HDFC Bank Limited (HDB) 2027 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q1 FY27 earnings conference call on the financial results presented by the management of HDFC Bank. (Operator Instructions) Please note that this conference is being recorded.

各位女士、先生，大家好，歡迎參加 HDFC Bank Limited 2027 財年第一季（Q1 FY27）業績電話會議，本次會議將由 HDFC Bank 管理層就財務結果進行說明。(接線員指示) 請注意，本次會議將被錄音。

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

現在我把會議交給 HDFC Bank 首席財務官 Srinivasan Vaidyanathan 先生。謝謝，交給您了，Vaidyanathan 先生。

Thank you, Nirav. Good evening, and warm welcome to all the participants. We have today with us our CEO, Sashi Jagdishan; and our Deputy MD, Kaizad Bharucha. I'll hand off the call to Sashi, and then we can take it forward from there.

謝謝你，Nirav。各位晚上好，熱烈歡迎所有與會者。今天與我們同在的有執行長 Sashi Jagdishan，以及副總經理（Deputy MD）Kaizad Bharucha。我先把電話交給 Sashi，之後我們再接續進行。

Thank you, Srini, and thank you all for joining in on this investor call for the Q1 results for FY 2027. As you know, we've had a very -- we navigated this during this period, certain challenges over the last four months. Our people have kept steadfast focus on customer needs and build -- further build the franchise. It's been a very tough period, but I really am proud of them, and thank you to each one of them who really stood behind in continuing the strength and resilience of the institution.

謝謝你，Srini，也謝謝各位參加這場 2027 財年第一季（Q1）業績的投資人電話會議。如各位所知，過去四個月我們在這段期間面對並處理了一些挑戰。我們的同仁始終堅定聚焦客戶需求，並進一步打造我們的特許經營（franchise）。這是一段非常艱難的時期，但我真的以他們為榮，也感謝每一位同仁在此期間挺身而出，持續維持本機構的強健與韌性。

I also sincerely thank the Board for their guidance and more so Keki Mistry for chairing as the Interim Chairman during this period. I also heartily welcome our new Chairman, Rajiv Kumar. We look forward to taking the franchise to the next growth stage. With the appointment of Mr. Rajiv Kumar, there is a sense of stability and a clear signal to minimize uncertainties in a very short time period.

我也衷心感謝董事會的指導，尤其感謝 Keki Mistry 在此期間擔任臨時董事長並主持工作。同時也誠摯歡迎我們的新任董事長 Rajiv Kumar。我們期待帶領這個特許經營邁向下一個成長階段。隨著 Rajiv Kumar 先生的任命，我們感受到穩定性，也清楚傳達出在很短時間內降低不確定性的訊號。

Coming to some of the accomplishments in Q1. The deposit growth continues to be relatively better than the historical Q1 trends. We continue to gain market share, both on an incremental basis and on a stock basis as well. Our productivity at the branch continues to move up, and we realize benefits of the investments that we've done over the last five, six years.

接著談談第一季（Q1）的一些成果。存款成長持續優於歷史上第一季的趨勢。我們持續提升市占率，無論是增量（incremental）或存量（stock）層面皆然。分行端的生產力持續提升，我們也正享受過去五、六年投資所帶來的效益。

Advances, as we had mentioned -- envisioned a while ago, I think we are on the verge of pressing the pedal. As you have seen, the advances have done very well over the last three, four quarters, and that continues -- the trajectory continues. We are focusing on certain customer segments for more -- to manage more longer-term opportunities.

放款（advances）方面，正如我們先前提到並在一段時間前所設想的，我認為我們已接近要踩下油門的時點。各位也看到，過去三、四個季度放款表現非常好，而這個走勢仍在延續。我們正聚焦於特定客群，以掌握更多、並管理更長期的機會。

Our focus now, as I may have mentioned in the past and also in our annual report, we are trying to take customer service to a different level, especially in focusing on the turnaround time of our product and service offerings. We are now measuring it at a more granular level across the length and breadth of the country. We are reimagining our digital journeys and analytics so that we are able to have new levels of adoption. That should sort of bring in a fair amount of efficiencies in the quarters to come.

我們目前的重點，如我過去以及在年報中提到的，是要把客戶服務提升到不同層次，特別是聚焦於產品與服務提供的周轉時間（turnaround time）。我們現在在全國各地以更細緻的層級進行衡量。我們也正在重新構想數位旅程與分析能力，以便達到新的採用水準。這應該會在未來幾個季度帶來相當程度的效率提升。

As regards to environment, we see -- our policy responses have been very timely and effective. This is -- there is a very healthy credit demand that we are seeing in the system as we speak. We believe that the FCNR policy window that has been offered to the banking system is a great opportunity, and we are focusing on that.

就外部環境而言，我們看到——我們的政策回應非常及時且有效。此刻我們在系統中看到非常健康的信貸需求。我們認為提供給銀行體系的 FCNR 政策窗口是一個很好的機會，我們正聚焦於此。

We have spent a large part of the month of June in completing the documentation and approvals necessary from our side and also from the counterparty banks across various jurisdictions. The ECLGS scheme 5.0 is also a very good opportunity, and you will see a fair amount of growth that we will pick up in the mid-market segment.

我們在 6 月花了相當多時間完成我方所需的文件與核准流程，也完成與各司法管轄區對手銀行所需的文件與核准。ECLGS 5.0 計畫也是非常好的機會，您將會看到我們在中型市場（mid-market）客群將取得相當程度的成長。

Competition has been very intense, both on the corporate side, where the spreads continue to be very thin, and we have been rather selective. But we are also looking at a holistic primary relationship engagement. The deposit rates on the granular side has been reasonably stable. But on the non-granular side, I think rates have continued to remain elevated.

競爭一直非常激烈，無論是企業端——利差（spreads）仍然非常薄，我們也相對更為審慎挑選。但我們同時也在尋求更全面的一級往來關係（primary relationship）經營。在細分（granular）存款端，存款利率相對穩定。但在非細分（non-granular）端，我認為利率仍維持在較高水準。

This quarter, you may see some amount of mix change in terms of more non-retail, shorter-term asset mix, the cost of funds moderation. These are all elements which I believe are just tactically being managed. Fundamentally, the franchise continues to be extremely strong. And we will be stepping up the multiple product offerings and one customer view, and you will see the changes happening in the quarters to come.

本季度您可能會看到一些組合變化（mix change），例如更多非零售、較短期的資產組合，以及資金成本（cost of funds）的趨緩。我認為這些因素都只是策略性（tactically）地在管理。從根本上來看，我們的特許經營仍然非常強健。我們也將加速推進多元產品提供與「一客戶視圖」（one customer view），您將在未來幾個季度看到相關變化。

Productivity is a very key focus, and you will see the outcomes of the efficiencies from our focus on digital adoption, the process re-engineering, the kind of customer focus by the senior supervisory architecture, which will ensure that we are able to turn around the delivery times much shorter than what we have ever enjoyed and what the best-in-class market is offering today.

生產力是非常關鍵的重點；您將看到我們聚焦數位採用、流程再造，以及由高階督導架構所推動的客戶聚焦所帶來的效率成果，這將確保我們能把交付周轉時間縮短到比以往任何時候都更短，甚至優於目前市場上同級最佳（best-in-class）所提供的水準。

We have provided a fair amount of tools for deeper customer engagement, as I did allude in terms of technology. We are on the cusp of really -- of harnessing some of the gen AI technologies on our processes, and we do have a fair amount of lighthouse programs that will go into production during the course of the year. Obviously, all of us realize that security is going to be an extremely important part of our strategy, and we are focusing on seeing how we can leverage on AI to augment our defense mechanisms as well.

如我在科技方面所提及的，我們已提供相當多工具以深化客戶互動。我們正處於關鍵時點，準備在流程中真正導入並運用部分生成式 AI（gen AI）技術；我們也有相當多「燈塔」（lighthouse）專案將在今年內投入正式上線（production）。顯然，我們都明白資安將是策略中極其重要的一環，我們也在聚焦如何運用 AI 來強化我們的防禦機制。

We -- of course, there are risks in the horizon in terms of the weather-related disruptions like El Niño and also the geopolitical situation in West Asia. But I think the country has weathered these reasonably well. I think we continue to remain very sanguine. We are prepared for as the country and hence as a company in terms of weathering these -- any such challenges in the near future.

當然，前方仍有一些風險，例如與天候相關的干擾（如聖嬰現象 El Niño），以及西亞的地緣政治情勢。但我認為國家整體已相當程度地妥善因應。我想我們仍然保持相當樂觀（sanguine）。我們也已做好準備，無論是國家層面、也因此在公司層面，來因應並度過未來任何此類挑戰。

I once again thank everyone for a wonderful performance despite a lot of challenges that have happened over these several months. I think good times are here to come, and we stay committed towards customer and other stakeholders in terms of what HDFC Bank has always been to all the stakeholders over these last 30 years.

我再次感謝大家，在過去幾個月發生許多挑戰的情況下仍交出優異表現。我認為好時光即將到來；我們也將持續致力於客戶與其他利害關係人，延續 HDFC Bank 過去 30 年來對所有利害關係人一貫的承諾。

Thank you so much, and over to Srini and (inaudible).

非常感謝，交回給 Srini 以及(聽不清楚)。

Thank you, Sashi. Nirav, with that, let's open up the line for questions. We'll go straight jump into the questions relating to the earnings of the quarter. Please go ahead.

謝謝你，Sashi。Nirav，接下來我們開放提問。我們將直接進入與本季度業績相關的問題。請開始。

(Operator Instructions) Mahrukh Adajania, Tara Capital Partners.

(接線員指示) Mahrukh Adajania，Tara Capital Partners。

My first question is on margins. Do you think margins have bottomed out now? That's my first question. And what are the headwinds or tailwinds for margins? How would the FCNR mobilization impact them? So that's my first question.

我的第一個問題是關於利差（margins）。您認為利差現在已經觸底了嗎？這是我的第一個問題。另外，利差的逆風或順風因素有哪些？FCNR 的募集（mobilization）會如何影響利差？以上是我的第一個問題。

And my second question is that HDFC Bank does require one more ED, right? So when will we hear of that appointment?

我的第二個問題是，HDFC Bank 還需要再任命一位執行董事（ED），對嗎？那麼我們何時會聽到這項任命消息？

Okay. So first, probably I'll take the first part of the question, how to think about the margin. There are two aspects, as you know. One is the cost of fund is the biggest opportunity on the margin where, compared to our historical norms as well as compared to what we have seen in the industry as such, there can be 40, 50 basis points change, but it is not going to change in a hurry. And there are -- the elements of that is one is the liquidity -- country's liquidity scenario needs to be slightly different than where it is.

好的。所以首先，我可能先回答問題的第一部分：如何看待利差。如你所知，有兩個面向。其一是資金成本是影響利差最大的機會點；相較於我們的歷史常態以及我們在同業所看到的情況，可能會有40、50個基點的變化，但不會在短時間內迅速改變。而其中的要素之一是流動性——國內的流動性情境需要與目前略有不同。

For example, even in the recent quarter, the average liquidity in the system was about INR2.08 trillion. However, the peak was INR5.5 trillion and the trough was a negative INR0.43 trillion. So there's a big difference between the peak and the trough. On an average, it is INR2.08 trillion. We need that standard deviation to that average to be minimal so then there could be kind of an active kind of a market where the rates can stabilize well.

例如，即使在最近一個季度，系統內的平均流動性約為2.08兆印度盧比（INR）。然而，峰值為5.5兆印度盧比，谷值則為負0.43兆印度盧比。因此峰值與谷值之間差異很大。平均而言是2.08兆印度盧比。我們需要讓相對於該平均值的標準差盡可能小，這樣市場才能更為活躍，利率也能更好地穩定下來。

And that's part of what the policy is also envisaged. And you've seen that FCNR or the swap window and all of that is in the direction to ensure that there's adequate flows and there is a stabilization of the rates there. So it depends on that. And that's what determines both the deposit costs, particularly the non-retail deposit costs.

這也是政策所設想的一部分。你也看到FCNR或掉期窗口等措施，都是為了確保有足夠的資金流入，並使利率在那裡趨於穩定。所以這取決於上述因素。而這也決定了存款成本，特別是非零售存款成本。

The retail deposit cost, us as well as various players in the industry, have been circumspect and have been steady there. But the non-retail costs -- non-retail deposit costs have been elevated. And similarly, the borrowing mix has not come off yet. We still remain at about 11%. That continues to be a space that we keep watching. But again, it doesn't change in the short term and doesn't change in a hurry.

零售存款成本方面，我們以及同業各家都相當審慎，並保持穩定。但非零售成本——非零售存款成本一直偏高。同樣地，借款結構也尚未下降。我們仍約在11%。這仍是我們持續關注的領域。但同樣地，它不會在短期內改變，也不會很快改變。

CASA mix, again, we've been relentlessly following up on the CASA. We did -- I mean, on a quarter-to-quarter basis, we can't see and we don't judge. But on a yearly basis, for the year that went by, for example, March '26, for which data got published across the industry, while we grew between 9.5%, 10% or so, we still gained market share on that, right, on that front.

CASA結構方面，我們也一直不懈地推進CASA。我們確實——我的意思是，以季度對季度來看，我們看不到、也不以此作為評判。但以年度來看，例如剛過去的年度、也就是全行業已公布數據的2026年3月，雖然我們增長約9.5%到10%左右，但在這方面我們仍然提升了市占率，對吧，就這一塊。

So we do envisage and we are positioned with our distribution and customer addition to get that. But again, that is a journey and not a kind of a shorter-term impact. So that remains on that.

因此我們確實預期，並且憑藉我們的通路佈局與客戶新增能力，能夠做到這一點。但這同樣是一段旅程，而不是短期就能見效的影響。所以這仍會維持在這個方向上。

On the asset yield, asset yield is a function of whether -- if you ask me whether the margins have bottomed out for the year, we can talk about. Quarter to quarter, we cannot and we don't manage for the shorter term. The reason is there are timing in the year through which various types of loans get booked. And so we have to wait for the year to see. But we do think that on a full-year basis, we are well positioned with our reach and with our customer selection to be better.

至於資產收益率，資產收益率取決於——如果你問我今年利差是否已觸底，我們可以討論。但就季度對季度而言，我們無法、也不會以短期為管理目標。原因在於一年之中不同類型貸款入帳的時間點不同。因此我們需要等到年度結束再觀察。但我們確實認為，以全年口徑來看，憑藉我們的觸達能力與客戶選擇，我們處於更有利的位置。

As regards to the second question that you asked about enhancing the number -- the full-time directors on the Board, yes, there are several milestones which the Board is seized of, including with the appointment of the new Chairman -- new part-time Chairman, some of which all of you know. I think a fair amount of action will be visible in a short time period. And I would like you to sort of wait for the same.

關於你第二個問題，即增加董事會全職董事的人數，是的，董事會正在推進若干里程碑事項，其中包括任命新主席——新的兼職主席，其中一些你們都知道。我認為在不久的時間內會看到相當多的行動。我也希望你們可以稍作等待。

Pranav Gundlapalle, Bernstein.

Pranav Gundlapalle，Bernstein。

Question is largely on the branch network where we had a big boost in FY22, '23. Do you think all the branches that were added in that period are scaling up the way or have scaled up the way you would have initially expected?

問題主要關於分行網絡：我們在FY22、'23有一波大幅擴張。你認為那段期間新增的所有分行，是否正以你們最初預期的方式在擴張規模，或已經擴張到你們原先預期的程度？

And the related question is on the SA market shares, which have been -- the incremental market shares have been largely flatlined despite the branch additions. So what should change for us to once again start seeing meaningful gains in SA market share?

相關的問題是關於SA市占率（儲蓄帳戶市占率）：儘管新增了分行，但增量市占率大致持平。那麼，我們需要改變什麼，才能再次看到SA市占率有意義的提升？

Yeah. I'll first talk about the branch as such, right, from a branch vintage model. Yes, about close to 40% of the branches are less than five years. And yes, those time periods that you mentioned, we did add -- made a significant addition to branches.

是的。我先談分行本身，從分行「批次/年齡」（vintage）模型來看。是的，約有接近40%的分行成立未滿五年。而且你提到的那段期間，我們確實——大幅新增了分行。

If you look at the branch -- per branch metrics, we are about INR330 crore per branch currently. And if you go back to the '23 time period, we were INR266 crore per branch. And if you go back even further, right, it's less than INR200 crore. So the point is the branch addition at an aggregate level, the early vintages are performing to the legacy branch vintages.

如果你看分行——每家分行的指標，我們目前約為每家分行330億印度盧比（INR）。如果回到'23那段期間，我們是每家分行266億印度盧比。再往前看，對吧，則低於每家分行200億印度盧比。所以重點是：在總體層面，新增分行的早期批次表現，已經達到既有分行批次的水準。

And the legacy branch vintages are also progressing towards what the 10-plus years and 15 years-plus years will do, which is what is demonstrated in the average per branch when you see it, INR330 crore per branch is extremely very -- extremely productive and one of the best-in-class in the industry on a per branch basis. So the branches are behaving according to the model that is envisaged.

而既有分行批次也在朝著10年以上、15年以上分行所能達到的水準前進；這也反映在你看到的每家分行平均值上——每家分行330億印度盧比非常——非常高效，按每家分行計算，屬於同業最佳之一。因此分行的表現符合原先設想的模型。

One thing I want to mention is that while it's very important that the branches are the key arm to get the deposits in, branches are a very significant part of how we grow part of the retail assets and the small and medium enterprises loans, SME loans. The wholesale and the top corporate, mid-corporate loans get centrally managed through various relationships. But the branch level is where all the other segments operate. And the growth that you see there, these branches do deliver all of those things, right? I just want to leave the thought there.

我想提一點：雖然分行作為吸收存款的關鍵觸角非常重要，但分行同時也是我們推動部分零售資產與中小企業貸款（SME貸款）成長的重要組成。批發業務以及大型企業、中型企業貸款，會透過各種關係由總部集中管理。但在分行層級，其他所有業務板塊都在運作。而你在那裡看到的成長，這些分行確實能交付所有這些成果，對吧？我只是想把這個觀點留在這裡。

And in terms of the SA, the savings account that you mentioned, one thing that if you look at the household deposit growth in the country as such, when you look at the data that gets published by RBI across various categories, segmentation of deposits, household deposit growth is one of the lowest among various, right? When you look at the corporates, when you look at the government and institutions and when you look at the households, the household deposit growth is one of the lowest. That doesn't mean that that's how it's supposed to be. That it's going through the phase of how it's remaining in the single digit.

至於你提到的SA，也就是儲蓄帳戶，有一點是：如果你看全國住戶存款的成長，當你看RBI公布的各類數據、按存款分項來看，住戶存款成長在各類之中屬於較低的一類，對吧？當你看企業、政府與機構，以及住戶時，住戶存款成長是其中較低的。這並不代表它就應該如此。它正處於一個仍維持在個位數成長的階段。

And the way we have approached to address this is there will be only a certain level of savings accounts anybody will have. And that is why the distribution reach and addition of the customers is about the increasing the unit. And so thereby, the unit value can marginally go up. We need the unit. So this is about the unit economics that we need to drive.

而我們為了解決這個問題所採取的方法是：任何人能持有的儲蓄帳戶數量只會在某個水準。因此，通路觸達與客戶新增，重點在於增加「單位數」（unit）。如此一來，每單位價值可以小幅提升。我們需要的是單位數。所以這關乎我們需要推動的單位經濟（unit economics）。

And at the same time, as we drive the unit economics, we are today a little more than 100 million customers. And as we drive the unit economics, keep the cost in check and under control on efficiency so that we scale this. That's what is happening is the scaling is happening with unit economics slightly moving because we are not counting on the household deposit growth to go from 8%, 9% to 15%. That may happen, may not happen, but that's not our approach. Our approach is to increase the units to get that benefit.

同時，隨著我們推動單位經濟效益，我們目前的客戶數已略高於1億。而在推動單位經濟效益的同時，我們也會把成本控制在可控範圍內、提升效率，以便擴大規模。目前正在發生的情況是：規模在擴張，而單位經濟效益也在些微變動，因為我們並不指望住戶存款增長率會從8%、9%跳升到15%。那可能會發生，也可能不會發生，但那不是我們的方法。我們的方法是增加單位數量，以取得那個效益。

Sashi can add.

Sashi可以補充。

Sashi, if I can just follow up, like my question was largely on a relative basis. So you obviously had a very, very high productivity to start with. But if you see it relative to the system, it's actually come off a bit in the last three years. Same with deposit growth, SA growth, et cetera. You had -- we see a very big delta of the system versus peers. That seems to be narrowing.

Sashi，如果我可以再追問一下，我的問題主要是相對比較的角度。你們一開始的生產力顯然非常、非常高。但如果相對於整個系統來看，過去三年其實略有回落。存款增長、SA增長等也是如此。你們——我們看到你們相對於系統與同業之間有很大的差距。但這個差距似乎正在縮小。

So some color on what has changed? Like are you adding the same number of accounts? Is it balances that are coming off? Some color there that will reassure that you'll eventually get back to industry-leading growth.

所以能否說明一下發生了哪些變化？例如你們新增的帳戶數是否一樣？還是餘額在下降？請提供一些說明，讓我們相信你們最終會回到業界領先的增長。

So Pranav, thank you for that. I mean, number one is you yourself alluded to the fact that we've had a fair amount of investment in distribution over these five years. So our denominator has a fair amount of branches, which are -- which will start to generate more and more customers and hence, balances as we start to move into the 0 to 5, 5 to 10, 10 to 15 vintage of these investments that will happen. And you have seen in the -- in our presentations how the economics work for different vintage branches.

Pranav，謝謝你的提問。第一點，你自己也提到，過去五年我們在通路/分銷上投入相當多。因此我們的分母端有相當多的分行——隨著這些投資進入0到5年、5到10年、10到15年的不同「分行年齡層（vintage）」階段，它們會開始帶來越來越多的客戶，進而帶來餘額。你也在我們的簡報中看過，不同年齡層分行的經濟模型如何運作。

Number two is, despite that, the productivity may have come down relatively, but it's still one of the best-in-class in the industry. The second part of it is, as Srini was saying, it is a fact that in the last couple of years or more so three years, the industry and the system were also plagued with a fair amount of number of accounts, which were not necessarily behaving in an orderly manner. And what I meant by that is you did see a fair amount of fraudsters using accounts as mules, and that sort of started to increase in the banking system significantly.

第二點是，儘管如此，生產力相對可能有所下降，但仍然是業界同級最佳之一。另外，如Srini所說，事實是過去幾年——更準確地說是過去三年——整個產業與系統也受到相當多帳戶的困擾，這些帳戶的行為未必有序。我的意思是，你確實看到不少詐騙者把帳戶當作人頭/中轉（mule）使用，這類情況在銀行體系中顯著增加。

We needed to -- we use a fair amount of our algorithms and rule engines to try and see how we can bring in a fair amount -- bring in some amount of quality acquisitions over the periods of FY24, '25 and '26. I think these are the three -- or '25, '26, which is what you -- we did, and that was pretty much reflected in the slowdown in the new acquisitions because we were gearing ourselves to the new realm of better-quality acquisitions.

我們需要——我們運用相當多的演算法與規則引擎，來思考如何在FY24、'25與'26期間，帶來相當程度——帶來一定程度的高品質獲客。我想這三年——或'25、'26（也就是你——我們所做的），這也反映在新獲客放緩上，因為我們正在為更高品質獲客的新環境做準備。

As we now move forward, you will and one should see a step-up in the -- as what Srini calls it, unit economics in terms of the numbers moving up at the quality that -- and the kind of diligence that one would necessarily need in this kind of an environment, digital environment, and that is what we are trying to do. So I guess it was a matter of correction to ensure that we put in the guardrails not to bring in unwanted accounts.

隨著我們接下來往前走，你會——也應該會看到一個提升，正如Srini所稱的「單位經濟效益」，也就是在維持品質的前提下，數量會上升；而在這種環境、數位環境中，所必需的盡職調查也會到位，這正是我們正在做的。所以我想，這是一個修正的過程，確保我們設好護欄，不引入不想要的帳戶。

I think as we move forward, I think we are reasonably confident that we not only will -- should reach reasonable healthy numbers in terms of annual momentum, depending on the capacity of the overall 9,700 branches, but also the quality acquisition value, unit value as well. So my hunch tells me that I think you should see reasonably healthy growth over a one-, two-, three-year period in the savings accounts as well.

我認為往前看，我們相當有信心，不僅——應該能在年度動能上達到合理健康的數字（取決於整體9,700家分行的承載能力），同時也能在高品質獲客的價值、單位價值上有所提升。所以我的直覺是，你應該會在未來一到三年的期間內，在儲蓄帳戶方面也看到相當健康的成長。

Kunal Shah, Citigroup.

Kunal Shah，花旗集團。

Yeah. So firstly, on margins. So now we are almost down to 3.4%-odd. Borrowing has also come off to 11%-odd, and we had highlighted that it can come down to 8%, 9%, so not much room left out there. Obviously, it's a competitive environment.

是的。首先談利差。我們現在幾乎已降到約3.4%。借款占比也降到約11%，而我們之前提到它可以降到8%、9%，所以那邊的空間也不多了。顯然，這是一個競爭激烈的環境。

But with this franchise, where should we eventually see margins settling down because earlier, the expectations were much higher, but now it's trailing a bit, and what would actually led to this? What are the levers available for the same? So that's the first question.

但以這個特許經營（franchise）而言，最終你們認為利差會落在什麼水準？因為先前市場預期高得多，但現在有點落後了；造成這種情況的原因是什麼？有哪些可用的槓桿可以改善？這是第一個問題。

Second is, when you look at it on the FCNR deposits, last time we were quite active. We mobilized the largest chunk. So if you can just guide in terms of -- you mentioned like documentation is on, but what is the kind of number which we would look at or maybe the market share in the overall FCNR deposits that we would want to target at this point in time?

第二個是，關於FCNR存款，上次我們相當積極。我們動員了最大的一塊。所以能否指引一下——你提到文件作業已啟動，但我們現在應該看什麼樣的數字，或是在整體FCNR存款中希望鎖定的市占率大概是多少？

And thirdly, on CEO reappointment, if you can just highlight in terms of where the process is because it's now due. So has it been already applied to RBI? Or would there be announcement from the Board in terms of the approval and then we would see the application to the RBI? So if you can just highlight in terms of the process where we are in terms of the CEO appointment, yeah.

第三個，關於CEO續任，如果可以請說明一下目前流程進度，因為現在已經到期了。是否已經向RBI提出申請？或者會先由董事會公告核准，然後我們再看到向RBI送件？所以請說明一下CEO任命/續任流程目前進行到哪裡，謝謝。

I'll handle the margin then. So first is, Kunal, thanks for asking that. One is I do want to mention that the borrowing mix, which is at 11%, we don't expect that it'll just settle at 8% or 9%, right? The industry is more like a 5% or 6%, right? So we do think that the maturity should take care of that to some extent.

我來回答利差的部分。首先，Kunal，謝謝你問這個問題。第一點我想提的是，借款組合目前在11%，我們不預期它就會停在8%或9%，對吧？整個產業大概更像是5%或6%，對吧？所以我們確實認為，隨著成熟度提升，這在某種程度上會得到改善。

And the growth -- overall growth should also take care of it to the balance of the extent because as the growth happens, and you don't need to fund only through borrowing. So then the borrowing percentage will go off and come down. Now that's one.

而整體成長——整體成長也會在剩餘的部分上有所幫助，因為當成長發生時，你不需要只靠借款來融資。因此借款占比就會往下走、下降。這是第一點。

Second thing connected to that, you asked is, what is the longer-term margin? Where does this settled, right? See, again, as I mentioned, both from a -- when you benchmark and see against us against the peer group and so on, the cost of fund elements that needs to play out are very much intact, and those are being --

第二點與此相關，你問的是長期利差是多少？最終會穩定在什麼水準？你看，如我提到的，無論是從——當你拿我們與同業群組等做基準比較時，資金成本端需要發揮的因素仍然非常完整，而且這些正在--

Participants, please stay connected while we check the management connection. Ladies and gentlemen, thank you for your patience. We have the line for the management reconnected.

各位與會者，請保持連線，我們正在確認管理層的連線狀況。女士們、先生們，感謝您的耐心等候。我們已重新接通管理層的線路。

Kunal, may I request you to help sir where the line dropped, please?

Kunal，能否請你協助先生說明一下剛才斷線的位置？

Okay. Thank you. Kunal, where did it get dropped because somewhere the cable --

好的。謝謝。Kunal，是在哪裡斷掉的？因為某處的線纜--

Sir, you were mentioning that cost of benefit -- cost of funds benefit is yet to play out. Yeah.

先生，您剛才提到資金成本的效益——資金成本的好處尚未完全顯現。是的。

Cost of funds benefit will play out, and it is very much in the works, both in our annual review of plans and as well as our strategic review. It's very much where we envisage and receiving the attention of various verticals to get that, right, both from a mix of products within the deposits as well as mix of borrowings within that, very much there to get that.

資金成本的效益將會逐步顯現，而且這項工作正在推進中，無論是在我們的年度計畫檢討，或是策略檢討中皆然。這正是我們所設想的方向，也正受到各個業務縱向單位的重點關注，以把它做好——不論是存款端的產品組合，或是借款端的融資組合，都在朝這個方向努力。

On the asset side, I was -- that's where I think it got cut off. On the asset side, the mix of assets is also an important contributor for a longer-term margin. Today, we are at a 52% retail mix. At our kind of an experience that we have seen, we were at about 60% or so.

在資產端，我剛才——我想那裡被切斷了。在資產端，資產組合同樣是長期利差的重要貢獻因素。目前我們的零售占比為52%。依我們過往看到的經驗，我們曾在約60%左右。

And we always have thought that in India's consumption component of the GDP is at about 60%, and that's where we want to be as far as the retail mix is concerned because that's when we will mirror the economic growth and fortunes in the country, so we can be going in tandem with that. And so that mix of the asset is also an important contributor of that.

我們一直認為，印度GDP中的消費占比約為60%，就零售占比而言，我們也希望達到那個水準，因為那樣我們就能映照國內的經濟成長與景氣循環，與之同步前進。因此，資產組合的配置也是其中一個重要的貢獻因素。

As regards to the third question that you had on the reappointment of the MD, I can share with you that the GNRC and Board is fully seized of the matter, and that is work in process. And as they arrive at a conclusion, we will certainly make the necessary announcements in that regard.

至於你提出的第三個問題——關於總經理（MD）續任——我可以與你分享的是，GNRC與董事會已充分掌握此事，目前正在處理中。待他們作出結論後，我們一定會就此發布必要的公告。

And as regards FCNR (B), as I mentioned, even in 2014, the pace starts to pick up only in the second month of the announcement. The first month, like in 2014, I think we have spent a fair amount of time in the documentation part of it and the approvals, both internally and also the respective counterparty bank. And you will see in the month of July, August, September, we have certain milestones.

至於FCNR (B)，如我所提，即便在2014年，進度也是在公告後的第二個月才開始加快。第一個月，如同2014年一樣，我想我們花了相當多時間在文件作業與核准流程上，包括內部以及對應的交易對手銀行。而在7月、8月、9月，你會看到我們達成一些里程碑。

I'm sorry, I can't sort of put a number to that in the public domain, but you will see a very handsome -- or that's the endeavor to ensure that we are reasonably strong and significant market share in the month.

抱歉，我無法在公開場合給出具體數字，但你會看到一個非常亮眼的——或者說，我們的努力方向是確保在該月份取得相當強且具規模的市占率。

Seshadri Sen, Emkay Global.

Seshadri Sen，Emkay Global。

So a little bit of a follow-up on Pranav's question on deposits. So am I to understand that this decline in the CASA ratio is temporary or is a passing phase? And as your customer acquisition engine start to fire in, we will see a restoration also.

我想就Pranav關於存款的問題再追問一下。所以我是否可以理解為，CASA比率的下滑是暫時的、只是過渡期？而當你們的客戶獲取引擎開始發力後，我們也會看到比率回升。

Seeing the share of wholesale deposits rise, albeit not by a large amount, but it's gone up from 17% to 20%. And you're right that, that does reflect what the RBI has been talking about in change of the composition of deposits. So being a large bank, do you think that even if the system continues to gravitate towards wholesale and non-CASA deposits, you'll be able to get back to your earlier ratios once your customer acquisition engine start to bear fruit?

我們看到批發存款的占比上升，雖然幅度不大，但已從17%升至20%。你說得對，這確實反映了印度央行（RBI）所談到的存款結構變化。那麼作為一家大型銀行，你認為即使整個體系持續朝批發與非CASA存款傾斜，一旦你們的客戶獲取引擎開始結果，你們仍能回到先前的比率水準嗎？

Okay. Let me try and attempt that, Sesh. For a start, the endeavor and our vision is to reach to somewhere near the pre-merger levels or just around the time of the merger, which was around 38 --

好的。Sesh，我試著回答一下。首先，我們的努力方向與願景，是回到接近合併前的水準，或是合併前後那段時間的水準，大約在38——

Post the merger, we were 38 and before that, we were 40.

合併後我們是38，合併前是40。

And if you -- as Srini has alluded, obviously, there has been a significant change in the household savings pattern over the last three years more so. So what are we trying to do? We are trying to see how we can gain more incremental market share on our low-cost funds much more than what we have as a stock of -- as a stock share. That's the first part of it.

而且如Srini所提，過去三年、尤其更近三年，家庭儲蓄型態確實出現了顯著變化。那我們在做什麼？我們在思考如何在低成本資金上取得更多的增量市占，而不只是維持既有存量——既有的存量市占。這是第一部分。

Obviously, our appetite to grow is much more. So there is a need to even grow our time deposits. And the result is -- because if you need to grow, then you would need a certain amount of time deposit growth, which invariably over the last couple of years has been much higher than the low-cost funds growth rate. So therefore, the CASA ratio has been a little bit on the lower side.

顯然，我們的成長企圖心更強。因此也需要擴大定期存款的成長。結果就是——因為若要成長，就需要一定程度的定期存款成長；而在過去幾年，定期存款的成長率往往高於低成本資金的成長率。因此，CASA比率就會略偏低。

So the thought process that we have, as Srini did mention, is that we are probably now, after putting in our guardrails in terms of what kind of customers need to come in into the institution from an acquisition perspective, I think we are now ready to press the pedal. I think that is what I think the entire franchise is driving about. And maybe over the next nine months, we will see -- we hope to see a fair amount of change in the acquisition numbers and hence value.

因此，我們的思路——如Srini所提——是：在從獲客角度就「哪些客戶應該進入本機構」設好護欄之後，我認為我們現在已準備好加速推進。我想這正是整個體系（franchise）正在推動的方向。也許在接下來九個月，我們將會看到——我們希望看到——獲客數量與相應價值出現相當程度的變化。

If that sort of really changes the growth rates to be much better than our time deposit growth, I think that will be wonderful. But obviously, a world is not so perfect.

如果這真的能讓我們的成長率明顯優於定期存款的成長率，那當然非常好。但顯然，世界並不那麼完美。

And having said that also, I mean, if you are also -- 50% of your balance sheet is non-retail, which is wholesale, you cannot really ignore that particular franchise as well. We cannot sort of pick and choose what we want. We need to ensure that we are there for all the needs of the corporate customer, whether it is for deposits, whether it's for cash management, whether it's for any other type of facility as long as the appetite is there for us.

另外，即便如此，如果你的資產負債表有50%是非零售、也就是批發業務，你也不能忽視那一塊的客群基礎。我們不能只挑我們想要的。我們必須確保能滿足企業客戶的各種需求——不論是存款、現金管理，或任何其他類型的授信/服務——只要在我們的風險偏好範圍內。

So yes, this particular quarter is, as I said, we are now not looking at a quarterly measurement. We want to see at the medium to long term. I think while this quarter, it could be a 20% mix in terms of deposits, et cetera, but I guess these things then normalize. And in the medium to long term, I think it's been more or less stable, which is what we have seen over the last 10 years.

所以，是的，這一季——如我所說——我們現在不再以單季作為衡量標準。我們希望以中長期來看。我想雖然這一季在存款等方面可能是20%的占比，但我猜這些之後會回歸常態。而從中長期來看，過去10年我們看到的情況大致上是相對穩定的。

Our focus is going to be on retail in terms of -- because that's where you get the advantage on deposits, that's where you -- down the cost of funds. But at some point in time, from a holistic relationship perspective, even we need to patronize some of the capital markets and also the corporate segments as well.

我們的重點會放在零售端——因為那裡在存款上有優勢，也能降低資金成本。但在某個時間點，從整體關係經營的角度，我們也需要支持部分資本市場業務以及企業客群。

But be as it may, whilst margin is something that I think a lot of us have been focusing on, for us, there are areas that we want to first, because margin will play out as we move forward. I'm sure, assuming all things remaining same from year -- from next year, they will be -- the base effect will wear off. And how this sort of plays around is not something that I'm necessarily focusing.

不過無論如何，雖然利差是我們許多人一直在關注的重點，但對我們而言，有些領域我們想先把它做好，因為利差會在往前推進的過程中逐步顯現。我相信，假設其他條件不變，從明年起——基期效應會逐漸消退。至於這會如何演變，並不是我目前一定要聚焦的事情。

I need to be in the market. We need to be competitive. But we want to be competitive in such a way that we are able to garner a lot of efficiencies arising out of our enhanced and stepped up focus on customer service, which will bring down turnaround time and hence, will bring down the capacities, the back end, which will move to the front end, which will see a fair amount of efficiencies over the next two, three years.

我們需要在市場上競爭。我們必須具備競爭力。但我們希望以一種方式來競爭：能夠透過我們加強且提升對客戶服務的聚焦，取得大量效率——這將縮短周轉時間，進而降低產能需求；後端資源會前移到前端，並在未來兩到三年帶來相當可觀的效率提升。

This is how we are planning strategically. And if in the bargain, in the process, the outcome also sort of helps us in getting a better low-cost funds proportion and hence, better margins, I think that's a kind of a bonus as well.

這就是我們在策略上的規劃方式。而如果在這個過程中，結果也順帶幫助我們提高低成本資金的占比、進而帶來更好的利差，我認為那也算是一個額外的加分。

So we are very focused on three or four things: customer focus to the level of obsession; riding on technology, especially in terms of embedding AI in our journeys; three is trying to ensure that our daily operating rhythm just reduces the turnaround time for product and service delivery; four is stepping up and releasing a lot of capacity at the customer-facing end to be able to engage more with the customers and hence, more of business momentum coming about, which is growth.

因此，我們非常聚焦在三到四件事上：第一，對客戶的專注到近乎痴迷的程度；第二，乘勢運用科技，特別是在我們的各項客戶旅程中嵌入 AI；第三，確保我們日常的營運節奏能夠縮短產品與服務交付的周轉時間；第四，強化並釋放更多面向客戶端的產能，以便能與客戶有更多互動，進而帶來更多業務動能，也就是成長。

And then the very fact that we are cutting down on turnaround time, efficiency should lead to better cost to earnings efficiencies as well. So this is an offset, which is what we are looking at. And if in the bargain that we also sort of get the benefit of improved CASA ratios, CASA mobilizations over the next two, three years, I think that's going to be a gem in overall strategy.

此外，周轉時間的縮短，效率也應該會帶來更好的成本對收益效率。所以這是一個抵銷效果，正是我們所期待的。而且如果在此同時，我們也能在未來兩到三年受益於 CASA 比例的改善、CASA 的動員（吸收）提升，我認為這將會是整體策略中的一顆寶石。

Just a quick follow-up. Given your investments in front-end tech and customer service, do you think there's also an opportunity to increase wallet share in existing and vintage customers? You were talking about customer acquisition be a driver, but do you think that, that's also an opportunity?

我再快速追問一下。鑑於你們在前端科技與客戶服務上的投資，你是否也認為有機會提升既有與存量客戶的錢包份額？你剛才談到客戶獲取會是驅動因素，但你是否認為這同樣也是一個機會？

Yes, absolutely, because, see, the moment we start to focus on that and when we try and create a kind of best-in-class experience, why would any customer move out? I mean, rather, he would -- that's one of our key objectives, gain market share within our existing base itself or even from a new-to-bank acquisitions as well.

是的，絕對是，因為你看，一旦我們開始聚焦於此，並且嘗試打造一種同級最佳的體驗，為什麼任何客戶會流失呢？我的意思是，相反地，他會——這也是我們的關鍵目標之一：在我們既有客群內提升市占，或者也從新開戶（new-to-bank）的獲客中取得市占。

So that's going to be our next two-, three-year journey, and we are all seized of this. We're not sort of too worried about the segmentation. I mean we need to be agile in any customer segment that we are participating.

所以這將是我們接下來兩到三年的旅程，我們都已充分掌握並投入其中。我們並不會太擔心分群。我的意思是，我們需要在任何我們參與的客戶分群中都保持敏捷。

Today, we are focusing on more and more in the retail and MSME segment. I'm sure we have a strong hold in the corporate segment. But even on that with the implementation of new technologies over a period of time, we have been prioritizing more on the retail and MSME segment. But I'm sure that even the wholesale corporate and capital market segment will also get there, and that will also sort of see a kind of a change in terms of the wallet share increase.

目前我們越來越聚焦在零售與 MSME（微型、小型與中型企業）客群。我確信我們在企業客群方面也有很強的基礎。但即便如此，隨著新技術在一段時間內的落地，我們一直更優先聚焦於零售與 MSME 客群。不過我也確信，即使是批發型企業與資本市場客群也會逐步到位，並且在錢包份額提升方面也會看到某種變化。

Thank you, Seshadri, One thing I do want to add is that while there is a relentless pursuit for CASA, granular CASA that includes current account, too, from the retail merchant type of customers, time deposit continues to be a very big opportunity because only 14% of our customers have time deposits with us. So there is an enormous opportunity for a deeper penetration on that. And so that's -- it's not this or that, it's both. I just want to mention that.

謝謝你，Seshadri。我想補充一點：雖然我們在 CASA（活期與儲蓄存款）上持續不懈地追求，尤其是更細分的 CASA（也包含來自零售商戶類客戶的活期存款 current account），但定期存款（time deposit）仍然是一個非常大的機會，因為只有 14% 的客戶在我們這裡持有定期存款。因此在這方面有非常巨大的深化滲透空間。所以這不是二選一，而是兩者都要。我只是想提一下。

(Operator Instructions) Suresh Ganapathy, Macquarie Capital.

（接線員指示）Suresh Ganapathy，Macquarie Capital。

Yeah, sure. Just two questions. One thing is your PAT growth or your earnings growth has been lacking your balance sheet growth, right? If I look at last year, if I look at this quarter, it's been just 5%. Balance sheet growth is well upwards of 13%, 14%.

好的。我有兩個問題。第一，你們的 PAT（稅後淨利）成長或盈餘成長一直落後於資產負債表成長，對吧？如果我看去年、再看這一季，只有 5%。資產負債表成長則明顯在 13%、14% 以上。

So are you confident over the next two, three years, you can get earnings growth above balance sheet growth because you're going to grow at 15%, would earnings grow well above that? Are you confident of doing that? That's the first question.

那麼你是否有信心在未來兩到三年，讓盈餘成長高於資產負債表成長？因為你們將以 15% 成長，那盈餘是否能顯著高於此？你有信心做到嗎？這是第一個問題。

The second question, I mean, one of the biggest aspects post the merger is that the sharp decline in CASA down to 34%. I know there are several reasons for it. All of your peers are at 40% and even RBI's own financial stability report has explicitly talked about that the correlation between rates and CASA is breaking down completely. So it doesn't mean that rates are going to go down, CASA may go up or anything like that as per Reserve Bank of India's own report.

第二個問題，我的意思是，合併後最大的議題之一是 CASA 大幅下滑到 34%。我知道有好幾個原因。你們所有同業都在 40% 左右，甚至 RBI（印度儲備銀行）自己的金融穩定報告也明確提到，利率與 CASA 的相關性正在完全瓦解。因此，依照印度儲備銀行自己的報告，並不代表利率會下降、CASA 就會上升或諸如此類。

So how can you go back to the levels of 40%? So just wanted to -- I wanted an answer for these two questions.

那你們要如何回到 40% 的水準？所以我想——我希望這兩個問題都能得到回答。

Okay. The first one in terms of the profits, Suresh, just to mention that -- Suresh, you asked about the profits. The reported profits when you compare last year, this year, it does show 5%. But last year included certain one-timers like HDB gains and then we had a floating provision, countercyclical buffer that we added and some contingent provision and so on.

好的。第一個關於獲利的部分，Suresh，我先說明一下——你問的是獲利。若把去年與今年的已揭露（reported）獲利做比較，確實顯示 5%。但去年包含了一些一次性項目，例如 HDB 的收益，另外我們也提列了浮動準備（floating provision）、逆週期緩衝（countercyclical buffer），以及一些或有準備等。

So adjusted for that, I think in one of our reports that we filed, it shows 9.8% profit, yes. But 9.8% profit growth is still lower than the overall balance sheet growth, correct. We do think that in the longer term, that the profit growth should be at or above the balance sheet growth. Yes, that's still in our plans, and that's how we approach. Again, please don't look at quarter to quarter. But since you touched upon the 5%, I talked about the 9.8%. You should look at the full year. And yes, that's part of how we envisage to do.

因此，扣除這些因素後，我想在我們提交的其中一份報告裡顯示的是 9.8% 的獲利成長，是的。但 9.8% 的獲利成長仍低於整體資產負債表成長，這點正確。我們確實認為，從較長期來看，獲利成長應該要等於或高於資產負債表成長。是的，這仍在我們的規劃中，也是我們的做法。另外，請不要只看單季對單季。但既然你提到 5%，我也說明了 9.8%。你應該看全年。而且是的，這是我們所設想的方向之一。

The second aspect that you touched upon is also where CASA correlation to the rates. Yes, we are cognizant of that fact. And we have seen over the last few years about the household deposit growth and how that is functioning.

你提到的第二個面向，是 CASA 與利率的相關性。是的，我們已意識到這個事實。而且過去幾年我們也看到住戶存款成長以及其運作方式的變化。

We are also aware that you and me included, every individual is going to keep only a certain level of their individual's working capital, so to say, the needs in the savings account and similarly, the small merchants, which is our target for current account into their current account. And so the way I was describing to another person was that, it is about the unit increase.

我們也明白，包括你我在內，每個人只會在儲蓄帳戶中保留一定水準的個人「營運資金」需求；同樣地，小型商戶（這是我們活期帳戶 current account 的目標客群）也只會在其活期帳戶中保留一定水準。因此，我向另一位人士的說法是：這關乎「單位數」的提升。

And that is why the distribution is important, and we are adding customers into that. And we are more than 100 million, 101 million, 102 million customer relationships. We'll keep building on that, and that's an important ingredient to get that.

也正因如此，通路（distribution）很重要，而我們正在增加這方面的客戶。我們的客戶關係已超過 1 億，達到 1.01 億、1.02 億。我們會持續在此基礎上擴大，這是達成目標的重要要素。

Yes, can it organically grow up -- go by the nominal rate of 10%? Yes, it can go. Nominally 10%, but anything more gaining on the market share comes through the unit economics here, which is get more units for the same unit, same average balance.

是的，它能否有機地成長——以名目 10% 的速度成長？是的，可以。名目 10% 可以，但若要再多一些、取得市占的提升，就要靠這裡的單位經濟（unit economics）：也就是在相同的平均餘額下，取得更多「單位數」。

Abhishek Murarka, HSBC.

Abhishek Murarka，HSBC。

So I'll just squeeze in odd direct questions. One, can you quantify how much of the bonds are maturing this year and probably this quarter? And what is the rate differential? What is the rate benefit you are getting on the maturing bonds versus the retail TD rates? That's one.

那我就再塞幾個比較直接的問題。第一，你能量化一下今年、以及可能本季到期的債券有多少嗎？以及利率差是多少？到期債券相較於零售定存（TD）利率，你們獲得的利率利益（rate benefit）是多少？這是第一個。

The second one is, if I look at your interest income breakup, and if you look at the interest on balances with RBI and others, there are pretty high balances over there. So is there any one-off or some kind of refund or anything else? So why is that growing at 50% QoQ or 20% Q? So that's just some explanation around that.

第二，如果我看你們利息收入的拆分，並且看你們在 RBI 及其他機構的存放款利息，那邊的餘額相當高。所以那裡是否有任何一次性因素、或某種退款或其他項目？為什麼它會季對季成長 50% 或 20%？所以想請你就這部分做一些說明。

And the third is on ECL, can you quantify what would be the one-time impact? And also on an ongoing basis, how much would your credit cost be impacted? So yeah, those are the three quick questions.

第三個問題是關於ECL，您能量化一次性影響會是多少嗎？另外在持續性的基礎上，您的信用成本會受到多大影響？所以，以上是三個簡短問題。

The annual report we just published a few days ago will show you the profile of maturity of borrowings. You'll see that INR40,000 crore or INR50,000 crore over the next couple of years, you'll see that. And from a -- it does have a differential in rate. It's a little more than 7% to -- if you get a retail, it could be 6%-odd.

我們幾天前剛發布的年報會向您展示借款到期結構的分佈。您會看到未來幾年大約有4萬億盧比或5萬億盧比到期，您會看到這一點。而且從——確實存在利率差異。大概略高於7%，而如果拿到零售端資金，可能是約6%左右。

So you can pick up 100 basis points, 125 basis points depending on the source of the time deposit. If you just replace borrowings with time deposit or you envisage to replace with a mix of time and CASA, but only time, a little more than 100 basis points you will see.

因此，視定期存款來源而定，您可以節省100個基點、125個基點。如果您只是用定期存款替換借款，或您設想以定期與CASA的組合來替換，但若僅用定期存款，您會看到略高於100個基點的改善。

Second question, we didn't get that second question. You can repeat, but we'll go to the third. On the ECL, ECL method, see, there are two aspects. On the ECL method, the overall provision that we are carrying seems adequate and sufficient for the ECL methodology, which is going to kick in, in April 1, '27.

第二個問題我們沒有聽清楚。您可以再重複一次，但我們先回答第三個。關於ECL、ECL方法，您看，有兩個面向。就ECL方法而言，我們目前持有的整體撥備看起來足夠且充分，以因應將於2027年4月1日開始實施的ECL方法。

One thing on the ECL that you need to take into account is that at that time, it depends on the pool position. It depends on the behavior -- historical behavior of that pool position and from -- that is various pools of assets I'm talking about. And then you look forward from there for 12 months, right? That means whatever is the various categories of pools, from that you look forward for 12 months from then on. And then you have a modeling. Then on top of that, there is a flexibility for management overlay. And so -- and there are floors to take into account.

關於ECL有一點您需要納入考量：到那個時點，取決於資產池的狀況。取決於該資產池狀況的行為——歷史行為；我指的是各種不同的資產池。然後您從那裡往前看12個月，對吧？也就是說，無論是哪一類資產池，都要從當時起往前看12個月。接著會有模型建置。此外，管理層覆蓋（management overlay）也有彈性可運用。而且——還要考量一些下限（floors）。

Considering where we are today and looking 12 months down the line, we do believe that our reserving process and the reserving methodology is quite adequate, right? And for us to think about the Stage 3 assets, which is equivalent to the NPA today that you have, that coverage is quite adequate there.

以我們今天的位置並往後看12個月，我們確實相信我們的提存流程與提存方法相當充足，對吧？至於我們所謂的第3階段資產（Stage 3），相當於您今天看到的不良資產（NPA），其覆蓋程度也相當充足。

Stage 1 and Stage 2, which are in various buckets of delinquencies or Stage 1 is not in any delinquency. Stage 2 could be in various buckets of delinquency. The floors that are there, for example, the floor in the unsecured category is 1% and the floor in the secured category is 5% -- no, Stage 2 is 5% and so on. So if you look at that, the standard asset carries a 40 basis points provision. But then here, the floor is 1% for unsecured and for Stage 1, and then for Stage 2, it is 5%.

第1階段與第2階段（Stage 1與Stage 2）分別落在不同的逾期桶；Stage 1沒有任何逾期。Stage 2可能落在不同的逾期桶中。現有的下限，例如無擔保類別的下限是1%，而有擔保類別的下限是5%——不，Stage 2是5%，等等。所以如果你看這些，標準資產目前提列40個基點的撥備。但在這裡，Stage 1（標準）無擔保的下限是1%，而Stage 2則是5%。

So there will be enhancement. But then those enhancements are adequately covered in various manner through various contingent provisions and others that we have. So we feel confident of working through this process on the reserves.

因此撥備會有所提升。但這些提升，我們透過各種或有撥備等方式已在多個層面充分覆蓋。所以我們對於在撥備上推進並完成這個流程很有信心。

The second question, we didn't get it, you can repeat, yeah.

第二個問題我們沒聽清楚，您可以再重複一次，對。

Sure, sure. Just to clarify on ECL at the time. transition, you don't see much of an impact. You have enough provisions for that. After transition, on an ongoing basis, do you think there will be a material increase in credit costs like, I don't know, 5, 10 basis points or 15 basis points, anything of that sort?

好的，好的。只是想釐清一下ECL在轉換時點，您認為影響不大。您有足夠的撥備來因應。轉換之後，在持續性的基礎上，您覺得信用成本會不會有實質性的上升，例如5、10個基點或15個基點之類？

I don't think there will be anything material, but there will be some because as exactly I described, standard assets today are approximately 40. There are some 25 basis points, some 100 basis points. But on an average, 40 basis points standard assets. And that, by definition, because of the floor, which are there, unsecured floor is 1% in Stage 1, which is standard. Stage 2 in any delinquency bucket, the floor is 5% and so on.

我不認為會有任何實質性的變化，但會有一些，因為正如我剛才描述的，今天標準資產大約是40（個基點）。有些是25個基點，有些是100個基點。但平均而言，標準資產是40個基點。而這按定義來說，因為存在下限：Stage 1（標準）無擔保的下限是1%。Stage 2在任何逾期桶中的下限是5%，等等。

So because of the floor, there will be enhancement. But then the way we look today and look forward from here, it would be some impact, but nothing material in terms of the impact.

所以因為下限的存在，撥備會有所提升。但以我們今天的觀察並往前看，會有一些影響，但就影響程度而言不會是實質性的。

(Operator Instructions) Nitin Aggarwal, Motilal Oswal.

（接線員指示）Nitin Aggarwal，Motilal Oswal。

I have two questions. One is around growth. Now with this, like we have started 1Q on a healthy note with this FCNR opportunity that is there. Are we looking at an improved growth run rate this year? We earlier talked about that we want to grow higher than the system, but I believe with the system in a different tangent. I'm not sure we'll want to really go by that. So any number if you can share our growth estimate outlook that we are targeting at? That's one.

我有兩個問題。第一個是關於成長。現在在這樣的情況下，第一季我們因為有FCNR這個機會而有一個健康的開局。我們今年是否在看一個更好的成長運行速度（run rate）？我們之前談到希望成長高於系統，但我認為系統現在走在不同的軌道上。我不確定我們是否還會真的以此為依據。所以如果可以的話，能否分享一下我們目標的成長估計/展望數字？這是第一個。

And second is on the PCR provisioning coverage. We have seen some downward drift in this number over the last few years. So post ECL transition, where we would like our coverage ratio to be maintained?

第二個是關於PCR撥備覆蓋率。我們看到這個數字在過去幾年有些下滑。那麼在ECL轉換之後，我們希望把覆蓋率維持在什麼水準？

So Nitin, I'll answer your first question, and Srini will take the second. In terms of growth, we've seen growth if you see the fact that we've already released and the advances mix. We have seen very good growth happen in our corporate and wholesale segment. We've seen that grow at about 18%, and this is continuing from the growth that we had seen in the previous quarter as well, which was around those levels.

Nitin，我先回答你的第一個問題，第二個由Srini來回答。就成長而言，如果你看我們已經發布的數據以及放款組合（advances mix），我們在企業與批發（corporate and wholesale）板塊看到非常好的成長。我們看到其成長約18%，而且這延續了上一季同樣大約在這些水準的成長。

We've also continued to see very good growth come in our MSME segment. And out over there, we have seen business banking, which is the largest component of our MSME segment, grow at 22.3% this year. And this even tops what we had done in the March quarter. Typically, June is a little softer quarter, but what we have done in June in the MSME segment tells you the traction that we are seeing out over there.

我們也持續看到MSME板塊有非常好的成長。在那裡，我們看到商業銀行業務（business banking）——這是我們MSME板塊中最大的組成部分——今年成長22.3%。這甚至超過了我們在3月季度所達成的表現。通常6月是一個相對偏弱的季度，但我們在6月於MSME板塊所做出的成績，反映了我們在那裡看到的動能。

We've also -- in the MSME, as you would be aware, the scheme of ECLGS 5.0 was launched, and we have participated in that scheme. And we have already, as of June 30, had a disbursement in that scheme of close to INR14,000 crore under the ECLGS scheme. And I think -- and I believe that's amongst the highest in terms of the participating banks because of the spread of customers and the quality of the portfolio that we have out over there. So we have seen even the MSME segment grow very robustly. And I mentioned to you the pace of growth that has taken place over there.

另外——在MSME方面，如你所知，ECLGS 5.0方案已推出，我們也參與了該方案。截至6月30日，我們在ECLGS方案下的撥款（disbursement）已接近1.4萬億盧比。我認為——而且我相信，因為我們客戶覆蓋面廣以及那裡的投組品質，我們在參與銀行中屬於撥款規模最高的一批。因此我們也看到MSME板塊成長非常強勁。我也向你提到了那裡的成長速度。

In addition to the wholesale and MSME, we've seen good growth also come through in our core retail segment. We've seen, on a year-on-year basis, very strong growth in our disbursements in the wheels business. We've also similarly seen a strong growth in our unsecured business on disbursements in terms of the personal loans and business loans that we do out over there as well as touching upon finally the mortgages piece.

除了批發與MSME之外，我們的核心零售板塊也有不錯的成長。以年對年來看，我們在車貸業務（wheels business）的撥款呈現非常強勁的成長。同樣地，我們在無擔保業務的撥款也看到強勁成長，包括個人貸款與商業貸款，最後也涵蓋到房貸（mortgages）部分。

Again, we have seen a growth of close to 14% in terms of disbursements on mortgages on year on year. And the earlier two pieces that I talked about, we have seen disbursement growth approximately of about 20%-odd. So that should give you a flavor of how we have participated in each of these segments.

同樣地，我們看到按揭放款金額年對年成長接近14%。而我先前提到的另外兩塊業務，我們看到放款成長大約在20%出頭。因此，這應該能讓你大致了解我們在各個細分市場的參與程度。

And we do see credit demand holding. We do see a lot of resilience, which has been there in the economy, even post what we have seen in terms of the geopolitical situation. Yes, we have to wait for the full impact of the El Niño and see because that does have a bearing, which plays out in the third quarter of the financial year.

而我們確實看到信貸需求仍然維持。我們也看到經濟展現出相當的韌性，即使在我們所見的地緣政治情勢之後亦然。是的，我們必須等待聖嬰現象（El Niño）的全面影響並觀察，因為它確實會產生影響，而這通常會在財政年度第三季反映出來。

So therefore, we are well positioned across most of our business segments in terms of how we have approached them. And there continues to be an opportunity and a relationship, which we will continue to mine, whether on the wholesale segment or in the mid-market and retail segment.

因此，就我們的切入方式而言，我們在大多數業務板塊上都處於有利位置。而且無論是在批發業務，或是在中型市場與零售業務，我們仍然持續看到機會與客戶關係，我們也會持續深耕。

Okay. Thank you, Kaizad. I want to take your second part of the question relating to the coverage. So the overall coverage that you see now is 66%, right? I would draw your attention to go back to 2019. And the reason for that is in between there be COVID, somewhere up, somewhere down in terms of coverage, and subsequently, there was a merger somewhere up and then subsequently down, right, in terms of various coverage. There are several other nuances in between.

好的。謝謝你，Kaizad。我想回答你問題的第二部分，關於覆蓋率（coverage）。所以你現在看到的整體覆蓋率是66%，對吧？我想請你回到2019年看。原因是其間經歷COVID，覆蓋率有時上、有時下；之後又有一次合併，覆蓋率也在不同階段上上下下，對吧，就各種覆蓋率而言。中間還有幾個其他細微因素。

So you go back to a longer term, what the coverage is, it was 71%. Now it is 66%, right? That is the headline coverage. Now if you peel that and get to, what is it? If you look at the coverage, excluding the agricultural book, agriculture is a secured part of the book. At that time, it was 71% -- was the total. And today, excluding agri, it is 70%. So it's a proportion of the agriculture book, which is at a higher proportion right now. That is the difference that you are seeing in the coverage. That's number one.

所以如果你拉長時間來看，當時的覆蓋率是71%。現在是66%，對吧？這是表面上的覆蓋率。但如果你把它拆開來看，實際上是什麼？如果你看覆蓋率、並排除農業放款組合，農業是放款組合中有擔保的一部分。當時71%是總體覆蓋率。而今天，排除農業後是70%。所以差異來自於農業放款組合目前占比更高。這就是你在覆蓋率上看到差異的原因。這是第一點。

Number two is the shorter term. Shorter term means when you look at a quarter or a year, kind of a shorter term, it is a secured-unsecured mix that shows the difference. If you look at unsecured mix, the provision coverage will be in the 70s -- mid-70s or higher. The unsecured will be lower.

第二點是短期角度。短期是指你看單一季度或一年這種較短期間，差異主要來自有擔保與無擔保的組合比例。如果你看無擔保的組合，備抵覆蓋率（provision coverage）會在70%多——大約75%上下或更高。無擔保的會較低。

No, secured will be lower.

不，有擔保的會較低。

So secured will be lower. The unsecured is in the mid-70s or above. And the reason for that is if you look at our rate of growth that we had over a two-year period on some of those retail type of unsecured loans have been modest, right? Even now when you look at the book growth on cards is 2.3% or something, while the sales -- the spend grows at 13%, but the book grows at 2% to 3%.

所以有擔保的會較低。無擔保的在75%上下或以上。原因是，如果你看我們在過去兩年某些零售型無擔保貸款的成長率，其實相對溫和，對吧？即使現在你看卡片（信用卡）放款餘額的成長是2.3%之類，而交易額——消費額成長13%，但放款餘額只成長2%到3%。

And similarly, the unsecured on personal loan and so on still remains in the single digit there, right? And it is -- the disbursals are in a healthy double digit, but is yet to catch up on that.

同樣地，個人貸款等無擔保業務的成長仍維持在個位數，對吧？而且——放款發放（disbursals）是健康的雙位數成長，但餘額成長還沒有追上。

So the PCR is a function of the composition of the book. And where there is a necessity to build reserves, it is there, it's formulaic. It doesn't go through any kind of discretion. It goes through a formula and gets it done. And same when we benchmark this to an ECL method also, which is the Stage 3 ECL provision, we seem to be adequate there too, even in the go-to model.

所以PCR（備抵覆蓋率）取決於放款組合的構成。而在需要建立準備金的地方，我們就會建立，這是依公式計算的。不會經過任何形式的裁量。它是依公式運作並完成提列。同樣地，當我們也用ECL方法（預期信用損失）來對標，也就是第3階段（Stage 3）的ECL提列，即使在我們的目標模型（go-to model）下，看起來也足夠。

Right. I have one small question, one more question, if I can squeeze in.

了解。我還有一個小問題，如果我可以再塞一個問題的話。

Go ahead.

請說。

Sorry, the other question is on the FCNR. You talked about that this will gain traction, but how should we benchmark the -- whatever quantum we raise, what number should we benchmark that to? Should that be to the outstanding deposit share? Should it be to -- you raised in FCNR (B) on the [time through that] in terms of total quantum that HDFC Bank can --

抱歉，另一個問題是關於FCNR。你提到這會逐步取得動能，但我們應該用什麼基準來衡量——我們募集的量，應該用哪個數字來對標？應該對標未償存款占比嗎？還是應該對標——你們在FCNR（B）上募集的（在[time through that]）就HDFC Bank能夠募集的總量而言--

Nitin, sorry to interrupt. We lost your audio in between.

Nitin，抱歉打斷一下。你剛剛有一段我們聽不到聲音。

Hello. Am I audible?

喂。聽得到我說話嗎？

Nitin, we're just commencing the drive. While demand is there, we just don't want to commit any number. Let it start to flow and you will see it.

Nitin，我們才剛開始推動。雖然需求存在，但我們不想承諾任何數字。讓它開始流入，你就會看到了。

But definitely, if the system is X, we will be a significant portion of the system as we were in the '2014, '15 period. That is our endeavor. And I think we are all -- the entire team is quite gung ho to mobilize this kind of -- we are all energized and I think we are on track towards that.

但可以肯定的是，如果整個系統是X，我們會像2014、2015年那段期間一樣，成為系統中相當重要的一部分。這是我們的努力方向。而且我想我們——整個團隊都相當積極要動員這類——我們都充滿幹勁，我想我們正朝著那個方向按計畫推進。

(Operator Instructions) Piran Engineer, CLSA India.

(接線員指示) Piran Engineer，CLSA India。

Congrats on the quarter. Firstly, just on cost of funds, can you highlight how much cost of funds are down quarter on quarter as well as year on year?

恭喜本季表現。首先，關於資金成本（cost of funds），你能否說明資金成本在季對季以及年對年分別下降了多少？

Piran, I think it's in whatever phase the team will tell you. It is the cost of funds is published along with the yield too. Sequential quarter, I think it's almost there, flat, a couple of basis points, plus/minus, it's within the range. And over a period of a year, I think it's about, call it, 40, 50 basis points -- 40 basis points or so year to year, yeah.

Piran，我想在團隊提供的資料裡都有。資金成本會和收益率（yield）一起公布。就連續季度而言，我想幾乎持平，差個幾個基點，上下浮動，在區間內。而拉長到一年，我想大概是40、50個基點——年對年大約40個基點左右，是的。

Got it. Okay. Sorry. If it's published, I might have missed it. I thought otherwise. Anyway, sorry for that.

了解。好的。抱歉。如果已經公布了，可能是我漏看了。我原本以為不是。總之，抱歉。

No problem.

沒問題。

Secondly, just in terms of loan growth, barring MSME, which segments are you confident that will result in a pickup in loan growth from current levels? Because our retail growth has been fairly range bound at 7%, 8%. And I don't know, it doesn't seem to be picking up.

第二個問題，就放款成長而言，除了MSME之外，你們對哪些板塊有信心能讓放款成長從目前水準回升？因為我們的零售成長一直相當區間震盪在7%、8%。而我不確定，看起來並沒有回升。

So Piran, the growth, as we have always said, is going to be a function of how the growth is being seen in the economy in the segments which are bankable by our credit underwriting standards. So we have -- I just alluded to an earlier response where I talked about the fact that we have seen good traction year on year on the disbursement side in terms of our core retail book, which consists of our wheels business, the unsecured as well as the mortgage business.

所以Piran，成長如同我們一直說的，將取決於經濟各板塊的成長情況，以及哪些板塊在我們的授信審核標準下屬於可承作（bankable）。所以我們——我剛在前面的回覆中提到，我們在核心零售放款組合的放款發放端，年對年看到良好動能；核心零售包含我們的車輪業務（wheels business）、無擔保以及按揭業務。

So we do see that certainly picking up over the next several quarters. It doesn't happen overnight. It's a journey, and we are well on the path to see that really moving forward.

因此，我們確實看到在接下來幾個季度會明顯回升。這不會一夜之間發生。這是一段旅程，而我們已經走在正確的道路上，並將看到它真正持續向前推進。

We've also seen good traction in the system on the mid-market and corporate side. And we have a very good franchise and presence in that segment where we are market leaders. And we see that also continuing to contribute in the year ahead.

我們也看到在中型市場與企業端，系統內的推進成效良好。而且我們在該細分領域擁有非常強的特許經營優勢與市場存在感，並且是市場領導者。我們也看到這部分在未來一年將持續貢獻。

So there are several drivers, including other products that we've got in our basket on the retail side, such as gold loans, which have started contributing. Yes, right now, it's a little more smaller part of the whole retail basket, but growing very well.

因此有多個驅動因素，包括我們在零售端產品組合中的其他產品，例如黃金貸款，已開始帶來貢獻。是的，目前它在整體零售組合中占比仍較小，但成長非常好。

We've also got other micro loans that we've started in terms of our Dukandar lending, which is bringing up the core retail. So we do see it being well diversified within the retail space, but I think both corporate and retail, along with mid-market, should continue to drive growth in the coming quarters.

我們也啟動了其他小額貸款，例如我們的 Dukandar（小店主）放款，正在帶動核心零售業務。因此我們確實看到在零售領域內部的多元化相當充分；但我認為企業端與零售端，加上中型市場，應會在接下來幾個季度持續推動成長。

Understood. And just lastly, you all have -- you all had a good leash on costs over the last two years now. Now some part of it is technology, et cetera, AI. But how do we get comfort around you all not, say, underinvesting in the future of the business?

了解。最後一個問題：過去兩年你們對成本控制得很好。其中一部分來自科技等因素、AI。但我們如何能放心，你們不會例如在業務未來上投資不足？

No, Piran, the -- I think on the contrary, I think the kind of investments that we have done over a period of five years has been one of the most, despite the fact that there have been a lot of events that have happened during these five years, I mean, whether it's the merger, whether it is COVID initially, then merger and then a fair amount of investments. But distribution, investment in resources and investment in technology has been there.

不，Piran——我認為恰恰相反。我們在過去五年所做的投資是非常可觀的；儘管這五年發生了很多事件——無論是合併、最初的 COVID，之後的合併，以及相當程度的投資。但在通路、資源投入與科技投資方面，我們一直都有在做。

Now we are probably -- as you may have heard Srini in the past, there's always an investment phase and then a harnessing of the investment phase that will happen. So we also want to enjoy some of the things that what we have invested is this sort of giving us the kind of returns as envisaged. And I think you will see a -- while the investments will be slightly muted, especially in distribution for now, but technology will be continuing because security and AI is going to be a very significant part of any organization which wants to really thrive into the future.

現在我們可能——如你過去聽 Srini 提過——總會有一個投資期，接著會進入投資成果的收割／發揮期。因此我們也希望享受我們所投資的項目，能如原先設想般帶來回報。我想你會看到——雖然投資會稍微趨於保守，尤其是目前在通路方面，但科技投資會持續，因為資安與 AI 將會是任何想在未來真正蓬勃發展的組織中非常重要的一部分。

That will continue to be there. It's just that what you're not seeing is that we have upfronted a fair amount of investments. And therefore, you don't need that kind of a large incremental investments, but the investments will continue into the future.

這部分會持續。只是你現在看不到的是，我們已經提前投入了相當多的投資。因此不需要那麼大幅度的新增投資，但投資仍會在未來持續進行。

As I have mentioned, I think we are probably at the cusp of harnessing these investments, whether it's on the branch distribution or in terms of the technology investments. And over the next two to three years, this returns in terms of efficiencies will start to play out and which is what is going to be our key strategy in terms of how we balance growth and efficiencies, offsetting some of the margins, if at all there is, in the same levels as we are today.

如我所提，我認為我們大概正處於開始發揮這些投資效益的關鍵點，無論是在分行通路布局，或是在科技投資方面。在未來兩到三年，這些回報將以效率提升的形式逐步顯現；而這也將是我們在平衡成長與效率上的核心策略，用以抵消（若有的話）利差／利潤率的部分壓力，並維持在與目前相近的水準。

Got it. Got it. Okay. That was useful. Just lastly, if I may request, I do this with all corporates and this is probably the first chance I'm having here.

明白。明白。好的。這很有幫助。最後，如果我可以提出一個請求，我對所有企業都會這麼做，而這大概是我第一次在這裡有機會提出。

But if we could go back to weekday reporting rather than Saturday reporting, it would really help us a lot. And it would help you all because you all will get much more investor participation across the globe if you report on a weekday.

如果可以回到在平日發布資訊，而不是在週六發布，會對我們幫助很大。而且也會對你們有利，因為若在平日發布，你們將能獲得全球更多投資人的參與。

There is a reason why most of us are all doing on Saturday. It's not that we have a joy in coming to work on a Saturday, I can assure you that or to spoil your weekend. There is a reason why, because since the markets are closed and a fair amount of people will get exposed to this kind of information through the day, we just want to minimize some of the regulatory transgressions that may happen if we do it on a weekday.

我們大多數人選在週六是有原因的。並不是我們喜歡在週六來上班，我可以向你保證，或是要破壞你的週末。原因在於市場休市，而且相當多的人會在白天接觸到這類資訊；如果我們在平日進行，我們只是想把可能發生的一些法規違規風險降到最低。

So that is why all of us, a large part of the banking system, I think, is now gravitating towards weekend as a disclosure for this very reason. It's not that we are not going to be ready on a weekday, we would be, but it's a little bit of a high risk during that period.

所以這就是原因。我想銀行體系中很大一部分現在都因為這個理由而傾向在週末進行揭露。並不是我們無法在平日準備好——我們可以——但在那段期間風險會高一些。

That's true, sir. But I think like this argument is true for all banks, not just -- all companies, not just financials or all banks all over the world. I think it's just that Indian banks stand out, especially on this front. And more so in an era where you all manage trillions of rupees of money and trillions of transactions per year, which are safe. I'm sure you all can keep your information safe while reporting.

是的，先生。但我認為這個論點對所有銀行都成立，不只是——對所有公司都成立，不只是金融業或所有銀行，而且是全球皆然。只是印度的銀行在這方面特別顯眼。尤其在你們管理數兆盧比資金、每年處理數兆筆交易且都很安全的時代。我相信你們在發布資訊時也能確保資訊安全。

So this is just a request. I hope you all consider it with all due seriousness and thought. But my questions are done, and all the best.

所以這只是個請求。希望你們能以應有的嚴肅態度與審慎思考來考量。我的問題就到這裡，祝一切順利。

Thank you. We'll give a thought to that. Yeah. Thank you.

謝謝。我們會考慮一下。好的。謝謝。

Thank you very much, ladies and gentlemen. We have come to the end of the time allotted for the call. I would now like to hand the conference over to Mr. Vaidyanathan for closing comments. Thank you, and over to you, sir.

非常感謝各位女士、先生。我們已到達本次電話會議的預定時間結束。現在我想把會議交給 Vaidyanathan 先生作結語。謝謝，交給您了，先生。

Thank you all for participating. With this, we'll close the call. And if there are any more open questions, we'll be continuing the dialogue with any of you that you need to talk either today or any other day. Our Investor Relations team will be available. We'll stay in touch. Thank you. Bye-bye.

感謝各位參與。我們就此結束本次電話會議。如果還有任何未解答的問題，我們會在今天或任何你們需要的時間，持續與各位保持對話。我們的投資人關係團隊將隨時提供協助。我們會保持聯繫。謝謝。再見。

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

非常感謝。我謹代表 HDFC Bank Limited 宣布本次電話會議到此結束。感謝各位加入，現在您可以掛斷電話線。謝謝。