ICICI Bank Ltd (IBN) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to ICICI Bank's Q2 FY25 earnings conference call. On the call, we have with us Mr. Sandeep Bakhshi, Managing Director and CEO, ICICI Bank; and Mr. Anindya Banerjee, Group Chief Financial Officer, ICICI Bank. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 ICICI 銀行 2025 財年第二季財報電話會議。參加電話會議的還有 ICICI 銀行董事總經理兼執行長 Sandeep Bakhshi 先生； Anindya Banerjee 先生，ICICI 銀行集團財務長。（操作員說明）請注意，本次會議正在錄製中。

I now hand the conference over to Mr. Sandeep Bakhshi. Thank you, and over to you, sir.

現在我將會議交給桑迪普·巴赫希先生。謝謝您，接下來就交給您了，先生。

Thank you. Good evening to all of you, and welcome to the ICICI Bank earnings call to discuss the results for Q2 of financial year 2025. Joining us today on this call are Sandeep Batra, Rakesh, Ajay, Anindya, and Abhinek.

謝謝。大家晚上好，歡迎參加 ICICI 銀行財報電話會議，討論 2025 財年第二季的業績。今天加入我們電話會議的有 Sandeep Batra、Rakesh、Ajay、Anindya 和 Abhinek。

The Indian economy remains resilient based on its long-term growth drivers and the actions and initiatives of the policymakers. The global and domestic inflation, liquidity and rate environment continue to evolve, and we would continue to monitor the same.

基於其長期成長動力以及政策制定者的行動和舉措，印度經濟仍保持彈性。全球和國內通膨、流動性和利率環境持續變化，我們將繼續監控。

At ICICI Bank, our strategic focus continues to be on growing profit before tax, excluding treasury through the 360-degree customer-centric approach and by serving opportunities across ecosystems and micro markets. We continue to operate within our strategic framework to strengthen our franchise. Maintaining high standards of governance, deepening coverage, and enhancing delivery capabilities are focus areas for our risk-calibrated profitable growth.

在 ICICI 銀行，我們的策略重點仍然是透過 360 度以客戶為中心的方法以及透過提供跨生態系統和微觀市場的機會來增加稅前利潤（不包括財務部門）。我們繼續在我們的策略框架內運作，以加強我們的特許經營權。維持高標準的治理、深化覆蓋範圍和增強交付能力是我們風險校準獲利成長的重點領域。

The profit before tax, excluding treasury, grew by 7.9% year-on-year and 5.2% quarter-on-quarter to INR148.10 billion in this quarter. The core operating profit increased by 12.1% year-on-year and 4.1% quarter-on-quarter to INR160.43 billion in this quarter. Excluding dividend income from the subsidiaries and associates, the core operating profit increased by 13.4% year-on-year and 6.8% quarter-on-quarter to INR155.02 billion in this quarter. The profit after tax grew by 14.5% year-on-year and 6.2% quarter-on-quarter to INR117.46 billion in this quarter.

本季稅前利潤（不含財務費用）年增 7.9%，季增 5.2%，達到 1,481 億印度盧比。本季核心營業利潤年增12.1%，季增4.1%至1604.3億盧比。剔除子公司和聯營公司的股息收入，本季核心營業利潤年增13.4%，季增6.8%，至1,550.2億盧比。本季稅後利潤年增14.5%，季增6.2%，達到1174.6億印度盧比。

Total deposits grew by 15.7% year-on-year and 5% sequentially at September 30, 2024. Term deposits increased by 15.9% year-on-year and 5.5% sequentially at September 30, 2024. During the quarter, average deposits grew by 15.6% year-on-year and 3.6% sequentially and average current and savings account deposits grew by 10.4% year-on-year and 1.8% sequentially. The bank's average liquidity coverage ratio for the quarter was about 120%.

截至2024年9月30日，存款總額年增15.7%，季增5%。截至2024年9月30日，定期存款年增15.9%，季增5.5%。本季度，平均存款年增 15.6%，季增 3.6%，活期和儲蓄帳戶存款平均年增 10.4%，季增 1.8%。該銀行本季的平均流動性覆蓋率約為120%。

The domestic loan portfolio grew by 15.7% year-on-year and 4.6% sequentially at September 30, 2024. The retail loan portfolio grew by 14.2% year-on-year and 2.9% sequentially. Including non-fund-based outstanding, the retail portfolio was 44.9% of the total portfolio. The rural portfolio grew by 16.5% year-on-year and 1.7% sequentially.

截至2024年9月30日，國內貸款組合年增15.7%，季增4.6%。零售貸款組合年增14.2%，較上季成長2.9%。包括非基金型流通在內，零售投資組合佔總投資組合的44.9%。農村投資年增16.5%，季增1.7%。

The business banking portfolio grew by 30% year-on-year and 10.7% sequentially. The domestic corporate portfolio grew by 11.8% year-on-year and 4.9% sequentially. The overall loan portfolio, including the international branches portfolio grew by 15% year-on-year and 4.4% sequentially at September 30, 2024. We have revised the presentation of loans to reflect a consolidated view of the business banking portfolio, which Anindya will explain later on the call.

商業銀行業務年增30%，季增10.7%。國內企業投資組合年增11.8%，季增4.9%。截至2024年9月30日，包括國際分行投資組合在內的整體貸款組合年增15%，季增4.4%。我們修改了貸款的列報方式，以反映商業銀行業務組合的綜合觀點，阿寧迪亞將在稍後的電話會議上對此進行解釋。

The net NPA ratio was 0.42% at September 30, 2024, compared to 0.43% at June 30, 2024, and 0.43% at September 30, 2023. The total provisions during the quarter were INR12.33 billion or 7.7% of core operating profit and 0.38% of average advances. The provision coverage ratio on non-performing loans was 78.5% at September 30, 2024. In addition, the bank continues to hold contingency provisions of INR131 billion or about 1% of the total loans at September 30, 2024. The capital position of the bank continued to be strong with a CET1 ratio of 15.9% -- 15.96% and total capital adequacy ratio of 16.66% at September 30, 2024, including profits for H1 2025.

截至2024年9月30日，淨不良資產比率為0.42%，而2024年6月30日為0.43%，2023年9月30日為0.43%。本季撥備總額為 123.3 億印度盧比，佔核心營業利潤的 7.7%，佔平均預付款的 0.38%。截至2024年9月30日，不良貸款撥備覆蓋率為78.5%。此外，截至 2024 年 9 月 30 日，該銀行繼續持有 1,310 億印度盧比的緊急準備金，約佔貸款總額的 1%。截至2024年9月30日，該行的資本狀況持續保持強勁，CET1比率為15.9%至15.96%，總資本充足率為16.66%，其中包括2025年上半年的利潤。

Looking ahead, we see many opportunities to drive risk-calibrated profitable growth. We believe our focus on Customer 360-degree extensive franchise and collaboration within the organization, backed by our focus on enhancing delivery systems and simplifying processes will enable us to deliver holistic solutions to customers in a seamless manner and grow market share across key segments.

展望未來，我們看到許多推動風險調整後的獲利成長的機會。我們相信，我們對客戶360 度廣泛的特許經營和組織內協作的關注，在我們對增強交付系統和簡化流程的關注的支持下，將使我們能夠以無縫的方式向客戶提供整體解決方案，並擴大關鍵細分市場的市場佔有率。

We will continue to make investments in technology, people, distribution, and building our brand. We are laying strong emphasis on strengthening our operating -- our operational resilience for seamless delivery of services to customers. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital.

我們將繼續在技術、人員、分銷和品牌建立方面進行投資。我們非常重視加強我們的營運—我們的營運彈性，以便為客戶提供無縫的服務。我們將繼續致力於透過審慎的撥備和健康的資本水準來維持強勁的資產負債表。

The principles of return of capital, fair to customer fair to bank, and one bank one team will continue to guide our operations. We remain focused on delivering consistent and predictable returns to our shareholders.

資金回籠、對客戶公平、對銀行公平、一銀一隊的原則將繼續引導我們的營運。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.

我現在將電話轉交給 Anindya。

Thank you, Sandeep. I will talk about loan growth, credit quality, P&L details, growth in digital offerings, portfolio trends, and performance of subsidiaries.

謝謝你，桑迪普。我將討論貸款成長、信貸品質、損益詳細資料、數位產品的成長、投資組合趨勢和子公司的表現。

As Sandeep mentioned, we have revised the presentation of loans to reflect a consolidated view of the business banking portfolio. This comprises all borrowers with a turnover of up to INR7.5 billion, which was earlier reflected in the reported SME and business banking portfolio as well as rural business credit forming part of the rural portfolio, dealer funding forming part of the retail portfolio, and lending to mid-corporate forming part of the corporate portfolio.

正如桑迪普所提到的，我們修改了貸款的列報方式，以反映商業銀行業務組合的綜合觀點。這包括營業額高達75 億印度盧比的所有借款人，這已在先前報告的中小企業和商業銀行投資組合中得到反映，以及構成農村投資組合一部分的農村商業信貸、構成零售投資組合一部分的經銷商融資以及向中型企業提供貸款，構成企業投資組合的一部分。

Over the past few years, the bank has seen healthy loan growth in this category and has adopted an integrated approach to coverage, credit, and delivery to these customers. Aligning with the same, we would be reporting the retail rural business banking and corporate portfolios on this revised basis. The comparable data for previous periods have been provided on slide 67 of the investor presentation.

在過去的幾年裡，該銀行看到了此類貸款的健康成長，並採取了綜合方法來為這些客戶提供覆蓋、信貸和交付。與此一致，我們將在此修訂後的基礎上報告零售農村商業銀行和企業投資組合。投資者簡報的第 67 幻燈片中提供了前期的可比較數據。

Coming to the growth across retail products. The mortgage portfolio grew by 13.2% year-on-year and 3.2% sequentially. Auto loans grew by 9.6% year-on-year and 0.8% sequentially. The commercial vehicles and equipment portfolio grew by 9.1% year-on-year and was flat sequentially. Personal loans grew by 17.3% year-on-year and 3.5% sequentially. The credit card portfolio grew by 27.9% year-on-year and 3.4% sequentially. The personal loan and credit card portfolio were 9.6% and 4.3% of the overall loan book, respectively, at September 30, 2024.

零售產品的成長。抵押貸款組合年增 13.2%，季增 3.2%。汽車貸款年增9.6%，季增0.8%。商用車及設備組合較去年成長9.1%，較上季持平。個人貸款年增17.3%，較上季成長3.5%。信用卡組合年增 27.9%，季增 3.4%。截至 2024 年 9 月 30 日，個人貸款和信用卡組合分別佔總貸款總額的 9.6% 和 4.3%。

The overseas loan portfolio in US dollar terms declined by 6.9% year-on-year at September 30, 2024. The overseas loan portfolio was about 2.6% of the overall loan book at September 30, 2024. Of the overseas corporate portfolio, about 92% comprises Indian corporates.

截至2024年9月30日，以美元計價的海外貸款組合年減6.9%。截至2024年9月30日，海外貸款組合約佔貸款總額的2.6%。在海外企業投資組合中，約92%是印度企業。

Moving on to credit quality. The gross NPA additions were INR50.73 billion in the current quarter compared to INR59.16 billion in the previous quarter. Recoveries and upgrades from gross NPAs, excluding write-offs and sales, were INR33.19 billion in the current quarter compared to INR32.92 billion in the previous quarter. The net additions to gross NPAs were INR17.54 billion in the current quarter compared to INR26.24 billion in the previous quarter.

轉向信用品質。本季不良資產增加​​總額為 507.3 億印度盧比，上一季為 591.6 億印度盧比。本季不良資產總額（不包括沖銷和銷售）的回收和升級為 331.9 億印度盧比，而上一季為 329.2 億印度盧比。本季不良資產總額淨增加為 175.4 億印度盧比，上一季為 262.4 億印度盧比。

The gross NPA additions from the retail and rural portfolio were INR43.41 billion in the current quarter compared to INR52.04 billion in the previous quarter. We typically see higher NPA additions from the Kisan credit card portfolio in the first and third quarter of our fiscal year.

本季零售和農村投資組合的不良資產總額增加為 434.1 億印度盧比，而上一季為 520.4 億印度盧比。我們通常會在本財年第一季和第三季看到 Kisan 信用卡組合的 NPA 增加。

Recoveries and upgrades from the retail and rural portfolios were INR25.92 billion compared to INR25.32 billion in the previous quarter. The net additions to gross NPAs in the retail and rural portfolio were INR17.49 billion compared to INR26.72 billion in the previous quarter.

零售和農村投資組合的復甦和升級為 259.2 億盧比，上一季為 253.2 億盧比。零售和農村投資組合的不良資產總額淨增加為 174.9 億印度盧比，而上一季為 267.2 億印度盧比。

The gross NPA additions from the corporate and business banking portfolio was INR7.32 billion compared to INR7.12 billion in the previous quarter. The recoveries and upgrades from the corporate and business banking portfolios were INR7.27 billion compared to INR7.6 billion in the previous quarter. There were net additions to gross NPAs of INR0.05 billion in the corporate and business banking portfolio compared to net dilution of INR0.48 billion in the previous quarter. The gross NPAs written-off during the quarter were INR33.36 billion. There was sale of NPAs of INR0.16 billion for cash in the current quarter compared to INR1.14 billion in the previous quarter.

公司和商業銀行投資組合的不良資產總額增加為 73.2 億印度盧比，而上一季為 71.2 億印度盧比。公司和商業銀行投資組合的復甦和升級為 72.7 億印度盧比，而上一季為 76 億印度盧比。企業和商業銀行投資組合的不良資產總額淨增加 0.5 億印度盧比，而上一季淨稀釋為 4.8 億印度盧比。本季核銷的不良資產總額為 333.6 億印度盧比。本季不良資產出售額為 11.6 億印度盧比，上一季為 11.4 億印度盧比。

The non-fund-based outstanding to borrowers classified as non-performing was INR33.82 billion as of September 30, 2024, compared to INR35.43 billion as of June 30, 2024. The bank holds provisions amounting to INR19.11 billion against this non-fund-based outstanding.

截至 2024 年 9 月 30 日，被歸類為不良貸款的借款人的非基金餘額為 338.2 億印度盧比，而截至 2024 年 6 月 30 日為 354.3 億印度盧比。該銀行針對這筆非基金未償債務持有金額為 191.1 億印度盧比的準備金。

The total fund-based outstanding to all standard borrowers under resolution as per various guidelines declined to INR25.46 billion or about 0.2% of the total loan portfolio at September 30, 2024, from INR27.35 billion at June 30, 2024. Of the total fund-based outstanding under resolution at September 30, 2024, INR21.29 billion was from the retail and rural portfolio and INR4.17 billion was from the corporate and business banking portfolio. The bank holds provisions of INR8.12 billion against these borrowers, which is higher than the requirement as per RBI guidelines.

根據各種準則，所有標準借款人的基金未償還貸款總額從 2024 年 6 月 30 日的 273.5 億盧比下降至 2024 年 9 月 30 日的 254.6 億盧比，約佔貸款組合總額的 0.2%。截至 2024 年 9 月 30 日，在決議項下的基金未償還總額中，212.9 億印度盧比來自零售和農村投資組合，41.7 億印度盧比來自企業和商業銀行投資組合。該銀行為這些借款人持有 81.2 億印度盧比的準備金，高於印度央行指導方針的要求。

Moving on to the P&L details. The net interest income increased by 9.5% year-on-year to INR200.48 billion in this quarter. The net interest margin was 4.27% in this quarter compared to 4.36% in the previous quarter and 4.53% in Q2 of last year. The impact of interest on income tax refund on net interest margin was nil in the current quarter, the previous quarter and Q2 of last year. The movement in net interest margin from Q1 to Q2 of the current year includes the impact of the higher number of days in the current quarter, which should seasonally reverse in Q4.

繼續了解損益表詳細資訊。本季淨利息收入年增9.5%至2004.8億盧比。本季淨利差為4.27%，上季為4.36%，去年第二季為4.53%。本季、上季及去年第二季所得稅返還利息對淨利差的影響為零。今年第一季到第二季的淨利差變動包括本季天數增加的影響，這種情況應該會在第四季季節性逆轉。

The domestic NIM was 4.34% in this quarter compared to 4.44% in the previous quarter and 4.61% in Q2 of last year. The cost of deposits was 4.88% in this quarter compared to 4.84% in the previous quarter. Of the total domestic loans, interest rate on 51% of the loans are linked to the repo rate, 1% to other external benchmarks, and 16% to MCLR and other older benchmarks. The balance 32% of loans have fixed interest rates.

本季國內淨利差為 4.34%，上一季為 4.44%，去年第二季為 4.61%。本季存款成本為 4.88%，上一季為 4.84%。在國內貸款總額中，51%的貸款利率與回購利率掛鉤，1%與其他外部基準掛鉤，16%與MCLR和其他舊基準掛鉤。其餘 32% 的貸款有固定利率。

Non-interest income excluding treasury, grew by 10.8% year-on-year to INR64.96 billion in Q2 of 2025. Fee income increased by 13.3% year-on-year to INR58.94 billion in this quarter. Fees from retail, rural, and business banking customers constituted about 78% of the total fees in this quarter. Dividend income from subsidiaries was INR5.41 billion in this quarter compared to INR6.48 billion in Q2 of last year. Dividend income from subsidiaries and associates was INR14.35 billion in H1 of the current year compared to INR9.40 billion in H1 of the last year.

2025年第二季度，不包括國庫資金的非利息收入年增10.8%，達到649.6億印度盧比。本季手續費營收年增13.3%至589.4億盧比。來自零售、農村和商業銀行客戶的費用約佔本季總費用的 78%。本季來自子公司的股息收入為 54.1 億印度盧比，而去年第二季為 64.8 億印度盧比。今年上半年來自子公司和聯營公司的股息收入為 143.5 億印度盧比，而去年上半年為 94.0 億印度盧比。

On costs, the bank's operating expenses increased by 6.6% year-on-year in this quarter. Employee expenses increased by 11% year-on-year, and non-employee expenses increased by 3.8% year-on-year in this quarter. The technology expenses were about 10% of our operating expenses in H1 of the current year. Our branch count has increased by 90 in H1 of the current year. We had 6,613 branches as of September 30, 2024.

成本方面，本季該行營業費用年增6.6%。本季員工費用較去年同期成長11%，非員工費用較去年同期成長3.8%。今年上半年，技術費用占我們營運費用的10%左右。今年上半年，我們的分行數量增加了 90 家。截至 2024 年 9 月 30 日，我們擁有 6,613 家分店。

The total provisions during the quarter were INR12.33 billion or 7.7% of the core operating profit and 0.4% of average advances compared to the provisions of INR13.32 billion in Q1 of 2025. The provisions in Q1 of 2025 also included the impact of release of AIF provisions of INR3.89 billion, pursuant to clarity on the regulatory requirements.

本季撥備總額為 123.3 億印度盧比，佔核心營業利潤的 7.7%，佔平均預付款的 0.4%，而 2025 年第一季撥備為 133.2 億印度盧比。根據監管要求的明確性，2025 年第一季的準備金還包括釋放 AIF 準備金 38.9 億盧比的影響。

The provisioning coverage on nonperforming loans were 78.5% as of September 30, 2024. In addition, we hold INR8.12 billion of provisions on borrowers under resolution. Further, the bank continues to hold contingency provision of INR131 billion as of September 30, 2024. At the end of September, the total provisions other than specific provisions on fund-based outstanding to borrowers classified as non-performing were INR231.91 billion or 1.8% of loans.

截至2024年9月30日，不良貸款撥備覆蓋率為78.5%。此外，我們也根據決議為借款人持有 81.2 億印度盧比的準備金。此外，截至 2024 年 9 月 30 日，該銀行繼續持有 1,310 億印度盧比的緊急準備金。截至 9 月底，除針對不良借款人的基於基金的未償還貸款的特定撥備外，撥備總額為 2,319.1 億印度盧比，佔貸款的 1.8%。

The profit before tax excluding treasury, grew by 7.9% year-on-year to INR148.10 billion in Q2 of this year. Treasury gains were INR6.80 billion in Q2 as compared to a treasury loss of INR0.85 billion in Q2 of the previous year, primarily reflecting realized and mark-to-market gains in equities and fixed income securities. The tax expense was INR37.44 billion in this quarter compared to INR33.85 billion in the corresponding quarter last year. The profit after tax grew by 14.5% year-on-year to INR117.46 billion in this quarter.

今年第二季度，扣除財務費用的稅前利潤年增7.9%，達到1,481億盧比。第二季的國庫收益為 68.0 億印度盧比，而上年第二季的國庫損失為 8.5 億印度盧比，主要反映了股票和固定收益證券的已實現收益和按市值計價的收益。本季的稅收支出為 374.4 億印度盧比，而去年同期為 338.5 億印度盧比。本季稅後利潤年增14.5%至1174.6億盧比。

Growth in digital offerings. We continue to enhance the use of technology in our operations to provide simplified solutions to customers. About 72% of trade transactions were done digitally in Q2 of 2025. The volume of transactions done through trade online grew by 20% year-on-year in Q2 of 2025.

數位產品的成長。我們持續在營運中加強技術的使用，為客戶提供簡化的解決方案。2025 年第二季度，約 72% 的貿易交易以數位方式完成。2025年第二季度，網路貿易交易額較去年同期成長20%。

We have provided details on our retail, rural, and business banking portfolios on slides 29 to 32 of the investor presentation. In line with the revised presentation of composition of the loan portfolio, we would be providing the BB and below corporate portfolio from the current quarter onwards.

我們在投資者簡報的幻燈片 29 至 32 中提供了有關零售、農村和商業銀行業務投資組合的詳細資訊。根據修訂後的貸款組合構成表述，我們將從本季開始提供 BB 以下企業投資組合。

The loan and non-fund-based outstanding to performing corporate borrowers rated BB and below was INR33.86 billion at September 30, 2024, compared to INR41.64 billion at June 30, 2024. This portfolio was about 0.3% of our advances at September 30, 2024. Other than two accounts, the maximum single borrower outstanding in the BB and below portfolio was less than INR5 billion at September 30, 2024. As of that date, we held provisions of INR6.26 billion on the BB and below portfolio compared to INR8.41 billion at June 30, 2024.

截至2024年9月30日，BB級及以下績效企業借款人的貸款及非基金未償餘額為338.6億印度盧比，而2024年6月30日為416.4億印度盧比。截至 2024 年 9 月 30 日，該投資組合約占我們預付款的 0.3%。截至 2024 年 9 月 30 日，除兩個帳戶外，BB 級及以下投資組合中單一未償還借款人的最高餘額低於 50 億印度盧比。截至該日期，我們對 BB 及以下投資組合持有 62.6 億印度盧比的撥備，而 2024 年 6 月 30 日為 84.1 億印度盧比。

While the SME portfolio has been carved out from this disclosure, the loan and non-fund-based outstanding to performing SME borrowers rated BB and below also declined in the current quarter. The total outstanding to NBFCs and HFCs was INR83.27 billion at September 30, 2024, compared to INR854.12 billion at June 30, 2024. The total outstanding loans to NBFCs and HFCs were about 6.9% of our advances on September 30, 2024. The sequential increase in the outstanding to NBFCs and HFCs is mainly due to disbursement to entities having long vintage and owned by well-established corporate groups.

雖然中小企業投資組合已從本揭露中劃分出來，但本季向 BB 及以下評級的表現良好的中小企業借款人提供的貸款和非基金未償還貸款也有所下降。截至2024年9月30日，NBFC和HFC的未償還總額為832.7億印度盧比，而2024年6月30日為8,541.2億印度盧比。截至 2024 年 9 月 30 日，非銀行金融機構和氫氟碳化合物的未償還貸款總額約為我們預付款的 6.9%。非銀行金融機構和氫氟碳化合物的未償還餘額連續增加主要是由於向歷史悠久且由知名企業集團擁有的實體支付。

The builder portfolio, including construction finance, lease rental discounting, term loans and working capital was INR542.16 billion at September 30, 2024, compared to INR521.30 billion at June 30, 2024. The builder portfolio was about 4.2% of our total loan portfolio. Our portfolio largely comprises well-established builders, and this is also reflected in the sequential increase in the portfolio. About 1.9% of the builder portfolio at September 30, 2024, was either rated BB and below internally or was classified as non-performing compared to 2.1% at June 30, 2024.

截至2024年9月30日，建築商投資組合（包括建築融資、租賃租金折現、定期貸款和營運資金）為5,421.6億印度盧比，而截至2024年6月30日為5,213億印度盧比。建築商投資組合約占我們貸款組合總額的 4.2%。我們的投資組合主要由成熟的建築商組成，這也反映在投資組合的連續成長中。截至 2024 年 9 月 30 日，建築商投資組合中約 1.9% 的內部評級為 BB 及以下，或被列為不良貸款，而 2024 年 6 月 30 日這一比例為 2.1%。

Moving on to the consolidated results. The consolidated profit after tax grew by 18.8% year-on-year to INR129.48 billion in this quarter. The details of the financial performance of key subsidiaries are covered in slides 40 to 42 and 61 to 66 in the investor presentation.

繼續討論合併結果。本季綜合稅後利潤年增18.8%至1,294.8億盧比。投資者介紹中的幻燈片 40 至 42 和 61 至 66 介紹了主要子公司財務業績的詳細資訊。

The annualized premium equivalent of ICICI Life was INR44.67 billion in H1 of this year as compared to INR35.23 billion in H1 of last year. The value of new business was INR10.58 billion in H1 of this year compared to INR10.15 billion in H1 of last year. The value of new business margin was 23.7% in H1 of this year compared to 24.6% in FY 2024 and 28.8% in H1 of last year. The profit after tax of ICICI Life was INR4.77 billion in H1 of this year compared to INR4.51 billion in H1 of last year, and INR2.52 billion in Q2 2025 compared to INR2.44 billion in Q2 2024.

ICICI Life今年上半年的年化保費等值額為446.7億印度盧比，而去年上半年為352.3億印度盧比。今年上半年新業務價值為105.8億印度盧比，而去年上半年為101.5億印度盧比。今年上半年新業務利潤率為 23.7%，而 2024 財年為 24.6%，去年上半年為 28.8%。ICICI Life 今年上半年的稅後利潤為47.7 億印度盧比，而去年上半年為45.1 億印度盧比；2025 年第二季的稅後利潤為25.2 億印度盧比，而2024 年第二季為24.4 億印度盧比。

The gross direct premium income of ICICI General was INR67.21 billion in Q2 of 2025 compared to INR60.86 billion in Q2 of 2024. The combined ratio stood at 104.5% in Q2 of 2025 compared to 103.9% in Q2 of 2024. Excluding the impact of cash losses of INR0.94 billion in the current quarter and INR0.48 billion in the corresponding quarter previous year, the combined ratio was 102.6% and 102.8%, respectively. The profit after tax was INR6.94 billion in Q2 of 2025 compared to INR5.77 billion in Q2 of 2024.

ICICI General 2025 年第二季的直接保費毛收入為 672.1 億印度盧比，而 2024 年第二季為 608.6 億印度盧比。2025 年第二季的綜合成本率為 104.5%，而 2024 年第二季的綜合成本率為 103.9%。剔除本季9.4億盧比及上年同期4.8億盧比現金損失的影響，綜合成本率分別為102.6%及102.8%。2025 年第二季稅後利潤為 69.4 億印度盧比，而 2024 年第二季為 57.7 億印度盧比。

The profit after tax of ICICI AMC as per Ind AS was INR6.94 billion in this quarter compared to INR5.01 billion in Q2 of last year. The profit after tax of ICICI Securities as per Ind AS on a consolidated basis was INR5.29 billion in this quarter compared to INR4.24 billion in Q2 of last year.

根據 Ind AS，ICICI AMC 本季稅後利潤為 69.4 億印度盧比，而去年第二季為 50.1 億印度盧比。根據 Ind AS，ICICI 證券本季綜合稅後利潤為 52.9 億印度盧比，而去年第二季為 42.4 億印度盧比。

ICICI Bank Canada had a profit after tax of CAD19.1 million in this quarter compared to CAD21.1 million in Q2 last year. ICICI Bank UK had a profit after tax of USD8 million in this quarter compared to USD3.3 million in Q2 of last year. As per Ind AS, ICICI Home Finance had a profit after tax of INR1.83 billion in the current quarter compared to INR1.12 billion in Q2 of last year.

加拿大 ICICI 銀行本季稅後利潤為 1,910 萬加元，而去年第二季為 2,110 萬加元。ICICI Bank UK 本季稅後利潤為 800 萬美元，而去年第二季為 330 萬美元。根據 Ind AS 的數據，ICICI Home Finance 本季稅後利潤為 18.3 億印度盧比，而去年第二季為 11.2 億印度盧比。

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

我們的開場白到此結束，現在我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Mahrukh Adajania, Nuvama Wealth.

Mahrukh Adajania，努瓦瑪財富。

Congratulations on a very good set of numbers. My question is just related to general asset quality. So your slippages have done very well this quarter. And you've been growing your unsecured loans though at a lower pace, but quite healthily, right? So your growth in mortgage and unsecured loans on a Q-o-Q basis is similar. And despite that, there is no sign of stress on your books while every other lender is seeing some stress or the other on unsecured loans, either in credit cards or other unsecured looms.

恭喜您獲得了一組非常好的數字。我的問題與一般資產品質有關。所以你們這個季度的滑點表現得很好。您的無擔保貸款一直在增長，儘管速度較慢，但相當健康，對嗎？因此，抵押貸款和無擔保貸款的環比增長是相似的。儘管如此，你的帳簿上沒有任何壓力的跡象，而其他所有貸款人都在無擔保貸款（無論是信用卡還是其他無擔保貸款）上遇到了一些壓力。

So how do you look -- think about your book going ahead? Will that divergent trend from the sector continue? And what is it that you think you're doing right relative to others?

那你覺得你的書怎麼樣？該行業的這種分化趨勢會持續下去嗎？相對於其他人，您認為自己做得正確的是什麼？

Mahrukh, first of all, I think we have also seen an increase in the delinquencies and NPL formation in unsecured loans over the last, I would say, three to four quarters, both in credit cards and in personal loans. But during this period and even prior to that, we had been taking various steps to sort of improve the way we were underwriting and sourcing this portfolio in terms of customer segments and various -- pricing and various other filters.

Mahrukh，首先，我認為在過去三到四個季度中，我們還看到信用卡和個人貸款的無擔保貸款拖欠和不良貸款形成有所增加。但在此期間，甚至在此之前，我們一直在採取各種措施來改進我們在客戶群和各種定價和各種其他過濾器方面承保和採購該投資組合的方式。

And therefore, as you would see on the personal loan side, the growth on a year-on-year basis has actually come off pretty significantly. Last year in the September quarter, the year-on-year growth was 40%, and this year, it is down to 17% or so. So the -- but in this portfolio, over a period of time, the slippages have gone up. I would say that in the current quarter, we have not seen them go up further on a sequential basis, but we will continue to watch.

因此，正如您在個人貸款方面看到的那樣，同比增長實際上相當顯著。去年9月季度，年增40%，今年下降至17%左右。所以，但在這個投資組合中，一段時間以來，滑點已經上升。我想說，在本季度，我們還沒有看到它們環比進一步上升，但我們將繼續觀察。

On the credit card side, I think it's a little different from personal loans because that's a very core product from a -- when you look at a bank customer relationship and sort of a high-touch products, so that's definitely a business we would want to continue to grow. But there also, over a period of time, we have taken various steps in terms of the sourcing pattern. And while we have seen again there also the delinquencies and credit costs go up, it continues to be a very profitable business and a growth business.

在信用卡方面，我認為它與個人貸款有點不同，因為這是一個非常核心的產品——當你看到銀行客戶關係和某種高接觸產品時，所以這絕對是我們想要的業務繼續成長。但在一段時間內，我們在採購模式方面也採取了各種措施。雖然我們再次看到拖欠和信貸成本上升，但它仍然是一項非常有利可圖的業務和成長業務。

Overall, the unsecured piece, these two products put together, are about 14% of the loan book. So some increase in delinquency or credit costs in these segments has contributed to the path towards some kind of normalization of credit costs. But even after that, if you look at it, we are still in the 40, 50 basis point range on an overall basis. So that's how we would manage going forward.

整體而言，這兩種產品的無抵押部分加起來約佔貸款帳面的 14%。因此，這些領域的拖欠或信貸成本增加，有助於信貸成本走向某種正常化。但即使在那之後，如果你看一下，我們總體上仍然處於 40、50 個基點的範圍內。這就是我們未來的管理方式。

Okay, perfect. And just my second question is on funding costs. I mean, I know the deposit mix is also kind of changing, but would funding costs have bottomed out now -- I mean, peaked out now? Just some outlook on margins in terms of cost.

好的，完美。我的第二個問題是關於融資成本。我的意思是，我知道存款結構也在發生變化，但是融資成本現在是否已經觸底——我的意思是，現在已經達到頂峰了嗎？只是對成本利潤率的一些展望。

So if you look at the retail deposit rates, I think we have gone up in the current calendar year by about 15 bps or so, I think, about 10 bps in Q4 and 5 bps in earlier this year, and that will feed into the increase in the cost of deposits by a basis point, 2 basis points over a period of time. But yes, I think the big increase in deposit rates had already by and large happened between the second half of fiscal 2023 and the second half of fiscal '24. So we would not expect retail deposit rates to go up too much from here.

因此，如果你看一下零售存款利率，我認為我們在本日曆年上升了約15 個基點左右，我認為，第四季度上升了約10 個基點，今年早些時候上升了5 個基點，這將影響到存款成本在一段時間內增加一個基點、2個基點。但是，是的，我認為存款利率的大幅上漲基本上已經發生在 2023 財年下半年和 24 財年下半年之間。因此，我們預計零售存款利率不會在此基礎上上漲太多。

On the wholesale side, I think the rates continue to be somewhat higher than what we would have otherwise expected. But as we had mentioned perhaps last time, the kind of decline in wholesale rates that we usually see during the first quarter did not really happen and rates have continued to be a little bit on the higher side if you look at one year plus kind of deposits. But I guess with the liquidity situation having improved and the credit growth also coming off a little bit, that should hopefully -- one hopes will ease going forward, but we'll have to wait and see.

在批發方面，我認為價格繼續略高於我們原本的預期。但正如我們上次提到的，我們通常在第一季看到的批發價格下降並沒有真正發生，如果你看看一年多的時間，價格繼續偏高。但我想，隨著流動性狀況改善，信貸成長也有所下降，這應該是有希望的——人們希望未來會有所緩解，但我們必須拭目以待。

Overall, we may see, I guess, marginal increases in the cost of term deposits. I think this quarter, it went up by about -- the overall cost of deposits went up by 4 basis points. which is a little bit of increase in the cost of term deposits and a little bit of reduction in the average CASA ratio and maybe to that extent, some small increases we could still see.

總體而言，我認為我們可能會看到定期存款成本邊際增加。我認為本季度，存款總成本上升了約 4 個基點。這就是定期存款成本的一點增加和平均 CASA 比率的一點點下降，也許在這個程度上，我們仍然可以看到一些小幅的成長。

Rikin Shah, IIFL Securities.

Rikin Shah，IIFL 證券。

Thank you for the opportunity. Two questions. First one is on margin and more specifically on yield on advances. So the yield on advances have been softening since a couple of quarters. Probably this quarter would be a function of mix change. But if you could allude to what's driving slight pressure on the yields on advances and an outlook on that in the near term?

謝謝你給我這個機會。兩個問題。第一個是保證金，更具體地說是預付款收益率。因此，自從幾個季度以來，預付款收益率一直在走軟。也許這個季度將是組合變化的函數。但您是否可以提及是什麼因素導致預付款收益率出現輕微壓力以及近期的前景？

And the second question is on the treasury gains. If you could just provide some color as to why the treasury gains have been higher for the second quarter as well. 1Q, you did mention a few reasons, if you could just provide more color on that for this quarter as well.

第二個問題是關於財政收益。如果您能提供一些解釋為什麼第二季的國庫收益也更高。第一季度，您確實提到了一些原因，如果您也能為本季提供更多資訊的話。

Yeah, so on the first one, I think as I mentioned, there are certain portfolios where we account on -- the interest income on 30/360 basis. So in quarters, which have a higher number of days, the yield on advances just mathematically is reported a little lower. It evens out over the course of the year.

是的，所以在第一個方面，我認為正如我所提到的，我們會考慮某些投資組合——以 30/360 為基礎的利息收入。因此，在天數較多的季度中，僅從數學角度來看，預付款收益率會稍低。它在一年中趨於平衡。

Other than that, nothing specific on the yield on advances. I think in terms of market lending, we continue to see a fair amount of competitive intensity, and we are trying to be as disciplined within that context as we can be. On the -- overall, I would say on the margins from -- we would expect it to be broadly stable in H2 relative to H1 is what -- the way we would look at it until a rate cut cycle starts.

除此之外，沒有任何關於預付款收益率的具體資訊。我認為在市場貸款方面，我們繼續看到相當程度的競爭強度，我們正在努力在這種背景下盡可能遵守紀律。總的來說，我想說的是，在降息週期開始之前，我們預計下半年相對於上半年將大致穩定，這是我們看待它的方式。

On the treasury, actually, if you -- as you know, from April 1, the revised investment guidelines came into force, whereby a lot of the positions are mark-to-market now other than the HTM portfolio. And most of -- other than the SLR book and subsidiaries and things like that, most of the portfolio is held either in AFS or fair value through P&L. And the mark-to-market on the fair value through P&L portfolio reflects in the P&L for the quarter.

實際上，在財政部方面，如您所知，從 4 月 1 日起，修訂後的投資指南生效，除 HTM 投資組合外，許多頭寸現在均按市值計價。除了 SLR 帳簿和子公司以及類似的東西之外，大多數投資組合要么以 AFS 形式持有，要么以損益表的公允價值形式持有。透過損益投資組合按市值計價的公允價值反映在本季的損益中。

So this quarter, if I look at kind of the INR6 billion-odd, I would say a larger part did come from the treasury operations, the trading operations that we do across both fixed income, equities and so on. And -- but some component was there, which reflected sort of the incremental mark-to-market positive over and above what the position was on June 30 on the fair value through P&L portfolio.

因此，本季度，如果我看一下 60 億盧比左右的資金，我會說很大一部分確實來自資金業務，即我們在固定收益、股票等領域進行的交易業務。而且——但其中存在一些成分，這反映了按市值計價的積極增量超過了 6 月 30 日通過損益投資組合的公允價值的頭寸。

Piran Engineer, CLSA India.

印度里昂證券的 Piran 工程師。

Yes. So just talking about OpEx, you all have done a good job in controlling OpEx. Can you just give us some glimpse of where this is coming from? Where are we getting these benefits from? What should we expect in the coming, say, FY25, '26?

是的。所以就說OpEx，你們在控制OpEx方面做得很好。您能否讓我們了解一下這是從哪裡來的？我們從哪裡獲得這些好處？比如說，26 財年、25 財年，我們該期待什麼？

So I think we have been talking maybe for the last four quarters that the kind of OpEx growth rate of 20-plus percent that we had been running in the four to six quarters or maybe a couple of years prior to that, would moderate because now the cost base itself is fairly large, and we have opportunities to optimize within that. So that is basically what has driven the reduction in the cost growth. I think if I remember right, for the fourth quarter, the adjusted cost growth was about 13% or so.

因此，我認為我們在過去四個季度中可能一直在談論，我們在四到六個季度或之前的幾年中一直保持的 20% 以上的營運支出成長率將會放緩，因為現在成本基礎本身相當大，我們有機會在其中進行優化。這基本上就是成本成長下降的原因。我想如果我沒記錯的話，第四季調整後的成本成長約為13%左右。

For the first half this year, while the Q2 number is indeed -- year-on-year growth is very low at 6.6%, for the first half this year, it's about 8.5% or so. And we will -- it could be slightly higher in the second half, given all the festive season-related spends and other technology spends, et cetera, that we have planned out. but broadly around this level, give or take a couple of percentage points is where we should see it in the near term.

今年上半年，雖然第二季的數字確實是──年比成長非常低，只有6.6%，但今年上半年大約是8.5%左右。考慮到我們計劃的所有與節日相關的支出和其他技術支出等，我們下半年的支出可能會略高。但大體上圍繞著這個水平，我們應該在短期內看到它的上升或下降幾個百分點。

Got it. Okay. And your branch openings have also slowed down this year compared to the run rate that we are running at earlier. So any particular reason? And is this also reason why OpEx growth has been trending a bit lower?

知道了。好的。與我們早些時候的運行速度相比，你們今年的分行開業速度也有所放緩。那麼有什麼特別的原因嗎？這也是營運支出成長趨於下降的原因嗎？

No, I don't think that that's a very big driver that maybe there's some contribution of that. So on branches, as we have said in the past, we are not really fixated on a particular number or that we have to open so many in such a period of time. It's a very bottom-up organic process based on the teams which are managing different markets, what is the branch addition that they need to do. And it's always looked at within the overall current and potential PPOP kind of framework.

不，我不認為這是一個非常大的驅動因素，也許有一些貢獻。因此，在分行方面，正如我們過去所說，我們並不真正關注特定的數字，或者我們必須在一段時間內開設這麼多分行。這是一個非常自下而上的有機流程，基於管理不同市場的團隊，他們需要增加什麼分支。它總是在當前和潛在的 PPOP 類型框架內進行研究。

So based on that, we have not consciously held back on opening any branches nor as we pushed any branch opening. It's just an organic process which happened. I would guess this number will be materially higher in H2, but it's not like we have any particular number that we want to achieve.

因此，基於此，我們沒有有意識地阻止開設任何分支機構，也沒有推動任何分支機構的開設。這只是一個發生的有機過程。我猜這個數字在 H2 中會更高，但我們並沒有想要達到的任何特定數字。

Got it. And just lastly, if I can squeeze in your credit card delinquencies, any difference between the co-branded ones and the regular ones?

知道了。最後，如果我能算一下你們的信用卡拖欠情況，聯名信用卡和一般信用卡有什麼差別嗎？

We don't really give out this data.

我們並沒有真正給出這些數據。

Saurabh, JPMorgan.

索拉布，摩根大通。

Sir, just two questions. One is on your CASA growth, especially on your savings account growth, you've done much better than all other banks. So could you just throw some light as to why you are seeing a much better traction on CASA than others, especially on savings account?

先生，只有兩個問題。一是你的CASA成長，特別是你的儲蓄帳戶成長，你比所有其他銀行都做得好得多。那麼您能否解釋為什麼您認為 CASA 比其他帳戶更受青睞，尤其是儲蓄帳戶？

And the second is essentially on your slippages. How would -- how much would be coming from linked accounts? And will it be fair that the -- in your cards and personal loan portfolio, the delinquency -- I mean, the NPL increase will be higher in card or the write-off will be higher in card versus PL, the stress you're seeing. And it will be mostly in the outside to the bank channel. So these are two ones.

第二個本質上是你的失誤。關聯帳戶將如何產生－多少？在你的卡片和個人貸款組合中，拖欠情況是否公平？到。而且主要是在外部銀行管道。所以這是兩個。

So on the CASA side, I think the way we approach it is that we basically focus on what we call money in bank. So we don't really push the distribution for that we -- on this much CA, this much SA or this much term. We -- basically, what we are trying to achieve is that we should be having good customers, and we should be the primary banker having a good share of that customer's wallet. And customer ranges across retail and business banking and corporate. And so -- and there -- then it's really up to the customer in what form they choose to keep the money. So I think that is the way we kind of -- sorry, I think I dropped off.

因此，在 CASA 方面，我認為我們的處理方式基本上是專注於所謂的銀行存款。因此，我們並沒有真正推動我們的發行版——在這麼多的 CA、這麼多的 SA 或這麼多的術語上。基本上，我們想要實現的目標是，我們應該擁有好的客戶，並且我們應該成為在客戶錢包中佔有很大份額的主要銀行家。客戶範圍涵蓋零售、商業銀行和企業。因此，這實際上取決於客戶選擇以何種形式保留資金。所以我認為這就是我們的方式——抱歉，我想我已經放棄了。

No sir, you are connected.

不，先生，您已連線。

Yes. So I think this money in bank concept and focusing the team's attention on the total wallet of the customer rather than driving any particular type of deposit at any point of time has helped as well as the focus on, I would say, quality customer acquisition.

是的。因此，我認為銀行概念中的資金以及將團隊的注意力集中在客戶的總錢包上，而不是在任何時間點推動任何特定類型的存款，都有助於以及我想說的對優質客戶獲取的關注。

On the NPL part, finally, it doesn't really matter whether it is linked or unlinked, RBI guidelines require NPLs to be identified and reported on what we call the common borrower basis at a borrower level and not a particular loan account level. So that is what we do, and that's being consistent practice for a fair amount of time now.

最後，在不良貸款部分，它是否有關聯並不重要，印度儲備銀行的指導方針要求在藉款人級別而不是特定貸款帳戶級別上根據我們所說的共同借款人基礎來識別和報告不良貸款。這就是我們所做的，並且在相當長的一段時間內一直保持這種做法。

On the -- we've not really given the comparative delinquencies between personal loans and cards or between different components of either portfolio. I think, as I mentioned earlier, it is fair to say that -- and as was expected, over the last 1, 1.5 years delinquencies in these portfolios and even in overall NPL formation in retail has gone up.

關於 - 我們並沒有真正給出個人貸款和信用卡之間或任一投資組合的不同組成部分之間的相對拖欠率。我認為，正如我之前提到的，可以公平地說，正如預期的那樣，在過去 1 年、1.5 年中，這些投資組合的拖欠率，甚至零售業的整體不良貸款形成率都有所上升。

And we have -- we keep taking corrective actions in terms of sourcing. So hopefully, it is stabilizing, and we will see how we go on from there, but nothing really to call out between one or the other. Of course, the personal loan and credit card products are different. Again, as we mentioned earlier, the credit card is a much more core part of the bank customer relationship and a much more high-touch product, and it has its own operational challenges as well as kind of opportunities to differentiate. So that's the way we would look at both these businesses.

我們一直在採購方面採取糾正措施。因此，希望情況正在穩定下來，我們將看看接下來如何繼續發展，但兩者之間沒有什麼真正值得指出的。當然，個人貸款和信用卡產品是不同的。同樣，正如我們之前提到的，信用卡是銀行客戶關係中更核心的部分，也是一種高接觸性的產品，它有自己的營運挑戰，也有差異化的機會。這就是我們看待這兩項業務的方式。

Kunal Shah, Citigroup.

庫納爾沙阿，花旗集團。

Yes. Congratulations for the great set of numbers. So sorry, if you can just highlight in terms of within the retail, how would be the proportion between the secured and unsecured in terms of the incremental formation? And any change in last couple of quarters vis-a-vis the last year?

是的。恭喜你取得如此龐大的數字。很抱歉，如果您可以在零售方面強調一下，在增量形成方面，有擔保和無擔保之間的比例是多少？過去幾季與去年相比有什麼變化嗎？

No, we have not really given any breakup of that kind. I mean at a broad level, as I said earlier, we have been saying for I think eight quarters that the retail NPL formation at a gross level and at a net level will move up, will normalize upwards. So within that, there has been an increase, of course, in the credit card and personal side. But finally, one has to look at it in the context of the overall portfolio and the overall numbers at a credit cost of 40 to 50 bps of advances, how much more breakups will one do.

不，我們還沒有真正提出這樣的分手。我的意思是，正如我之前所說，在廣泛的層面上，我認為八個季度以來，我們一直在說，零售不良貸款的總量和淨值將上升，將正常化。因此，其中信用卡和個人方面的支出當然有所增加。但最後，我們必須在整體投資組合和整體數字的背景下看待這個問題，在信貸成本為 40 至 50 個基點的預付款下，我們還會進行多少次拆分。

Yeah. So when we look at the overall credit cost till maybe below 40-odd basis points, not yet the normalized one, we would have seen some kind of a catch-up on the unsecured side as well. But are we comfortable that maybe 40 to 50 would be the broad range for credit cost and it's maybe beyond 50 doesn't seem like any incremental data points which suggest or maybe the delinquency bucket suggest that it should cross 50 basis points of credit cost?

是的。因此，當我們看到整體信貸成本可能低於 40 多個基點（尚未標準化）時，我們也會看到無擔保的某種追趕。但是，我們是否放心，也許 40 到 50 將是信貸成本的廣泛範圍，並且可能超過 50 似乎沒有任何增量數據點表明或者拖欠率桶表明它應該超過信貸成本的 50 個基點？

It's very difficult to say with that kind of precision. We have consistently been saying that there will be a gradual normalization, but it is anyway much below historical levels, and we will see it as it comes. I don't think there is anything today which is alarming us in terms of causing us to believe that it will go up very substantially. But could it inch up over a period of time? It could.

很難說得這麼精確。我們一直在說，將會逐步實現正常化，但無論如何，它都遠低於歷史水平，我們將看到它的到來。我認為今天沒有任何事情讓我們感到震驚，讓我們相信它會大幅上漲。但在一段時間內它能小幅上漲嗎？可以的。

Yes. Okay. And just last data point, LCR, you mentioned 120?

是的。好的。就在最後一個數據點 LCR，您提到了 120？

Yeah.

是的。

Nitin Aggarwal, Motilal Oswal.

尼廷·阿加瓦爾，莫蒂拉爾·奧斯瓦爾。

Hi, good evening, everyone. Congratulations on very strong performance yet again. One question I have is on the rating distribution. I felt like -- see, the rating distribution of corporate portfolio has seen an improvement this quarter, so unlike the trend that was there in the previous quarters. So do you maintain any threshold there? And do you also benchmark yourself to peer on the mix of credit rating?

嗨，大家晚上好。再次恭喜您的出色表現。我的一個問題是關於評級分佈。我覺得——看，本季度企業投資組合的評級分佈有所改善，與前幾季的趨勢不同。那麼你在那裡保持任何門檻嗎？您是否也對自己進行了信用評級組合的基準比較？

So as we have explained, we have given the -- because we have carved out the SME portion into business banking, this is the -- now the corporate portfolio basically comprising corporate above INR7.5 billion in turnover, and that is the rating cut we have given. So I think earlier there used to be some confusion because we were including SME and other players were not and so on and so forth. So this hopefully is a more comparable cut.

正如我們所解釋的，我們已經給出了——因為我們已經將中小企業部分劃入商業銀行業務，這就是——現在的企業投資組合基本上包括營業額超過75 億盧比的企業，這就是評級下調我們已經給予了。所以我認為早些時候曾經存在一些混亂，因為我們包括了中小企業，而其他參與者沒有包括在內，等等。所以這希望是一個更具可比性的削減。

And the numbers for the previous period were also there in the same slide. It's been a pretty stable trend. I guess we do have certain internal limits in terms of caps on origination of loans in the lower-rating buckets, but those are sort of internal to us.

上一時期的數字也出現在同一張投影片中。這是一個相當穩定的趨勢。我想我們在低評級類別中發放貸款的上限方面確實有一定的內部限制，但這些對我們來說是內部的。

Param Subramanian, Nomura.

帕拉姆·薩勃拉曼尼安，野村證券。

Hi, thanks for taking my question. Firstly, just data, what is the recovery from written-off accounts in the quarter or the first half of the year?

您好，感謝您提出我的問題。首先，只是數據，季度或上半年核銷帳款恢復情況如何？

We don't give that number separately. It's already adjusted in the provision's line item.

我們不會單獨給出這個數字。它已經在規定的行項目中進行了調整。

Okay. Sure. Anindya, what is driving the higher write-off in this quarter? It doesn't seem to have come with any significant P&L impact, but -- so is this largely fully provided loans and technical?

好的。當然。Anindya，是什麼推動了本季更高的沖銷？它似乎沒有對損益產生任何重大影響，但是——這基本上是完全提供的貸款和技術嗎？

Yeah. So these were largely -- these were all 100% provided loans. And the way we do write-offs is that on the retail -- broadly retail portfolios, we have a days past due based write-off policy. Whereas on the corporate and SME portfolio, it's more on a case-by-case basis. And these were some relatively old fully provided NPLs that we wrote-off this quarter, a technical write-off.

是的。所以這些基本上都是 100% 提供的貸款。我們進行沖銷的方式是，對於零售——廣泛的零售投資組合，我們有基於逾期天數的沖銷政策。而對於企業和中小企業投資組合，更多的是根據具體情況而定。這些是一些相對較舊的完全提供的不良貸款，我們在本季度註銷了技術註銷。

Okay, perfect. And just one last question, if I can. The NIM impact because of this longer quarter, any number you can highlight would be great. Congratulations on a great quarter.

好的，完美。最後一個問題，如果可以的話。由於這個季度較長，淨利差影響較大，您可以突出顯示的任何數字都很棒。恭喜您度過了一個美好的季度。

Thank you. See, the total impact on yield or NIM is 7 basis points or so. So it will be something within that.

謝謝。看，對收益率或淨利差的總影響約為 7 個基點。所以這將是其中的一些東西。

Okay, thanks a lot.

好的，非常感謝。

Abhishek Murarka, HSBC.

阿布舍克‧穆拉卡 (Abhishek Murarka)，匯豐銀行。

Yeah, hi, everyone. Congratulations for a great quarter. So two questions. One is on business, one is on fee. On business, I would request for some commentary around business banking, especially with regard to demand trends and yields, is the growth coming at lower yields and how do you see the sustainability of this growth?

是的，大家好。恭喜您度過了一個美好的季度。那麼兩個問題。一種是商務型，一種是收費型。在商業方面，我想請您對商業銀行業務發表一些評論，特別是關於需求趨勢和收益率的評論，增長是否會以較低的收益率出現，您如何看待這種增長的可持續性？

And on credit card and PL, you've taken a lot of tightening measures earlier, but now your sequential run rate, is this like a BAU or you expect more impact of the tightening measures taken earlier to still show up in the sequential run rate? So those are the two questions on business.

對於信用卡和 PL，您之前已經採取了很多緊縮措施，但現在您的連續運行率是像 BAU 還是您預計之前採取的緊縮措施的更多影響仍會出現在連續運行率中？這是關於商業的兩個問題。

One quick question on fees. So if I look at fee to assets, now that your loan mix is changing and your PLCC, PS, vehicle finance, all those are coming down in proportion, do you expect your 1.2% fee to -- core fee to assets also coming down? So some understanding around that.

關於費用的一個簡單問題。因此，如果我看看資產費用，現在您的貸款組合正在發生變化，PLCC、PS、車輛融資，所有這些都按比例下降，您是否預計 1.2% 的資產費用 - 核心費用也會下降？所以對此有一些了解。

So on the first one, on the business banking side, Abhishek, we were -- maybe till eight or nine years back, we were not very large players in this segment. And I think over this period of time, we have invested a lot into building this business. I would say, in terms of the credit underwriting models and capability, equipping many more virtually our entire branch network to deal with this set of customers.

因此，在第一個方面，在商業銀行方面，Abhishek，我們——也許直到八、九年前，我們在這個領域還不是很大的參與者。我認為在這段時間裡，我們為建立這項業務投入了大量資金。我想說，就信貸承銷模式和能力而言，我們幾乎整個分公司網路都配備了更多的設備來應付這群客戶。

And thirdly, I think our digital offerings have also helped and this period has also coincided with greater digital adoption in this segment borne out of various government initiatives or just the evolution of the market. So that has been the basis on which we have grown this segment. And this is one segment where we really focus a lot on the Customer 360. So because in many cases, we would be having a significant share of the wallet, not only across credit, but also across transaction banking, deposits, FX and so on. So that -- so we look at really the portfolio, the profitability on an overall basis.

第三，我認為我們的數位產品也有所幫助，而且這段時期也恰逢由於各種政府舉措或市場的演變而在該領域得到更大的數位採用。這就是我們發展這一細分市場的基礎。這是我們非常關注 Customer 360 的一個細分市場。因為在很多情況下，我們將擁有很大的錢包份額，不僅在信貸領域，而且在交易銀行、存款、外匯等領域。因此，我們真正關注的是投資組合，整體上的獲利能力。

In terms of pure lending, it is competitive because I think other -- particularly a couple of the other large private sector peers have, in fact, a longer sort of presence and history in this segment. So I wouldn't characterize it as a high-yield business by any stretch, but it is a profitable business because we are really looking at what all we are doing with the customer. On the --

就純粹貸款而言，它具有競爭力，因為我認為其他人——尤其是其他一些大型私營部門同行實際上在這一領域擁有更長的存在和歷史。因此，無論如何，我都不會將其描述為高收益業務，但它是一項有利可圖的業務，因為我們真正關注的是我們與客戶所做的一切。上--

If I may, now it's been quite a few years that we've grown this business quite fast, gained quite a bit of market share. So even today to be able to maintain a 10% sort of sequential run rate, that's in itself a fairly difficult task. So do you think it's still -- because your market share is still low, or this is going to slow down, and this kind of sequential growth may not continue anymore?

如果可以的話，現在已經有好幾年了，我們的業務發展得相當快，獲得了相當多的市場份額。因此，即使在今天，要保持 10% 的順序運行率，這本身就是一項相當困難的任務。那麼你是否認為它仍然是——因為你的市場份額仍然很低，或者這會放緩，這種連續增長可能不會再持續下去？

So I don't want to talk about sequential growth numbers. But fundamentally, I don't think that our market share is saturated at all. I think we have a long way to go in terms of entities, we can tap and cover and reach. And there are lots of very large potential customer base out there, both in terms of people and their existing banking plus this is also a segment which is growing. I mean the people are setting up new manufacturing units. They are setting up new service businesses. So there is enough and more to be done. I don't see any challenge to the market opportunity for us in this segment at all.

所以我不想談論連續成長數字。但從根本上來說，我認為我們的市佔率根本沒有飽和。我認為我們在實體方面還有很長的路要走，我們可以挖掘、覆蓋和觸及。那裡有很多非常大的潛在客戶群，無論是在人員還是他們現有的銀行業務方面，而且這也是一個正在成長的細分市場。我的意思是人們正在建立新的製造單位。他們正在建立新的服務業務。因此，我們要做的事情已經夠多了。我認為我們在這一領域的市場機會根本沒有受到任何挑戰。

What was your second question? It's about fee?

你的第二個問題是什麼？是關於收費的嗎？

On cards and PL?

在卡片和 PL 上？

So fees -- so as I said, cards, I think, continues to grow at a reasonably robust pace. PL, we -- probably, I don't think the disbursal volumes may not -- I don't have a sense -- may not come down too much. But I think they are already down a fair amount from where we were three, four quarters ago and repayments also kick in. So on a portfolio growth perspective, as we mentioned that it has come down from 40% to 17%, and you will see it trend down further over the next couple of quarters, definitely.

因此，正如我所說，我認為卡費繼續以相當強勁的速度成長。PL，我們——可能，我認為支出量可能不會——我沒有感覺——可能不會下降太多。但我認為他們已經比三、四個季度前下降了相當多的水平，而且還款也開始了。因此，從投資組合成長的角度來看，正如我們所提到的，它已經從 40% 下降到 17%，而且您肯定會在接下來的幾個季度中看到它進一步下降的趨勢。

On the fees question, we don't really manage to that metric. What we look at is kind of the overall PPOP and the credit cost. So it's not that we have a particular fee-to-income number in mind. I think on fees also, there is more that we can do in terms of growth or in terms of increasing the fee income in areas like transaction banking and FX, in cards that also and a couple of other places as well. So again, on fees, the growth opportunity is there. I don't worry too much about PL coming down and that depleting.

在費用問題上，我們並沒有真正達到這個指標。我們關注的是整體 PPOP 和信貸成本。因此，我們心裡並不是有一個特定的費用與收入之比的數字。我認為在費用方面，我們可以在成長或增加交易銀行和外匯、銀行卡以及其他一些領域的費用收入方面做更多的事情。因此，在費用方面，成長機會是存在的。我不太擔心 PL 下降和耗盡。

These activities you're doing on the fee side to improve the fee growth, is it sort of showing up or it's like a long duration project and your fee to assets or fee to income will not be impacted in the next few quarters because of that?

您在費用方面所做的這些活動是為了提高費用成長，它是否已經出現，或者就像一個長期項目，您的資產費用或收入費用在接下來的幾個季度不會受到影響？

So we don't really look at fee to income, fee to assets at all. I mean we have an overall PPOP kind of aspiration and fee is one element of that. It is probably an element where we have scope for some lift.

因此，我們根本不考慮費用與收入、費用與資產之比。我的意思是，我們總體上有 PPOP 的願望，而費用是其中的一個因素。這可能是我們有提升空間的因素。

Thank you and all the best.

謝謝你，祝一切順利。

Rahul, Goldman Sachs.

拉胡爾，高盛。

Yeah, thank you. Just two questions. One is your Slide number 31 talks about the mix of two customers in PL and CC, 60 being existing to bank, 40 would imply being new to bank customers. So just wanted to understand maybe qualitatively how the behavior in each of these buckets are you seeing on the delinquency side? And this is stemming from the fact that we've seen a reasonably higher degree of delinquency in the customer that may not necessarily be existing to bank or those who are open market customers for different entities. So just wanted to get some color as to how you're seeing the behavior in these two portfolios.

是的，謝謝。只有兩個問題。其中一張投影片第 31 號談到了 PL 和 CC 中兩個客戶的混合，其中 60 是銀行現有客戶，40 意味著對於銀行客戶來說是新客戶。所以只是想從定性上了解您在拖欠方面看到的每個類別的行為如何？這是因為我們發現客戶的拖欠程度相當高，而銀行或不同實體的公開市場客戶不一定有這種情況。所以只是想了解一下您如何看待這兩個投資組合的行為。

I think as we said earlier, overall, in these portfolios, credit costs have normalized upward. Delinquencies have gone up. We have taken measures. Hopefully, including in the case of PL bringing down the growth. Hopefully, we are -- we will see stability and some improvement down the line. Nothing more than that to call out. These are -- this is put together 14% of the loan book and whatever is happening within this book is getting absorbed within the 40 to 50 basis points of credit cost.

我認為，正如我們之前所說，總體而言，在這些投資組合中，信貸成本已經正常化上升。拖欠率有所上升。我們已採取措施。希望包括 PL 降低成長的情況。希望我們能夠看到穩定性和一些改進。沒有什麼比這更值得呼喚的了。這些合計佔貸款帳簿的 14%，而帳簿中發生的任何事情都將被吸收在 40 到 50 個基點的信貸成本中。

So the behavior would be similar, so let's say, argumentatively if existing to bank is having X percent of delinquency, would new-to-bank would also be at X percent or they would be 1.2x, 1.5x?

因此，行為會類似，所以讓我們說，如果現有銀行有 X% 的拖欠率，新銀行也會有 X% 還是會是 1.2 倍、1.5 倍？

It can vary. I mean an existing to bank customer, which has been a not-so-great quality accounts sourced in the past, they exhibit worse outcome than, say, a quality account that is sourced today, say, in cards because, as I mentioned, it is a high-touch product. So it could vary and really from a -- of course, we keep doing internal analysis on various cuts. I think most important is the sort of credit profile of the customer, and that can vary across these segments.

它可能會有所不同。我的意思是現有的銀行客戶，過去採購的品質不太好，他們表現出的結果比今天採購的優質帳戶（例如卡）更差，因為正如我提到的，它是一種高接觸性的產品。所以它可能會有所不同，而且實際上會有所不同——當然，我們一直在對各種削減進行內部分析。我認為最重要的是客戶的信用狀況，這在不同的細分市場中可能有所不同。

And in terms of growth of this portfolio, the growth is now going to be more driven by, I would imagine, existing the bank customers or you would continue to hunt for customer outside of this banking relationships also?

就該投資組合的成長而言，我想，現在的成長將更受現有銀行客戶的推動，或者您還會繼續尋找銀行關係以外的客戶嗎？

No, I think, see, for example, on -- if you look at, say, credit cards, we have a large untapped base within our own customer base of quality customers who are not -- who don't have our card or even if they have our card are not using it as much as we would like them to. But at the same time, it's also a very good product to acquire a customer with.

不，我認為，例如，如果你看看信用卡，我們在自己的優質客戶群中擁有大量未開發的基礎，他們沒有我們的卡或即使他們有我們的卡，也不會像我們希望的那樣使用它。但同時，它也是一個非常適合獲取客戶的產品。

So for example, if we are banking a large corporate or banking some MNC or something, I would be very happy to offer a credit card to their employees above a certain -- at a certain level or who pass the credit filter. So I think it's really about what is the quality of the customer that you're issuing to rather than getting caught up in existing versus you because that may give some false sense of comfort actually.

例如，如果我們為一家大公司或一些跨國公司或其他公司提供銀行服務，我會非常樂意為他們的員工提供信用卡，超過一定水平或通過信用過濾器。所以我認為這實際上是關於你所發行的客戶的品質如何，而不是陷入現有的與你的對抗中，因為這實際上可能會給人一些錯誤的舒適感。

All right. I was asking just generally because of the environment. Fair enough. The second quick question was on the outlook on margins. So it's been trending lower. You talked about cost of deposits being closer to bottoming and whatever repricing has to happen has happened, but there could be some mixing element as well. So what's the outlook on the margins that you envisage? I see you've got a fair bit of comfort on the loan to deposit side as well. So would you pull that lever to manage the margins or you think it is kind of okay where it is right now?

好的。我只是一般性地問，因為環境。很公平。第二個簡單的問題是關於利潤率的前景。所以一直呈下降趨勢。您談到存款成本接近觸底，無論必須發生什麼重新定價都已經發生，但也可能存在一些混合因素。那麼您設想的利潤前景如何？我發現您在貸款存款方面也感到相當放心。那麼，您會拉動槓桿來管理利潤嗎？

No, I already said that we would expect margins to be broadly stable in the next -- in the near term. And then when the rate cut cycle starts, of course, the lead lag will play out on the reverse side with loans repricing faster than deposits. The general expectation is of a relatively shallow cycle. So we will have to manage through that as and when it happens.

不，我已經說過，我們預計利潤率在接下來的短期內將大致穩定。當然，當降息週期開始時，超前滯後將在相反的一面發揮作用，貸款的重新定價速度快於存款。普遍預期週期相對較淺。因此，當這種情況發生時，我們必須設法解決。

Got it, thank you so much. Wish you all festive greetings.

明白了，非常感謝。祝大家節日快樂。

Thank you very much. Ladies and gentlemen, we will take that as the last question. I now hand the conference back over to the bank. Please go ahead.

非常感謝。女士們、先生們，我們將把這個當作最後一個問題。我現在將會議交還給銀行。請繼續。

Thank you for taking time on a Saturday afternoon, and wish you all a very, very happy Diwali from ICICI Bank in advance. Thank you.

感謝您在周六下午抽出寶貴的時間，並祝 ICICI 銀行提前祝大家排燈節快樂。謝謝。

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

非常感謝。我謹代表 ICICI 銀行股份有限公司結束本次會議。感謝您加入我們，您現在可以斷開線路了。謝謝。