委員會在未來的利率行動上有更大的迴旋餘地。

We've had strong rainfall in most parts of the country. The GST rate changes have created a lot of buzz in the market in the later part of September onwards. And coming to the bank, the improvements in the economic activity has given us the opportunity to accelerate loan growth.

全國大部分地區都出現了強降雨。從9月下旬開始，消費稅稅率的變化在市場上引起了廣泛關注。對銀行而言，經濟活動的改善為我們帶來了加速貸款成長的機會。

We can see a lot more color as we get into Q&A. We've seen our growth pick up across segments. We continue to see market share gains in deposits, and we are very focused and disciplined pricing. As expected, due to the front loading of the interest rate cuts on the asset side of the balance sheet, we did see NIM compress by about 8 basis points.We should see over the next 6 to 12 months, the deposit repricing having some amount of tailwind effect in the NIMs.

進入問答環節後，我們可以看到更多精彩的內容。我們看到各個業務領域的成長都在加速。我們在存款市場份額方面持續成長，並且我們在定價方面非常專注和自律。如預期，由於降息主要集中在資產負債表的資產端，淨利差收窄了約8個基點。未來6至12個月，存款重新定價應該會對淨利差產生一定的利好作用。

We are managing our expenses in a very tight band, and we should see our investments in distribution and technology creating an operating leverage over the medium to long term. We continue to invest in technology, not just in core platforms and middlewares, which will bring about a lot of stability and scalability in availability, in resilience and in security, but we are also embarking on creating a platform to embark on certain low-hanging new age experiments such as gen AI.

我們正在嚴格控制支出，我們應該會看到，我們在分銷和技術方面的投資將在中長期內產生營運槓桿效應。我們將繼續投資於技術，不僅是核心平台和中間件，這將帶來可用性、彈性和安全性方面的穩定性和可擴展性，而且我們還在著手創建一個平台，以開展一些容易實現的新時代實驗，例如人工智慧。

Largely, these are for -- to reengineer our processes and create a kind of a great customer experience by reducing turnaround time. It will have a second order impact if it becomes successful, which is what we are all working hard towards into the -- in the bottom line of the bank.

總的來說，這些措施是為了——重新設計我們的流程，並透過縮短週轉時間來創造良好的客戶體驗。如果它成功了，將會產生二階影響，這也是我們所有人努力的目標——最終影響銀行的獲利。

I think our USP, as probably you have seen the numbers, continues to be our very healthy asset quality. And we don't see too much of issues in that even in our early indicators as well. Our metrices, large part of our metrices, whether it's NIMs, whether it is cost to earnings, whether it's return on assets have been very range-bound, and we should see a fair amount of stability with a positive bias in the medium to long term.

我認為，正如您可能已經看到的那些數據一樣，我們的獨特賣點仍然是我們非常健康的資產品質。即使從我們目前的早期指標來看，這方面也沒有發現太多問題。我們的各項指標，無論是淨利差、成本收益比或資產回報率，都一直處於區間波動，我們應該會在中長期內看到相當程度的穩定性，並且略微偏向積極。

So let me pause out here and happy to take on any questions. We have our CFO, our DMD and other colleagues who will collectively would be answering to some of your questions. Thank you.

那我就先說到這裡，歡迎大家提問。我們的財務長、牙科總經理和其他同事將共同回答您的一些問題。謝謝。

Thank you. Nirav, kindly open it up and kindly get to the queue.

謝謝。尼拉夫，請打開門，然後請到隊伍裡去。

(Operator Instructions) Mahrukh Adajania, Nuvama Wealth.

（操作員說明）Mahrukh Adajania，Nuvama Wealth。

Hi, I had a few questions. My first question is on the recoveries in the NPL movement. They look very strong. So is it that the recovery environment has improved substantially? Or is there a one-off there?

您好，我有一些問題。我的第一個問題是關於不良貸款市場的回收情況。他們看起來很強壯。那麼，復甦環境是否已經大幅改善？或者說，這只是個案？

Yes. The recoveries, I have a one-off there, where there was an NPA which performed satisfactory over two years and appropriate ratings were received and upgraded. And to that extent, yes, it did improve there.

是的。關於回收，我這裡有一個特例，當時有一家 NPA 公司在兩年內表現令人滿意，並獲得了相應的評級，而且評級還得到了提升。從這個程度上來說，是的，那裡的情況確實有所改善。

What we did is that, that also releases some provisions, as you know. But at an aggregate level, the contingent provisions have been added by about INR1,600 crores or so. We have created more resiliency and strengthened the position there. So from an overall point of view, the recoveries -- more than recovery, the upgrades, I would say that upgrades have contributed to approximately 10 basis points.

我們這樣做，如你所知，也會釋放一些條款。但總體而言，應急準備金增加了約 160 億盧比左右。我們增強了韌性，鞏固了在那裡的地位。所以從整體來看，復甦——與其說是復甦，不如說是升級，我認為升級大約貢獻了 10 個基點。

Okay. So the one-off would be how much?

好的。那麼一次性費用是多少呢？

Yes, the 10 basis points, 140, 1.4% was the prior quarter NPA. We ended up at 1.24%, about 10 basis points was upgrade, which I would not say is recurring, yes.

是的，10個基點，140，1.4%是上一季的不良貸款率。最終升幅為 1.24%，大約有 10 個基點的提升，但我不會說這是持續性的，是的。

All right. All right. Got it. Got it. Makes sense.

好的。好的。知道了。知道了。有道理。

And then in terms of margins, so we had been guiding that -- you had been guiding that the exit margins will be same as last year's 4Q exit core margins. Does that guidance still hold good? Is the repricing on track for that?

至於利潤率方面，我們一直預期──你們也一直預期──退出利潤率將與去年第四季的核心退出利潤率相同。該指導意見仍然有效嗎？重新定價是否按計畫進行？

Okay. So let me take that. See, there are two things, Mahrukh. If you look at the yield on assets, yield on assets have come down from the way -- from the time it started from the beginning of the rate cycle, which is in our printed -- in our published statements, you'll be able to see it, I think, on page number14. In the quarter, 30 basis points.

好的。那我就接手吧。你看，有兩件事，馬赫魯克。如果你看一下資產收益率，你會發現資產收益率已經從利率週期開始時（也就是我們印刷的——在我們發布的聲明中，你應該能在第 14 頁看到）下降了。本季下降 30 個基點。

But over a period of -- from December to now, almost 50 basis points has played out on yield on assets, right, which is you know that 100 basis points changed in the policy rates, about roughly 70% are on floating area. So that works out to almost -- most of that is priced in, the last some tail of kind of a partial month or a quarter kind of impact that can come in the following quarter. But otherwise, a lot of it is priced in there. Then from a yield point of view.

但從去年 12 月到現在，資產收益率已經波動了近 50 個基點，對吧？要知道，政策利率變動了 100 個基點，其中約 70% 屬於浮動利率。所以，大部分影響都已反映在價格中，剩下的影響可能會持續一個月或一個季度，並在下一個季度顯現。但除此之外，很多費用都已經包含在價格裡了。然後從產量的角度來看。

From a cost of funds, the 4.9% came to 4.6%, so 30 basis points. So slightly -- about half or slightly a little more than half is what you are seeing coming through -- flowing through in the cost of funds, which is where the savings deposit change has flown through. But the time deposit change -- rate change, which is between 70 and 80 basis points or so has changed, but that takes almost 6 quarters to flow in. A little more than 1.5 quarters has gone by. In this quarter, you saw that the cost of funds improved by about 18 basis points on the page, you see about 20 basis points, I think, 19 basis points.

從資金成本來看，4.9% 降至 4.6%，即 30 個基點。所以，你看到的資金成本中略微體現了——大約一半或略多於一半——這就是儲蓄存款變化體現的地方。但定期存款利率的變化——大約在 70 到 80 個基點之間——已經發生了變化，但這需要近 6 個季度才能到達。已經過去一個半季了。本季度，您可以看到資金成本改善了約 18 個基點，頁面上顯示約 20 個基點，我認為是 19 個基點。

You see a 20 basis points rounded number there that cost of funds has come down by. And so it has got another at least four, five quarters to play off, which means over the next few quarters, the rate remaining constant, that means that a stable assumption level, the cost of funds starts to move down. And if the asset stabilizes at that level, you see that pickup coming. Yes, we are optimistic that with the stable rate scenario, our exit should be moving up from where it is today.

您可以看到，資金成本下降了 20 個基點（四捨五入後）。因此，它至少還有四到五個季度的時間可以發揮作用，這意味著在接下來的幾個季度裡，如果利率保持不變，那麼在穩定的假設水平下，資金成本將開始下降。如果資產價格穩定在該水平，你會看到回升的跡象。是的，我們樂觀地認為，在利率穩定的情況下，我們的退出策略應該會比現在有所改善。

Okay. And how do you view the deposit growth, this time loan growth was very good. And while the deposit growth was good, the incremental LDR did fall, so -- I mean, did rise. So how do we think about LDRs from hereon?

好的。您如何看待存款成長？這次貸款成長情況非常好。雖然存款成長良好，但新增貸款比率確實下降了，所以——我的意思是，確實上升了。那麼，我們今後該如何看待長距離戀愛關係呢？

Okay. Yes, good question. Thank you for asking that. See, our LDR, we started the year at about 96 and change. Our strategic objectives when we laid out that the rate of growth on loans in this year will be at market and in FY27 will be faster than the market, predicated that the LDR will come below the 90 mark, somewhere, call it, the 85 to 90 or below the 90 mark, right, which is okay.

好的。是的，問得好。謝謝你的提問。你看，我們的異地戀，年初的時候大概有96年多了。我們在製定策略目標時就明確，今年的貸款成長率將與市場持平，而 2027 財年的貸款成長率將高於市場水平，前提是貸款比率 (LDR) 會降至 90 以下，比如說，在 85% 到 90% 之間，或低於 90%，這都沒問題。

That's the kind of strategic. It's not a linear progression. And what is more important is that direction of the travel, that means coming down from 96 to below 90, direction of travel is important. The quantum, how it moves, quarter-to-quarter, it can vary because there are seasonalities that play out. In this quarter, you did see -- we did see credit demand that was good.

這才是真正的戰略。這並非線性發展。更重要的是行進方向，也就是說，從 96 降到 90 以下，行進方向很重要。量子效應，以及它如何逐季度變化，都會因為季節性因素而有所不同。本季度，我們確實看到了良好的信貸需求。

We participated with our clients where it made sense from our engagement and profitability and total relationships. And we will continue to do that. And our strategic objective of getting to grow in line with the system this year and higher than the system in the following year continues to be there.

我們根據客戶的參與度、獲利能力和整體關係，在合理的情況下與客戶合作。我們將繼續這樣做。我們今年實現與系統同步成長，明年實現高於系統平均的策略目標依然不變。

Chintan, Autonomous.

欽坦，自治。

Happy Diwali to all. Can I start with capital? The recent draft proposal seem to suggest a meaningful reduction in risk weighted assets. You are already at a very high CET1 ratio. You have got even more contingent provisions now.

祝大家排燈節快樂。我可以用啟動資金嗎？最近的提案草案似乎表明，風險加權資產將大幅減少。您的 CET1 比率已經非常高了。現在你們有了更多緊急應變計畫。

You chose to put more buffers on. Your loss experiences are not going to be that bad for ECL. What are we going to do with all this extra capital, given that you are able to grow with your retained earnings even when I look out beyond FY27?

你選擇增加緩衝層。對 ECL 來說，你的損失經驗不會太糟。考慮到即使展望 2027 財年以後，你們也能利用留存收益來實現成長，那麼我們將如何處理所有這些額外的資金？

Let me sort of come in out here. It is -- obviously, you are seeing this kind of a buildup of the capital ratios in the recent past because the bank chose to slow down in FY25. Now, we are on that upward trajectory. You're right, all the potential regulatory changes will have a little bit of a benefit in terms of -- on the capital ratios. But on the ECL side, I'm not too sure because if you really look at it, the bank has already -- has a proven track record and having a very well-established models in ECL. So that's already known to the world and known to you, I'm sure, as we disclosed US GAAP results.

讓我插句話。顯然，最近一段時間資本比率出現這種增長，是因為該銀行在 2025 財年選擇了放緩成長速度。現在，我們正處於上升期。你說得對，所有潛在的監管變化都會對資本比率產生一些好處。但就預期信用損失 (ECL) 而言，我不太確定，因為如果你仔細觀察，你會發現該銀行在預期信用損失方面已經擁有良好的業績記錄和非常成熟的模型。所以，這已經是全世界都知道的事了，我相信你們也都知道，因為我們公佈了美國通用會計準則（US GAAP）的表現。

But having said that, if you look at the draft guidelines or the fine print of that, there are a lot of prescriptions or of floors that have been prescribed, which means that the pure ECL advantages may get nullified, if not, even you may have to maintain higher levels of ECL if such draft guidelines were to go through. Obviously, we need to wait and watch when this starts to come out as final guidelines.

但話雖如此，如果你仔細查看草案指南或其細則，你會發現其中規定了許多條款或最低標準，這意味著純粹的 ECL 優勢可能會被抵消；即便沒有被抵消，如果這樣的草案指南獲得通過，你甚至可能需要維持更高的 ECL 水平。顯然，我們需要等待並觀察最終指導方針何時出台。

But having said that, as we have just mentioned, we believe that the change in economic cycle probably has just begun. Whilst I do appreciate that we need to wait and watch whether this is sustained even beyond the festive period, but there is a fair amount of optimism in most of us out here to say that this will be sustained. And the moment, we hit the trajectory that we have laid out for ourselves, that is in FY27. We will start to grow faster than the system, we should start to consume capital.

但話雖如此，正如我們剛才提到的，我們認為經濟週期的變化可能才剛開始。雖然我知道我們需要拭目以待，看看這種趨勢能否持續到節後，但我們大多數人還是相當樂觀地認為這種趨勢將會持續下去。而當我們達到我們為自己制定的發展軌跡時，那就是 2027 財年。我們將開始以超過系統的速度成長，我們應該開始消耗資本。

If you've looked at our long-term trajectory, we have been consuming capital about 60 to 70 basis points every year on a very steady-state scenario in the past prior to any of these events such as merger, et cetera. But -- so -- and also for a large systemically important bank, it is very imperative that we don't go down necessarily to the regulatory prescribed threshold levels. We need to provide capital or allocate capital for unknown and unforeseeable risk as well.

如果你看過我們的長期發展軌跡，你會發現，在合併等事件發生之前，我們過去在非常穩定的狀態下每年都會消耗大約 60 到 70 個基點的資本。但是——因此——對於一家大型系統重要性銀行來說，我們絕對不能降至監管機構規定的門檻水準。我們也需要提供資金或分配資金來應對未知和不可預見的風險。

So we do have a capital planning process, which obviously where the threshold levels are far higher than the regulatory prescriptions. So frankly, whilst optically, it may be higher today, but as we sort of get back on to the growth path, I think we would have sufficient capital as one would have when we raise capital, as you've seen in our past history, about normally, we raise capital, we have enough capital for about three to four years of growth.

因此，我們確實有一個資本規劃流程，顯然，其中的門檻水準遠高於監管規定。坦白說，雖然從表面上看，今天的股價可能更高，但隨著我們重回增長軌道，我認為我們將擁有足夠的資金，就像我們籌集資金時一樣，正如你們在我們過去的歷史中所看到的，通常情況下，我們籌集的資金足以支撐三到四年的增長。

So I would say that from FY27, when we get back to that kind of a growth, we should have that much of room and that much of cushion to be able to have three to four years of growth at least for consuming before we start to look at other options.

所以我認為，從 2027 財年開始，當我們恢復到那種成長水準時，我們應該有足夠的空間和緩衝，至少可以保證未來三到四年的消費成長，然後再考慮其他選擇。

Yes. I mean the only thing I would say to that is I don't think you're in a place where you consume 60 to 70 bps of capital every year now. Given your size, even if you grow at 17%, 18%, you would be breakeven on the capital you already generate. Am I wrong out there?

是的。我唯一想說的是，我認為你現在的情況並非每年消耗 60 到 70 個基點的資本。以你的規模來看，即使成長 17%、18%，你也只能收回你已經累積的資本。難道我的看法有誤嗎？

See, yes, Srini.

你看，是的，斯里尼。

Yes. You're right that even in this quarter, if you look at it, our capital we generated is 60 basis points and the consumption is 60 basis points, right? So -- and the 19.9% to 20%, the capital ratio change 0.1 is the surrounding. Other than that, it's about 10 basis points change in capital. So generation and consumption at this level is there.

是的。你說得對，即使在本季度，如果你看一下，我們產生的資本是 60 個基點，消耗也是 60 個基點，對吧？所以——從 19.9% 到 20%，資本比率變化 0.1 是周圍的情況。除此之外，資本變動約為 10 個基點。所以，這種程度的生產和消費是存在的。

But then when you grow faster than the system, the consumption will be faster. When there is a mix which is a little more -- the mix which is a little more oriented on the retail, the consumption will be even more faster than that. So we need to cater and provide for all of those things. And so it is important to keep the capital on our side to essentially keep that opportunity space for growth as much as we can.

但是，當你的成長速度超過系統運作速度時，消耗速度也會更快。當產品組合更偏向零售時，消費速度會更快。所以我們需要照顧並滿足所有這些需求。因此，保持資本在我們這邊非常重要，這樣才能盡可能地保持成長的機會空間。

Having said that, if there are any opportunities that may arise in terms of other options that are available to sort of delight shareholders, we would be more than happy to do so. We will keep on exploring such options.

話雖如此，如果出現其他能讓股東滿意的選擇機會，我們非常樂意去做。我們將繼續探索這些方案。

Yes. And my second question was on margins. On margins, LDR seems to have benefited this quarter. But when I look at cost of funds, it seems like it is not falling as fast as some of the other larger players. Is that just the timing difference in the way you built up your TD book versus the other guys given the merger and that it should unwind over the next few quarters?

是的。我的第二個問題是關於利潤率的。從利潤率來看，LDR 本季似乎受益匪淺。但從資金成本來看，它的下降速度似乎不如其他一些規模較大的公司那麼快。是因為合併，你和其他公司建立TD帳戶的時間安排有所不同，這種情況應該會在接下來的幾季逐漸消失？

Yes. Our cost of funds moved down by about 18, 19 basis points or so in this quarter. Deposit cost of funds came down by a similar amount. Yes, our time -- our savings account rate change is fully factored in. The time deposit rate change to factor in fully, the magnitude of the changes in the rates that we and many players have done are of similar order, except that it takes us almost 6 quarters to play it through into the cost of funds.

是的。本季我們的資金成本下降了約 18、19 個基點左右。資金存款成本也相應下降了類似的幅度。是的，我們的時間——我們的儲蓄帳戶利率變化已經完全考慮了。要充分考慮定期存款利率的變化，我們和許多玩家所做的利率變化幅度大致相同，只是我們需要將近 6 個季度才能將其計入資金成本。

So slightly longer duration, okay.

稍微延長一點時間，可以。

Yes, that's right. It's -- Chintan, the -- it's also about duration. We normally -- because we need stability in our balance sheet, we tend to have a slightly longer duration to be able to -- especially on the retail side, so that is the reason why the tailwinds will be slightly longer in terms of visibility of getting -- drawing back this kind of repricing advantage.

是的，沒錯。是——欽坦，這——它也與持續時間有關。我們通常——因為我們需要資產負債表的穩定性，我們往往會有稍長的期限——尤其是在零售方面，所以這就是為什麼在獲得這種重新定價優勢方面，利好因素的持續時間會稍長一些的原因。

Okay. And a quick data question. Borrowings from erstwhile limited, how much is left on your books just now?

好的。還有一個關於數據的小問題。從以前的有限公司借款，你們的帳面上現在還剩多少？

Yes, annual report reflects the maturity profile of this over the next --

是的，年度報告反映了該計畫未來幾年的成熟度。--

Kunal Shah, Citi Group.

Kunal Shah，花旗集團。

So the first question is particularly with respect to deposit market share. So obviously, we would tend to maintain a particular market share on the incremental deposits, which seems to have come off. Is it largely to do with the rundown of bulk deposits during the quarter?

因此，第一個問題尤其與存款市場佔有率有關。顯然，我們傾向於在新增存款中保持一定的市場份額，但這種情況似乎已經改變了。這是否主要與本季大宗存款的減少有關？

Now we see some increase in the proportion of retail deposits as well. But the lower deposit growth this quarter, in particular, maybe just 1.2x the industry average, what could be the reason for that? And should we see the uptick going forward?

現在我們也看到零售存款的比例增加。但本季存款成長放緩，可能僅為行業平均的 1.2 倍，這是什麼原因造成的呢？那麼未來我們是否會看到這種上升趨勢呢？

Yes. See, one, on the deposits, the market share is an outcome. And our approach is as granular as possible and as far reaching through our branch network, which is why the deposits that come from our retail network is about 83% or thereabouts.

是的。你看，第一，就存款而言，市佔率是一個結果。我們採取的方法盡可能細緻入微，並透過我們的分行網路涵蓋最廣的範圍，因此來自我們零售網路的存款約佔 83% 左右。

Yes, in this quarter, you have seen that where we have put the proportion went up by a percentage point, where the non-retail deposits came down in this quarter, while retail deposits did grow. Yes, I mean, that's -- in terms of the pricing and in terms of the availability and the client relationships, time to time that gets determined, right? We do participate in many of those, but we will be circumspect in how much and when we participate.

是的，在本季度，你們已經看到，在我們設定的比例上升了一個百分點，非零售存款在本季度有所下降，而零售存款則有所增長。是的，我的意思是，就定價、供貨情況和客戶關係而言，這些都是需要時而確定的，對吧？我們會參與其中許多活動，但我們會謹慎選擇參與的程度和時間。

Kunal, when I sort of did my opening remarks, I did mention that there was an element of disciplined pricing, and this is what I meant, which Srini elaborated just now. But having said that, I normally -- whilst all of you look at period-end deposits, I have been maintaining every time in my call that you should also look at averages. And averages, I think we have gone really decently well at about 15% year on year. I think that is something that we are very comfortable on our year-on-year growth. Thank you.

Kunal，當我做開場白的時候，我確實提到過定價中存在一定的紀律性，這就是我的意思，Srini 剛才也詳細闡述了這一點。但話雖如此，我通常——雖然你們都在關注期末存款，但我每次在電話會議中都堅持認為，你們也應該關注平均值。平均而言，我認為我們做得相當不錯，比去年同期成長約 15%。我認為我們對每年的成長都非常有信心。謝謝。

Got it. And this increase in contingency provisions. So you indicated that on the recoveries, there was some provisioning release, and that was the reason for contingency or is there anything to do with maybe the ECL buildup, you already carry a very decent level of contingency provisioning and we are adding over and above that. So how should we read it? Maybe is it a particular recovery effect, which is getting nullified and that's the reason it's created?

知道了。以及應急準備金的增加。所以您指出，在復原過程中，有一些預置資金被釋放，這是應急資金的原因，還是與 ECL 累積有關？您已經擁有非常可觀的緊急預置資金，而我們在此基礎上又增加了預置資金。那我們該如何解讀它呢？或許是某種特定的恢復效果被抵銷了，所以才產生了這種效果？

Yes, that is exactly. There's a space -- opportunity space. Contingent provision as the name suggests, it is not -- it is precautionary and not anticipatory and where it is available and opportune space, we do. ECL provisions to the side, whatever -- whenever that comes to life and those draft guidelines are finalized, we can do the fine-tuning of what it entails. But we do feel comfortable with ECL, both from an implementation or from a requirement of provisioning and so on.

是的，正是如此。這裡存在空間——機會空間。應急準備，顧名思義，並非預先準備——它是預防性的，而不是預見性的；只要有條件和機會，我們就會這樣做。暫且把出口管制條例（ECL）的規定放在一邊——無論何時該實施，以及相關指導方針草案最終定稿，我們都可以對其具體內容進行微調。但無論是從實施角度或從配置等方面的要求角度來看，我們都對 ECL 感到滿意。

But at this time, exactly as you alluded to, was the thought process on the contingent.

但此時，正如你所暗示的那樣，這就是當時應急人員的思考過程。

Sure. And lastly, on fee income side, the sequential uptick is more volume related or is there any element of one-off or some particular pickup in these segments, in any of the subsegments which we are seeing during the quarter?

當然。最後，就手續費收入而言，環比增長更多是與交易量有關，還是存在一次性因素，或者我們在本季度看到的任何細分市場或子細分市場出現某種特殊的增長？

No. The fee element, if you look at it, the fee has grown by about 9% or thereabouts. One of the areas -- in fact, the proportion by various products, if you see, is almost consistent where you have to look at prior year more than prior quarter because one quarter to another quarter, there are seasonalities of various products, but it is consistent and that's part of the regular growth.

不。從費用部分來看，費用增加了約 9% 左右。事實上，其中一個方面——按各種產品劃分的比例，如果你仔細觀察，會發現它幾乎是一致的，你必須更多地參考上一年而不是上一季度，因為從一個季度到另一個季度，各種產品都有季節性波動，但它是一致的，這是正常增長的一部分。

Okay. Got it. Some element of wholesale would be there because that proportion is going...

好的。知道了。批發環節肯定會存在一些成分，因為這個比例正在改變…

No, not wholesale, not wholesale. Kunal, the fact of the matter is you started to see the asset buildup happening. The disbursals would have started to kick in during this quarter. So there would be definitely better earnings arising out of the asset disbursals as well.

不，不是批發，不是批發。庫納爾，事實是，你開始看到資產累積的過程了。款項應該在本季開始發放。因此，資產撥付也肯定會帶來更好的收益。

Anand Swaminathan, BofA.

阿南德·斯瓦米納坦，美國銀行

I have a couple of questions. One, we have just crossed the 2-year mark post-merger as well. If we can give some key success metrics in terms of synergies and what has worked out the best? And also, if you can highlight what has been lagging versus what we had envisaged 2 years back? And number two, in terms of the line of sight of ROAs, what kind of time frame are you thinking about now to get back above the 2% ROA mark, which we used to do consistently before?

我有幾個問題。第一，我們合併後也剛滿兩年了。如果我們能給出一些關於綜效的關鍵成功指標，以及哪些方法效果最佳？另外，能否指出與我們兩年前的設想相比，哪些方面進展落後？第二，就 ROA 而言，您現在考慮的是多長時間才能重新達到 2% 以上的 ROA 水平，而我們以前一直都能做到這一點？

So let me try and attempt this and maybe later on, Kaizad or Srini can just jump in. Number one is, let's face it, this is one of the most complex mergers in recent history. Two is, as you know, the bank had to do much more than what it was normally doing in terms of trying to step up the pace of raising funds to meet the incremental reserve requirements, the other LCR requirements that happened on their liabilities, which we inherited and also the funding for the incremental priority sector requirements as well.

那我先試試看，也許過一段時間，Kaizad 或 Srini 可以加入。首先，我們必須承認，這是近代史上最複雜的併購案之一。第二點，如您所知，為了滿足新增準備金要求、我們繼承的負債的其他流動性覆蓋率要求以及新增優先領域要求的資金需求，該銀行不得不比平時付出更多努力，加快籌集資金的速度。

In addition to that, obviously, when we realized that the economic outlook was changing post the merger, it was -- we took a strategic call that we would like to relook at our glide path and we said we want to bring down the credit deposit ratio much faster than what we had envisaged at the time of announcing the merger. So that meant that you needed to step up the pace of deposit growth much more than what one would have done, even though the liquidity environment is extremely tight.

除此之外，顯然，當我們意識到合併後的經濟前景正在改變時，我們做出了一個戰略決定，那就是重新審視我們的發展路徑，並表示我們希望比宣布合併時設想的速度更快地降低信貸存款比率。這意味著，即使流動性環境極度緊張，你也需要比平常更快加快存款成長速度。

So I think these were all extraordinary events that we went through post the merger. And I think doing all these slightly more than what the organization's capacity was, we still maintain reasonable stability in terms of margins right from the time we had our day zero or day one financial metrices, whether it is in NIMs, whether it is cost to earnings, whether it is the asset quality or whether it's a return on assets. If you have looked at it over the two-year period, I think it's been reasonably stable and range bound and that itself is very commendable for a population scale kind of an organization.

所以我認為這些都是合併後我們經歷的非同尋常的事件。我認為，儘管我們所做的一切都略微超過了公司的能力範圍，但從我們設立財務指標的第一天起，無論是淨利差、成本收益比、資產品質還是資產回報率，我們仍然保持著合理的利潤率穩定性。如果你觀察過去兩年的情況，我認為它一直相當穩定，活動範圍也比較有限，對於一個人口規模如此龐大的組織來說，這本身就非常值得稱讚。

Having said that, we -- during this period, we continue to invest into the future, into technology, into distribution and into resources because we believe that the impact -- if you need to really harness the opportunity of the merger, we need to ensure that we have enough funding to be able to fund the future growth as well. So I think that said, so we were not too focused on managing the cost to earnings during this period.

話雖如此，在此期間，我們將繼續投資未來、技術、分銷和資源，因為我們相信，如果要真正利用合併帶來的機遇，我們需要確保有足夠的資金來支持未來的成長。所以我覺得也就是說，在這段期間我們並沒有太專注於控製成本效益。

We said, let us invest and let us start to -- and this will harvest itself over the next three to five years pace. As we see, one of the most important things is on the home loan space. Home loans, as we mentioned, is a very emotional product and the kind of relationship that comes about is going to be long term in nature, far more -- having a better emotional motion, and it is going to have a far more far-reaching impact than some of the consumption -- short-term consumption products.

我們說，讓我們投資，讓我們開始——這將在未來三到五年內帶來回報。正如我們所看到的，最重要的事情之一就是房屋貸款領域。正如我們所提到的，房屋貸款是一種非常感性的產品，由此建立的關係本質上是長期的，具有更強的情感衝擊力，並且其影響將比某些短期消費產品更為深遠。

The process has commenced. I think the team has done a fabulous job of trying to ensure that we try and sell home loans from a larger distribution than what we were doing premerger. I think two is when we started to -- start to offer home loans, we said that we will try and cut down the turnaround time so that -- of sanctions. I think now it's in the public domain.

程式已啟動。我認為團隊在努力確保我們能夠透過比合併前更大的分銷管道銷售房屋貸款方面做得非常出色。我認為第二點是我們開始提供房屋貸款的時候，我們說過我們會努力縮短審批時間，以便——避免制裁。我認為現在它已經進入公有領域了。

For individual loans, we have now brought down the turnaround time to two days and for self-employed, it's about three days. Three is we will have journeys, which will ensure that we have a one-click experience in offering a bouquet of products when we sell a home loan. So in terms of the upsell, whether it is in terms of having a savings account attached to every home loan disbursal, happy to say that there is almost -- you -- let me have Kaizad sort of speak about it because he runs this very passionately.

對於個人貸款，我們現在已經將審批時間縮短至兩天；對於自僱人士，審批時間約為三天。第三，我們將提供旅程，確保我們在銷售房屋貸款時，能夠一鍵提供一系列產品。所以，就追加銷售而言，無論是將儲蓄帳戶與每筆房屋貸款發放掛鉤，很高興地說，幾乎——你——讓我讓凱扎德來談談吧，因為他對此充滿熱情。

So thank you, Sashi. Without going through all the pointers that Sashi mentioned, I think one of the advantages that we brought apart from changing the turnaround times was opening the segment to the self-employed base, which was not there previously when home loans were being done. And that's opened up a larger segment for us. It's also ensured that we are in a position to upsell far more products, including at the liability side of it. Empirical data has shown that whenever a customer has a home loan and he brings with it the check-in account, there is a change in the value of the relationship that comes.

所以，謝謝你，Sashi。無需贅述 Sashi 提到的所有要點，我認為除了改變週轉時間之外，我們帶來的優勢之一是將自僱人士群體納入了該領域，而此前在辦理住房貸款時，自僱人士群體並不屬於這一群體。這為我們開拓了更大的市場領域。這也確保了我們能夠追加銷售更多產品，包括責任險產品。經驗數據表明，每當客戶申請房屋貸款並帶來房屋貸款帳戶時，雙方關係的價值就會改變。

So I think we've been already able to start implementing that. We've seen good results over the last one year. So with increased distribution, changing our turnaround times, being able to offer home loans and customized products in home loans to different customer segments based on geography as well as their demographics.

所以我認為我們已經能夠開始實施這一點了。過去一年我們取得了不錯的成果。因此，透過擴大分銷管道、改變週轉時間，我們能夠根據地理位置和人口統計數據，向不同的客戶群體提供房屋貸款和客製化的房屋貸款產品。

And in addition to that, the upsell that we have been able to do across a whole range of products, which is the credit cards that go along with it, when a person buys a home loan, the consumer durable loans that go along with it as well as being able to offer them our brokerage services and insurance. So when you look at the whole gamut of the upsell along with the check-in account and an emotional product like a home loan, which is a good duration product, it's already started playing out what we had envisaged as the road map, and I would say that we are on track.

除此之外，我們也能夠在各種產品上進行追加銷售，例如，當人們購買房屋貸款時，我們會向他們推銷配套的信用卡、配套的耐用消費品貸款，以及提供我們的經紀服務和保險。所以，當你縱觀整個追加銷售體系，包括簽到帳戶和像房屋貸款這樣具有情感價值的產品（房屋貸款是一種期限較長的產品），它已經開始按照我們設想的路線圖發展，我認為我們正走在正確的軌道上。

I'll add one just to Kaizad so that this number we can keep talking and tracking these things is credit cards for when a new mortgage is given, the credit card penetration, we have been successful, as Kaizad alluded to, is now a little more than 14%. We are able to get that penetrated. On the consumer durable sanction, we are -- our penetration is in the mid-30s. And on a brokerage account, we are like a 15%-plus penetration. And so we are progressing on those -- each of those products on the scale of how we want to hit.

我再補充一點，凱札德提到的信用卡普及率，我們可以繼續討論並追蹤這些數字。信用卡普及率是指在發放新抵押貸款時，信用卡的使用情況。正如凱札德所提到的，我們已經取得了成功，信用卡普及率現在略高於 14%。我們能夠滲透進去。在耐用消費品製裁方面，我們的滲透率在 30% 左右。在證券帳戶方面，我們的滲透率超過 15%。因此，我們在這些方面都取得了進展——每款產品都達到了我們想要達到的規模。

On the savings account, I think we alluded to, we are 98%, 99% saving --

關於儲蓄帳戶，我想我們之前也提到過，我們的儲蓄率達到了98%到99%。--

That's right.

這是正確的。

And the end result in terms of the balance buildup in such accounts are far higher than the normal savings account where we don't sort of place in a home loan. But having said that, as we have mentioned in the call, we believe that from FY27, when we get back our trajectory, when we start to ensure that all our distribution outlets start to sell home loans, you will start to see the benefits getting more visible over a three- to five-year period.

最終，這類帳戶的餘額累積遠高於一般儲蓄帳戶，因為我們不會把錢存入這類帳戶來償還房屋貸款。但話雖如此，正如我們在電話會議中提到的，我們相信從 2027 財年開始，當我們恢復正常發展軌跡，當我們開始確保所有分銷管道開始銷售房屋貸款時，您將在三到五年內看到這些好處變得更加明顯。

And more than that, even the operating leverage on the kind of investments that we have done in both in distribution and technology will also start to play. So I see a fair amount of positive bias in the key financial metrics over the next three to five years.

不僅如此，我們在分銷和技術方面進行的投資所帶來的營運槓桿效應也將開始發揮作用。因此，我認為未來三到五年內，關鍵財務指標將出現相當程度的正向偏差。

Any comments on the ROA trajectory? Our intention always was to go back to the upper end of that 1.8% to 2.2% ROA range. Where are we in that journey now? What time frame we should think about?

對ROA走勢有什麼看法？我們的目標始終是回到 1.8% 至 2.2% 的 ROA 區間的上限。現在我們處於這段旅程的哪個階段？我們應該考慮哪個時間範圍？

Yes. Anand, those opportunity space on the ROA, we are -- yes, we are between 1.8% to 1.85% to 1.95%. That's where we've operated over the last eight quarters or so, as you see. The space on the ROA comes from cost of funds, because that's where the ROA -- the merger benefits of the -- comes a lot on the P&L through the cost of funds because you replace the borrowings, you change the mix of the deposits from time deposits to CASA as we have so far last two years had predominant growth in time deposits.

是的。Anand，關於 ROA 的那些機會空間，我們——是的，我們的 ROA 在 1.8% 到 1.85% 到 1.95% 之間。如你所見，過去八個季度左右，我們一直都在那裡開展業務。ROA 的空間來自資金成本，因為 ROA（合併帶來的好處）很大程度上體現在損益表中，體現在資金成本上，因為你用資金取代了借款，並將存款組合從定期存款轉變為活期存款，而過去兩年我們一直以定期存款為主。

So these are some of those levers. They remain intact, and they remain the opportunity space for us to get there. And yes, that's -- these are the drivers. And it is about the cost of funds, which changes that trajectory.

這些就是其中一些槓桿。它們依然完好無損，它們仍然是我們到達那裡的機會空間。是的，這些就是司機。而資金成本則改變了這一軌跡。

Rikin Shah, IIFL Capital.

Rikin Shah，IIFL Capital。

Two questions. First one is on cost of fund improvement in this quarter for us, has been marginally lower than peers. Is that only due to the longer duration of liabilities, which means that it's just a timing problem and a lot of that could be back ended for us vis-à-vis front-ended for the peers? Or is it due to higher TD mobilization for HDFC in the reset last one year and hence, this difference could potentially persist in the near term?

兩個問題。首先，本季我們的資金成本有所改善，略低於同業。這只是因為負債期限較長嗎？這意味著這只是一個時間問題，對我們來說很多問題都可以在後端解決，而同行則可以在前端解決？或者，這是由於過去一年HDFC的TD動員力度更大，因此這種差異可能會在短期內持續存在？

Rikin, sorry to interrupt, your voice is coming muffled.

Rikin，不好意思打斷一下，你的聲音有點悶。

Is this better by any chance? Hello?

這樣會不會好一點？你好？

If you can speak a little bit, go ahead.

如果你能說幾句，那就說吧。

Yes. So I was asking on the cost of fund trajectory in this quarter for us relative to the peers. It has been marginally lower improvement. So I wanted to understand whether it is solely due to the longer duration of liabilities, as Sashi alluded to in the earlier point, which means that it would be a bit more back-ended for us?

是的。所以我問的是，與同業相比，我們本季的基金發展軌跡成本是多少。改善幅度略低。所以我想了解這是否僅僅是因為負債期限較長，正如 Sashi 在前面提到的那樣，這意味著對我們來說，後續處理會更加繁瑣？

Or is it due to the fact that we have mobilized higher quantum of term deposits in the last one year, and hence, this difference may persist? So that's the first question. The second one, just Srini, if you could quantify the additional provisions that we made in the quarter through the P&L against that onetime recovery upgrade that you mentioned. That's it.

或者，這是因為我們在過去一年中吸收了更多定期存款，因此這種差異可能會持續下去？這是第一個問題。第二個問題，Srini，您能否量化一下我們在本季透過損益表針對您提到的那次一次性復甦升級所作出的額外準備金？就是這樣。

Yes. Rikin, the first thing is in terms of the cost of funds, every balance sheet has got a structure, a duration and that determines -- and the mix of time deposit CASA and so on. These determine how the cost of funds move. I think in some other question, maybe 10 minutes ago, we did talk about the space, which is there in the cost of funds and the time that it takes to factor that in. And so that's -- you'll have to wait for some time for that to play it out.

是的。Rikin，首先要考慮的是資金成本，每個資產負債表都有一個結構、一個期限，這決定了——以及定期存款、活期存款等的組合。這些因素決定了資金成本的變動方向。我想在十分鐘前的另一個問題中，我們確實談到了空間問題，這涉及到資金成本以及將這部分成本考慮在內所需的時間。所以，這件事還需要一段時間才能塵埃落定。

And we are focused on getting the core business of franchise of deposits growth and thereby the customer relationship, and it will play out the cost of funds. That's the first thing.

我們專注於發展存款成長的核心業務，從而改善客戶關係，這將降低資金成本。這是第一點。

The second aspect that you talked about is the provision. I think that also to Mahrukh or somebody I had mentioned that we did add -- if you look at the provisions are on page number 19 of the deck that is there, you'll see that the right side block, where you see the contingent provision of almost about INR 1,600 crores, which is there added there. We also have added general provisions of about INR 600 crores.

你提到的第二個面向是供應。我認為，對於 Mahrukh 或我之前提到的其他人，我們也確實增加了——如果你查看一下第 19 頁的條款，你會看到右側的方框，那裡有大約 1600 億印度盧比的應急準備金，那是添加的。我們還增加了約 600 億印度盧比的一般準備金。

That's general provision is we have a loan growth that we need to support and various other things. And so our -- effectively, the general provisions is about 41 basis points of loans coming up from about 40 basis points. And similarly, the contingent provision is also up by a basis point or two. So we have augmented that.

一般規定是，我們需要支持貸款成長以及其他各種事項。因此，實際上，一般規定貸款額度從大約 40 個基點上調了大約 41 個基點。同樣，或有準備金也增加了一到兩個基點。因此，我們對此進行了補充。

Abhishek Murarka, HSBC.

Abhishek Murarka，匯豐銀行。

So I have a couple of questions on some of the individual loan segments. First is on personal loans. Do you think all the parameters are now green and you can accelerate, is the risk appetite much better now versus earlier? And for -- or rather to accelerate, do you need to loosen any of the tighter underwriting norms you would have adopted after November '23 circular a couple of years back? Is that a requirement or even with the current norms, you can sort of accelerate?

所以，我對一些具體的貸款細分領域有幾個問題。首先是個人貸款。您認為現在所有指標都正常，可以加速了嗎？目前的風險承受能力是否比之前好得多？那麼，為了加快步伐，您是否需要放鬆幾年前在 2023 年 11 月通告之後所採取的更嚴格的承保規範？這是硬性要求嗎？或者即使在目前的規範下，也可以加快速度嗎？

So just some sense there on how you're looking at growth and revival. The second one is on home loans. Now I think you all made very valid points about the product itself and the importance of the product for the franchise. But if I look at the overall growth, you are still 300 bps below the industry growth. I understand maybe it was due to the fact that the period was such where margins were under pressure and maybe you wanted to trade that off.

所以，我只是想了解一下您是如何看待成長和復興的。第二點是關於房屋貸款的。現在我認為你們都提出了非常中肯的觀點，包括產品本身以及產品對特許經營的重要性。但從整體成長來看，你們的成長率仍然比產業平均低 300 個基點。我明白這可能是因為當時利潤率面臨壓力，而你想透過交易來彌補這一損失。

But now going forward, do you see that accelerating again, and enough risk-adjusted returns there to grow at least at par with the industry? And the third is on gold. What are the yields right now? You're growing 5%, 6% QoQ for several quarters over there, is that still lucrative from a return and margin perspective? Are you seeing some yield pressure there?

但展望未來，您認為這種成長會再次加速嗎？而經風險調整後的報酬率是否足以使其成長至少與產業平均持平？第三點是關於黃金的。目前的收益率是多少？你們那邊連續幾季保持 5%、6% 的環比成長率，從回報和利潤率的角度來看，這仍然有利可圖嗎？你那邊是否感受到殖利率壓力？

So just these three things, if you could talk a little bit about.

所以，如果您能稍微談談這三件事的話。

Okay. So your first question being on the unsecured book, we've always had an approach where we will not go down our credit standards for underwriting, whatever would be the cycle that would be present. We've always looked at opportunities to grow in segments that we are comfortable. And based on the economic environment and the growth that is there in the economic environment.

好的。所以，你的第一個問題是關於無擔保貸款的，我們一直秉持的原則是，無論市場週期如何，我們都不會降低承銷的信用標準。我們一直以來都在尋找我們熟悉的領域實現成長的機會。並且是基於當前的經濟環境和經濟成長。

We've seen a steady growth come through because there has been an uptick in the credit offtake in unsecured loans, and we have appropriately participated out over there. As it unfolds and as Sashi alluded to, we see a positive traction continuing in the economic environment and we will certainly participate in our target market and ensure we capture our rightful share out over there without having to dilute any credit standards.

我們看到業務穩定成長，因為無擔保貸款的信貸需求增加，而我們也適當地參與了這方面的業務。正如薩希所暗示的那樣，隨著情況的發展，我們看到經濟環境持續呈現積極態勢，我們一定會參與到我們的目標市場中，並確保我們在該地區獲得應有的份額，而無需降低任何信貸標準。

If I move to the mortgage piece out over there, your question was on -- so on the volume rate of growth, last year, if you step back, we did a lot of corrections that needed to be carried out in terms of process, target market, the kind of yields that we wanted to participate in.

如果我談到抵押貸款方面，你的問題是——關於去年的成長率，如果你回顧一下，我們在流程、目標市場以及我們想要參與的收益率方面做了很多必要的調整。

From there, if you see, we have started increasing our market share. And today, we do believe that we have closed the gap between what we had about a year, 1.5 years ago, and where we are. If you see some of the participants about in the last 90 to 120 days, post the RBI reduction of 50 basis points in June, we witnessed a lowering of rates in the market by a host of players.

從那以後，我們的市佔率就開始不斷成長。今天，我們相信我們已經縮小了大約一年半前與我們現在所處位置之間的差距。如果你觀察過去 90 到 120 天裡的一些市場參與者，你會發現，在印度儲備銀行 6 月降息 50 個基點之後，市場上許多參與者都降低了利率。

We chose not to go down the interest rate ladder and participate at those levels because it has to make a certain level of economic sense and return as we also balance it with market share. We do believe we navigated that in a manner where we saw very quickly some of the players revise their rates and bring it back up.

我們選擇不以利率階梯下降的方式參與市場，因為這必須有一定的經濟意義和回報，同時我們也要兼顧市場佔有率。我們相信，我們以一種迅速的方式處理了這個問題，我們看到一些玩家很快就調整了他們的費率，並將其提高回來。

We do believe that over the next 18 to 24 months, this is a product that we will be with market. We've already shown that over the last several quarters, but we will not do anything only to get market share gain.

我們相信，在接下來的 18 到 24 個月裡，這款產品將會進入市場。過去幾季我們已經證明了這一點，但我們不會為了獲得市場份額而做任何事。

That has never been our philosophy. It is a long duration product. It is a product where you connect with the customer and you want to have a customer quality where you can engage even greater across our product suite and have a relationship which lasts through the lifetime of the loans. So that's our outlook with regard to the mortgage business. The third question was on the gold.

那從來都不是我們的理念。這是一款長效產品。這是一個讓你與客戶建立聯繫的產品，你希望擁有高品質的客戶體驗，以便更好地利用我們的產品組合與客戶互動，並在貸款的整個生命週期中建立持續的客戶關係。以上就是我們對抵押貸款業務的看法。第三個問題是關於黃金的。

Yes. I just had a very quick follow-up here. Is the pragmatism on pricing returning? Or is it just still quite competitive and still not the right time to press the pedal?

是的。我這裡還有個簡短的後續問題。定價務實主義是否正在回歸？或者說，目前競爭依然非常激烈，還不是加速推進的好時機？

It is coming back to some levels of sanity, but I would think it's yet a little distance away, because it's quite an uneven market where you see different players come and accelerate their appetite on home loans and therefore, use rates as a strategy to try and meet their objectives. So we will have to see how this unfolds and wouldn't want to jump the gun where that is concerned.

市場正在逐漸恢復正常，但我認為距離完全恢復正常還有一段距離，因為這是一個相當不平衡的市場，不同的參與者紛紛湧入，加快對房屋貸款的需求，因此，他們將利率作為一種策略來努力實現自己的目標。所以我們必須看看事情會如何發展，在這方面我們不想操之過急。

Very quickly, in the interest of time, I move to your query on gold loans. Yields have been good. Our experience as we are growing this book in a steady manner has thus far been very helpful. We do see us continuing on that path. We will be watchful as it is, again, a very emotional item with clients and who we deal with and the clarity of the terms on which we deal with them, we will be cautious of. But yields on gold loan book have been, I would say, pretty rich given that it is a fully collateralized exposure.

為了節省時間，我這會快速回答您關於黃金貸款的問題。收成不錯。到目前為止，我們穩步推進本書創作的經驗對我們非常有幫助。我們認為我們將繼續沿著這條道路走下去。我們會保持警惕，因為這又是一個非常敏感的話題，涉及到客戶、我們合作的對像以及我們與他們合作的條款的清晰度，我們會非常謹慎。但考慮到黃金貸款是完全抵押的，我認為其收益率相當可觀。

Yes. Is the yield here higher than your retail blended yield or at par, just the retail portfolio?

是的。這裡的收益率高於您的零售綜合收益率，還是與零售投資組合的收益率持平？

Abhishek, so going into one particular product rate, all I will tell you is that this is incremental to the bank's yield as well as the retail product yield.

Abhishek，關於某個特定產品的利率，我只能告訴你，這會增加銀行的收益率以及零售產品的收益率。

Jayant, Axis Capital.

Jayant，Axis Capital。

Sir, my question is on credit. I think the book has not grown sequentially as much. We do think --

先生，我的問題是關於信用方面的。我認為這本書的篇幅並沒有依序成長多少。我們認為--

Jayant, sorry to interrupt you, we lost your audio in between, can you repeat your question once again?

Jayant，不好意思打斷一下，我們剛剛沒聽到你的音頻，你能再說一遍你的問題嗎？

Am I audible now?

現在我能被聽見嗎？

Yes.

是的。

Yes. Question is on credit cards business, when the book has not [nice] in this quarter, whereas we do --

是的。問題出在信用卡業務上，本季帳面業績並不理想，而我們…--

Jayant, sorry to interrupt you, we are again losing your audio. Can you speak through your handset, please?

Jayant，不好意思打斷一下，你的音頻又斷了。請您透過手機通話好嗎？

Yes, is this any better?

這樣好些了嗎？

Yes, try again, try again, softly try again.

是的，再試一次，再試一次，輕輕地再試一次。

Yes. My question was regarding credit cards. The cards book has not grown as much in this quarter. However, the card issuances and the spends have been growing very sharply ahead of industry for the past several months. So is there a mismatch?

是的。我的問題是關於信用卡的。本季紙牌書籍銷售成長並不顯著。然而，在過去的幾個月裡，信用卡發行量和消費額的成長速度一直遠遠超出產業平均。所以是否有不匹配的情況？

And have we observed any uptick in the post-September 22 period?

9 月 22 日之後，我們是否觀察到任何上升趨勢？

First on the card overall, first is that the card growth I alluded to, I think it's 1.5 million new card additions in the quarter. And we have seen that -- which we have talked over the last four quarters, where from a various spend categories, there are certain spend categories that we are cautious of, and we have been managing through the spend time.

首先，就整體而言，首先是我提到的信用卡成長情況，我認為本季新增信用卡數量為 150 萬張。我們已經看到——正如我們在過去四個季度中討論的那樣——在各種支出類別中，有一些支出類別我們比較謹慎，我們一直在管理這些支出。

There are certain things we like and certain things that we have restricted. Secondly, in terms of various credit lines, we are again the circumspect on increasing credit lines for revolvers. And we have seen that the revolve rate hasn't picked up, if anything, has only come down.

有些東西我們喜歡，有些東西我們則有所禁忌。其次，就各種信貸額度而言，我們再次對增加循環信貸額度持謹慎態度。我們已經看到，循環貸款率不但沒有上升，反而下降了。

And so again, from an overall balances point of view, a good amount of transactors who spend and pay, especially from strategic.

因此，從整體平衡的角度來看，相當多的交易者會進行消費和支付，尤其是來自策略層面的交易者。

See, very similar to what Kaizad and Srini has mentioned, I just wanted to add that there will be times where probably because of festivities, there will be a fair amount of offers that will be there from e-commerce platforms, and participants in that particular platform probably would have seen a fair amount of buoyancy in terms of spends and spends per card. If you look at the industry data, you would see a fair amount of spends happening on account of the festivities or the start of the festivities by some of these e-commerce platforms.

你看，這和 Kaizad 和 Srini 提到的非常相似，我只是想補充一點，有時可能是因為節日的原因，電子商務平台會推出相當多的優惠活動，而參與該平台的用戶可能會在消費額和每張卡的消費額方面看到相當大的增長。如果你查看行業數據，你會發現一些電子商務平台在節慶活動期間或節慶活動開始時，會產生相當可觀的支出。

And we have elected and we sort of keep evaluating this particular space to see whether it makes economic sense to participate in some of these spends or not. So if you are comparing or looking at it from an industry perspective, we -- as has been the philosophy, we try and ensure that whatever we participate largely should make some economic sense. It is a fact that we did not participate in some of the large spends that happens during just about the start of the festival on e-commerce platforms.

我們已經做出選擇，並且會持續評估這個特定領域，看看參與其中一些支出是否具有經濟意義。因此，如果您從行業角度進行比較或看待它，我們——正如我們一直以來的理念，我們努力確保我們參與的任何項目在很大程度上都應該具有一定的經濟意義。事實上，我們並沒有參與到電商平台上節日初期的一些大額消費。

And that's probably one of the reasons why you're seeing a very tepid additions to the net receivables on cards for this quarter.

這可能是本季信用卡淨應收帳款成長非常疲軟的原因之一。

Understood. And second question was the mix of the new acquisitions, how much would be existing to bank and new to bank? Is there any change of thought here of targeting new consumer pools through cards, because we're not seeing this kind of aggression from other players right now?

明白了。第二個問題是新收購項目的組合，其中有多少是現有資產併入銀行，又有多少是新收購的資產？是否有任何改變思路，開始透過卡牌遊戲來吸引新的消費群？因為我們目前還沒有看到其他玩家採取這種積極的策略。

Normally, it has been between 65% to 70%, 75% or so is existing, and that has been the level at which we have operated for that.

通常情況下，這個比例在 65% 到 70% 之間，目前大約是 75%，這也是我們一直以來的營運水準。

There's no change in the last six months?

過去六個月沒有任何變化嗎？

Yes, there's no big change.

是的，沒有太大變化。

Ravi Purohit, SIMPL.

Ravi Purohit，SIMPL。

Happy Diwali to the entire team of HDFC Bank. So I have two questions. Most of the other questions have been answered. One is about two quarters back, we had mentioned that from the erstwhile HDFC book, we had about 15 to 20 bps of stressed assets which are actually performing, but we were still classifying them as NPAs. So can you just kind of update us on the status of those?

祝HDFC銀行全體員工排燈節快樂！我有兩個問題。其他大部分問題都已解答。大約兩個季度前，我們曾提到，從先前的 HDFC 帳簿來看，我們有大約 15 到 20 個基點的壓力資產，這些資產實際上表現良好，但我們仍然將它們歸類為不良資產。能簡單介紹一下這些專案的進度嗎？

Have a lot of those got upgraded or some of it, if this quarter, one of the, I think, assets that you were saying that got upgraded was probably part of that e-HDFC book. And is there more left there? If you could just share some thoughts there? And second is, in our advances book, we have seen healthy growth on the SME side, the medium and mid-corporate side.

很多資產都升級了嗎？還是只有一部分？如果是本季度，你提到的升級資產之一，我認為可能是 e-HDFC 資產組合的一部分。那裡還有剩餘的嗎？如果您能分享一些想法就太好了？其次，從我們的貸款業務來看，中小企業、中型企業和中型企業都實現了健康成長。

So if you could just share some thoughts on what we are seeing on the ground on the SME side from loan opportunities. Those are my two questions.

所以，如果您能分享一下您對目前中小企業貸款機會的看法，那就太好了。這就是我的兩個問題。

The first one is simple, yes, I did mention to Mahrukh and to another person that the upgrade -- the 10 basis points upgrade is part of that.

第一個很簡單，是的，我確實向 Mahrukh 和另一個人提到過，升級——10 個基點的升級是其中的一部分。

As regards to the SME part of it, I think we have seen at a ground level a fair amount of positivity come back. There is actual credit demand, which one is seeing in that segment. We do believe that with our clientele and our footprint, it gives us an opportunity to continue to participate, keeping the underwriting standards, but also participating out over here.

至於中小企業方面，我認為我們已經在基層看到了相當多的正面跡象。該領域確實存在信貸需求，這一點在該領域已經體現出來。我們相信，憑藉我們的客戶群和業務範圍，我們有機會繼續參與其中，保持承保標準，同時也能參與其他領域的競爭中來。

And right now, it is continuing to give us the positivity on that segment. The asset quality in that segment has also held up well. So we continue to mine that space within our parameters going forward.

而目前，它繼續為我們帶來該領域的正面影響。該領域的資產品質也保持良好。因此，我們將繼續在既定框架內挖掘這一領域。

And sir, in the RBI policy recently, they had mentioned about Indian banks being allowed to participate in cross-border or fund cross-border M&As and also there were a lot of relaxations that have come in. So if you could just share some thoughts as to how does it kind of open up opportunities for larger banks to participate in larger cross-border transactions, which hitherto were not kind of available and most of that money was being raised in the overseas markets.

先生，印度儲備銀行最近的政策中提到，允許印度銀行參與跨境併購或為跨境併購提供資金，並且推出了許多放寬政策。所以，如果您能分享一些想法，說明這如何為大型銀行參與更大規模的跨境交易創造機會，而這些交易此前是無法進行的，並且大部分資金都是在海外市場籌集的，那就太好了。

Yes. So I think this certainly opens up avenue for large banks to participate, in fact, for most banks to participate. We will await the draft -- we will await the guidelines from -- the final guidelines from the regulator as well as the draft guidelines which have to come out over here.

是的。所以我認為這無疑是為大型銀行參與，實際上也為大多數銀行參與開闢了道路。我們將等待監管機構的最終指導方針以及這裡即將發布的指導方針草案。

I do believe that there is a large market available, which was being financed offshore or to a smaller extent being addressed by the NBFCs or by alternate funds. This would now be available to banks, and we will most certainly examine this and look at it and be able to participate given our clientele and the depth of our balance sheet.

我相信存在一個巨大的市場，這個市場要么在海外獲得融資，要么在較小程度上由非銀行金融公司或另類基金來滿足。現在銀行也可以使用這項服務了，鑑於我們的客戶群和雄厚的資產負債表實力，我們一定會對此進行研究和考察，並考慮參與其中。

Ladies and gentlemen, we'll take that as the last question. I'll now hand the conference over to Mr. Vaidyanathan for closing comments.

女士們、先生們，我們將把這當作最後一個問題。現在我將把會議交給瓦伊迪亞納坦先生，請他作總結發言。

Thank you. Thank you. I want to take this opportune time to wish all of you a very happy festival time with your family and friends. Have a great weekend. Bye-bye.

謝謝。謝謝。我謹藉此機會祝福大家與家人朋友共度一個快樂的節日。祝你周末愉快。再見。

And if you have any more questions or comments and clarifications required, please feel free to reach out to our Investor Relations. We'll be happy to engage. Thank you. Bye-bye.

如果您還有任何疑問、意見或需要澄清的地方，請隨時聯絡我們的投資者關係部門。我們很樂意參與。謝謝。再見。

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

非常感謝。我謹代表HDFC銀行有限公司，宣布本次會議結束。感謝您的參與，您現在可以斷開線路了。謝謝。