ICICI Bank Ltd (IBN) 2023 Q4 法說會逐字稿

Ladies and gentlemen, good day and welcome to the ICICI Bank's Q4 FY '23 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

女士們，先生們，美好的一天，歡迎來到 ICICI 銀行的 23 財年第四季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I now hand the conference over to Mr. Sandeep Bakhshi, Managing Director and CEO of ICICI Bank. Thank you and over to you, sir.

我現在將會議交給 ICICI 銀行董事總經理兼首席執行官 Sandeep Bakhshi 先生。謝謝你，交給你了，先生。

Good evening to all of you and welcome to the ICICI Bank earnings call to discuss the results for Q4 of financial year 2023. Joining us today on this call are Anup, Sandeep Batra, Rakesh, Anindya and Abhinek. The Indian economy has continued to show resilience amidst a volatile global environment. The underlying growth momentum is visible in increasing steel and cement output, GST collections, capacity utilization, rising demand for electricity and travel. The government led CapEx cycle is continuing. Financial stability has been maintained and inflation elevated has moderated from its peak. We will continue to monitor these developments closely. Our strategic focus is growing our risk calibrated core operating profit through the 360-degree customer-centric approach and by serving opportunities across customer segments and ecosystems. We continue to operate within our strategic framework and strengthen our franchise, enhance our delivery and servicing capabilities and expand our technology and digital offerings.

大家晚上好，歡迎參加 ICICI 銀行財報電話會議，討論 2023 財年第四季度的結果。今天加入我們的電話會議的有 Anup、Sandeep Batra、Rakesh、Anindya 和 Abhinek。在動蕩的全球環境中，印度經濟繼續表現出韌性。潛在的增長勢頭在鋼鐵和水泥產量增加、商品及服務稅徵收、產能利用率、電力和旅遊需求增加方面可見一斑。政府主導的資本支出週期仍在繼續。金融穩定得到維持，通貨膨脹率從高峰期有所緩和。我們將繼續密切關注這些事態發展。我們的戰略重點是通過 360 度以客戶為中心的方法以及跨客戶群和生態系統提供機會來增加我們的風險校準核心運營利潤。我們繼續在我們的戰略框架內運營，加強我們的特許經營權，增強我們的交付和服務能力，並擴展我們的技術和數字產品。

The core operating profit increased by 36.4% year-on-year to INR 138.66 billion in this quarter and increased by 28.1% year-on-year to INR 491.39 billion in financial year 2023. Core operating profit less provisions grew by 34.7% year-on-year to INR 122.47 billion in this quarter and increased by 43% year-on-year to INR 424.73 billion in financial year 2023. The profit after tax grew by 30% year-on-year to INR 91.22 billion in this quarter. For the fiscal year 2023, the profit after tax grew by 36.7% year-on-year to INR 318.96 billion. The Board has recommended a dividend of INR 8 per share for financial 2023 subject to requisite approvals. Total deposits grew by 10.9% year-on-year and 5.2% sequentially at March 31, 2023. Term deposits increased by 17.1% year-on-year and 4.3% sequentially at March 31, 2023. During the quarter, the average current and savings account deposits grew by 8% year-on-year and 1.2% sequentially. The liquidity coverage ratio for the quarter was about 124%.

本季度核心營業利潤同比增長 36.4% 至 1386.6 億印度盧比，2023 財年同比增長 28.1% 至 4913.9 億印度盧比。核心營業利潤減去準備金同比增長 34.7%-本季度同比增長 1224.7 億印度盧比，2023 財年同比增長 43% 至 4247.3 億印度盧比。本季度稅後利潤同比增長 30% 至 912.2 億印度盧比。 2023 財年稅後利潤同比增長 36.7% 至 3189.6 億盧比。董事會建議在獲得必要批准的情況下，在 2023 財年派發每股 8 印度盧比的股息。截至 2023 年 3 月 31 日，總存款同比增長 10.9%，環比增長 5.2%。截至 2023 年 3 月 31 日，定期存款同比增長 17.1%，環比增長 4.3%。本季度，平均活期存款和儲蓄賬戶存款同比增長 8%，環比增長 1.2%。本季度流動性覆蓋率約為124%。

The retail loan portfolio grew by 22.7% year-on-year and 5.4% sequentially at March 31, 2023. Including nonfund based outstanding, the retail portfolio was 45.7% of the total portfolio. The business banking portfolio grew by 34.9% year-on-year and 7.8% sequentially. The SME portfolio grew by 19.2% year-on-year and 6.2% sequentially. The growth in SME and business banking portfolios was driven by leveraging our branch network and digital offerings such as InstaBIZ and Merchant Stack. The domestic corporate portfolio grew by 21.2% year-on-year and 3.8% sequentially at March 31, 2023 driven by growth across well-rated financial and nonfinancial corporates. The rural portfolio grew by 13.8% year-on-year and 5.5% sequentially. The domestic loan portfolio grew by 20.5% year-on-year and 5% sequentially. The overall loan portfolio grew by 18.7% year-on-year and 4.7% sequentially at March 31, 2023.

截至 2023 年 3 月 31 日，零售貸款組合同比增長 22.7%，環比增長 5.4%。包括非基金貸款在內，零售貸款組合佔總投資組合的 45.7%。商業銀行業務組合同比增長 34.9%，環比增長 7.8%。中小企業投資組合同比增長 19.2%，環比增長 6.2%。中小企業和商業銀行業務組合的增長是通過利用我們的分支網絡和數字產品（如 InstaBIZ 和 Merchant Stack）推動的。受評級良好的金融和非金融企業增長的推動，國內企業投資組合在 2023 年 3 月 31 日同比增長 21.2%，環比增長 3.8%。農村投資組合同比增長 13.8%，環比增長 5.5%。國內貸款組合同比增長 20.5%，環比增長 5%。截至 2023 年 3 月 31 日，整體貸款組合同比增長 18.7%，環比增長 4.7%。

We continue to enhance our digital offerings and platforms to onboard new customers in a seamless manner, provide them end-to-end digital journeys and personalized solutions and enable a more effective data driven cross-sell and upsell. We have shared some details on our technology and digital offerings in Slides 17 to 28 of the investor presentation. The net NPA ratio declined to 0.48% at March 31, 2023 from 0.55% at December 31, 2022 and 0.76% at March 31, 2022. During the quarter, there were net additions of INR 0.14 billion to gross NPAs excluding write-offs and sales. The provisioning coverage ratio on NPAs was 82.8% at March 31, 2023. The total provisions during the quarter were INR 16.19 billion or 11.7% of core operating profit and 0.7% of average advances. This includes contingency provision of INR 16 billion made on a prudent basis. The bank holds contingency provisions of INR 131 billion or about 1.3% of total loans as of March 31, 2023.

我們繼續增強我們的數字產品和平台，以無縫方式吸引新客戶，為他們提供端到端的數字旅程和個性化解決方案，並實現更有效的數據驅動交叉銷售和追加銷售。我們在投資者介紹的幻燈片 17 至 28 中分享了有關我們技術和數字產品的一些細節。淨不良資產比率從 2022 年 12 月 31 日的 0.55% 和 2022 年 3 月 31 日的 0.76% 降至 2023 年 3 月 31 日的 0.48%。本季度，不包括註銷和銷售量。截至 2023 年 3 月 31 日，不良資產的撥備覆蓋率為 82.8%。本季度撥備總額為 161.9 億印度盧比，佔核心營業利潤的 11.7% 和平均預付款的 0.7%。這包括在謹慎的基礎上提供的 160 億印度盧比的應急準備金。截至 2023 年 3 月 31 日，該銀行持有 1310 億盧比的應急準備金，約佔貸款總額的 1.3%。

The capital position of the bank continued to be strong with a CET1 ratio of 17.12%, Tier 1 ratio of 17.6% and total capital adequacy ratio of 18.34% at March 31, 2023 after reckoning the impact of proposed dividend. Looking ahead, we see many opportunities to drive growth in the risk calibrated core operating profit. We believe our focus on Customer 360, extensive franchise and synergy and collaboration within the organization backed by our digital offerings and process improvement and service delivery initiatives will enable us to deliver customized solutions to customers in a seamless manner and grow market share across key segments. We will continue to make investments in technology, people, distribution and building our brand. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital. The principles of Fair to Customer, Fair to Bank and One Bank, One Team, One ROE will continue to guide our operations. We remain focused on delivering consistent and predictable returns to our shareholders.

在計算擬議股息的影響後，該銀行的資本狀況繼續保持強勁，截至 2023 年 3 月 31 日，CET1 比率為 17.12%，一級資本比率為 17.6%，總資本充足率為 18.34%。展望未來，我們看到了許多推動風險校準核心營業利潤增長的機會。我們相信，在我們的數字產品、流程改進和服務交付計劃的支持下，我們對客戶 360 度的關注、廣泛的特許經營權以及組織內的協同作用和協作將使我們能夠以無縫的方式為客戶提供定制的解決方案，並在關鍵領域擴大市場份額。我們將繼續在技術、人員、分銷和品牌建設方面進行投資。我們將繼續專注於通過審慎的撥備和健康的資本水平來維持穩健的資產負債表。對客戶公平、對銀行公平以及一家銀行、一個團隊、一個 ROE 的原則將繼續指導我們的運營。我們仍然專注於為股東提供一致且可預測的回報。

I now hand the call over to Anindya.

我現在將電話轉給 Anindya。

Thank you, Sandeep. I will talk about balance sheet growth, credit quality, P&L details, growth in digital offerings, portfolio trends and the performance of subsidiaries. On balance sheet growth, Sandeep covered the loan growth across various segments. Coming to the growth across retail products. The mortgage portfolio grew by 17.6% year-on-year and 4% sequentially. Auto loans grew by 23.2% year-on-year and 5.1% sequentially. The commercial vehicles and equipment portfolio grew by 5.2% (sic) [5.3%] year-on-year and 3.8% sequentially. Growth in the personal loan and credit card portfolio was 43.2% year-on-year and 9% sequentially. This portfolio was INR 1,258.96 billion or 12.3% of the overall loan book at March 31, 2023. The overseas loan portfolio in US dollar terms declined by 23.8% year-on-year and 2.6% sequentially at March 31, 2023. The overseas loan portfolio was about 3.3% of the overall loan book at March 31, 2023.

謝謝你，桑迪普。我將談論資產負債表的增長、信用質量、損益細節、數字產品的增長、投資組合趨勢和子公司的業績。在資產負債表增長方面，Sandeep 涵蓋了各個部門的貸款增長。零售產品的增長。抵押貸款組合同比增長 17.6%，環比增長 4%。汽車貸款同比增長 23.2%，環比增長 5.1%。商用車輛和設備組合同比增長 5.2%（原文如此）[5.3%]，環比增長 3.8%。個人貸款和信用卡組合同比增長 43.2%，環比增長 9%。截至 2023 年 3 月 31 日，該投資組合為 12,589.6 億盧比，佔貸款總額的 12.3%。截至 2023 年 3 月 31 日，以美元計價的海外貸款組合同比下降 23.8%，環比下降 2.6%。海外貸款截至 2023 年 3 月 31 日，投資組合約佔貸款總額的 3.3%。

The non-India linked corporate portfolio declined by 52.3% or about USD 336 million on a year-on-year basis. Of the overseas corporate portfolio; about 89% comprises Indian corporates, 7% is overseas corporates with Indian linkage, 2% comprises companies owned by NRIs or PIOs and the balance 2% is non-India corporates. Credit quality; there were net additions of INR 0.14 billion to gross NPAs in the current quarter compared to INR 11.19 billion in the previous quarter. The net additions to gross NPAs were INR 8.73 billion in the retail, rural and business banking portfolio and there were net deletions from gross NPAs of INR 8.59 billion in the corporate and SME portfolio. The gross NPA additions were INR 42.97 billion in the current quarter compared to INR 57.23 billion in the previous quarter. The gross NPA additions from the retail, rural and business banking portfolio were INR 40.20 billion and from the corporate and SME portfolio were INR 2.77 billion.

與印度無關的企業投資組合同比下降 52.3% 或約 3.36 億美元。海外公司投資組合；大約 89% 包括印度公司，7% 是與印度有聯繫的海外公司，2% 包括 NRI 或 PIO 擁有的公司，其餘 2% 是非印度公司。信用質量；本季度不良資產總額淨增 1.4 億盧比，而上一季度為 111.9 億盧比。零售、農村和商業銀行業務組合的不良資產總額淨增加 87.3 億印度盧比，企業和中小企業投資組合的不良資產總額淨減少 85.9 億印度盧比。本季度新增的不良資產總額為 429.7 億印度盧比，而上一季度為 572.3 億印度盧比。來自零售、農村和商業銀行業務組合的 NPA 增加總額為 402 億印度盧比，來自公司和中小企業投資組合的增加為 27.7 億印度盧比。

Recoveries and upgrades from gross NPAs, excluding write-offs and sale, were INR 42.83 billion in the current quarter compared to INR 46.04 billion in the previous quarter. There were recoveries and upgrades of INR 31.47 billion from the retail, rural and business banking portfolio and INR 11.36 billion from the corporate and SME portfolio. The gross NPAs written off during the quarter were INR 11.58 billion. There was sale of NPAs of INR 2.01 billion for cash in the current quarter compared to no sale of NPAs in the previous quarter. Net NPAs declined by 25.9% year-on-year and 8% sequentially to INR 51.55 billion at March 31, 2023. The nonfund based outstanding to borrowers classified as nonperforming was INR 37.8 billion as of March 31, 2023 compared to INR 38.69 billion as of December 31, 2022. The bank holds provisions amounting to INR 20.05 billion against this nonfund based outstanding.

不包括註銷和出售在內的不良資產總額的回收和升級在本季度為 428.3 億印度盧比，而上一季度為 460.4 億印度盧比。零售、農村和商業銀行業務組合收回和升級了 314.7 億盧比，企業和中小企業組合收回和升級了 113.6 億盧比。本季度註銷的不良資產總額為 115.8 億印度盧比。本季度以現金出售了 20.1 億印度盧比的不良資產，而上一季度沒有出售不良資產。截至 2023 年 3 月 31 日，淨 NPA 同比下降 25.9%，環比下降 8%，至 515.5 億印度盧比。截至 2023 年 3 月 31 日，歸類為不良借款人的非基金未償還貸款為 378 億印度盧比，而截至 2023 年 3 月 31 日為 386.9 億印度盧比截至 2022 年 12 月 31 日。該銀行針對這筆非基金未償還款項持有總計 200.5 億印度盧比的準備金。

Total fund-based outstanding to all standard borrowers under resolution as per various guidelines declines to INR 45.08 billion or about 0.4% of the total loan portfolio at March 31, 2023 from INR 49.87 billion as of December 31, 2022. Of the total fund-based outstanding under resolution at March 31, 2023 INR 38.33 billion was from the retail, rural and business banking portfolio and INR 6.75 billion was from the corporate and SME portfolio. The bank holds provisions of INR 13.8 billion against these borrowers, which is higher than the requirement as per RBI guidelines. Moving on to the P&L detail. Net interest income increased by 40.2% year-on-year to INR 176.67 billion in the quarter. The net interest margin was 4.9% in this quarter compared to 4.65% in the previous quarter and 4% in Q4 of last year. The net interest margin was 4.48% in FY 2023. The impact of interest and income tax refund on net interest margin was 0 in Q4 of this year and in the previous quarter compared to 1 basis point in Q4 of last year.

根據各種準則，所有標準借款人的未償還基金總額從 2022 年 12 月 31 日的 498.7 億印度盧比下降到 450.8 億印度盧比，約佔 2023 年 3 月 31 日貸款組合總額的 0.4%。根據截至 2023 年 3 月 31 日的決議，383.3 億印度盧比來自零售、農村和商業銀行業務組合，67.5 億印度盧比來自企業和中小企業組合。該銀行對這些借款人持有 138 億印度盧比的準備金，高於 RBI 指南的要求。轉到損益表細節。本季度淨利息收入同比增長 40.2% 至 1766.7 億盧比。本季度淨息差為 4.9%，上一季度為 4.65%，去年第四季度為 4%。 2023 財年的淨息差為 4.48%。利息和所得稅退稅對今年第四季度和上一季度淨息差的影響為 0，而去年第四季度為 1 個基點。

The domestic NIM was at 5.02% this quarter compared to 4.79% in the previous quarter and 4.12% in Q4 of last year. Of the total domestic loans: interest rates on 46% are linked to the repo rate, 3% to other external benchmarks and 20% to MCLR and other older benchmarks, the balance 31% of loans have fixed interest rates. The cost of deposits was 3.98% in this quarter compared to 3.65% in the previous quarter. The sequential increase in NIM reflects the impact of increase in interest rate on loan yields. While repricing of deposits occurs with a lag, we expect to see the cost of deposits continuing to increase in future quarters. Noninterest income excluding treasury income grew by 11.3% year-on-year to INR 51.27 billion in Q4 of 2023. Fee income increased by 10.6% year-on-year to INR 48.30 billion in this quarter. Fees from retail, rural, business banking and SME customers grew by 14.8% year-on-year and constituted about 80% of the total fees in this quarter.

本季度國內淨息差為 5.02%，而上一季度為 4.79%，去年第四季度為 4.12%。在國內貸款總額中：46% 的利率與回購利率掛鉤，3% 與其他外部基準掛鉤，20% 與 MCLR 和其他舊基準掛鉤，其餘 31% 的貸款採用固定利率。本季度存款成本為 3.98%，而上一季度為 3.65%。 NIM 環比上升反映了利率上升對貸款收益率的影響。雖然存款重新定價會滯後，但我們預計未來幾個季度存款成本將繼續增加。 2023 年第四季度，不包括國庫收入的非利息收入同比增長 11.3% 至 512.7 億盧比。本季度手續費收入同比增長 10.6% 至 483 億盧比。來自零售、農村、商業銀行和中小企業客戶的手續費同比增長 14.8%，約佔本季度總手續費的 80%。

Dividend income from subsidiaries and associates was INR 2.73 billion in this quarter compared to INR 2.32 billion in Q4 of last year. The dividend income this quarter included interim dividend from ICICI Prudential Asset Management and dividend from ICICI Bank Canada. On cost, the bank's operating expenses increased by 26.7% year-on-year in this quarter. The bank had about 129,000 employees at March 31, 2023. The employee count has increased by about 23,200 in fiscal 2023. Employee expenses increased by 40% year-on-year in this quarter. During the quarter, the bank took a more conservative approach on certain assumptions underlying the provisions for retirement benefit obligations, which resulted in an additional expense of INR 3.35 billion. Nonemployee expenses increased by 19.6% year-on-year in this quarter, primarily due to retail business related expenses and technology expenses. Our branch count has increased by about 480 in the last 12 months and we had 5,900 branches as of March 31, 2023.

本季度來自子公司和聯營公司的股息收入為 27.3 億印度盧比，而去年第四季度為 23.2 億印度盧比。本季度的股息收入包括 ICICI Prudential Asset Management 的中期股息和 ICICI Bank Canada 的股息。成本方面，本季度該行營業費用同比增長26.7%。截至 2023 年 3 月 31 日，該銀行擁有約 129,000 名員工。2023 財年員工人數增加了約 23,200 人。本季度員工支出同比增長 40%。本季度，該銀行對退休福利義務規定的某些假設採取了更為保守的方法，導致額外支出 33.5 億盧比。本季度非員工支出同比增長 19.6%，主要是由於零售業務相關支出和技術支出。在過去 12 個月中，我們的分支機構數量增加了約 480 家，截至 2023 年 3 月 31 日，我們擁有 5,900 家分支機構。

The technology expenses were 9.3% of our operating expenses in this fiscal year compared to about 8.6% in the last fiscal year. The core operating profit increased by 36.4% year-on-year to INR 138.66 billion in this quarter. Excluding dividend income from subsidiaries and associates, the core operating profit grew by 36.9% year-on-year. The core operating profit increased by 28.1% year-on-year to INR 491.39 billion in the full year FY 2023. The total provisions during the quarter was INR 16.19 billion or 11.7% of core operating profit and 0.7% of average advances. These include contingency provisions of INR 16 billion made on a prudent basis. The total provisions during FY 2023 decreased by 22.9% year-on-year to INR 66.66 billion. During the year, the bank made contingency provisions of INR 56.5 billion and the impact of change in provisioning norms for corporate SME and business banking NPAs to make them more conservative was about INR 11.96 billion.

本財年，技術支出占我們運營支出的 9.3%，而上一財年約為 8.6%。本季度核心營業利潤同比增長 36.4% 至 1386.6 億盧比。剔除子公司和聯營公司的股息收入，核心經營利潤同比增長36.9%。 2023 財年全年核心營業利潤同比增長 28.1% 至 4913.9 億印度盧比。本季度撥備總額為 161.9 億印度盧比，佔核心營業利潤的 11.7% 和平均預付款的 0.7%。其中包括在謹慎的基礎上製定的 160 億印度盧比的應急準備金。 2023 財年撥備總額同比下降 22.9% 至 666.6 億盧比。年內，該銀行計提了 565 億印度盧比的應急準備金，而改變中小企業和商業銀行不良資產準備金規範以使其更加保守的影響約為 119.6 億印度盧比。

The provisioning coverage on NPAs was 82.8% as of March 31, 2023. In addition, we hold INR 13.8 billion of provisions on borrowers under resolution. Further the bank holds contingency provision of INR 131 billion as of March 31, 2023. At March-end, the total provisions other than specific provisions on fund-based outstanding to borrowers classified as nonperforming was INR 226.35 billion or 2.2% of loans. Core operating profit less provisions grew by 34.7% year-on-year to INR 122.47 billion in Q4 of this year. There was a treasury loss of INR 0.40 billion in Q4 compared to a gain of INR 1.29 billion in Q4 of the previous year. The tax expense was INR 30.85 billion in this quarter compared to INR 22.05 billion in the corresponding quarter last year. The profit after tax grew by 30% year-on-year to INR 91.22 billion in this quarter. The profit after tax grew by 36.7% year-on-year to INR 318.96 billion in FY 2023.

截至 2023 年 3 月 31 日，不良資產的準備金覆蓋率為 82.8%。此外，我們持有 138 億盧比的借款人準備金。此外，截至 2023 年 3 月 31 日，該銀行持有 1310 億印度盧比的應急準備金。截至 3 月底，除針對被歸類為不良借款人的基於基金的未償貸款的特定準備金外，該銀行的準備金總額為 2263.5 億盧比，佔貸款的 2.2%。今年第四季度核心營業利潤減去準備金同比增長 34.7% 至 1224.7 億盧比。與去年第四季度的收益 12.9 億印度盧比相比，第四季度的財務損失為 4.0 億印度盧比。本季度稅收支出為 308.5 億盧比，而去年同期為 220.5 億盧比。本季度稅後利潤同比增長30%至912.2億盧比。 2023 財年稅後利潤同比增長 36.7% 至 3189.6 億盧比。

The consolidated profit after tax grew by 27.6% year-on-year to INR 98.53 billion in this quarter. The consolidated profit after tax grew by 35.6% year-on-year to INR 340.37 billion in FY 2023. Moving on to growth in our digital offerings. Leveraging digital and technology across businesses is a key element of our strategy of growing the risk calibrated core operating profit. We continue to see increasing adoption and usage of our digital platform by our customers. There have been more than 9 million activations of iMobile Pay by non-ICICI Bank account holders as of end March. The value of transactions by non-ICICI Bank account holders in Q4 of this year was 1.3x the value of transactions in Q4 of last year. We have seen about 225,000 registrations from non-ICICI Bank account holders on InstaBIZ till March 31, 2023. The value of financial transactions on InstaBIZ grew about 22% year-on-year in this fiscal year.

本季度綜合稅後利潤同比增長 27.6% 至 985.3 億盧比。 2023 財年稅後綜合利潤同比增長 35.6% 至 3,403.7 億印度盧比。我們的數字產品繼續增長。跨業務利用數字和技術是我們提高風險校準核心營業利潤戰略的關鍵要素。我們繼續看到客戶越來越多地採用和使用我們的數字平台。截至 3 月底，非 ICICI 銀行賬戶持有人已激活超過 900 萬次 iMobile Pay。今年第四季度非 ICICI 銀行賬戶持有人的交易價值是去年第四季度交易價值的 1.3 倍。截至 2023 年 3 月 31 日，我們已經看到非 ICICI 銀行賬戶持有人在 InstaBIZ 上進行了約 225,000 次註冊。本財年，InstaBIZ 上的金融交易價值同比增長約 22%。

We have created more than 20 industry specific stacks, which provide bespoke and purpose-based digital solutions to corporate clients and their ecosystems. Our Trade Online and Trade Emerge platforms allow customers to perform most of their trade finance and foreign exchange transactions digitally. About 70% of trade transactions were done digitally in Q4 of this year. The value of transactions done through these platforms in Q4 of this year was 1.7x the value of transactions in Q4 of last year. Recently the bank launched Startup Ecosystem Banking to cater to the banking needs of startups across their lifecycle through its domestic and international network and branch at GIFT City. The bank offers comprehensive solutions in the areas of treasury, transaction banking, lending, managing foreign direct investments and regulatory compliances along with personal banking services for employees and founders.

我們已經創建了 20 多個行業特定堆棧，為企業客戶及其生態系統提供定制和基於目的的數字解決方案。我們的 Trade Online 和 Trade Emerge 平台允許客戶以數字方式執行大部分貿易融資和外匯交易。今年第四季度，大約 70% 的貿易交易是通過數字方式完成的。今年第四季度通過這些平台完成的交易價值是去年第四季度交易價值的 1.7 倍。最近，該銀行推出了 Startup Ecosystem Banking，通過其在 GIFT City 的國內和國際網絡和分行來滿足初創企業整個生命週期的銀行業務需求。該銀行在資金、交易銀行、貸款、管理外國直接投資和監管合規以及為員工和創始人提供個人銀行服務等領域提供全面的解決方案。

During the quarter, the bank launched an array of digital solutions for capital market participants and clients of custody services. These solutions enabled various participants; including brokers, portfolio management service providers, foreign portfolio investors, foreign direct investors and alternative investment funds; to seamlessly meet all their banking requirements. We have provided details on our retail business banking and SME portfolio in Slides 34 to 45 of the investor presentation. The loan and nonfund based outstanding to performing corporate and SME borrowers rated BB and below was INR 47.04 billion at March 31, 2023 compared to INR 55.81 billion at December 31, 2022 and INR 108.08 billion at March 31, 2022. The sequential decline was primarily due to prepayments and repayments during the quarter. The total outstanding of INR 47.04 billion at March 31, 2023 includes INR 7.74 billion of loan and nonfund based outstanding to borrowers under resolution.

本季度，該銀行為資本市場參與者和託管服務客戶推出了一系列數字解決方案。這些解決方案使各種參與者成為可能；包括經紀人、投資組合管理服務提供商、外國投資組合投資者、外國直接投資者和另類投資基金；無縫地滿足他們所有的銀行業務要求。我們在投資者介紹的幻燈片 34 至 45 中提供了有關零售業務銀行業務和中小企業投資組合的詳細信息。截至 2023 年 3 月 31 日，評級為 BB 及以下的優秀企業和中小企業借款人的貸款和非基金未償還貸款為 470.4 億印度盧比，而 2022 年 12 月 31 日為 558.1 億印度盧比，2022 年 3 月 31 日為 1080.8 億印度盧比。環比下降主要是由於本季度的預付款和還款。截至 2023 年 3 月 31 日，未償還總額為 470.4 億印度盧比，其中包括 77.4 億印度盧比的貸款和非基金基礎未償還給決議中的借款人。

The maximum single borrower outstanding in the BB and below portfolio was less than INR 5 billion at March 31, 2023. At March 31, 2023 we held provisions of INR 4.09 billion on the BB and below portfolio compared to INR 4.48 billion at December 31, 2022. This includes provisions held against borrowers under resolution included in the BB and below portfolio. The total outstanding to NBFCs and HFCs was INR 834.90 billion at March 31, 2023 compared to INR 765.4 billion at December 31, 2022. The total outstanding to NBFCs and HFCs were about 8% of our advances at March 31, 2023. The sequential increase in the outstanding to NBFCs and HFCs was mainly due to disbursements to entities having long vintage and entities owned by well-established corporate groups. The builder portfolio; including construction finance, lease rental discounting, term loans and working capital; was INR 398.87 billion at March 31, 2023 compared to INR 360.11 billion at December 31, 2022. The builder portfolio is about 4% of our total loan portfolio.

截至 2023 年 3 月 31 日，BB 及以下投資組合中未償還的最大單個借款人不足 50 億印度盧比。截至 2023 年 3 月 31 日，我們持有 BB 及以下投資組合的準備金為 40.9 億印度盧比，而 12 月 31 日為 44.8 億印度盧比， 2022。這包括根據 BB 及以下投資組合中的決議對借款人持有的準備金。截至 2023 年 3 月 31 日，NBFC 和 HFC 的未償還總額為 8349 億印度盧比，而 2022 年 12 月 31 日為 7654 億印度盧比。截至 2023 年 3 月 31 日，NBFC 和 HFC 的未償還總額約為我們預付款的 8%。環比增長對 NBFC 和 HFC 的未償付主要是由於對歷史悠久的實體和知名企業集團擁有的實體的支付。建築商投資組合；包括建築融資、租賃租金貼現、定期貸款和營運資金；截至 2023 年 3 月 31 日為 3988.7 億印度盧比，而 2022 年 12 月 31 日為 3601.1 億印度盧比。建築商投資組合約占我們貸款組合總額的 4%。

Our portfolio largely comprises well-established builders and this is also reflected in the sequential increase in the portfolio. About 4.6% of the builder portfolio at March 31, 2023 was either rated BB and below internally or was classified as nonperforming compared to 5.6% at December 31, 2022. Finally, moving on to subsidiaries and key associates. The details of the financial performance of subsidiaries and key associates are covered in Slides 49 to 51 and 71 to 76 in the investor presentation. The VNB margin of ICICI Life increased from 28% in FY 2022 to 32% in FY 2023. The value of new business increased by 27.8% year on year to INR 27.65 billion in FY 2023. The annualized premium equivalent grew by 11.7% year-on-year to INR 86.40 billion in FY 2023. The profit after tax of ICICI Life increased by 7.6% year-on-year to INR 8.11 billion in FY 2023 compared to INR 7.54 billion in FY 2022. The profit after tax grew by 27% year-on-year to INR 2.35 billion in Q4 this year compared to INR 1.85 billion in Q4 last year.

我們的投資組合主要由知名建築商組成，這也反映在投資組合的連續增長中。與 2022 年 12 月 31 日的 5.6% 相比，截至 2023 年 3 月 31 日，建築商投資組合中約有 4.6% 的評級為 BB 及以下內部評級或被歸類為不良。最後，轉向子公司和主要聯營公司。投資者介紹中的幻燈片 49 至 51 和 71 至 76 涵蓋了子公司和主要聯營公司財務業績的詳細信息。 ICICI Life 的 VNB 利潤率從 2022 財年的 28% 增加到 2023 財年的 32%。新業務價值同比增長 27.8% 到 2023 財年的 276.5 億印度盧比。年化保費等值同比增長 11.7%- 2023 財年同比增長 864 億印度盧比。ICICI 人壽的稅後利潤同比增長 7.6%，2023 財年為 81.1 億印度盧比，而 2022 財年為 75.4 億印度盧比。稅後利潤增長了 27今年第四季度同比增長 23.5 億印度盧比，而去年第四季度為 18.5 億印度盧比。

The gross direct premium income of ICICI General was INR 210.25 billion in FY 2023 compared to INR 179.77 billion in FY 2022. The combined ratio was 104.5% in FY 2023 compared to 108.8% in FY 2022. The profit after tax was INR 17.29 billion in FY 2023 compared to INR 12.71 billion in FY 2022. The profit after tax in FY 2023 includes reversal of tax provisions of INR 1.28 billion. The profit after tax was INR 4.37 billion this quarter compared to INR 3.13 billion in Q4 last year. The profit after tax of ICICI AMC was INR 3.87 billion (sic) [INR 3.85 billion] in this quarter compared to INR 3.57 billion in Q4 of last year.

ICICI General 2023 財年的直接保費收入總額為 2102.5 億印度盧比，而 2022 財年為 1797.7 億印度盧比。2023 財年的綜合比率為 104.5%，而 2022 財年為 108.8%。稅後利潤為 172.9 億印度盧比2023 財年與 2022 財年的 127.1 億印度盧比相比。2023 財年的稅後利潤包括 12.8 億印度盧比的稅收撥備逆轉。本季度稅後利潤為 43.7 億印度盧比，而去年第四季度為 31.3 億印度盧比。本季度 ICICI AMC 的稅後利潤為 38.7 億印度盧比（原文如此）[38.5 億印度盧比]，而去年第四季度為 35.7 億印度盧比。

The profit after tax of ICICI Securities as per Ind AS on a consolidated basis was INR 2.63 billion in this quarter compared to INR 3.40 billion in Q4 of last year. ICICI Bank Canada had a profit after tax of CAD15.6 million in this quarter compared to CAD4.3 million in Q4 last year. ICICI Bank UK had a profit after tax of USD5 million this quarter compared to USD3.1 million in Q4 of last year. As per Ind AS, ICICI Home Finance had a profit after tax of INR 0.96 billion in the current quarter compared to INR 0.53 billion in Q4 of last year.

根據 Ind AS，本季度 ICICI 證券的綜合稅後利潤為 26.3 億印度盧比，而去年第四季度為 34 億印度盧比。 ICICI Bank Canada 本季度的稅後利潤為 1560 萬加元，而去年第四季度為 430 萬加元。 ICICI Bank UK 本季度的稅後利潤為 500 萬美元，而去年第四季度為 310 萬美元。根據 Ind AS，ICICI Home Finance 本季度的稅後利潤為 9.6 億印度盧比，而去年第四季度為 5.3 億印度盧比。

With this, we conclude our opening remarks and we will now be happy to take your questions.

至此，我們結束了我們的開場白，現在我們很樂意回答您的問題。

(Operator Instructions) We have our first question from the line of Mahrukh Adajania from Nuvama.

（操作員說明）我們的第一個問題來自 Nuvama 的 Mahrukh Adajania。

Congratulations. My first question is on outlook for margins. Obviously the margin achievement for FY '23 has been phenomenal. Would you have a threshold below which you think margins won't fall? Obviously margins are peakish for the sector. So could you give us a band in which you would like to hold margins even if they are not sustainable at these levels? That's my first question.

恭喜。我的第一個問題是關於利潤率的前景。顯然，23 財年的利潤率成就是驚人的。您是否有一個您認為利潤率不會下降的閾值？顯然，該行業的利潤率已見頂。那麼，您能否給我們一個您希望保持利潤率的範圍，即使它們在這些水平上不可持續？這是我的第一個問題。

I don't think that we can really give a band. Our effort first of all would be to continue to grow our liability franchise in a healthy way across optimizing quantum and cost because that is really the starting point and then price lending in an appropriate fashion while of course looking at the entire ecosystem and customer level profitability. And also manage interest rate risk and earning rate risk on the balance sheet as best we can while having to work with the fact that the requirement of pricing a large part of the lending to external benchmark does create this cyclicality. And then we will see where we emerge out of it. Our endeavor of course would be to protect our operating profitability as far as we can.

我不認為我們真的可以給一個樂隊。我們首先要努力通過優化數量和成本以健康的方式繼續發展我們的責任特許經營權，因為這確實是起點，然後以適當的方式為貸款定價，同時當然要考慮整個生態系統和客戶層面的盈利能力.並儘我們所能管理資產負債表上的利率風險和收益率風險，同時必須應對這樣一個事實，即根據外部基準對大部分貸款進行定價的要求確實造成了這種週期性。然後我們將看到我們從中脫穎而出。我們的努力當然是盡可能地保護我們的經營盈利能力。

Sure. And I have another 2 questions. Firstly on OpEx, would you have any branch addition plan or target for next year? How many branches do you plan to add?

當然。我還有另外兩個問題。首先關於 OpEx，您是否有明年的分支機構增加計劃或目標？你打算增加多少個分行？

So if you see, Mahrukh, this year the pace of branch addition has picked up significantly. We have added 480 branches in the year and out of that, 180 has come in the fourth quarter. So I think that's kind of a starting run rate and we should see significantly higher branch additions next year than what we have seen this year.

所以，如果你看到，Mahrukh，今年分支機構增加的速度明顯加快。我們在這一年增加了 480 家分支機構，其中，第四季度增加了 180 家。所以我認為這是一種開始運行率，明年我們應該會看到比今年增加的分支機構數量要多得多。

Okay. And my last question is on the insurance subsidiaries. So after RBI's approval to HDFC yesterday, would you review your plans for your stakes in your insurance subsidiary? I mean how do you view your stakes now after what happened yesterday?

好的。我的最後一個問題是關於保險子公司的。因此，在 RBI 昨天批准 HDFC 之後，您會審查您在保險子公司的股份計劃嗎？我的意思是，在昨天發生的事情之後，你現在如何看待你的股份？

I think we have -- as you may have seen, we have received an extension of the timeline required for compliance with the BR Act to September 2024. So we have sufficient time to think things through and take the appropriate course of action. So that's what we will do.

我認為我們已經 - 正如您可能已經看到的那樣，我們已經收到將遵守 BR 法案所需的時間表延長至 2024 年 9 月。因此我們有足夠的時間來考慮事情並採取適當的行動。這就是我們要做的。

Okay. But there is no firm thought already that you would not now want to increase stakes in subsidiaries or any such thing, right? It's open for review and discussion.

好的。但現在還沒有堅定的想法，你現在不想增加子公司的股份或任何類似的東西，對吧？它是開放的審查和討論。

I'll just repeat that we have a 1.5 year to comply with the requirements of the Act, which require us to either be above 50 or below 30. So we'll see over this period of time what to do.

我再說一遍，我們有 1.5 年的時間來遵守該法案的要求，這要求我們要么高於 50，要么低於 30。所以我們將看看在這段時間內該做什麼。

We have our next question from the line of [Hirenkumar Thakorlal Desai], an Individual Investor.

我們的下一個問題來自個人投資者 [Hirenkumar Thakorlal Desai]。

So I have 3 questions. One has been NIM related question is answered. So deposit growth has [peaked] a little bit in comparison to advance growth. So is there some strategy you have in place to kind of...

所以我有3個問題。一個已經被 NIM 相關的問題回答了。因此，與提前增長相比，存款增長已經 [見頂] 了一點。那麼，您是否制定了一些策略來...

So I think we have pretty comfortably funded a 20% loan growth with our level of deposit growth while maintaining pretty healthy levels of liquidity. We started the year with significant excess liquidity and as we ramped that down, we have increased the deposit growth. So if you look at the second half of the year, deposit growth has been approximately I think 3x of what it was in the first half and that momentum is continuing. So we don't have any concerns on that front.

所以我認為我們已經相當輕鬆地用我們的存款增長水平為 20% 的貸款增長提供資金，同時保持相當健康的流動性水平。今年年初，我們的流動性嚴重過剩，隨著我們逐漸減少流動性，我們增加了存款增長。所以如果你看看今年下半年，我認為存款增長大約是上半年的 3 倍，而且這種勢頭還在繼續。所以我們在這方面沒有任何擔憂。

So the follow-up to that is do we believe that we are somewhere close to peak in deposit rate or bank may help increase it further?

因此，後續行動是我們是否認為我們的存款利率已接近峰值，或者銀行可能會幫助進一步提高利率？

I think that really depends on the policy, how the policy rates move and how different banks position themselves in a competitive context. I think currently for the last couple of months rates have been quite stable and we don't see any major trigger.

我認為這真的取決於政策、政策利率如何變動以及不同銀行如何在競爭環境中定位自己。我認為目前過去幾個月的利率一直相當穩定，我們沒有看到任何重大觸發因素。

Okay. And one last question is so we have seen a jump in provision. So is there some sign of asset quality issue that you see or it's purely, I mean, just a prudent provisioning given that we are having very good margins and profitability?

好的。最後一個問題是我們看到了供應量的激增。那麼，您是否看到了一些資產質量問題的跡象，或者它純粹是，我的意思是，鑑於我們擁有非常好的利潤率和盈利能力，這只是一種謹慎的準備金？

Actually on a full year basis, our provisions have declined by more than 20% and this is despite making contingency provisions on a prudent basis of INR 56.5 billion as well as the impact of the change in our provisioning norms to make them more conservative, which was about INR 12 billion. So excluding these 2, our provisions for the year would actually be negative. So we are not seeing any uptick in provisions at all.

實際上，在全年基礎上，我們的撥備下降了 20% 以上，儘管在謹慎的基礎上製定了 565 億印度盧比的應急撥備，以及我們撥備規範變化的影響，使其更加保守，這約為 120 億印度盧比。因此，如果不包括這 2 個，我們當年的準備金實際上是負數。因此，我們根本看不到準備金有任何增加。

Sorry to persist, but my question was more on Q4 of the corresponding (inaudible).

很抱歉堅持，但我的問題更多是關於相應（聽不清）的第 4 季度。

So again in Q4 we made total provisions of INR 16.19 billion, of which the contingency provision itself was INR 16 billion. So excluding that, the provisions were negligible.

因此，在第四季度，我們再次做出了 161.9 億印度盧比的總準備金，其中應急準備金本身為 160 億印度盧比。因此，除此之外，這些規定可以忽略不計。

No, I get that. But contingency also is I mean just that there is nothing more to read into it.

不，我明白了。但偶然性也是我的意思是沒有更多的東西可以讀進去了。

No, it is a part of our approach of being prudent and strengthening the balance sheet.

不，這是我們審慎和加強資產負債表的方法的一部分。

We have our next question from the line of Abhishek Murarka from HSBC.

我們的下一個問題來自匯豐銀行的 Abhishek Murarka。

So the first question is going back to NIM, we see that your yield on funds or yield on advances is still growing at 50 bps, 60 bps Q-o-Q even though your cost of funds now is increasing at a faster pace. So when does this inflection happen? And on an average, do you think in FY '24 over '23 your NIMs will move up still or do you think that on average it would be, let's say, flattish?

所以第一個問題回到 NIM，我們看到你的資金收益率或預付款收益率仍在以 50 個基點、60 個基點的環比增長，儘管你的資金成本現在正在以更快的速度增長。那麼這種拐點發生在什麼時候？平均而言，您是否認為在 24 財年和 23 財年期間，您的 NIM 會繼續上升，還是您認為平均而言，比方說，持平？

So if you look at it, I think in this quarter we had the benefit of repo rate hike which took place in December, which fed through into the external benchmarking portfolio. Our yield on investments has also gone up as we have increased our government bond portfolio at higher yields and we've also seen a repricing of our floating rate bond portfolio. At the same time, the deposit costs have also started to reflect the higher deposit rates or the higher rates at which deposits are being raised incrementally. So I think we would believe that the NIMs are at kind of peak levels and from here, we should see a moderation. Of course it's difficult to give a very precise outlook on that so I wouldn't want to get into the level of NIM for next year. As I said, our focus will be on growing the business in a sustainable way.

因此，如果你看一下，我認為在本季度我們受益於 12 月份的回購利率上調，這影響到了外部基準投資組合。我們的投資收益率也有所上升，因為我們以更高的收益率增加了政府債券投資組合，而且我們還看到了浮動利率債券投資組合的重新定價。與此同時，存款成本也開始反映更高的存款利率或更高的存款利率。所以我認為我們會相信 NIM 處於某種峰值水平，從這裡我們應該看到適度。當然，很難對此給出非常精確的展望，所以我不想進入明年的 NIM 級別。正如我所說，我們的重點將放在以可持續的方式發展業務上。

So Anindya, just taking that forward, do you think then the loan growth will become more operative to drive PPOP growth because NIM should largely moderate from here and then there's more pressure to maintain a, let's say, 18%, 19% loan growth and do you think that's possible?

所以 Anindya，只要向前推進，你認為貸款增長將變得更有效地推動 PPOP 增長，因為 NIM 應該從這裡開始大幅放緩，然後有更大的壓力來維持 18%、19% 的貸款增長和你認為這可能嗎？

I don't think we would see it as a pressure to do anything. I mean we would believe that there is sufficient opportunity for us to grow and that we are quite comfortable from a funding perspective to support that level of growth. But yes, mathematically growth in earnings would be more driven by growth in the business than any increase in margins for sure.

我認為我們不會將其視為做任何事情的壓力。我的意思是，我們相信我們有足夠的機會成長，而且從資金的角度來看，我們很樂意支持這種增長水平。但是，是的，從數學上講，收入增長將更多地受到業務增長的推動，而不是任何利潤率的增長。

Right. And your loan growth outlook for next year, can you share? I mean do you think the system growth is going to slow down from here and how are you going to be placed relative to that?

正確的。以及您明年的貸款增長前景，您能分享一下嗎？我的意思是，您認為系統增長會從這裡開始放緩嗎？相對於此，您將如何定位？

I think that most of the analysts are predicting or forecasting a slowdown in system growth, which is where we have ended the year at whatever 15%, 16%, may come down by 2 percentage points, 3 percentage points. From our perspective, we continue to see pretty strong momentum across the retail products and that we have seen in the fourth quarter as well. And in certain customer segments such as SME and business banking for example, we continue to have a market share that is lower than our overall market share and there is a higher growth opportunity for us. And for most of these segments, as we spoke about in the call, we believe our product offerings and our digital offerings are pretty strong and we are growing our distribution as well. You would have seen the employee count additions that we have done and what we've spoken about branches. So we are, I would say, pretty optimistic on the growth outlook.

我認為大多數分析師都在預測或預測系統增長放緩，這是我們在今年結束時的 15%、16%，可能會下降 2 個百分點、3 個百分點。從我們的角度來看，我們繼續看到零售產品的強勁勢頭，我們在第四季度也看到了這種勢頭。在某些客戶領域，例如中小企業和商業銀行，我們的市場份額繼續低於我們的整體市場份額，我們有更高的增長機會。對於這些細分市場中的大多數，正如我們在電話中談到的那樣，我們相信我們的產品和數字產品非常強大，我們也在擴大我們的分銷。您會看到我們所做的員工計數增加以及我們所說的分支機構。所以我想說，我們對增長前景非常樂觀。

Sure. So you should be able to hold on to, let's say, current growth rate given all these efforts that you're taking?

當然。因此，考慮到您所做的所有這些努力，您應該能夠保持當前的增長率？

We don't target a particular level of loan growth. But I mean I'm not seeing anything today, which suggests that there could be any material drop or that we would not be able to grow our business or that demand would be inadequate.

我們不針對特定水平的貸款增長。但我的意思是，我今天沒有看到任何東西，這表明可能會出現任何實質性下降，或者我們將無法發展我們的業務，或者需求不足。

Got it. Do you mind if I squeeze in one very quick question, if that's okay?

知道了。你介意我插一個非常簡短的問題嗎？

Yes, please.

是的，請。

So just on this branch addition, you said it's going to go up significantly. If we look at 480 branches roughly that you have added, that's around 9%, 10% of your opening branch count. Do you think this run rate will go up as in you will end up adding maybe 15% of your current branch count or do you think this run rate remains the same?

所以就在這個分支添加上，你說它會顯著上升。如果我們粗略地查看您已添加的 480 個分支機構，則大約佔您開放分支機構數量的 9%、10%。您認為這個運行率會上升，因為您最終可能會增加當前分支數的 15%，還是您認為這個運行率保持不變？

No, it could go up as well.

不，它也可能上漲。

Okay. And the hiring is in anticipation of that because the employee per branch has gone up?

好的。招聘是因為每個分支機構的員工增加了？

Yes. So branch, there may not be that way a direct correlation. We would be hiring across a range of functions including for example credit, frontline sales, technology, product teams and so on. But yes, obviously given the level of hiring that we've done in the last 6 months, we would expect those to become productive over the next year.

是的。所以分支，可能沒有那種直接的相關性。我們將招聘一系列職能人員，包括信貸、一線銷售、技術、產品團隊等。但是，是的，很明顯，考慮到我們在過去 6 個月中完成的招聘水平，我們預計明年這些人員將變得富有成效。

(Operator Instructions) We have our next question from the line of Kunal Shah from Citigroup.

（操作員說明）我們的下一個問題來自花旗集團的 Kunal Shah。

Congratulations on good set of numbers. So firstly on the operating profit given that NIM trajectory could slow down, there could be some moderation in the overall industry-wide credit growth and since we are investing into the franchise as well. So maybe in terms of what we have been highlighting with respect to 20% operating profit growth all through over past several years. Maybe what are the levers available just to ensure that the operating profit growth sustains in that range or there should be definitely a moderation, which we should see over next couple of quarters?

祝賀一組好數字。因此，首先考慮到 NIM 軌跡可能放緩的營業利潤，整個行業的信貸增長可能會有所放緩，因為我們也在投資特許經營權。因此，也許就過去幾年我們一直強調的 20% 的營業利潤增長而言。也許可以使用哪些槓桿來確保營業利潤增長維持在該範圍內，或者肯定應該有所放緩，我們應該在接下來的幾個季度看到這種情況？

I think what we have seen on the operating profit growth has really been an outcome of business that we have done, underwriting that we have done, our liability profile and our approach to overall profitability. I think when we really adopted operating profit as the main operative metric for us, we were making significant provisions on our historic NPL book and now if we look at it, that is largely addressed. And given the kind of provisioning policies that we have now where there is very little lag between an asset turning delinquent and -- or over 90 day and getting provided for, the operating profit less provisions is a pretty accurate reflector of the earnings of the business or the growth and quality of the business. So that's one thing to keep in mind. Of course as you would know and as we have discussed in the past, the kind of margin expansion that we have seen this year will not be there next year and there will be some pressure on margins, but that hopefully will get addressed along with growth.

我認為我們所看到的營業利潤增長實際上是我們所做業務的結果、我們所做的承保、我們的負債狀況以及我們實現整體盈利能力的方法。我認為，當我們真正將營業利潤作為我們的主要運營指標時，我們正在為我們歷史悠久的不良貸款賬簿做出重大準備，現在如果我們看一下，這在很大程度上得到了解決。考慮到我們現在擁有的那種準備金政策，在資產拖欠和 - 或超過 90 天並獲得準備金之間幾乎沒有滯後，營業利潤減去準備金是企業收益的相當準確的反映或業務的增長和質量。所以這是要記住的一件事。當然，正如您所知，正如我們過去所討論的那樣，我們今年看到的那種利潤率擴張明年不會出現，利潤率會有一些壓力，但希望隨著增長而得到解決.

Are there any levers with respect to either the fee income or maybe some other line items, which can provide incremental delta?

關於費用收入或其他一些可以提供增量增量的項目，是否有任何槓桿？

I don't think we are looking at it on a line item theme of fee income. We see a lot of opportunity in the market and that is what we would try to capitalize on and look at the overall kind of earnings performance of the business, including credit costs.

我認為我們不是在費用收入的項目主題上看待它。我們在市場上看到了很多機會，這就是我們將嘗試利用的機會，並著眼於企業的整體盈利表現，包括信貸成本。

Sure. And lastly, in terms of the overall term deposit growth, if you can throw some color in terms of how much has been, say, from the retail side and how much was wholesale because there was a strong growth which was there in this quarter?

當然。最後，就整體定期存款增長而言，您是否可以從零售方面和批發方面給出一些顏色，因為本季度增長強勁？

We are focused mainly on the retail and more granular deposit growth. We have not really been large takers of high value bulk deposits.

我們主要關注零售和更精細的存款增長。我們並沒有真正成為高價值大宗存款的大戶。

Okay. So larger part of the growth is retail?

好的。所以增長的很大一部分是零售？

Yes.

是的。

We have our next question from the line of Nitin Aggarwal from Motilal Oswal.

我們的下一個問題來自 Motilal Oswal 的 Nitin Aggarwal。

Congratulations on very strong performance. So one question is like on the trend in recoveries and upgrades, what is really driving this and what have we changed in our underwriting approach to enable like negligible credit cost on successive basis? While the entire system is reporting a very benign credit cost, but numbers for ICICI with almost 0 to negligible credit cost is way better than everybody else.

祝賀您的表現非常出色。因此，一個問題是關於恢復和升級的趨勢，真正推動這一趨勢的因素是什麼，我們在承保方法中做出了什麼改變，以連續實現幾乎可以忽略不計的信貸成本？雖然整個系統都報告了非常良性的信貸成本，但 ICICI 的數字幾乎為 0 到可忽略不計的信貸成本比其他人要好得多。

See, this year 1 aspect that we have benefited from is pretty strong recoveries on the corporate side. We were able to complete the resolution of some of the older corporate NPLs and that's why we strip out the corporate and retail additions and deletions for you and those deletions on the corporate side would also reflect into some level of write-backs. On the retail side, I think our experience with the portfolio has been pretty good both in terms of the performance in terms of overdues and bounces and so on and at the same time, also in terms of the collections of delinquent accounts. Again because we have accelerated our provisioning on these portfolios significantly, they become delinquent; we provide and then as the collection efforts continue, the customers become regularized again. So when we have a granular portfolio, a lot of delinquency and recovery can happen in a much quicker manner than in a larger chunkier corporate portfolio where it can take several years to resolve an account.

看，今年我們受益的第一個方面是企業方面相當強勁的複蘇。我們能夠完成一些較舊的公司不良貸款的解決方案，這就是為什麼我們為您剔除公司和零售的增減，而公司方面的那些刪除也會反映在一定程度的回寫中。在零售方面，我認為我們在投資組合方面的經驗在逾期和退回等方面的表現以及同時在拖欠賬戶的收集方面都非常好。同樣，由於我們大大加快了對這些投資組合的撥備，它們變得拖欠；我們提供，然後隨著收集工作的繼續，客戶再次成為正規化。因此，當我們擁有精細的投資組合時，與可能需要數年時間才能解決賬戶問題的更大、更龐大的公司投資組合相比，大量的拖欠和恢復可能會以更快的方式發生。

Right. And secondly, while Anindya, you talked about the growth opportunities in the retail business, but how do you see the growth prospects in the corporate banking going into FY '24 and FY '25?

正確的。其次，當 Anindya 談到零售業務的增長機會時，您如何看待企業銀行業務進入 24 財年和 25 財年的增長前景？

Very difficult to predict. I think this year of course as you would have seen, our corporate banking -- our wholesale banking growth has been higher than in the previous years. I think for the system also, there has been a recovery in corporate credit growth I guess post the turn in the monetary environment and some shift from bond markets to banks. We are seeing certain new opportunities for lending in some of the sectors like NBFCs, real estate which has become a significantly stronger sector in the last 3, 4 years. So there are those opportunities. The public sector companies continue to invest as well. So these are some of the opportunities which are there. And we really look at sort of for each corporate client, what is the overall ecosystem opportunity and lending is a part of that.

很難預測。我認為今年當然正如你所看到的那樣，我們的公司銀行業務——我們的批發銀行業務增長高於前幾年。我認為對於系統而言，企業信貸增長也出現了復甦，我猜是在貨幣環境發生轉變以及從債券市場向銀行轉移之後。我們在某些行業看到了某些新的貸款機會，例如 NBFC，房地產在過去 3、4 年中已成為一個明顯更強大的行業。所以有這些機會。公共部門公司也繼續投資。所以這些是其中的一些機會。我們真的在為每個企業客戶考慮什麼是整體生態系統機會，貸款是其中的一部分。

Right. And lastly, if you can just share some color on the treasury losses? This quarter very small treasury loss of INR 40-odd crores. Some split of this if you can share?

正確的。最後，您是否可以分享一些關於國庫損失的顏色？本季度的財務損失非常小，只有 4 億印度盧比。如果你能分享一些分裂嗎？

So actually we don't really look at booking large treasury gains in our core SLR and other portfolios. We had on other portfolios some profit, but we had a mark-to-market on our security receipts portfolio, which the security receipts with underlying assets that we would have sold to the asset reconstruction companies over the years. So there was a small negative on that account, which gets reflected in the treasury line item.

所以實際上我們並沒有真正考慮在我們的核心 SLR 和其他投資組合中預訂大量的國庫收益。我們在其他投資組合中獲得了一些利潤，但我們的證券收益組合按市值計價，這些證券收益與我們多年來出售給資產重組公司的標的資產有關。所以這個賬戶有一個小的負面影響，這反映在國庫項目中。

We have our next question from the line of Saurabh S. Kumar from JPMorgan.

我們的下一個問題來自摩根大通的 Saurabh S. Kumar。

So just on this (inaudible) so this 75%, 80% recovery rate that we're seeing in the retail rural business, is that you think normal or is it just sort of COVID we are just experiencing the strong momentum? I'm just asking that the gross number is maybe 2.5% and it is extremely low. So is this net number sustainable is the question?

因此，就此（聽不清），我們在農村零售業務中看到的 75%、80% 的恢復率，您認為這是正常的，還是我們正在經歷強勁勢頭的只是某種 COVID？我只是問總數可能是 2.5%，而且非常低。那麼這個淨值是否可持續是個問題？

So I think we have always been saying that the net additions in retail will go up and they have actually gone up. But probably if you look at the gross additions and gross deletions for the quarter, the deletions which are accounted for by very old NPLs would not be much. In fact now we have in addition to pretty accelerated provisioning, we have fairly accelerated write-offs as well. So I think this level of deletions is, I would say, not abnormal. But having said that, as the portfolio grows and seasons, we will see an increase in the net additions as well.

所以我認為我們一直在說零售業的淨增加量會上升，而且實際上已經上升了。但是，如果您查看本季度的總增加量和總減少量，可能會發現非常舊的不良貸款所佔的刪除量不會太多。事實上，現在我們除了相當快的供應外，我們也有相當快的註銷。所以我認為這種程度的刪除是正常的。但話雖如此，隨著投資組合的增長和季節的變化，我們也將看到淨增加量的增加。

Okay. Second sir, is on this RIDF so your reduction, which we have seen year-on-year, is this mostly (inaudible) of loans? The RIDF?

好的。第二，先生，在這個 RIDF 上，所以我們看到同比減少，這主要是（聽不清）貸款嗎？里德夫？

So this is basically the net maturities. So we have had more maturities of our RIDF investment than the incremental investments that we have been called upon to make.

所以這基本上是淨到期日。因此，我們的 RIDF 投資到期時間比我們被要求進行的增量投資要多。

Okay. So incrementally, you must be meeting the requirements even at this growth. Will that be a fair comment?

好的。因此，即使在這種增長下，您也必須逐步滿足要求。這是一個公平的評論嗎？

So we do meet the overall requirement. We have some shortfalls in a couple of the subcategories and we do have some RIDF calls as well, but those are quite moderate and the maturities out of past years RIDF portfolio have exceeded that.

所以我們確實滿足了總體要求。我們在幾個子類別中存在一些不足，我們也有一些 RIDF 調用，但這些調用非常適中，過去幾年 RIDF 投資組合的到期日已經超過了這一點。

We'll take our last question for today from M.B. Mahesh from Kotak Securities.

我們將從 M.B. 那裡接受今天的最後一個問題。來自 Kotak 證券的 Mahesh。

Anindya, just 2 questions. One, when you look at the mortgage part of the book, could you just tell us how have you kind of worked through the borrowers with respect to the increase in interest rates?

Anindya，只有兩個問題。第一，當你看這本書的抵押貸款部分時，你能告訴我們你是如何在利率上升方面通過借款人工作的嗎？

So the standard structure of floating rate home loan in India is that when the interest rate rises, the EMI -- the tenure gets extended subject to certain cutoffs which could be in terms of age or certain criteria that are defined for the various customers. And similarly when the interest rates decline, the tenure gets shorter and customers also understand this cycle pretty well. So in the current cycle of course given the sharp increase in benchmark rates over a relatively short period, a fairly large part of the portfolio would have seen an EMI increase, but that has happened.

因此，印度浮動利率住房貸款的標準結構是，當利率上升時，EMI - 期限會根據某些截止日期延長，這些截止日期可能是根據年齡或為各種客戶定義的某些標準。同樣，當利率下降時，期限會變短，客戶也很了解這個週期。因此，在當前週期中，當然，鑑於基準利率在相對較短的時間內急劇上升，投資組合中相當大一部分會看到 EMI 增加，但這已經發生了。

Okay. And a second question is that if you look at the increase in, let's say, CASA ratio, does that growth slowdown reflect anything about the underlying customer profile in the sense that are you seeing salary credits or savings credits kind of significantly slowing down for rural in the portfolio? As a consequence of it, you should see a slowdown in the sector quite soon?

好的。第二個問題是，如果你看一下 CASA 比率的增長，這種增長放緩是否反映了潛在客戶概況的任何問題，即你是否看到農村地區的工資信貸或儲蓄信貸顯著放緩在投資組合中？因此，您應該很快就會看到該行業放緩？

No, I don't think so. I think what has happened is that we had 2 years of extremely strong growth and probably this is the year when our segment of customers has seen a consumption recovery and so on. The second is of course as interest rates go up, you would see some shift from SA to FD. And those seem to be the 2 main factors, the base effect and the rise in interest rates on the savings account side. On the current account side actually when we look at the average growth, it has been a little bit better although again the circumstances in terms of tight liquidity and so on are not that conducive to current account growth, but we have been able to offset some of that with the digital propositions and getting more flow through the bank.

不，我不這麼認為。我認為發生的事情是我們有 2 年的極其強勁的增長，可能是我們的客戶群看到消費復甦等的一年。第二個當然是隨著利率上升，你會看到一些從 SA 到 FD 的轉變。這些似乎是兩個主要因素，即基數效應和儲蓄賬戶方面的利率上升。實際上，在經常賬戶方面，當我們看平均增長時，情況要好一些，雖然流動性緊張等情況不利於經常賬戶增長，但我們已經能夠抵消一些其中包括數字提議，並通過銀行獲得更多流量。

Perfect. And one last data keeping question. Have you reported the LCR issue?

完美的。最後一個數據保存問題。您是否報告了 LCR 問題？

Yes, I think Sandeep mentioned it. It was 124% for the quarter.

是的，我想 Sandeep 提到過它。該季度為 124%。

We'll take our one last question from Adarsh Parasrampuria from CLSA.

我們將接受 CLSA 的 Adarsh Parasrampuria 的最後一個問題。

(technical difficulty)

（技術難度）

I'm sorry, sir, your voice is breaking. I'm sorry, sir, we're unable to hear you?

對不起，先生，您的聲音有些沙啞。抱歉，先生，我們聽不到您的聲音？

So yes, just my question on fees.

所以是的，只是我關於費用的問題。

We could hear you now. Can you repeat?

我們現在可以聽到你了。你可以重複嗎？

Anindya, if you can, the question is on fees. We did have a bit of clean-out on fees in the sense that we got choosy in selling insurance, we let go of some prepayment charges and all. Just wanted to understand is that part of the base or it still takes a little bit time before we get to normal fee growth?

Anindya，如果可以的話，問題是關於費用的。從某種意義上說，我們確實對費用進行了一些清理，因為我們在銷售保險時很挑剔，我們放棄了一些預付費用和所有費用。只是想了解是基數的一部分還是在我們達到正常的費用增長之前還需要一點時間？

I would think maybe in the second half, it is largely part of the base. Insurance of course has been something that has been coming down over the last couple of years and the other charges, et cetera, is something that we rationalized through the year. So it should probably be -- we should probably be closer to the base in that way.

我想也許在下半場，它主要是基地的一部分。當然，保險費在過去幾年一直在下降，而其他費用等等，是我們在這一年中合理化的費用。所以它可能應該是——我們應該以這種方式更接近基地。

And one question is you did say you'll add employees, but when I look at the other expenses ex the employees has had a decent growth over the last couple of years, right, in the accelerated technology spend. As NIM slows down, is that a lever or because you add branches and given the profitability is too strong, that should not be used as an ROE lever.

一個問題是你確實說過你會增加員工，但當我看到其他費用時，員工在過去幾年中有可觀的增長，對，在加速技術支出方面。隨著 NIM 放緩，這是一個槓桿，還是因為您添加了分支機構並且考慮到盈利能力太強，所以不應將其用作 ROE 槓桿。

No. So I think we have consistently said that we believe that there is a good market opportunity for us and we will not -- we will continue to invest in that. And if for a couple of quarters operating expenses growth is higher than revenue growth, we would not really worry about it too much as long as we have a sustainable path. So we'll have to just look through that.

不，所以我認為我們一直在說，我們相信我們有一個很好的市場機會，我們不會 - 我們將繼續投資於此。如果有幾個季度的運營支出增長高於收入增長，只要我們有一條可持續發展的道路，我們就不會太擔心。所以我們必須仔細研究一下。

Thank you. I would now like to hand the conference over to management for closing comments.

謝謝。我現在想將會議移交給管理層以徵求閉幕意見。

Thank you, as always, for sparing time on a Saturday and we'll be happy to take other questions that you have after the call. Thank you.

一如既往地感謝您抽出週六的時間，我們很樂意回答您在通話後提出的其他問題。謝謝。

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

代表 ICICI 銀行結束本次會議。感謝您加入我們，您現在可以斷開線路。