HDFC Bank Limited (HDB) 2027 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q2 FY27 Earnings Conference Call on the financial results presented by the management of HDFC Bank.

各位女士、先生，大家好，歡迎參加 HDFC Bank Limited 2027 財年第二季（Q2 FY27）業績電話會議。本次會議將就 HDFC Bank 管理層所呈報的財務業績進行說明。

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

(接線員指示) 請注意，本次會議將被錄音。現在我把會議交給 HDFC Bank 財務長 Srinivasan Vaidyanathan 先生。謝謝，交給您了，Vaidyanathan 先生。

Okay. Thank you, Nirav. Good evening, and a warm welcome to all the participants. Today, we have with us Sashi, Anup and Kaizad. Without much ado, we'll get the meeting started.

好的。謝謝你，Nirav。各位晚上好，誠摯歡迎所有與會者。今天與會的還有 Sashi、Anup 以及 Kaizad。事不宜遲，我們開始會議。

With Sashi, for your opening remarks first, please.

首先請 Sashi 發表開場致詞。

Thank you, Srini, and thank you, everyone. Let me start with the economic environment. The GDP growth in Q1 FY '27 has been better than anticipated and high performance indicators such as industrial production, strong e-way bill, cargo activity, credit growth reflects sustained momentum. Retail consumption growth has also been robust with passenger vehicles, two-wheeler sales all growing upwards of 30-plus percentage. Even consumer durables grew at about 11% year-on-year.

謝謝你，Srini，也謝謝各位。我先從經濟環境談起。2027 財年第一季（Q1 FY '27）的 GDP 成長優於預期，而工業生產、強勁的 e-way bill、貨運活動、信貸成長等高頻指標顯示動能持續。零售消費成長同樣強勁，乘用車、二輪車銷售均成長超過 30% 以上。即使是耐用消費品也約有 11% 的年增率。

This augurs very well for the economy, especially with the festive season underway. The policy -- the broader policy environment has been supportive of economic activity. Alongside this, measures in the form of credit guarantee support to MSMEs have also been effective. RBI's proactive response through measures like the special FCNR (B) swap window generated record inflows, about $133 billion and helped stabilize the currency.

這對經濟而言是非常正面的訊號，尤其是在節慶季節已經展開之際。政策——更廣泛的政策環境一直支持經濟活動。同時，以對 MSME（微型、小型及中型企業）提供信貸保證支持等措施也發揮了效果。印度央行（RBI）透過特別 FCNR (B) 交換窗口等措施的積極回應，帶來創紀錄的資金流入，約 1,330 億美元，並有助於穩定匯率。

With that background, let's take a quick look at how the business has been shaping up. We continue to strengthen our liabilities franchise, and it has been delivering with great vigor. Deposits increased 18.8% year-on-year on a reported basis, including a 4 percentage point lift from special FCNR (B) window. As you will see in our published deck, CASA grew at about 10.8% on an overall basis. And within this, retail CASA growth was about 11.2% year-on-year compared to 9% a year ago, reflecting improving momentum.

在此背景下，我們快速看一下業務發展情況。我們持續強化負債端的客群與資金基礎（liabilities franchise），且展現強勁動能。按申報口徑，存款年增 18.8%，其中包含特別 FCNR (B) 窗口帶來的 4 個百分點提升。如各位在我們已發布的簡報中所見，CASA（活期與儲蓄存款）整體成長約 10.8%。其中，零售 CASA 年增約 11.2%，相較一年前的 9%，反映動能改善。

We added about 1.7 million liability relationships in the second quarter, which is 25% higher than Q1 and 33% higher than the fourth quarter of last year. Building on these new acquired relationships and deepening our existing relationships will enable the liabilities engine to step up further in the coming days even as we keep adding newer relationships at a rapid pace.

第二季我們新增約 170 萬個負債端客戶關係（liability relationships），較第一季高 25%，較去年第四季高 33%。在新獲得的客戶關係基礎上，並深化既有客戶關係，將使負債引擎在未來進一步加速；同時我們也會持續以快速節奏新增更多新客戶關係。

The asset side of the balance sheet also continued to get stronger. Total AUM grew 15.3% year-on-year, including a 1.9% impact of FCNR (B) leverage, with SME and retail assets leading the charge. The pace of retail disbursements is accelerating and has crossed INR90,000 crores during Q2 FY '27 as against INR76,000 crores in Q1 of this year. Growth has been balanced across all lines, whether it's personal loans, the wheels business, gold and agri and other MSME business as well. This is also reflected in the rising growth trend in EOP loan book, especially for retail assets ex agri, September '26 annual growth is about 11.2% compared to 9.1% as of June '26 and 7.4% as of March '26.

資產負債表的資產端也持續轉強。總 AUM（管理資產規模）年增 15.3%，其中包含 FCNR (B) 槓桿帶來的 1.9% 影響，成長主要由 SME 與零售資產帶動。零售放款撥付（disbursements）速度正在加快，2027 財年第二季已超過 9 兆盧比（INR90,000 crores），相較今年第一季的 7.6 兆盧比（INR76,000 crores）。各產品線成長均衡，無論是個人貸款、車貸業務、黃金與農業，以及其他 MSME 業務皆然。這也反映在期末（EOP）放款餘額的成長趨勢上，特別是扣除農業後的零售資產：截至 2026 年 9 月的年增率約 11.2%，高於 2026 年 6 月的 9.1% 與 2026 年 3 月的 7.4%。

New credit card issuances at 1.4 million have grown by nearly 19% quarter-on-quarter, indicating the expansion of the growth runway. On the MSME and mid-market business, growth momentum is also improving rapidly. September '26 EOP loan growth has grown 23.5% year-on-year compared to 17% to 18% year-on-year growth levels seen in the last few quarters. Of course, this quarter, we have the ECLGS 5.0 scheme that also created significant opportunities we successfully leveraged. Our ECLGS disbursals of INR41,000 crores were highest across all banks.

新發行信用卡達 140 萬張，季增近 19%，顯示成長跑道正在擴大。在 MSME 與中型市場（mid-market）業務方面，成長動能也快速改善。截至 2026 年 9 月的期末（EOP）放款年增率達 23.5%，相較過去幾季約 17% 至 18% 的年增水準明顯提升。當然，本季 ECLGS 5.0 方案也創造了顯著機會，而我們成功加以掌握。我們的 ECLGS 撥付金額達 4.1 兆盧比（INR41,000 crores），在所有銀行中最高。

And as of August 26, when the scheme achieved targeted levels. What's driving this momentum? Since May of 2026, the entire retail and MSME business and channel supervisory architecture across the country have been focusing on daily operating rigor across frontline, the credit and operations and service verticals, all working from one view across products and across all channels to ensure a same-day, same time resolution of delivery of products and services, queries and complaints as well.

截至 8 月 26 日，該方案已達成目標水準。是什麼在推動這股動能？自 2026 年 5 月起，全國的零售與 MSME 業務以及通路督導架構，聚焦於前線、授信、營運與服務等垂直單位的每日營運紀律；所有單位以跨產品、跨通路的單一視角協同運作，確保產品與服務的交付、以及對查詢與申訴的處理，都能做到當日、同時點的解決。

The focus has been on digital adoption and straight-through processing, which is moving up significantly. The turnaround times on product deliveries have come down anywhere between 10% and 15% in a short span of time, while service delivery TATs have come down by 30% during the quarter, which means the frontline can touch more customers within the same work hours. This is reflected in the customer visits per resource per day going up significantly compared to the prior quarter, almost up by about 50%. This has -- this will have an impact on growth, and that's pretty much reflected in the early signs that we have seen on the momentum. For example, the savings accounts per branch per day have gone up by 19% in the last few months in -- between Q2 and Q1.

重點也放在數位採用與端到端直通式處理（straight-through processing），且提升幅度顯著。在短時間內，產品交付的周轉時間（turnaround times）已縮短約 10% 至 15%；同時，本季服務交付的 TAT（周轉時間）下降了 30%，這表示前線在相同工時內可以接觸更多客戶。這反映在每位資源每日的客戶拜訪數相較前一季顯著上升，幾乎增加約 50%。這——這將對成長產生影響，而我們已在動能的早期跡象中清楚看到。例如，近幾個月分行每日開立的儲蓄帳戶數在——第二季相較第一季提升了 19%。

Core incremental deposits per branch per day is up 2.3 times from Q1. Sometimes, of course, extraordinary one-off outflows may mask this underlying momentum, but at some point in time, this will start to reflect as we move forward.

每家分行每日的核心新增存款（core incremental deposits）較第一季提升至 2.3 倍。當然，有時候一些非經常性的一次性資金流出可能會掩蓋這股內在動能，但在某個時間點，隨著我們持續推進，這將開始反映出來。

Daily disbursal run rate of key retail and MSME products are up by 10% to 20% versus the prior quarter. Our asset quality remains pristine with GNPA at 1.11%, 13 basis points lower than year-on-year. Credit costs remained low at 44 basis points. The risk weights total assets at 69%. Our industry-leading asset quality metrics reflect the top quartile credit quality choices we have consistently made.

關鍵零售與 MSME 產品的每日撥付運行率（daily disbursal run rate）較前一季提高 10% 至 20%。我們的資產品質依然非常優異，GNPA（總不良資產比率）為 1.11%，較去年同期低 13 個基點。信貸成本維持在低檔，為 44 個基點。風險權重資產占總資產比率為 69%。我們領先同業的資產品質指標，反映了我們一貫做出的前四分位（top quartile）信用品質選擇。

The bank's well-balanced performance translated to ROA of 1.8%, which has been the range that we have been there for a very long time and quarterly PAT of INR19.5 billion (sic – see press release, INR195 billion) ,which is a growth of 12.7% approximately if you exclude the trading gains.

本行均衡的表現帶動 ROA（資產報酬率）達 1.8%，這也是我們長期以來維持的區間；季度 PAT（稅後淨利）為 195 億盧比（sic – 見新聞稿，INR195 billion），若排除交易收益，約成長 12.7%。

We have a solid platform to reap -- sorry. On technology, I would like to spend some time. HDFC Bank has always incorporated cutting-edge technologies into its operations, and we are now bringing AI into the heart of how the bank operates. In the quarter gone by, we introduced applications and apps and features in various areas that will help enhance customer experience and protection. In the area of digital safety for customers, we introduced H-Security, very mindful of the fact that a lot of our citizens in the country are being subjected to digital frauds.

我們擁有穩固的平台以收穫——抱歉。在科技方面，我想花一些時間說明。HDFC Bank 一向將尖端科技導入營運，而我們現在正把 AI 帶入銀行運作的核心。在剛結束的這一季，我們在多個領域推出了應用程式、App 與功能，將有助於提升客戶體驗與保護。在客戶數位安全方面，我們推出了 H-Security，充分意識到我國許多民眾正遭受數位詐騙的侵害。

I think this is going to be a game changer in terms of cutting-edge technology that we can offer to customers. A unified protection stack and tools like Kavach and Secure Lock.

我認為，這將在我們能提供給客戶的尖端科技方面帶來顛覆性的改變。一套統一的防護堆疊，以及像 Kavach 和 Secure Lock 這樣的工具。

We launched several apps to increase customer convenience, including product journeys, AI conversational banking and AI collections bot that helps customers stay repayment ready. We also strengthened our real-time fraud prevention capabilities as well.

我們推出了多款應用程式以提升客戶便利性，包括產品旅程、AI 對話式銀行服務，以及協助客戶隨時做好還款準備的 AI 催收機器人。我們也強化了即時詐欺防制能力。

As my long innings at HDFC Bank come to an end, I would like to say that it has been an absolute privilege to lead this organization that brings together some of the most brilliant minds in over 200,000 extremely committed and focused professionals. A cutting-edge technology, a solid brand that binds the 100 million customers and the collective zeal to consistently deliver top-class results for all our stakeholders. While leaving this organization is an emotional moment for me personally, I take comfort the fact that I'm leaving behind a solid platform, which has demonstrated strength and resilience to navigate regulatory embargoes and unprecedented COVID event, a large complex merger when the economic outlook warranted monetary tightening and other governance matters of the recent past having been settled completely.

隨著我在 HDFC Bank 的漫長職涯即將告一段落，我想說，能夠領導這個組織是一項莫大的榮幸；這裡匯聚了超過 200,000 名極度投入且專注的專業人士中的一些最傑出的人才。尖端科技、凝聚 1 億名客戶的堅實品牌，以及持續為所有利害關係人交付一流成果的集體熱忱。雖然離開這個組織對我個人而言是情感上很激動的一刻，但我感到欣慰的是，我留下了一個穩固的平台；它已展現出在面對監管禁令與前所未有的 COVID 事件、在經濟前景需要貨幣緊縮時進行大型複雜合併，以及近期其他治理事項均已完全解決的情況下，仍能展現實力與韌性。

A platform where we invested over the past few years in rearchitecting and reinforcing our technology from the core to AI layer, ready to be harnessed in our product and service deliveries. A distribution strength which will deliver as the vintage of branches mature and optimism stemming from the fact that the net interest margins, which is -- which in recent times has borne the brunt of faster repricing of assets and a lag in cost of funds in a down rate cycle is also positioned for a reversal as we upward rate cycle -- as we enter the upward rate cycle. This will get further enhanced as the proportion of retail and MSME assets outweigh the proportion of corporate and home loans over a period of time.

這是一個平台：過去幾年我們投入資源，從核心到 AI 層重新架構並強化我們的科技能力，已準備好在產品與服務交付中加以運用。同時，我們的通路實力也將隨著分行逐步成熟而帶來成果；此外，樂觀情緒也來自於淨利差（NIM）——近來因資產重定價更快、在降息循環中資金成本下行滯後而承受壓力——在我們進入升息循環時，也已具備反轉的條件。隨著時間推移，零售與 MSME 資產占比將超過企業與房貸資產占比，這一點也將進一步強化上述趨勢。

I'm sure that the bank will keep scaling greater heights, which will be a matter of immense pride for all of us. I'll also leave behind the hands of an able team spread across various levels in the organization throughout the country, led by a new and an able leader, and I welcome Anup at this juncture heartily to the institution as well. Thank you for all the support over all these years, and I wish you and families a very happy Dussehra and festivities, and I'm sure you will continue to provide the same kind of support and affection that all of you have showered on us over these 30 years to the new leadership team and take it to its rightful glory over a period of time. Thank you so much.

我相信本行將持續攀登更高的里程碑，這將是我們所有人莫大的驕傲。我也將把這個機構交到一支能幹的團隊手中；他們遍布全國、橫跨組織各層級，由一位新的且有能力的領導者帶領。我也在此時此刻誠摯歡迎 Anup 加入本機構。感謝各位多年來的支持，也祝福各位與家人度過一個非常愉快的 Dussehra 與節慶時光；我相信各位也會一如既往，將過去 30 年給予我們的同樣支持與關愛，延續到新的領導團隊，並在未來一段時間內協助其帶領機構走向應有的榮耀。非常感謝。

Thank you. Thank you, Sashi, for that very passionate and a good recount of recent and the decades that you have served the bank. Thank you very much for all of that.

謝謝。謝謝你，Sashi，你非常熱情且精彩地回顧了近期以及你服務本行數十年的歷程。非常感謝你所做的一切。

Now we have with us today, Anup. We are delighted to have you, sir, here with us. Welcome, and over to you for a few sentences that you want to share.

接下來，今天我們也邀請到 Anup 與會。我們很高興您今天能在場。歡迎您，接下來請您分享幾句想說的話。

Thank you. Thank you, Sashi. Thank you, Srini. Thank you, Kaizad. I'm really grateful to the Board for the trust placed in me as MD and CEO.

謝謝。謝謝你，Sashi。謝謝你，Srini。謝謝你，Kaizad。我非常感謝董事會對我擔任總經理（MD）暨執行長（CEO）所寄予的信任。

I look forward to working with the Board, Chairman, leadership team and colleagues across the bank and the group to build on the group's very strong foundation. It is indeed a privilege and a responsibility I hold with deep respect. The group's rich legacy, market leadership and reputation within India's financial ecosystems are exceptional. I thank Sashi for his impactful 6-year leadership, successfully navigating the post-pandemic phase, completing the landmark HDFC Limited merger, scaling our branch network and strengthening the core technology capabilities. The clear long-term goal is to deliver sustainable long-term value for shareholders, employees and clients.

我期待與董事會、董事長、領導團隊，以及全行與集團各地的同仁一起合作，在集團非常堅實的基礎上再接再厲。這確實是一份榮譽，也是一份我以深切敬意承擔的責任。集團深厚的傳承、市場領導地位，以及在印度金融生態系中的聲譽都非常卓越。我也感謝 Sashi 在過去 6 年帶來深具影響力的領導，成功帶領我們度過後疫情時期、完成具里程碑意義的 HDFC Limited 合併、擴大分行網絡，並強化核心科技能力。清晰的長期目標，是為股東、員工與客戶創造可持續的長期價值。

In the near term, I will engage with regulators, customers, shareholders and other stakeholders to gather insights that will be a key input to our organizational priorities. As macroeconomic dynamics evolve and AI technology and digital infrastructures accelerate, we'll focus on capturing these opportunities with prudence and discipline. I will soon present a perspective on growth, margins, quality and productivity built on disciplined capital deployment and a strong execution culture grounded in governance, excellence and trust. I look forward to all your support.

在短期內，我將與監管機構、客戶、股東及其他利害關係人交流，以蒐集洞見，作為我們組織優先事項的重要輸入。隨著總體經濟動態演變，以及 AI 技術與數位基礎設施加速發展，我們將以審慎與紀律把握這些機會。我將很快提出一個關於成長、利差、品質與生產力的觀點，建立在有紀律的資本配置與強執行文化之上，而該文化以治理、卓越與信任為根基。期待各位的支持。

Over to you, Srini.

交給你了，Srini。

Thank you, Anup, for that, and welcome again, hearty welcome again. We look forward to, as an organization, partnering and delivering all that you drive to. Thank you.

謝謝你，Anup，也再次歡迎你，誠摯地再次歡迎。作為一個組織，我們期待與你攜手合作，並交付你所推動的一切目標。謝謝。

With that, Nirav, let's open it up for question and answers, please.

那麼，Nirav，我們請開始問答環節。

(Operator Instructions)

(接線員指示)

Mahrukh Adajania from Tara Capital Partners.

Tara Capital Partners 的 Mahrukh Adajania。

Hi, good evening. Thank you, Sashi, for all the guidance and interactions. Thanks a lot and congratulations, Anup. I had a few questions on the results. Firstly, Sashi, you did outline the various efforts and progress you've made on retail deposits, savings, core deposits. So when do you see the proportion of retail deposits inching up now? Because it's come off a bit over the last few quarters.

嗨，晚安。謝謝你，Sashi，過去所有的指導與交流。非常感謝，也恭喜你，Anup。我有幾個關於業績的問題。首先，Sashi，你確實概述了你們在零售存款、儲蓄、核心存款方面所做的各項努力與進展。那麼你預期零售存款占比何時會開始回升？因為過去幾個季度它有些下滑。

So when do you see that proportion inching up? That's my first question. And then my second question is that you do have a sizable agri book. There have been droughts. So any impact you see either on your small business loans or on your agri/agri-related loans from that? And my third question is for Anup. I know it's early days. But if at all, he sees any strategy changes in HDFC Life?

所以你預期那個占比何時會開始回升？這是我的第一個問題。第二個問題是，你們有相當規模的農業放款組合。近期出現乾旱。因此，這是否會對你們的小型企業貸款或農業／農業相關貸款造成任何影響？第三個問題是問 Anup。我知道現在還早。但如果有的話，他是否看到 HDFC Life 的策略會有任何改變？

Okay. Let me answer the first part of it, Mahrukh. As I had mentioned, the kind of rigor that the institution is undertaking in terms of building better customer interactions and engagement and trying to step up new account acquisitions. The fact of the matter is a lot of our distribution, which has doubled over the last five years, will start to mature as we move to the next five years.

好的，Mahrukh，我先回答第一部分。如我先前提到的，本機構正以相當高的執行力度，致力於建立更好的客戶互動與黏著度，並嘗試提升新帳戶的獲取。事實上，我們的通路在過去五年已翻倍；隨著我們邁向下一個五年，這些通路將開始逐步成熟。

The fact of the matter is that we are trying to enable a lot of product and service delivery journeys, which can help in having a one-click experience, including on bundling of products depending on the needs of the customer. All this in the -- from a foundation and structural perspective is going to have a massive impact as we move forward.

事實上，我們正嘗試啟用許多產品與服務交付旅程，讓客戶能有一鍵式體驗，包括依客戶需求進行產品組合搭配。從基礎與結構性的角度來看，這些作為在我們往前推進時將帶來巨大的影響。

As I mentioned as well, sometimes you do have some amount of extraordinary outflows that happen, whether it is -- because as you say, in retail, we mean at the branch banking level, there could be at the catchment, some amount of small MSME customers or government deposits or some of the inherited deposits such as what we had in the past, some leverage FCNR (B), old FCNR (B) leverage deposits or the -- some of the deposits that we inherited from the erstwhile HDFC Limited.

如我也提到的，有時確實會出現一些非經常性的資金流出，無論是——因為如你所說，在零售端，我們指的是分行銀行層級；在分行服務範圍內，可能會有一些小型 MSME 客戶或政府存款，或一些承襲而來的存款，例如我們過去曾有的一些槓桿 FCNR (B)、舊的 FCNR (B) 槓桿存款，或是——一些我們從先前的 HDFC Limited 承接而來的存款。

This quarter, we did have a kind of an outflow of some of these large deposits in multiple such segments, which I've just alluded to, which is actually masking it. So in reality, this is -- you will see at some point in time when some of these extraordinary outflows sort of become smaller, you will start the momentum coming about very well.

本季，我們確實在多個我剛才提到的細分領域中，看到部分大型存款出現某種程度的流出，這其實把情況給掩蓋了。所以實際上，當這些非同尋常的流出在某個時間點開始縮小時，你就會看到動能會非常明顯地回來。

I think in the presentations that we are -- which the team has displayed, you will see the productivity of the branches, which is deposits per branch continues to be very healthy and probably best-in-class in the banking system. Now as I'm sure, Anup, in his next weeks or a couple of months' time, will unveil his strategy. And one of the things is how do we create less pressure on the system to minimize the intake or inflow of corporate liabilities and then ensure. So these are some of the things that will be a part and parcel of his thought process as he unveils to the world at large, including yourselves in probably a month's time or so.

我想在團隊所展示的簡報中，你會看到分行的生產力，也就是每家分行的存款額，持續維持在非常健康的水準，且可能是銀行體系中同業最佳。另外我也確信，Anup 會在接下來幾週或一兩個月內公布他的策略。其中一件事是，我們要如何降低系統壓力，以盡量減少公司端負債的承作或流入，並且確保……因此，這些都會成為他在大約一個月左右向外界（包括各位）揭示其思路時的重要組成部分。

So fundamentally, the institution is extremely strong. The distribution is very strong. The rigor is very, very strong in the right direction. So the core -- underlying core momentum is very encouraging that should sort of reflect in a very strong momentum as we move forward. Because our balance sheet is extremely large, and the fact of the matter is we have a good demand across segments, whether it's corporate, whether it's MSME or retail, the need to pick up some of these non-retail liabilities is given.

所以從根本上來說，這家機構非常強健。通路分銷能力非常強。在正確方向上的紀律與嚴謹度也非常、非常強。因此，核心——底層的核心動能非常令人鼓舞，隨著我們往前推進，應該會反映為非常強勁的成長動能。因為我們的資產負債表規模非常大，而且事實是我們在各個細分領域都有良好需求，不論是企業、MSME 或零售，因此需要承接部分非零售端負債是既定的。

I think as we restructure and have alternate strategies on the balance sheet, including some amount of nondeposit strategies, I think we probably will have the proportion of retail becoming larger and larger, and it will have a kind of a downstream impact on multiple metrics as well.

我想，隨著我們重整並在資產負債表上採取替代策略（包括一定程度的非存款策略），零售的占比可能會愈來愈大，並且也會對多項指標帶來某種下游影響。

Thank you, Sashi. Like I said, Mahrukh, in the near term, I will engage with the regulators, customers, shareholders and all other stakeholders to gather insights, and that will be the key input into our organizational priorities. I think the team here is very, very strong. And we are aware of the general strategic imperatives that are required. Sashi spelled it out, and I'll come back to you -- all of you soon on those.

謝謝你，Sashi。如我所說，Mahrukh，短期內我會與監管機構、客戶、股東以及所有其他利害關係人互動以蒐集洞見，而這將成為我們組織優先事項的關鍵輸入。我認為這裡的團隊非常、非常強。而且我們也清楚所需的一般策略要務。Sashi 已經把它說明了，我也會很快再回到你——以及各位——就這些議題做進一步說明。

On the agri piece, I would like Kaizad to just step in.

關於農業這一塊，我想請 Kaizad 來補充。

Yes. So on the agriculture piece, I think we are all aware that we have had a shortfall in the monsoon, which has been also not very uniform given the Peninsula as well as Northern India. Having said that, the actual sowing for the kharif season has more or less remained constant with a marginal decrease of about 1.5% or 2%. So it's not had that kind of impact where the sowing is concerned. And consequently, if we look through that, one would believe that the crop, therefore, should have the output, give or take a variance of about 3% to 5%.

好的。就農業部分而言，我想大家都知道我們今年季風降雨不足，而且在半島地區與北印度之間也相當不均勻。話雖如此，雨季（kharif）作物的實際播種面積大致維持不變，僅小幅下降約 1.5% 到 2%。因此，就播種而言，並沒有造成那種程度的影響。因此，如果我們從這個角度來看，可以推測作物產出應該也會有相應的收成，誤差大約在 3% 到 5% 左右。

As of now, as of September, compared to June, our gross NPA on agri has remained largely constant. We have not seen any signs of concern or deterioration. It has held steady. And we will observe the situation as it unfolds. But as I said, what is encouraging is that the sowing has largely been about 108 million or 109 million hectares, which is just a marginally lower level than previous year.

截至目前，以 9 月相較於 6 月，我們農業的總不良資產（gross NPA）大致維持不變。我們沒有看到任何令人擔憂或惡化的跡象。整體保持穩定。我們會隨著情勢發展持續觀察。但如我所說，令人鼓舞的是播種面積大致約為 1.08 億到 1.09 億公頃，只比去年略低一些。

Okay. The book growth has also moderated well at this time. It's still not in a double-digit growth or single-digit growth considering all of the...

好的。目前帳簿成長也已明顯放緩。考量到所有的……它仍然不是雙位數成長或單位數成長。

Kunal Shah, Citi.

Citi 的 Kunal Shah。

Yeah, thanks for taking the question and congratulations Anup. And thanks Sashi for all the interactions over the years. So firstly, with respect to margins, again, margins are down to 3.32%. So when we look at it, in fact, the corporate book growth is not as substantial sequentially as we see with the other banks. But the impact on NIMs for us has almost been similar in terms of the quantum, which -- maybe compared to the banks which have been growing faster on the corporate side.

好的，謝謝讓我提問，也恭喜你，Anup。也謝謝 Sashi 這些年來的所有交流互動。首先，關於利差，利差又降到 3.32%。因此當我們來看時，事實上我們的企業放款帳簿成長，按季來看並不像其他銀行那麼顯著。但對我們的 NIM（淨利息收益率）的影響，在幅度上幾乎是相近的——也許是相較於那些企業端成長更快的銀行。

So what is ideally leading to this? And the related question is on interest expense side, particularly this time, there is a sequential uptick in the absolute term, okay? And it appears like the cost of funds have actually gone up quite significantly sequentially, at least when we do the average of period end. So what is actually driving that cost further up?

那麼，究竟是什麼因素導致這樣的結果？相關的問題是利息費用端，尤其這次在絕對金額上出現按季上升，好嗎？而且看起來資金成本按季其實上升得相當明顯，至少當我們用期末平均來計算時是如此。那麼，究竟是什麼在推動資金成本進一步上升？

I can take that. One is coming on the interest expense side. You will see that the cost of funds is flat quarter-to-quarter at about 4.4% last quarter to this quarter. Sequentially, it has remained flat. Ideally, we would have expected that to be better, better means lower.

我來回答。第一點是利息費用端。你會看到資金成本按季持平，從上季到本季大約都是 4.4%。就序列（按季）而言，它維持不變。理想上，我們原本預期它會更好——更好是指更低。

It didn't because of the mix of the FCNR deposits that came in. So if you look at the deposit growth that we have had at INR1.57 trillion, almost INR1.3 trillion is a growth in time deposit. So that outweighs from an overall cost mix point of view and has offset the kind of a repricing on any of the back book that was coming in. So that is why the cost of funds is flat.

之所以沒有，是因為新進來的 FCNR 存款組合所致。所以如果你看我們的存款成長為 1.57 兆印度盧比，其中將近 1.3 兆印度盧比的成長來自定期存款。因此，從整體成本結構的組合角度來看，這部分占比更高，並抵銷了任何存量（back book）重新定價所帶來的影響。所以資金成本才會持平。

And also one other aspect that in the cost of funds that you see is also some relief from the AT1 bonds that were called in August on the callable date. So that was a relief, but then that relief was also through others because we did have a borrowing for our leverage. So we did have that borrowing offset that. So that is why you see at an aggregate level, the cost of fund remained flat. That means the numerator by the denominator, you're looking at perhaps only the numerator of interest expense.

另外，你在資金成本中看到的另一個面向，是我們在 8 月於可贖回日召回了 AT1 債券，因此帶來一些緩解。但這個緩解也被其他因素所抵銷，因為我們確實為了槓桿而有一筆借款。所以那筆借款抵銷了上述效果。因此你會看到在彙總層面，資金成本維持持平。也就是說，分子除以分母時，你可能只看到了利息費用的分子。

But when you look at both, it's 4.4%, which is on one of those pages, which is published there.

但當你把兩者一起看時，就是 4.4%，這在我們已發布的其中一頁上有呈現。

The second aspect of it that you asked about is the mix of the corporate bank. Yes, sequentially, the corporate bank has grown 2.8% in this quarter. Year-on-year, it is about 16.4%, which you are seeing in one of those pages, Page 10 or something that you're seeing. But if you're asking about how that mix will evolve over a period of time, I think both Sashi had mentioned it, but Kaizad, you want to take that to say?

你問到的第二個面向是企業銀行的組合。是的，本季企業銀行按季成長 2.8%。年增約 16.4%，你在其中一頁（大概第 10 頁之類）可以看到。但如果你問的是這個組合在一段時間內會如何演變，我想 Sashi 已經提過了，不過 Kaizad，你要不要接著說明？

Yeah, sure. So if you've seen the slide, which is there already in the investor deck, you've seen how we have brought back the entire retail space. And I talked about it in April and then again in July on responding to questions as to where do you see growth coming from and what's going to be the focus area. So I think if you look at that chart, it clearly shows you that year-on-year from 7.9% or 8% in a year, we have grown that to 12%. And we've grown also business banking significantly out over there, which consists of the MSME largely.

好的，當然。如果你看過投資人簡報裡已經放上的那張投影片，你會看到我們如何把整個零售領域重新拉回來。我在 4 月以及 7 月回應大家關於「你認為成長會從哪裡來、重點領域會是什麼」的問題時也談過。所以我想如果你看那張圖表，它很清楚地顯示年增方面，我們在一年內從 7.9% 或 8% 提升到 12%。而且我們也顯著擴大了那邊的商業銀行業務（business banking），其中主要由 MSME 所構成。

And that has -- if I take just the business banking component, it has grown very handsomely at 28%. This, of course, has been supported by the fact what Sashi mentioned that we had the benefit of the ECLGS 5, where the bank did obtain the leadership position, and we had the significant coverage, which aided the substantial growth going into the 28% year-on-year. So you will see the retail, which has come back in the last year and certainly in the last three quarters. You will see business banking continuing to grow. We see the momentum there. We are seeing it in the economy and the mid MSME is certainly doing well out there.

而且——如果我只看商業銀行這個組成部分——它以 28% 的幅度非常亮眼地成長。當然，這也得益於 Sashi 提到的，我們受惠於 ECLGS 5；本行確實取得了領先地位，且我們有相當顯著的覆蓋度，這也支撐了年增 28% 的強勁成長。所以你會看到零售業務在去年、尤其是最近三個季度已經回來了。你也會看到商業銀行業務持續成長。我們看到那裡的動能。我們在經濟中也看到了這點，而中型 MSME（微型、小型及中型企業）在外部環境中確實表現不錯。

Coming to the corporate side, we have a significant presence across corporate and a good footprint. It's not that we will not grow corporate. I think we've grown it at about 16.5%, 17%. Other players have been a couple of percentage more, but we continue to approach it with a good mix of working capital term and project finance so that we have a good build in the portfolio. as well as we are cognizant of the returns on the portfolio.

談到企業端，我們在企業業務方面有相當顯著的布局與良好的覆蓋。並不是說我們不會成長企業業務。我認為我們大約成長了 16.5%、17%。其他同業可能高出幾個百分點，但我們仍以良好的組合來推進：營運資金、期限貸款與專案融資，確保投組結構扎實。同時我們也會留意投組的報酬。

So I hope I've given you along with the charts, how we have evolved and what we had said. And I think this is a journey that will continue where we will participate both in the investment part of the cycle of the economy as well as on the consumption side.

所以我希望我已經結合圖表向你說明，我們如何演進以及我們先前所說的內容。我認為這是一段會持續的旅程：我們將同時參與經濟循環中的投資端，以及消費端。

Yeah, absolutely. So I understand maybe the question was particular, I do appreciate the traction on retail and SME and even within the corporate, we are cognizant of the overall mix. The only question was maybe why still our margin decline is similar to what other players are, why we are not outperforming even on a low base compared to where the other players are. The decline in margins for us is almost similar. So that's the only question here.

是的，完全同意。所以我理解也許這個問題更具體；我確實認同零售與 SME 的進展，甚至在企業端我們也留意整體組合。唯一的問題可能是：為什麼我們的利差下滑仍與其他同業相近？即使在較低基期下，為什麼我們沒有比其他同業表現更好。我們的利差下滑幾乎相同。所以這就是這裡唯一的問題。

So I think you will see change because there is a large amount of the back book, which comes into play in retail. Typically, given that retail, most products are up to four years and therefore, about 20% to 30% of the book runs off every year, you are seeing the back book effect play itself out. And therefore, I think going forward, across the next two quarters, you will see that change coming through as we also grow the volumes in retail and MSME.

所以我認為你會看到變化，因為零售端有大量的存量舊帳（back book）在發揮作用。一般而言，零售多數產品期限最長約四年，因此每年約有 20% 到 30% 的存量會自然到期/流失，你現在看到的就是舊帳效應正在顯現。因此我認為往前看，在接下來兩個季度，隨著我們也擴大零售與 MSME 的放款量，你會看到這個變化逐步反映出來。

Rikin Shah, IIFL Capital.

Rikin Shah，IIFL Capital。

Good evening and thanks. I had a couple of questions. So first one, I wanted to understand how are you deploying the FCNR funds? How much of it will be used to retire wholesale borrowings? And at what incremental yields are you able to lend or invest in the money markets until you find the loan deployment opportunities? So that's the first one.

晚安，謝謝。我有幾個問題。第一個，我想了解你們如何運用 FCNR 資金？其中有多少會用來償還批發融資借款？以及在你們找到放款投放機會之前，你們在貨幣市場放貸或投資能取得的新增收益率大概是多少？這是第一個問題。

Yeah, Rikin, maybe I should go ahead. Rikin, the FCNR deposits, you can take it as deployed because we do need to deploy it as soon as possible. That is why you will get the benefit of the ANBC in the following cycle for comparison for PSL purposes. So it's not just about getting an FCNR deposit.

好的，Rikin，也許我先回答。Rikin，FCNR 存款你可以視為已經被投放運用，因為我們確實需要盡快把它投放出去。這也是為什麼在下一個週期做 PSL（優先產業放款）比較時，你會在 ANBC 上看到相應的好處。所以這不只是拿到一筆 FCNR 存款而已。

The FCNR deposit needs to be deployed to get that benefit of PSL. So it has largely happened because money is fungible, as you know that. You can -- you don't need to mark, identify, tag this with that. But overall, at an aggregate level, we did have a deposit growth of INR1,57,000 crores, and we had a loan growth of INR1,58,000 crores in this quarter. So you can take it that the sources and users are largely matched within the quarter.

FCNR 存款必須被投放出去，才能取得 PSL 的那個好處。所以這在很大程度上已經發生了，因為如你所知，資金是可互換的（fungible）。你不需要去標記、識別或把這筆對應到那筆。但整體來看，本季我們存款成長了 1,57,000 億盧比，放款成長了 1,58,000 億盧比。所以你可以理解為：在本季內，資金來源與運用大致是匹配的。

Got it, Srini. The second one is on margins, right? So I mean, directionally, I do understand where the trend can look like. But specifically in the next quarter, I mean, with full quarter FCNR impact on your cost of funds, how do you think the margins move? I mean the cost of funds have started to move up.

了解，Srini。第二個是關於利差。方向上我大致理解趨勢可能會怎麼走。但具體到下一季，考量 FCNR 對你們資金成本的整季影響，你覺得利差會怎麼變化？我的意思是，資金成本已經開始上升了。

So directionally, what happens in the next quarter for you in margin because the repo increase, which has happened, that pass-through may happen only from 4Q onwards in your P&L. And an extension to that is if you could just share the split of your loan book in terms of repo, MCLR and fixed, please.

所以就方向而言，你們下一季的利差會怎麼走？因為已經發生的升息（repo 上調），其傳導可能要到第 4 季才會在你們的損益表中完整反映。再延伸一點，如果可以的話，請分享你們放款組合中以 repo、MCLR 與固定利率計價的占比拆分。

I'll start and Sashi, if you want to jump in, you do that. One is that the floating rate book is approximately 70% of the total book. And so the 25 basis points change that has happened in October should largely be factored in by December. Not for full quarter, for part of the quarter, it should be factored in. So that's one.

我先回答，Sashi 你想補充的話再加入。第一，我們的浮動利率放款約占整體放款的 70%。因此 10 月發生的 25 個基點變動，到了 12 月應該大致都會反映進去。不是整季完整反映，而是會反映部分季度的影響。這是第一點。

So there's a tailwind coming from the rate change that will be positive. The full quarter impact of the FCNR will be a headwind that will offset, but I don't want to call it a headwind that is part of how the businesses are structured to operate. There will be some funding that will come and the choices that we make. And so there will be an offset to that through that process.

所以利率變動帶來的順風會是正面的。FCNR 的整季影響會是一個逆風、會抵消一部分；但我不想把它稱作逆風，因為那是業務運作結構的一部分。會有一些資金進來，以及我們所做的選擇。因此在這個過程中，會透過相應機制形成抵消。

So net of that, we still think that there can be neutral to positive on the margin as we go forward. And I don't want to get to whether what is the next quarter and the following quarter and so on. But from a trajectory point of view, I think that it is at the bottom and we will start to -- you want to add something?

所以綜合來看，我們仍認為往後利差可能是持平到略為正向。我不想去談下一季、再下一季等等的具體數字。但從趨勢軌跡來看，我認為目前已在底部，我們將開始——你要補充什麼嗎？

No, perfect. I think you have answered that. The trajectory will be upward from the next quarter onwards.

不用，很完整。我想你已經回答了。從下一季開始，趨勢會往上。

Parag Thakkar from Fort Capital.

Parag Thakkar，Fort Capital。

Hello? Yeah, am I audible?

哈囉？喂，我聽得到嗎？

Yes, sir, go ahead.

是的，先生，請說。

Yeah, first of all, I would like to congratulate Sashi sir, and Kaizad sir also and great welcome to Mr. Anup Bagchi. And I'm a core, hard well-wisher of the bank, and so I wish you all the best.

是的，首先我要恭喜 Sashi 先生，也恭喜 Kaizad 先生，並且非常歡迎 Anup Bagchi 先生。我一直是本行核心、堅定的支持者，所以祝各位一切順利。

So my basic question was, one is definitely that because of the rate cycle itself, I think -- for almost all banks, I think Q2 should be the bottom of the margins, right? That is what you alluded to, right? Q2 margin is a bottom for us also, right? Like for all banks because repo rate hike cycle has already started.

所以我的基本問題是：第一，因為利率循環本身，我認為——對幾乎所有銀行而言——第 2 季應該是利差的底部，對吧？這也是你們剛才暗示的，對吧？我們第 2 季的利差也是底部，對吧？就像所有銀行一樣，因為 repo 升息循環已經開始了。

Yes, by all account, Parag, that is what we were alluding to say that the rate cycle having already kicked in earlier in October, that is a good tailwind on repricing 70% of the loans which are floating. Large part of that is repo and some of that is other methods, but then mostly it is repo. So it has already kicked in. And by December, it should be in. So I don't want to give you exactly how much and what and how it moves.

是的，Parag，從各方面來看，我們的意思就是：利率循環在 10 月初就已經啟動，這對於重定價占比 70% 的浮動利率放款而言，是一個很好的順風。其中很大一部分是以 repo 為基準，另外一部分是其他方式，但主要還是 repo。所以它已經開始反映了。到 12 月應該就會反映進來。所以我不想給你非常精確的幅度、數字以及它會怎麼走。

But directionally, yes.

但就方向性而言，是的。

Yeah, so it should start improving from Q3 itself, right? That is something which I think everybody wants to know because all our peer banks are also hinting at that.

是的，所以應該會從第三季本身就開始改善，對吧？我想這是大家都想知道的，因為我們同業銀行也都在暗示這一點。

I mean, I don't know if you're asking for one number, that's not something that-

我的意思是，我不知道你是不是在問一個數字，這不是那種——

No, not number, not numbers, not number. From Q3 onwards, it will be an uptick from Q2, right? That is what I'm asking for.

不，不是數字，不是數字，不是單一數字。從第三季開始，會比第二季有所回升，對吧？我問的是這個。

Right. These are the items that are in play, positives and the headwinds will be some full quarter impact of whatever has come through in Q2.

對。目前在發揮作用的因素包括利多，而逆風則會是第二季已經發生事項在第三季的完整季度影響。

Okay. And as Kaizad sir also highlighted that already we have seen -- started the growth in business banking, gold loans, personal loans and such areas where the yield on advances are slightly higher. And while the corporate growth versus peers was slightly calibrated in this quarter itself. So can we think like that and now that is the trajectory to increase our margins going ahead because that is what others have also done and demonstrated without compromising asset quality. And for example, yesterday, PNB result I saw that they reduced the lower-yielding advances by INR58,000 crores in the quarter.

好的。另外如 Kaizad 先生也提到，我們已經看到——開始在商業銀行業務、黃金貸款、個人貸款等放款收益率略高的領域出現成長。而且本季公司金融的成長相較同業也略為校準。所以我們是否可以這樣理解：這將成為未來提升我們利差的軌跡，因為其他同業也在不犧牲資產品質的情況下這麼做並已證明可行。例如，我昨天看到 PNB 的業績，他們在本季將低收益率放款減少了 5.8 兆盧比。

And they gave it to places where there was a higher yield. And that is how they were able to improve their Q-o-Q margins by 8 bps. So something like that can be the trajectory going ahead for HDFC Bank also?

並把資金投向收益率較高的領域。也因此他們的季對季利差提升了 8 個基點。那麼，HDFC Bank 未來也可以走類似的軌跡嗎？

You have to look at it in a more wholesome manner. This is not something where on a quarter-on-quarter basis, you keep shifting the goalpost. There are relationships which you, as a bank, have to value and nature and for a 10 basis points more in a portfolio or thereabout, you don't walk away. So -- having said that, yes, there is a clear move as already demonstrated, and I referred to it a little earlier while responding to a question. You will see us having certainly come back with more vigor on our retail assets and MSME space.

你必須用更全面的方式來看。這不是那種每一季都去移動球門柱的事情。作為一家銀行，你必須珍視並經營客戶關係；不會為了投組多 10 個基點左右就選擇退出。所以——話雖如此，是的，確實有一個明確的轉向，正如我稍早在回答問題時也提到。你會看到我們在零售資產與 MSME（中小微企業）領域肯定會更有力地回來。

And some of those products within retail assets give you sometimes the same return as some of your products in wholesale banking. So it's not to generalize it with one brush. So there are certain products in consumer bank, which give you a higher yield. And we will take a calibrated approach in getting a little larger market share in those products whilst keeping our presence across each of our business segments that we operate in.

而零售資產中的某些產品，有時能帶來與批發銀行某些產品相同的回報。所以不能一概而論。消費金融銀行中有些產品能提供較高的收益率。我們會採取審慎校準的方式，在維持我們於各個營運業務分部的布局同時，在這些產品上取得更大的市占。

Thank you, Kaizad. One other point I do want to mention, Parag, for you to note, it's there in the detailed disclosures in our 20-F, which -- where you will see the return on assets by broad segments, whether it is a wholesale segment or retail segment, the return on asset is very similar and comparable. And the reason is there will be certain products with high margin, some products with low margin. And then it compensates itself through cost dynamics, which are going in the opposite direction of what the margin offers.

謝謝你，Kaizad。另外我也想補充一點，Parag，請你留意：在我們 20-F 的詳細揭露中——你會看到按大類分部（不論是批發或零售）來看，資產報酬率（ROA）其實非常相近、可比。原因在於會有一些高利差產品、一些低利差產品。然後透過成本動態來自我平衡，而成本動態的方向往往與利差所提供的方向相反。

And similarly, the credit cost dynamics also operates in the opposite direction of what the margin provides so that the return at the end of the day, the return on asset when you look at it is comparable. And as Kaizad said, to the extent that it is about relationship building from a returns, both ROA and ROE, it would be appropriate to have the right mix there, yes.

同樣地，信用成本的動態也會朝著與利差提供的方向相反的方向運作，因此最終你看到的資產報酬率（ROA）是可比的。而如 Kaizad 所說，就建立關係、從回報角度（ROA 與 ROE）而言，採取適當的組合是合宜的，是的。

Piran Engineer, CITIC Securities.

Piran Engineer，CITIC Securities。

Yeah, hi. Thanks for taking my question. And thank you to Mr. Jagdishan and Mr. Bhavchar for leading the bank since COVID. And congrats to Mr. Bhatji and Puneet.

是的，你好。謝謝讓我提問。也感謝 Jagdishan 先生與 Bhavchar 先生自 COVID 以來帶領銀行。並恭喜 Bhatji 先生與 Puneet。

Piran, sorry to interrupt. Your voice is not clear. Can you speak through the handset, please?

Piran，抱歉打斷一下。你的聲音不清楚。可以請你用話筒講嗎？

Yeah, is it better now?

好的，現在有比較好嗎？

Yes, thank you.

有，謝謝。

Yeah, So just my first question to you is on MCLR. Now in the last rate cycle, HDFC Bank cut their MCLR much more than ICICI and Axis. Just wanted to understand the reasons behind that and in a rate hike cycle, could we expect the same?

好的，所以我第一個問題是關於 MCLR。上一輪利率週期中，HDFC Bank 下調 MCLR 的幅度比 ICICI 和 Axis 大得多。想了解背後原因，以及在升息週期中，我們是否也可以預期同樣的情況？

There are several nuances on MCLR. It operates on certain rate dynamics that exist on the last day of the prior period, not necessarily representative of a month or a quarter or anything. So such nuances are there, right? You operate with day's data when you look forward and do. The second thing is also that MCLR also has got a component of the cost.

MCLR 有幾個細微之處。它是依據前一期間最後一天所存在的利率動態來運作，未必能代表整個月或整個季度或其他期間。所以確實存在這些細節，對吧？你在往前看並做決策時，是用當天的數據來運作。第二點是，MCLR 也包含成本的組成部分。

You know that our cost to assets is at about 1.74%, 1.73% thereabouts, which again is low. And similarly, the credit cost also plays into the dynamics of determining what the MCLR is. Having given you all of this theory of what MCLR is, the proportion of our book that is priced to MCLR is miniscule single digit.

你知道我們的成本對資產比大約在 1.74%、1.73% 左右，這同樣是偏低的。同樣地，信用成本也會影響決定 MCLR 的動態。在跟你說完這些關於 MCLR 的理論之後，我們帳簿中以 MCLR 定價的占比其實非常小，只有個位數百分比。

Understood. Okay. So you're saying you factor in the credit cost also or the outlook on credit cost also? Sorry, am I audible?

了解。好的，所以你的意思是你們也會把信用成本，或對信用成本的展望納入考量？抱歉，我聽得到嗎？

Yeah, go ahead.

聽得到，請繼續。

Okay. Got it. And my second question is really on asset quality. Now we have seen slippages improve on a Y-o-Y basis for the last four, five quarters. Just wanted to understand, is it really a function about loan mix changing towards corporate?

好的，明白了。我第二個問題是關於資產品質。我們看到過去四、五個季度的不良轉入（slippages）在年對年基礎上持續改善。想了解這是否主要是因為放款組合轉向企業端？

Or is it more a function that in each cohort, we are seeing better slippage outcomes?

還是說更主要是因為在每一個放款批次（cohort）中，我們都看到更好的轉入結果？

Yes. We are seeing better across most of those portfolios on the slippages. So it's not mixed. That's why if you look at Page 19 that we produce, we just don't do ratios. We also put numbers.

是的。我們在大多數投組的不良轉入方面都看到改善。所以不是組合因素。這也是為什麼你看我們提供的第 19 頁，我們不只做比率。我們也放了數字。

We just put absolute value of slippages where you see that, right? So yes, if you look at the percentages, then the denominator of a low risk or a highly rated book could weigh, but you're looking at an absolute number there, which you see on Page 19. So it's a combination of -- across all of those books that contributes to that slippages. And the credit environment has also been benign for a long time and continues to be benign.

我們放的是不良轉入的絕對金額，你可以在那裡看到，對吧？所以是的，如果你看百分比，那麼低風險或高評級帳簿的分母可能會產生影響；但你在第 19 頁看到的是絕對數字。因此，這是不良轉入由所有這些帳簿共同貢獻的綜合結果。而且信用環境長期以來一直相對溫和，並且仍然溫和。

Chintan, Autonomous.

Chintan，Autonomous。

Hi, thank you, for taking my question. Firstly, congratulations to Sashi, Srini and Kaizad for a long successful career at HDFC, and I'm sure the next chapter will be equally fascinating for you. And congrats to Anup for the new role. My question would be as kind of Anup comes into the role, what would be your guidance to him in terms of, with hindsight, what were maybe one or two or three mistakes that have happened over the last three to five years. And I wouldn't say a mistake per se, hindsight is a cruel reviewer. But with hindsight, what could have been done differently?

你好，謝謝讓我提問。首先，恭喜 Sashi、Srini 和 Kaizad 在 HDFC 擁有長久且成功的職涯，我相信你們的下一篇章也會同樣精彩。也恭喜 Anup 擔任新職務。我的問題是，隨著 Anup 走馬上任，你對他在回顧過去時會給什麼建議：在過去三到五年中，可能發生過一兩個或三個錯誤是什麼？我不會說那一定是錯誤，事後回顧總是苛刻的評審。但以事後之明來看，有哪些事情可以做得不一樣？

And what would you recommend Anup does differently? Would love to be a fly on the wall of that conversation. And then my second question would be on pricing policy. I think when we started the last cycle, say, '22 when we had a big credit boom, the industry and perhaps you as well, probably assume that CASA ratio will come back for the industry, and it just hasn't come back.

那您會建議 Anup 在哪些方面採取不同做法？很想當那段對話的「牆上蒼蠅」旁聽一下。接著我的第二個問題是關於定價政策。我認為當我們在上一個週期開始時，比如說 2022 年出現大型信貸繁榮時，業界、或許也包括你們，可能都假設整個行業的 CASA 比例會回升，但它就是一直沒有回來。

So all the calculations you do in terms of anticipating ROEs for future business probably has been out of that for the full industry. You have many a times highlighted that pricing has been irrational in the market. Do you think that on the current spreads that the industry is making, the industry is able to make an ROE above cost of equity?

所以你們在預期未來業務 ROE 時所做的各種計算，對整個行業而言可能都已經失準了。你們多次強調市場上的定價是不理性的。你認為以目前行業所賺取的利差水準，行業是否能夠做出高於股權資金成本（cost of equity）的 ROE？

Or there is a need for industry to think about repricing its cost of funds into its customer spreads? Thank you so much.

或者說，行業是否需要思考把資金成本的重新定價反映到對客戶的利差之中？非常感謝。

You want me to start and, yes, Chintan, thank you for that. I'll start and then I think the others will join in. Your question of whether the cost of funds opportunity through better CASA mix, is it capped at this stage due to whatever customer behavior and market situation? I don't believe so. I'm not going to talk about the industry as a whole, but I'm going to talk about our bank.

你希望我先開始嗎？好的，Chintan，謝謝你的問題。我先回答，然後我想其他人也會補充。你問的是：透過更好的 CASA 組合來改善資金成本的空間，是否在現階段因客戶行為與市場情況而被封頂？我不這麼認為。我不談整個行業，我只談我們銀行。

For our bank with the distribution that we have done and with the statistical models that we see in terms of how it progresses through the maturity model, we do think that the space to get more customers, more balances, increase the market share in certain of the districts out of the 765 districts that we are in, more than 54% of the districts, a significant opportunity exists because we are 2 to 3 percentage points lower than our average market share in those markets, right? So those are nascent branches.

就我們銀行而言，基於我們已完成的通路佈局，以及我們在成熟度模型（maturity model）中觀察其推進方式的統計模型，我們確實認為仍有空間去獲取更多客戶、更多存款餘額，並在我們所覆蓋的 765 個地區中的部分地區提升市佔率；在超過 54% 的地區中，存在顯著機會，因為我們在那些市場的市佔率比我們的平均市佔率低 2 到 3 個百分點，對吧？所以那些是仍在成長期的新設分行。

And so when you look at whether household deposits do exist in those markets, right? So that's what you go to look for. You may have a market share opportunity. But is it household deposits? Yes, it is the household deposits that are available in those markets to take.

因此當你去看那些市場是否存在家庭存款時，對吧？那就是你要去找的。你可能有市佔率提升的機會。但那是家庭存款嗎？是的，那些市場確實有可供我們爭取的家庭存款。

And if you look at the companies or the banks that are there, currently incumbent banks which are there, these are some legacy banks which are there, who have been ceding market share over time, and we are confident of continuing to impress upon those customers to get to us. So I just want to leave the thought saying that it's not a saturated play, but at least the statistical model shows that there is a space there.

如果你看目前在那些地方的公司或銀行，現有的在地銀行多是一些傳統老牌銀行，長期以來一直在流失市佔率；我們有信心持續說服那些客戶轉向我們。所以我想留下的想法是：這不是一個已經飽和的戰場，至少統計模型顯示那裡仍有空間。

See, when you -- if you really look at it, probably it's not in the public domain as yet. But when we split the deposits into retail and non-retail. And you look at the retail CASA ratio, it's a very healthy number. It is in the late 40s, and that's been a kind of an average, which is pretty much stable over a long period of time. It's just that the balance sheet is so large.

你看，如果你真的去看，可能目前還沒有完全公開。但當我們把存款拆分為零售與非零售。再看零售 CASA 比例，這是一個非常健康的數字。大約在 40% 後段，而且長期以來一直相當穩定。只是資產負債表規模太大了。

And the fact of the matter is that over the last three years, we have had to substitute the borrowing maturities of the erstwhile HDFC Limited, which is almost nearing about INR2.6 lakh crores, which necessitated the institution to take more time deposits, substituting that.

事實是，過去三年我們必須替代原 HDFC Limited 的借款到期結構，規模接近約 INR2.6 lakh crores（約 2.6 兆盧比），這使得本機構需要吸收更多定期存款來進行替代。

So effectively, the -- apart from that, as we have all of us seen and as you have alluded as well, the incremental accretion to low-cost current and savings accounts in the system is becoming smaller and smaller due to the fact that there is a structural shift that is happening in the household savings behavior. Now when you put all this together, structurally, I think this is going to be an issue in the system over a period of time. But having said that, which Anup and team will unveil it in the near future, there may be certain structural adjustments that one may have to do on a -- not just on a onetime basis, but maybe on a continuous basis on the balance sheet side, which will ensure that we continue to have patronized core retail deposits.

因此實際上——除此之外，正如我們大家所看到、也如你所提到的，系統內低成本活期與儲蓄存款的新增累積正在變得越來越小，原因在於家庭儲蓄行為正在發生結構性轉變。把這些因素放在一起看，從結構面來說，我認為這會在一段時間內成為系統性的問題。但即便如此，Anup 和團隊在不久的將來會揭示：在資產負債表端，可能需要做某些結構性調整——不只是一次性的，可能還要持續性地進行——以確保我們能持續獲得並維持核心零售存款的支持。

And he will find alternate ways of trying to see how to keep the funding requirements to the bare minimum, which is far more affordable and far more -- which does not stretch the system, which will necessitate us to take on high-cost liabilities and hence, the CASA ratio may be protected in future. These are all blue-skying thoughts since you mentioned that this is something that -- what is it that one would need to do. But having said that, why conjecture that, Anup is here. I mean he will probably talk to you all in about a month's time to both the sell and buy-side analysts. And that, as I said, I'm sure you will hear from him directly, but give him some time.

他也會尋找其他替代方式，看看如何把資金需求維持在最低限度，使其更可負擔、也更——不會拉緊整個系統，避免迫使我們承擔高成本負債，因此未來 CASA 比例可能得以維持。這些都是你提到「需要做什麼」時，我所做的一些發散性思考。但話說回來，何必猜測呢，Anup 就在這裡。我的意思是，他大概會在約一個月後同時與賣方與買方分析師交流。如我所說，我相信你們會直接聽他說明，但請給他一些時間。

Thank you.

謝謝。

Thank you.

謝謝。

Okay.

好的。

Nitin Aggarwal, Motilal Oswal.

Nitin Aggarwal，Motilal Oswal。

Hi, good evening and thanks for the opportunity. Yeah, I would like to firstly thank Sashi, Kaizad and Srini for the valuable leadership and all the insightful interactions all these years. And also congrats, Anup, and convey my best wishes for the journey ahead.

嗨，晚安，謝謝給我提問的機會。是的，我想首先感謝 Sashi、Kaizad 和 Srini 這些年來寶貴的領導，以及所有富有洞見的交流互動。也恭喜 Anup，並祝福你接下來的旅程一切順利。

So first question is on the manpower requirement, if I look at HDFC Bank over the last three years, our employee base has been the same, which is partly in a way -- the way the trend has been for the all private banks to some extent. But how do you look at like trend over the next two, three years? Will the operating leverage, will the gains from digitization continue to drive a similar trend? Or you see some changes happening to the employee hiring run rate over the coming years?

第一個問題是關於人力需求：如果我看 HDFC Bank 過去三年，我們的員工規模基本保持不變，這在某種程度上也符合所有民營銀行的趨勢。但你如何看待未來兩到三年的趨勢？營運槓桿、以及數位化帶來的效益，是否會繼續推動類似的趨勢？或者你認為未來幾年員工招聘的節奏會出現一些變化？

Nitin, you will be risking asking me this question, and I hope I don't put Anup in a spot. But having said that, the view I have is I think the technology investments is on the cusp of being harnessed much more than what we had. I think it's coming out of the investment phase. So that's part one. And that's pretty much reflected in the fact that a fair amount of our product and service journeys are becoming far more straight through, which means that the turnaround times for the deliveries of products and services has been coming down, which means that the capacities are increasing.

Nitin，你問我這個問題有點冒險，我希望我不要讓 Anup 陷入尷尬。但話說回來，我的看法是：我認為科技投資正處在即將被更充分釋放效益的關口，遠超過我們過去所做到的程度。我認為它正在走出投資期。這是第一部分。而這也相當程度反映在：我們相當多的產品與服務流程正變得更「端到端直通」（straight through），也就是產品與服務交付的周轉時間正在下降，意味著產能正在提升。

The way I see it is that as we see the adoption move up, as we see the overlay of AI on top of these applications becoming far more mature, the need for enabler functions, whether it is, firstly, the business enabler functions, whether it's the operations or the credit verticals and maybe in future, the corporate enabler functions, will not need to have that kind of a capacity in their verticals in future. But having said that, we are still about 11% to 12% of the market, which means that the runway for growth is massive. And so -- and we have said this in the past, and I continue to believe, and I'm sure Anup will also sort of look at these aspects. We believe there would be a kind of a mix change in our employee composition.

我的看法是：隨著採用率提升、以及在這些應用之上疊加 AI 變得更加成熟，未來支援性職能（enabler functions）——不論是首先業務支援職能（例如營運或授信條線），以及未來可能的公司層級支援職能——將不需要在各自條線維持那樣的產能配置。但即便如此，我們目前仍只佔市場約 11% 到 12%，這意味著成長跑道非常巨大。因此——我們過去也說過，我仍然相信，而且我確信 Anup 也會從這些面向來看。我們相信員工組成結構會出現某種程度的變化。

We'll have more and more people in the frontline customer-facing roles, and we have lesser and lesser people in the back end. So -- and maybe there will be some who will move on to technology as well because technology investments are going to be extremely intense and large going forward. As we see the -- that kind of a transition that keeps happening, and which is still some more time to go, I believe the institution will try to maintain the staff count and try and move more and more people to the front line.

我們會有越來越多的人在第一線、面向客戶的職務上，而後端的人員會越來越少。所以——而且也許還會有一些人會轉往科技領域，因為未來科技投資將會非常密集且規模龐大。當我們看到——這種持續發生的轉型，而且我認為還會再持續一段時間，我相信機構會努力維持員工總數，並嘗試把越來越多的人力移到第一線。

But there will be an inflection point. The fact of the matter is when the opportunity is pretty large, they will start to hire incrementally even in the front line and maybe at some point in time, even at the back end. So I think India is going to be blessed and so will the institution, whoever adopts the digitization and AI in a very significant manner. I would say that this would be the trajectory where it will remain flat and probably it will start to increase over maybe three, four years' time. Anup, he says that he's also on the same page.

但會有一個拐點。事實是，當機會相當大時，他們會開始逐步增聘人手，即便是在第一線，甚至在某個時間點也可能在後端增聘。所以我認為，印度將會受惠，而機構也會受惠——任何以非常顯著的方式採用數位化與 AI 的機構都會受惠。我會說這將是一條軌跡：人員數會先維持持平，然後可能在三、四年左右開始增加。Anup 說他也有同樣的看法。

So I will now ask him as an investor from like you all.

所以我現在會以像你們各位一樣的投資人角度來請他回答。

Sure. Sure, Sashi.

當然。當然，Sashi。

Right. Got that. And the other question is on the liabilities because I believe that liabilities accretion is something that has the most important because even this quarter, if you see the LCR ratio, CD ratio, this is a quarter wherein banks benefited from FCNR deposits, but these ratios have still not moved in the right direction. So like can we really rely on to the branch productivity metrics that we have historically seen over the long period in a very changing market environment? There are banks who are not investing in as many branches, but playing on rates probably and generating pretty healthy liability accretion.

好。了解。另外一個問題是關於負債端，因為我認為負債增長是最重要的事情；即使在本季，如果你看 LCR 比率、CD 比率，這是一個銀行受惠於 FCNR 存款的季度，但這些比率仍然沒有朝正確方向改善。所以，在市場環境快速變化的情況下，我們真的還能依賴過去長期以來所看到的分行生產力指標嗎？有些銀行並沒有投資那麼多分行，而是可能透過利率策略來推動，並取得相當健康的負債增長。

So what all, say, initiatives, what are levers can we pull to accelerate liability growth over the coming years? So again, this question is open both to you, Sashi and Anup.

那麼，未來幾年我們有哪些舉措、有哪些槓桿可以用來加速負債成長？所以同樣地，這個問題同時開放給你，Sashi，以及 Anup。

Right, got that.

好，了解。

And the other question is on the liabilities because I believe that the liabilities accretion is something that has to be the most important because even this quarter QC.

另外一個問題是關於負債端，因為我認為負債增長必須是最重要的事情，因為即使在本季 QC。

The LCR ratio, CD ratio, this is a quarter wherein banks benefited from FCNR deposits, but these ratios have still not moved in the right direction. So like can we really rely onto the branch productivity metrics that we have historically seen over the long period in a very changing like market environment? There are banks who are not investing in as many branches, but playing on rates probably and generating pretty healthy liability accretion. So what all say initiatives, what are levers can we pull to accelerate liability growth over the coming years? So again, this question is open both to you, Sashi and Amit.

LCR 比率、CD 比率，這是一個銀行受惠於 FCNR 存款的季度，但這些比率仍然沒有朝正確方向改善。所以，在市場環境快速變化的情況下，我們真的還能依賴過去長期以來所看到的分行生產力指標嗎？有些銀行並沒有投資那麼多分行，而是可能透過利率策略來推動，並取得相當健康的負債增長。那麼，未來幾年我們有哪些舉措、有哪些槓桿可以用來加速負債成長？所以同樣地，這個問題同時開放給你，Sashi，以及 Amit。

So don't go by a quarter phenomena, Nitin. The fact of the matter is I alluded to it as well. Whilst the underlying momentum is very encouraging, unfortunately, you had some large one-off outflows, which was not within our control, some planned, some unplanned as well. So -- which necessitated the institution to take resort to some of the non-retail deposits, which have a lesser LCR cover and which is the reason why you're not seeing commensurate improvement in the LCR ratios.

Nitin，不要只看單一季度的現象。事實上我也提到過。雖然基本動能非常令人鼓舞，但不幸的是，你遇到了一些大型的一次性資金流出，這不在我們的控制範圍內，有些是計畫內的，也有些是非計畫內的。所以——這使得機構不得不轉而採用部分非零售存款，這類存款的 LCR 覆蓋較低，這也是你看不到 LCR 比率相應改善的原因。

But the institution is seized, and I'm sure that over a period of next couple of quarters, you will see a strategic thought process as to what one would like to do and what they will be doing in terms of not only ensuring that the core liability momentum continues in a strong manner to what are the balance sheet adjustments one needs to do to ensure that the LCR coverage is also very healthy. Mind you, whilst you're looking at an LCR, there is something which -- there's another metric called liquidity may not be visible to you all, but the institution's liquidity is extremely comfortable and probably slightly more in terms of comfort -- more than comfortable.

但機構已經掌握情況，我也確信在接下來幾個季度，你會看到一套策略性的思考：不僅是如何確保核心負債動能能夠持續強勁，也包括需要做哪些資產負債表調整，以確保 LCR 覆蓋同樣非常健康。請注意，當你在看 LCR 的同時，還有一個指標——另一個你們可能看不到的指標叫做流動性；但機構的流動性非常充裕，而且可能在舒適度上略高——不只是舒適，而是更為充裕。

So I just want to leave that thought to the larger world and the audience that a low LCR does not mean a low liquidity. The liquidity is extremely comfortable. But having said that, we hear you, and you will see a kind of a thought process in the near future from Anup and team on what they are planning to do in improving core liability momentum and the LCR glide path as well.

所以我只是想把這個觀點留給更廣泛的市場與聽眾：LCR 低不代表流動性低。流動性非常充裕。但話雖如此，我們聽到了你的意見，近期你也會看到 Anup 和團隊在如何提升核心負債動能以及 LCR 的改善路徑（glide path）方面的思考與規劃。

Ankit Bihani, Nomura.

Ankit Bihani，野村。

Yeah, hi, thank you for the opportunity. So I had a question on LCR again. So at this level now we are at 113%. So will this become a constraint on your incremental loan growth going ahead, if the deposit mobilization remains relatively weak. And further, towards the FCNR thing, we have still seen HDFC Bank be quite active in the CD market. Why is it so?

是的，嗨，謝謝給我這個機會。我有一個關於 LCR 的問題。目前我們在這個水準是 113%。如果存款動員仍相對疲弱，這會不會在未來成為你們新增放款成長的限制？另外，關於 FCNR 這件事，我們仍看到 HDFC Bank 在 CD 市場相當積極。為什麼會這樣？

And given that what I understand is that certificate of deposits are kind of LCR positive given that their runoff is 100% on the month they are maturing. So if you could shed some light on that.

而且依我理解，存單（certificate of deposits）在某種程度上是 LCR 正向的，因為它們在到期月份的流出率（runoff）是 100%。所以如果可以的話，請就此說明一下。

And my second question is on the draft insurance norms. Any analysis that we have done, what could be the impact on our bank assurance income there?

我的第二個問題是關於保險規範草案。我們是否做過任何分析，它可能會對我們的銀行保險（bancassurance）收入造成什麼影響？

And the third is on the PSL front. So we have seen on the SMF side, the shortfall has widened. So what are we doing to address that?

第三個問題是關於 PSL。我們看到在 SMF 方面，缺口擴大了。那我們正在做什麼來解決這個問題？

First is the LCR question, yes, we would like to operate between 110% and 120%, which we have told you over the last few years, somewhere probably in the middle 115%. Yes, we are at 113% or so. That's part of how time to time space on growth that one has to use. The regulatory standard is 100%. But we do operate -- want to operate between 110% and 115%.

第一個是 LCR 的問題，是的，我們希望在 110% 到 120% 之間運作，這幾年我們也一直這樣告訴各位，大概會在中間值 115% 左右。是的，我們目前大約在 113%。這是我們在不同時間點為了成長所需要運用的空間之一。監管標準是 100%。但我們的運作——希望運作在 110% 到 115% 之間。

Yes, we do need to keep that at that kind of a level for us to keep growing. So that's one. Your thought process and assumption that we do need to use that as an important kind of a floor somewhere around that level so that we get -- we are able to grow is correct.

是的，我們確實需要把它維持在這樣的水準，才能持續成長。這是一點。你所提出的思路與假設——我們確實需要把它當作一個重要的底線，大概在那個水準附近，這樣我們才能——能夠成長——這是正確的。

The next question you asked is about the PSL. CD issuance is that's part of what the market opportunities exist. And Sashi alluded to certain outflows that we manage, replace one large ticket with another large ticket. And so if you look at our total deposits, branch-driven deposits is at about 80% or so of the total, which is on one of those pages that we have published, you will see that. So within that, whatever the churn that happens has happened.

你接著問到的是 PSL。CD 發行是市場機會存在的一部分。而 Sashi 也提到我們需要處理某些資金流出，用另一筆大額資金來替換一筆大額資金。所以如果你看我們的總存款，由分行帶動的存款約占總額的 80% 左右，這在我們已發布的其中一頁資料上，你會看到。所以在這之中，任何發生的周轉（churn）都已經發生了。

And again, we'll be opportunistic to take whatever is available at a price that is suitable there.

而且同樣地，我們會把握機會，在價格合適的情況下承作任何可取得的資金。

The third one was relating to -- draft insurance policy that is there. As you know, it is still in a draft form calling for comments by end of -- sometime in November, I think, is due. The comments are due. Once that settles, we will know where it is. But one thing.

第三點是關於——目前那份保險保單草案。如各位所知，它仍處於草案階段，徵求意見截至——我想大概是11月的某個時候。意見回饋的截止日期快到了。一旦定案，我們就會知道最終走向。但有一點。

Yes, indeed, the cut down in the commission rates is quite high. There are three other things that one need to work with to see as soon as we know where the commission rate settles. One is what kind of a persistency pickup it will provide. So that could be kind of a positive effect to that. The other one could be this whole exercise of better commission rates.

是的，確實，佣金費率的下調幅度相當大。另外還有三件事需要配合處理，等我們知道佣金費率最終落在哪裡後，就能更快評估。第一是它會帶來何種續保率（persistency）的提升。因此這可能會帶來某種正面效果。第二個則可能是整體這套改善佣金費率的作法。

So thereby, lower cost of insurance is the goal. It is not about the commission. It is about how does the end consumer have a cost of insurance, which is low, which means higher levels of participation, which means more volumes. That's the second thing.

因此，目標是降低保險成本。這不是在談佣金本身。而是在談終端消費者如何能以較低的保險成本投保；成本更低意味著更高的參與度，也意味著更大的量。這是第二點。

And the third thing is, of course, the cost structure itself, right? One has to address some of the commission structures are changing, we'll have to address it through some cost structures too, right? So in terms of what do you have in terms of certain programs that we could combine and bring some efficiency there, both on our side as well as the manufacturer side, we need to work on that because there is also expense of management targets there. And for us also when the commission goes, we will look at our structure of what we spend, particularly certain variable related. So we do have certain levers to work.

第三點當然是成本結構本身，對吧？既然部分佣金結構正在改變，我們也必須透過一些成本結構的調整來因應，對吧？所以就我們有哪些特定方案可以整合、並在我們端以及製造商端（供應端）帶來效率提升而言，我們需要推進這件事，因為那裡也有管理目標相關的費用。而對我們來說，當佣金下降時，我們也會檢視自身的支出結構，特別是某些與變動相關的部分。因此我們確實有一些槓桿可以運用。

But yes, in its current form, when you look at only the commission, it is pretty strong, pretty high impact.

但沒錯，以目前的形式來看，如果只看佣金這一項，影響相當強、衝擊相當大。

And on the PSL, the question on PSL.

接著是關於 PSL 的問題。

See, PSL, our PSL is at about -- achievement is at the aggregate level about 50% or so. So at aggregate level, we are quite okay. The place where we always scramble around to make it is the last 2 miles on the small and marginal and weaker section that they have a dual qualification. The small and marginal farmer, to the extent it's available, we are there to take either originate organically in our book or buy it in the market. It's very scarce.

你看，PSL，我們的 PSL 在整體層級的達成率大約在 50% 左右。所以在整體層級，我們是相當可以的。我們一直需要最後衝刺才能達標的地方，是最後 2 英里——也就是小農、邊際農戶以及弱勢族群，因為他們有雙重資格條件。小農與邊際農戶這一塊，只要市場上有供給，我們就會透過自有帳簿自然發放（有機成長）或在市場上買入。但這非常稀缺。

It's not available. The cost is high, right? And that's true.

市場上沒有。成本也很高，對吧？而這確實如此。

And we are in the market to buy, and we are short by a few percentage points. We are trying to address it in whatever way we can. But to the extent it's available. And if you have anything, your organization is -- can broker to sell, we'll be happy to buy.

我們也在市場上買入，但仍差了幾個百分點。我們正以一切可行方式來處理。但前提仍是市場上要有供給。如果你們機構有任何可以居中撮合出售的資產，我們很樂意買入。

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

各位女士先生，我們就把這個當作最後一個問題。我現在把會議交回給 Vaidyanathan 先生作結語。

Yeah, thank you, Nirav. Sashi, over to you for final remarks.

好的，謝謝你，Nirav。Sashi，最後致詞交給你。

Yeah, so as we were in the call, I think the world would have just got another notification to the exchanges that a dear colleague, Kaizad, has requested for early retirement by end of December. I would like to sort of really place on record this wonderful contribution of Kaizad to the institution. He's been a founding member, he's been the -- one of the key architects of the USP of the institution, which is a credit architecture and then moving on to a fair amount of areas of business now handling the entire asset side of the balance sheet.

好的，所以在我們通話期間，我想大家應該剛收到一則提交給交易所的通知：一位親愛的同事 Kaizad 已提出申請，將於 12 月底提前退休。我想在此正式記錄 Kaizad 對本機構的卓越貢獻。他是創始成員之一，也是本機構 USP（獨特賣點）的主要設計者之一——也就是信貸架構；之後又延伸到相當多的業務領域，目前負責資產負債表的整個資產端。

It's going to be a big loss to the institution. But obviously, he has done it in -- for the right intentions and for the love of this institution. I think we'll all miss him, but my best wishes to him and his family for such a wonderful stint at the institution. Thank you, Kaizad, and thank you. Very best to you.

這對本機構而言將是很大的損失。但顯然，他是出於正確的初衷、以及對本機構的熱愛而做出這個決定。我想我們都會想念他，也祝福他與家人；他在本機構的任期非常精彩。謝謝你，Kaizad，也謝謝各位。衷心祝福你一切順利。

Thank you, Sashi.

謝謝你，Sashi。

Thank you, Sashi.

謝謝你，Sashi。

Thank you. With that, we'll sign off. And any other questions, comments or other inputs that you all need, please reach out to our Investor Relations team, and we'll be happy to join and participate with you to discuss. Thank you. Bye-bye.

謝謝。那麼我們就到此結束。若各位還有任何其他問題、意見或需要補充的資訊，請聯繫我們的投資人關係團隊；我們很樂意加入並與各位一同討論。謝謝。再見。

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

謝謝。我代表 HDFC Bank Limited 宣布本次會議到此結束。感謝各位參與，現在可以掛斷電話線。謝謝。