ICICI Bank Ltd (IBN) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Q4 FY25 earnings conference call of ICICI Bank. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，大家好，歡迎參加 ICICI 銀行 2025 財年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議交給 ICICI 銀行董事總經理兼執行長 Sandeep Bakhshi 先生。謝謝，接下來交給你了。

Thank you. Good evening to all of you, and welcome to the ICICI Bank earnings call to discuss the results for Q4 of FY 2025. Joining us today on this call are Sandeep Batra, Rakesh, Ajay, Anindya, and Abinay.

謝謝。大家晚上好，歡迎參加 ICICI 銀行收益電話會議，討論 2025 財年第四季的業績。今天參加我們電話會議的有 Sandeep Batra、Rakesh、Ajay、Anindya 和 Abinay。

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.

在 ICICI 銀行，我們的策略重點仍然是透過全方位以客戶為中心的方法以及透過服務生態系統和微型市場的機會來增加稅前利潤（不包括財務部門）。我們將繼續在我們的策略框架內運作以加強我們的特許經營權。

Maintaining high standards of governance, deepening coverage, and enhancing delivery capabilities are focus areas for our risk-calibrated profitable growth. The profit before tax, excluding Treasury, grew by 13.2% year on year to INR165.34 billion in this quarter and by 11.4% year on year to INR607.13 billion in financial year 2025.

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。本季度，扣除財務費用後的稅前利潤年增 13.2% 至 1,653.4 億印度盧比，2025 財年則年增 11.4% 至 6,071.3 億印度盧比。

The core operating profit increased by 13.7% year on year to INR174.25 billion in this quarter and by 12.5% year on year to INR653.96 billion in financial year 2025. The profit after tax grew by 18% year on year to INR126.30 billion in this quarter. For the fiscal year 2025, the profit after tax grew by 15.5% year on year to INR472.27 billion.

本季核心營業利潤年增13.7%至1,742.5億印度盧比，2025財年核心營業利潤年增12.5%至6,539.6億印度盧比。本季稅後利潤年增18%至1263億印度盧比。2025財年，稅後利潤年增15.5%至4722.7億印度盧比。

The consolidated profit after tax grew by 15.7% year on year to INR135.02 billion in this quarter and by 15.3% year on year to INR510.29 billion in financial year 2025. The Board has recommended a dividend of INR11 per share for financial year 2025, subject to requisite approvals.

本季綜合稅後利潤年增 15.7% 至 1,350.2 億印度盧比，2025 財年年增 15.3% 至 5,102.9 億印度盧比。董事會建議 2025 財年每股派息 11 印度盧比，但需獲得必要的批准。

Total deposits grew by 14% year on year and 5.9% sequentially at March 31, 2025. During the quarter, average deposits grew by 11.4% year on year and 1.9% sequentially. And average current and savings accounts deposits grew by 10% year on year and 0.5% sequentially. The bank's average liquidity coverage ratio for the quarter was about 126%.

截至 2025 年 3 月 31 日，總存款年增 14%，季增 5.9%。本季度，平均存款年增 11.4%，季增 1.9%。平均活期和儲蓄帳戶存款年增 10%，季增 0.5%。該銀行本季的平均流動性覆蓋率約為126%。

The domestic loan portfolio grew by 13.9% year on year and 2.2% sequentially at March 31, 2025. The Retail loan portfolio grew by 8.9% year on year and 2% sequentially. Including non-fund based outstanding, the Retail portfolio was 43.8% of the total portfolio. The Rural portfolio grew by 5.1% year on year and declined by 1.5% sequentially.

截至 2025 年 3 月 31 日，國內貸款組合年增 13.9%，季增 2.2%。零售貸款組合較去年同期成長8.9%，較上季成長2%。若包括非基金型未償還債務，則零售投資組合佔總投資組合的 43.8%。農村投資組合較去年同期成長5.1%，較上季下降1.5%。

The Business Banking portfolio grew by 33.7% year on year and 6.2% sequentially. The domestic corporate portfolio grew by 11.9% year on year and declined by 0.4% sequentially. The overall loan portfolio, including the international branches portfolio, grew by 13.3% year on year and 2.1% sequentially at March 31, 2025.

商業銀行業務組合年增 33.7%，季增 6.2%。國內企業投資組合年增11.9%，季減0.4%。截至 2025 年 3 月 31 日，包括國際分行組合在內的整體貸款組合年增 13.3%，季增 2.1%。

The net NPA ratio was 0.39% at March 31, 2025, compared to 0.4% -- 0.42% at December 31, 2024, and 0.42% at March 31, 2024. The total provisions during the quarter were INR8.91 billion or 5.1% of core operating profit and 0.27% of average advances.

2025 年 3 月 31 日的淨不良資產比率為 0.39%，而 2024 年 12 月 31 日為 0.4% - 0.42%，2024 年 3 月 31 日為 0.42%。本季總撥備為 89.1 億印度盧比，佔核心營業利潤的 5.1% 和平均預付款的 0.27%。

The provisioning coverage ratio on nonperforming loans was 76.2% at March 31, 2025. In addition, the bank continues to hold contingency provision of INR131 billion or about 1% of total advances at March 31, 2025. The capital position of the bank continued to be strong with a CET1 ratio of 15.94% and total capital adequacy ratio of 16.55% at March 31, 2025, after reckoning the impact of proposed dividends.

截至2025年3月31日，不良貸款撥備覆蓋率為76.2%。此外，該銀行繼續持有1,310億印度盧比的緊急準備金，約佔2025年3月31日總預付款的1%。在計入擬議股息的影響後，該銀行的資本狀況繼續保持強勁，截至 2025 年 3 月 31 日，CET1 比率為 15.94%，總資本充足率為 16.55%。

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校準獲利成長的機會。我們相信，透過專注於客戶 360 度廣泛的特許經營和組織內部協作，並專注於增強交付系統和簡化流程，我們將能夠以無縫的方式向客戶提供整體解決方案，並在關鍵領域擴大市場份額。

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

我們將繼續在技術、人才、分銷和品牌建立方面進行投資。我們非常重視加強營運彈性，以便為客戶提供無縫服務。我們將繼續致力於維持強勁的資產負債表、審慎的撥備和健康的資本水準。

The principles of Return of Capital, Fair to Customers, 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.

「資本回報」、「公平對待客戶」、「公平對待銀行」和「一家銀行，一個團隊」的原則將繼續指導我們的營運。我們始終致力於為股東提供持續、可預測的回報。

I now hand the call over to Anindya.

我現在把電話交給 Anindya。

Thank you, Sandeep. I will talk about loan growth, credit quality, P&L details, technology initiatives, portfolio trends, and the performance of subsidiaries. Sandeep covered the loan growth across various segments. Coming to the growth across Retail products, the mortgage portfolio grew by 11% year on year and 2.8% sequentially.

謝謝你，桑迪普。我將討論貸款成長、信貸品質、損益明細、技術舉措、投資組合趨勢和子公司的績效。Sandeep 介紹了各個領域的貸款成長。談到零售產品的成長，抵押貸款組合年增 11%，較上季成長 2.8%。

Auto loans grew by 4.6% year on year and 0.4% sequentially. The commercial vehicles and equipment portfolio grew by 7% year on year and 2.9% sequentially. Personal loans grew by 4.2% year on year and 0.6% sequentially. The credit card portfolio grew by 11.7% year on year and 0.9% sequentially. The personal loans and credit card portfolio were 9.1% and 4.3% of the overall loan book, respectively, at March 31, 2025.

汽車貸款年增4.6%，季增0.4%。商用車及設備組合年增7%，季增2.9%。個人貸款年增4.2%，季增0.6%。信用卡組合年增11.7%，季增0.9%。截至 2025 年 3 月 31 日，個人貸款和信用卡組合分別佔整體貸款總額的 9.1% 和 4.3%。

The overseas loan portfolio in US dollar terms declined 10.2% year on year at March 31, 2025. The overseas loan portfolio was about 2.3% of the overall loan book at March 31, 2025. Of the overseas corporate portfolio, about 91% comprises Indian corporates. On credit quality, the gross NPA additions were INR51.42 billion in the current quarter compared to INR60.85 billion in the previous quarter.

截至2025年3月31日，以美元計算的海外貸款組合年減10.2%。截至 2025 年 3 月 31 日，海外貸款組合約佔整體貸款總額的 2.3%。在海外企業投資組合中，約91%是印度企業。就信貸品質而言，本季不良資產總額增加 514.2 億印度盧比，上一季為 608.5 億印度盧比。

Recoveries and upgrades from gross NPAs, excluding write-offs and sales, were INR38.17 billion in the current quarter compared to INR33.92 billion in the previous quarter. The net additions to gross NPAs were INR13.25 billion in the current quarter compared to INR26.93 billion in the previous quarter.

本季不良資產總額的回收和升級（不包括註銷和銷售）為 381.7 億印度盧比，而上一季為 339.2 億印度盧比。本季不良資產淨增加額為 132.5 億印度盧比，上一季為 269.3 億印度盧比。

The gross NPA additions from the Retail and Rural portfolios were INR43.39 billion in the current quarter compared to INR53.04 billion in the previous quarter. Recoveries and upgrades from the Retail and Rural portfolios were INR30.39 billion compared to INR27.86 billion in the previous quarter. The net additions to gross NPAs in the Retail and Rural portfolios were INR13 billion compared to INR25.18 billion in the previous quarter.

本季零售和農村投資組合的不良資產總額增加 433.9 億印度盧比，而上一季為 530.4 億印度盧比。零售和農村投資組合的回收和升級為 303.9 億印度盧比，而上一季為 278.6 億印度盧比。零售和農村投資組合中不良資產總額的淨增加值為 130 億印度盧比，而上一季為 251.8 億印度盧比。

The gross NPA additions from the corporate and Business Banking portfolios were INR8.03 billion in the current quarter compared to INR7.81 billion in the previous quarter. Recoveries and upgrades from the corporate and Business Banking portfolios were INR7.78 billion compared to INR6.06 billion in the previous quarter.

本季度，企業和商業銀行投資組合中的不良資產總額增加 80.3 億印度盧比，而上一季為 78.1 億印度盧比。企業和商業銀行投資組合的回收和升級為 77.8 億印度盧比，而上一季為 60.6 億印度盧比。

There were net additions to gross NPAs of INR0.25 billion in the corporate and Business Banking portfolio compared to net additions of INR1.75 billion in the previous quarter. The gross NPAs written off during the quarter were INR21.18 billion. Further, there was sale of NPAs of INR27.86 billion in the current quarter compared to INR0.58 billion in the previous quarter.

企業和商業銀行投資組合中的不良資產淨增加額為 2.5 億印度盧比，而上一季的淨增加額為 17.5 億印度盧比。本季核銷的不良資產總額為 211.8 億印度盧比。此外，本季不良資產銷售額為 278.6 億印度盧比，上一季為 5.8 億印度盧比。

These were fully provided NPAs. And in lieu of sales, the bank received INR16.05 billion of security receipts and INR3.14 billion in cash, with the balance INR8.67 billion being written off, which is in addition to the write-offs mentioned earlier. The bank continues to hold 100% provision against these security receipts.

這些都是完全提供的不良資產。作為銷售的替代，該銀行收到了 160.5 億印度盧比的擔保收據和 31.4 億印度盧比的現金，餘額 86.7 億印度盧比被註銷，這是除了前面提到的註銷之外的。該銀行繼續對這些擔保收據提列 100% 的撥備。

The non-fund based outstanding to borrowers classified as nonperforming was INR30.75 billion as of March 31, 2025, compared to INR31.60 billion as of December 31, 2024. The provisions on this non-fund based outstanding were INR16.6 billion at March 31, 2025, compared to INR17.12 billion at March -- at December 31, 2024.

截至 2025 年 3 月 31 日，非基金類不良借款人未償還貸款為 307.5 億印度盧比，而截至 2024 年 12 月 31 日為 316 億印度盧比。截至 2025 年 3 月 31 日，該非基金型未償還債務的撥備為 166 億印度盧比，而截至 2024 年 3 月至 12 月 31 日，該撥備為 171.2 億印度盧比。

The total fund based outstanding to all standard borrowers under resolution as per various guidelines declined to INR19.56 billion or about 0.1% of the total loan portfolio at March 31, 2025, from INR21.07 billion at December 31, 2024.

根據各種準則的解決方案，所有標準借款人的未償還資金總額從 2024 年 12 月 31 日的 210.7 億印度盧比下降至 2025 年 3 月 31 日的 195.6 億印度盧比，約佔貸款總額的 0.1%。

Of the total fund based outstanding under resolution at March 31, 2025, INR17.55 billion was from the Retail and Rural portfolio, and INR2.01 billion was from the corporate and Business Banking portfolio. The bank holds provisions of INR6.43 billion against these borrowers, which is higher than the requirement as per RBI guidelines.

截至 2025 年 3 月 31 日，根據決議未償還的基金總額中，175.5 億印度盧比來自零售和農村投資組合，20.1 億印度盧比來自企業和商業銀行投資組合。該銀行針對這些借款人提取了 64.3 億印度盧比的撥備，高於印度儲備銀行規定的要求。

Moving on to the P&L details, the net interest income increased by 11% year on year to INR211.93 billion in this quarter. The net interest margin was 4.41% in this quarter compared to 4.25% in the previous quarter and 4.4% in Q4 of last year.

看看損益表細節，本季淨利息收入年增 11% 至 2,119.3 億印度盧比。本季淨利差為 4.41%，上一季為 4.25%，去年第四季為 4.4%。

The impact of interest on tax refund was about 2 basis points in the current quarter compared to about 1 basis point in the previous quarter and nil in Q4 of last year. The net interest margin for the full year FY 2025 was 4.32%. The domestic NIM was 4.48% in this quarter compared to 4.32% in the previous quarter and 4.49% in Q4 last year. The cost of deposits was 5% in this quarter compared to 4.91% in the previous quarter.

本季利息對退稅的影響約為 2 個基點，而上一季約為 1 個基點，去年第四季則為零。2025財年全年淨利差為4.32%。本季國內淨利差為 4.48%，上一季為 4.32%，去年第四季為 4.49%。本季存款成本為 5%，上一季為 4.91%。

Of the total domestic loans, interest rates of about 53% of the loans are linked to the repo rate, 15% to MCLR and other older benchmarks, and 1% to other external benchmarks. The balance, 31%, of loans have fixed interest rates. Noninterest income, excluding Treasury, grew by 18.4% year on year to INR70.21 billion in Q4 of 2025.

在國內貸款總額中，約有 53% 的貸款利率與回購利率掛鉤，15% 的貸款利率與 MCLR 和其他舊基準掛鉤，1% 的貸款利率與其他外部基準掛鉤。剩餘的貸款（31%）採用固定利率。2025 年第四季度，不包括國庫券的非利息收入年增 18.4% 至 702.1 億印度盧比。

Fee income increased by 16% year on year to INR63.06 billion in this quarter. Fees from Retail, Rural, and Business Banking customers constituted about 80% of the total fees in this quarter. Dividend income from subsidiaries was INR6.75 billion in this quarter compared to INR4.84 billion in Q4 of last year.

本季費用收入年增 16%，達到 630.6 億印度盧比。本季零售、農村和商業銀行客戶的費用約佔總費用的 80%。本季來自子公司的股息收入為 67.5 億印度盧比，而去年第四季為 48.4 億印度盧比。

Dividend in subsidiaries was INR26.19 billion in FY 2025 compared to INR20.73 billion in FY 2024. The year-on-year increase in dividend income was primarily due to higher dividend from ICICI Bank Canada, ICICI Prudential Asset Management Company, and ICICI Securities Primary Dealership.

2025 財年子公司股利為 261.9 億印度盧比，而 2024 財年為 207.3 億印度盧比。股息收入較去年同期成長主要由於 ICICI 加拿大銀行、ICICI 保誠資產管理公司和 ICICI 證券一級經銷商的股息增加。

On costs, the bank's operating expenses increased by 11.2% year on year in this quarter and 8.3% year on year in FY 2025. Employee expenses increased by 10.3% year on year, and nonemployee expenses increased by 11.7% year on year in this quarter. Our branch count has increased by 241 in Q4 and 460 in FY 2025. We had 6,983 branches as of March 31, 2025. Technology expenses were about 10.7% of our operating expenses in FY 2025.

成本方面，該銀行本季營運費用年增11.2%，2025財年年增8.3%。本季員工費用年增10.3%，非員工費用年增11.7%。我們的分行數量在第四季度增加了 241 個，在 2025 財年增加了 460 個。截至 2025 年 3 月 31 日，我們擁有 6,983 家分店。2025 財年，技術費用約占我們營運費用的 10.7%。

The total provisions during the quarter were INR8.91 billion or 5.1% of core operating profit and 0.27% of average advances, compared to the provisions of INR12.27 billion in the previous quarter. The total provisions during FY 2025 increased by 28.5% year on year to INR46.83 billion.

本季總撥備為 89.1 億印度盧比，佔核心營業利潤的 5.1% 和平均預付款的 0.27%，而上一季的撥備為 122.7 億印度盧比。2025財年總撥備年增28.5%，達468.3億印度盧比。

The bank on a prudent basis continues to hold provision against security received guaranteed by the government, which will be reversed on actual receipt of recoveries or approval of claims, if any. The provisioning coverage on nonperforming loans was 76.2% as of March 31, 2025.

本行將以審慎原則繼續持有政府擔保的抵押品準備金，並在實際收到追償款或債權獲得批准時（如有）沖銷該準備金。截至 2025 年 3 月 31 日，不良貸款撥備覆蓋率為 76.2%。

In addition, we hold INR6.43 billion of provisions to borrowers under resolution. Further, the bank continues to hold contingency provision of INR131 billion as of March 31, 2025. At the end of March, the total provision other than specific provisions of fund based outstanding to borrowers classified as nonperforming, were INR226.51 billion or 1.7% of loans.

此外，我們還持有 64.3 億印度盧比的撥備金給已解決的借款人。此外，截至 2025 年 3 月 31 日，該銀行繼續持有 1,310 億印度盧比的緊急準備金。截至 3 月底，除針對不良借款人的基金未償還貸款的特定撥備外，撥備總額為 2,265.1 億印度盧比，佔貸款總額的 1.7%。

The profit before tax, excluding Treasury, grew by 13.2% year on year to INR165.34 billion in Q4 of this year and by 11.4% year on year to INR607.13 billion in FY 2025. Treasury gains were INR2.39 billion in Q4 as compared to a Treasury loss of INR2.81 billion in Q4 of the previous year.

今年第四季度，扣除財務費用後的稅前利潤年增 13.2% 至 1,653.4 億印度盧比，2025 財年則年增 11.4% 至 6,071.3 億印度盧比。第四季財務收益為 23.9 億印度盧比，而去年同期第四季財務損失為 28.1 億印度盧比。

The Treasury loss in Q4 of the previous year includes the transfer of negative balance of INR3.4 billion in foreign currency translation reserve related to the bank's offshore banking unit in Mumbai to the profit and loss account in view of the proposed closure of the unit. The tax expense was INR41.43 billion in this quarter compared to INR36.13 billion in the corresponding quarter last year.

去年第四季的財務損失包括將該行位於孟買的離岸銀行部門相關的 34 億印度盧比外幣折算儲備金負餘額轉入損益帳戶，因為該部門計劃關閉。本季稅費為 414.3 億印度盧比，而去年同期為 361.3 億印度盧比。

The profit after tax grew by 18.0% year on year to INR126.3 billion in this quarter. The profit after tax grew by 15.5% year on year to INR472.27 billion in FY 2025. On technology, we continue to enhance the use of technology in our operations to provide simplified solutions to customers and make investments in our digital channel. We continue to further strengthen system resilience and simplify our process.

本季稅後利潤年增18.0%至1263億印度盧比。2025財年稅後利潤年增15.5%至4722.7億印度盧比。在技​​術方面，我們繼續加強技術在營運中的使用，為客戶提供簡化的解決方案，並對我們的數位管道進行投資。我們將繼續進一步加強系統彈性並簡化我們的流程。

We have provided details on our Retail, Rural, and Business Banking portfolios on slides 25 to 28 of the investor presentation. The loans and non-fund based outstanding to performing corporate borrowers rated BB and below were INR28.54 billion at March 31, 2025, compared to INR21.93 billion at December 31, 2024. This portfolio was about 0.2% of our advances at March 31, 2025.

我們在投資者簡報的第 25 至 28 張投影片中提供了有關我們的零售、農村和商業銀行投資組合的詳細資訊。截至 2025 年 3 月 31 日，對 BB 級及以下評級的良好企業借款人的貸款和非基金未償還餘額為 285.4 億印度盧比，而 2024 年 12 月 31 日為 219.3 億印度盧比。截至 2025 年 3 月 31 日，該投資組合約占我們預付款的 0.2%。

Other than two accounts, the maximum single borrower outstanding in the BB and below portfolio was less than INR5 billion at March 31, 2025. The bank holds provision of INR4.38 billion against this portfolio at March 31, 2025. The total outstanding to NBFCs and HFCs was INR918.38 billion at March 31, 2025, compared to INR893.6 billion at December 31, 2024. The total outstanding to NBFCs and HFCs was about 6.8% of our advances at March 31, 2025.

除兩個帳戶外，截至 2025 年 3 月 31 日，BB 級及以下投資組合中單一借款人的最大未償還餘額不足 50 億印度盧比。截至 2025 年 3 月 31 日，該銀行針對該投資組合提列了 43.8 億印度盧比的撥備。截至 2025 年 3 月 31 日，非銀行金融公司和氫氟碳化物的未償債務總額為 9,183.8 億印度盧比，而 2024 年 12 月 31 日為 8,936 億印度盧比。截至 2025 年 3 月 31 日，我們對 NBFC 和 HFC 的未償還貸款總額約占我們預付款的 6.8%。

The builder portfolio, including construction finance, lease rental discounting, term loans, and working capital, were INR606.24 billion (sic - see slide 30, "INR616.24 billion") at March 31, 2025, compared to INR586.36 billion at December 31, 2024. The builder portfolio was about 4.6% of our total loan portfolio.

截至 2025 年 3 月 31 日，建築商投資組合（包括建築融資、租賃租金折扣、定期貸款和營運資金）為 6062.4 億印度盧比（原文如此 - 參見投影片 30，「6162.4 億印度盧比」），而截至 2024 年 12 月 31 日則為 5863.60 億印度盧比。建築商貸款組合約占我們總貸款組合的 4.6%。

Our portfolio largely comprises well-established builders, and this is also reflected in the sequential increase in the portfolio. About 1.7% of the builder portfolio at March 31, 2025, was either rated BB and below internally or was classified as nonperforming, compared to 1.7% at December 31, 2024.

我們的投資組合主要由知名的建築商組成，這也反映在投資組合的連續成長中。截至 2025 年 3 月 31 日，約有 1.7% 的建築商投資組合內部評級為 BB 及以下或被歸類為不良資產，而 2024 年 12 月 31 日這一比例為 1.7%。

Moving on to the consolidated results, the consolidated profit after tax grew by 15.7% year on year to INR135.02 billion in this quarter. The consolidated profit after tax grew by 15.3% year on year to INR510.29 billion in FY 2025. The details of the financial performance of key subsidiaries are covered in slides 36 to 38 and 57 to 62 in the investor presentation.

綜合業績來看，本季綜合稅後利潤年增 15.7% 至 1,350.2 億印度盧比。2025財年綜合稅後利潤年增15.3%至5,102.9億印度盧比。投資者簡報中的第 36 至 38 張投影片和第 57 至 62 張投影片介紹了主要子公司的財務表現詳情。

The annualized premium equivalent of ICICI Life was INR104.07 billion in FY 2025 compared to INR90.46 million in FY 2024. The value of new business was INR23.7 billion in FY 2025 compared to INR22.27 billion in 2024. The value of new business margin was 22.8% in FY 2025 compared to 24.6% in FY 2024.

2025 財年，ICICI Life 的年化保費為 1,040.7 億印度盧比，而 2024 財年為 9,046 萬印度盧比。2025 財年新業務價值為 237 億印度盧比，而 2024 年為 222.7 億印度盧比。2025 財年新業務利潤率為 22.8%，而 2024 財年為 24.6%。

The profit after tax of ICICI Life was INR11.89 billion in FY 2025 compared to INR8.52 billion in FY 2024 and was INR3.86 billion in the current quarter compared to INR1.74 billion in Q4 of last year. The gross direct premium income of ICICI General was INR247.76 billion in FY 2024 compared to INR268.33 billion in FY 2025.

ICICI Life 2025 財年的稅後利潤為 118.9 億印度盧比，而 2024 財年為 85.2 億印度盧比；本季稅後利潤為 38.6 億印度盧比，而去年第四季為 17.4 億印度盧比。ICICI General 2024 財年的毛直接保費收入為 2,477.6 億印度盧比，而 2025 財年為 2,683.3 億印度盧比。

The combined ratio stood at 102.8% in FY 2025 compared to 103.3% in FY 2024. Excluding the impact of cash losses of INR0.94 billion in FY 2025 and INR1.37 billion in 2024, the combined ratio was 102.4% and 102.5%, respectively.

2025 財年的綜合比率為 102.8%，而 2024 財年的綜合比率為 103.3%。不計2025財年9.4億印度盧比及2024財年13.7億印度盧比現金損失的影響，綜合比率分別為102.4%及102.5%。

The profit after tax was INR25.08 billion in FY 2025 compared to INR19.19 billion in FY 2024. The profit after tax was INR5.1 billion in this quarter compared to INR5.19 billion in Q4 of last year. The profit after tax of ICICI AMC as per Ind AS was INR6.92 billion in this quarter compared to INR5.29 billion in Q4 of last year.

2025 財年的稅後利潤為 250.8 億印度盧比，而 2024 財年的稅後利潤為 191.9 億印度盧比。本季稅後利潤為 51 億印度盧比，而去年第四季為 51.9 億印度盧比。根據印度會計準則，ICICI AMC 本季的稅後利潤為 69.2 億印度盧比，而去年第四季為 52.9 億印度盧比。

The profit after tax of ICICI Securities as per Ind AS on a consolidated basis was INR3.81 billion in this quarter compared to INR5.37 billion in Q4 of last year. Pursuant to the scheme of arrangement among ICICI Bank Limited and ICICI Securities Limited and their respective shareholders, ICICI Securities Limited has been delisted from stock exchanges on March 24, 2025, and become a wholly owned subsidiary of the bank.

本季度，ICICI 證券依照印度會計準則計算的合併稅後利潤為 38.1 億印度盧比，而去年第四季為 53.7 億印度盧比。根據 ICICI 銀行有限公司和 ICICI 證券有限公司及其各自股東之間的安排計劃，ICICI 證券有限公司已於 2025 年 3 月 24 日從證券交易所退市，成為該銀行的全資子公司。

ICICI Bank Canada had a profit after tax of CAD12.5 million in this quarter compared to CAD19.9 million in Q4 of last year. ICICI Bank UK had a profit after tax of USD6 million in this quarter compared to USD9.5 million in Q4 of last year. As per Ind AS, ICICI Home Finance had a profit after tax of INR2.41 billion in the current quarter compared to INR1.69 billion in Q4 of last year.

本季度，ICICI 加拿大銀行的稅後利潤為 1,250 萬加元，而去年第四季為 1,990 萬加元。本季度，ICICI 英國銀行的稅後利潤為 600 萬美元，而去年第四季為 950 萬美元。根據 Ind AS 的數據，ICICI Home Finance 本季的稅後利潤為 24.1 億印度盧比，而去年第四季為 16.9 億印度盧比。

With this, we conclude our opening remarks, and we will 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大家的提問。

(Operator Instructions) Mahrukh Adajania, Nuvama Wealth Management.

（操作員指示） Mahrukh Adajania，Nuvama Wealth Management。

Yeah, hello. First of all, congratulations on a very strong set. I just had a few questions, firstly, on loan growth. So have you tightened or have you been cautious on some segments, especially PLCC, overall Retail, corporate growth?

是的，你好。首先，恭喜你取得了非常強大的成績。我有幾個問題，首先是關於貸款成長。那麼，您是否對某些領域，尤其是 PLCC、整體零售、企業成長，收緊了政策或謹慎態度？

Because while the loan growth is good, it's a tad lower than your last few quarters. So is there any cautious approach? And if there is, why? Or is this the general demand that the bank is presented with? So that's my first question. And then I have another question on deposits.

因為雖然貸款成長良好，但比前幾季略低。那麼，有沒有什麼謹慎的做法呢？如果有，為什麼？還是這是銀行面臨的普遍需求？這是我的第一個問題。我還有一個關於存款的問題。

So as far as the loan growth is concerned, I don't think anything specific incrementally in terms of caution on the credit side. I think we are pretty comfortable with what we are underwriting. Of course, on personal loans and cards, as you know, we had tightened a few quarters ago. And that is showing up in the volumes over the last couple of quarters and the loan growth.

因此，就貸款成長而言，我認為在信貸方面沒有任何具體的逐步謹慎措施。我認為我們對所承保的內容非常滿意。當然，正如你所知，對於個人貸款和信用卡，我們在幾個季度前就已經收緊了。這在過去幾季的交易量和貸款成長中有所體現。

But other than that, no specific caution on the credit side. I would say it's largely a function of what is happening in the system. And also, I guess, on the pricing side, some consciousness given that during this quarter, we were at the sort of cusp of the downward movement in benchmark rates. So we had to be, I think, a little more, I would say, disciplined in terms of the spreads, et cetera, that we were charging over the benchmark. But other than that, no specific caution on the credit side. On -- yeah.

但除此之外，信貸方面沒有特別的警告。我想說這很大程度上取決於系統中正在發生的事情。而且，我想，在定價方面，考慮到本季我們正處於基準利率下行的邊緣，我們應該有所意識。因此，我認為，我們必須在基準價差等方面更加嚴格。但除此之外，信貸方面沒有特別的警告。開啟 — — 是的。

Okay, thanks. And on deposit growth, my question was that, obviously, banks are cutting deposit rates to transmit policy rates. But there has been a lot of tightness in deposits, not recently, but over the last 1.5 years. So with the liquidity situation improving, is there confidence that a sustained deposit growth will now flow through?

好的，謝謝。關於存款成長，我的問題是，顯然，銀行正在降低存款利率以傳導政策利率。但存款一直很緊張，不是最近，而是過去一年半以來。那麼，隨著流動性狀況的改善，是否有信心持續的存款成長將會實現？

I guess, that's reflected in what is happening. We have seen liquidity improve substantially over the last couple of months with all the measures that the Central Bank has taken. And deposit growth for us has continued to be quite strong. You would have seen the numbers for the fourth quarter have also been pretty strong for us.

我想，這反映在正在發生的事情上。我們看到，在過去的幾個月裡，隨著央行採取的各項措施，流動性得到了大幅改善。我們的存款成長持續強勁。您可能已經看到，我們第四季的業績也相當強勁。

And as to rate, now, of course, if you look at it, the repo rate has fallen by 50 bps. So that will start to see a transmission into deposit rates, which is what has started. So I think that's in the natural course of things.

至於利率，現在，當然，如果你看一下，回購利率已經下降了 50 個基點。因此，這將開始對存款利率產生影響，而這種情況已經開始了。所以我認為這是事物的自然發展過程。

Okay. Thanks a lot. Thank you.

好的。多謝。謝謝。

Kunal Shah, Citigroup.

花旗集團的庫納爾沙阿 (Kunal Shah)。

Hello. Yeah, so the question was on margins. When we look at it in terms of the yields, particularly, there has been 21 basis points' expansion. So firstly, obviously, there could be some elements of lower the -- reversals on KCC.

你好。是的，所以問題是關於利潤的。特別是從殖利率來看，已經擴大了21個基點。首先，顯然，KCC 上可能存在一些降低逆轉的因素。

But besides that, anything else to look into this? Was there maybe in the recovery there was a one-off interest or something which was there? Besides the interest on income tax refund, was there any other one-offs in the yield on advances?

但除此之外，還有什麼需要研究的嗎？在復甦過程中是否存在一次性利益或類似的東西？除了所得稅退稅利息外，預付款收益中還有其他一次性收益嗎？

So there was no one-off in the yield on advances. I think probably the largest component driving up the yield was what we had spoken of in, I think, Q2 and Q3 last year, which is the benefit of the day count, which brought down the yield in Q2 vis-a-vis Q1. And we had mentioned at that time that this would reverse out largely in Q4, which has happened. So that is one factor.

因此，貸款收益率並不是一次性的。我認為推動殖利率上升的最大因素可能是我們在去年第二季和第三季談到的，即天數計算的好處，這使得第二季的收益率相對於第一季有所下降。我們當時提到，這種情況將在第四季大幅逆轉，事實也確實如此。這是一個因素。

The second factor is what you alluded to, the absence of the KCC nonaccrual in Q4 relative to Q3. We did speak about the 2 bps of interest on tax refund. Other than that, I think nothing one-off in that sense. There would be maybe some better returns on liquidity deployment, a little better interest collection on NPLs, things like that. But no single item that requires to be called out, I would say.

第二個因素就是您提到的，相對於第三季度，第四季沒有出現 KCC 不提列的情況。我們確實談到了 2 個退稅的基點利息。除此之外，我認為從這個意義上來說沒有什麼是一次性的。流動性部署可能會帶來更好的回報，不良貸款的利息收入可能會更好一些，諸如此類。但我想說，沒有任何一項需要特別指出。

Yeah. So this (inaudible) recognition would be then a significant component of it. Because it was thought to be like earlier when you indicated, it seems like there is a benefit of 3- to 4-odd basis points, which is coming in margin. But then it seems like that component was quite high.

是的。因此，這種（聽不清楚）認可將成為其中一個重要的部分。因為正如您之前指出的那樣，它似乎有 3 到 4 個基點的收益，這是保證金帶來的。但看起來該成分相當高。

I'm sorry, what component?

抱歉，什麼組件？

This (inaudible) recognition?

這種（聽不清楚）認可？

Yeah, that would be some number. But I think the larger number is really on account of the day count convention. So as we had said, I think we would really -- the number -- margin number to focus on in our mind is really the 4.3% for the full year. That would be a more representative number.

是的，那確實是個數字。但我認為這個數字較大其實是因為天數計算慣例。所以正如我們所說的，我認為我們真正關注的利潤率數字實際上是全年的 4.3%。這將是一個更具代表性的數字。

Yeah. And in terms of -- so going forward -- in fact, you have always been indicating that maybe if it's a shallow rate cut cycle, we should be able to manage the margins. But now if we expect like, say, 100 bps kind of a repo rate cut over, say, [four] MPCs, would you still believe it to be shallow rate?

是的。就未來而言，事實上，您一直在表示，如果這是一個小幅降息週期，我們應該能夠管理利潤率。但現在，如果我們預計回購利率會比 [4] 個貨幣政策委員會下調 100 個基點，您還會認為這是淺層利率嗎？

And maybe from here on in terms of the margin trajectory, if we have to look at it, how do we see it on the repricing of the yields? Do we follow like a monthly reset and Business Banking happens immediately, and maybe that will entirely flow through? And are there any levers available to improve margins or maybe to take care of the EBLR repricing impact?

也許從現在開始，就保證金軌跡而言，如果我們必須看一下，我們如何看待它對殖利率的重新定價？我們是否會遵循每月重置的方式，商業銀行業務會立即進行，也許這會完全順利進行？是否有任何手段可以提高利潤率或解決 EBLR 重新定價的影響？

So I don't think -- so whether the rate cut was relatively less or more, there would be some impact on margins. Because the deposit rates would -- the deposit repricing would occur with a lag, while the loan repricing would be immediate.

因此我認為，無論降息幅度相對較小或較大，都會對利潤率產生一定影響。因為存款利率－存款重新定價會落後發生，而貸款重新定價則會立即發生。

Indeed, the expectations of the rate cut have gone up compared to where they were, say, a couple of months ago. And a higher level of rate cuts is now expected. At the same time, as we spoke earlier, the deposit rates have also started falling.

事實上，與幾個月前相比，降息預期有所上升。目前預計降息幅度將進一步加大。同時，正如我們之前所說，存款利率也開始下降。

So we will have to see as we go along how we manage through this. But there would be an impact on margins definitely. What that will be, we'll have to see as we go through the year because there are a number of factors that will come into play.

因此，我們必須觀察如何解決這個問題。但這肯定會對利潤產生影響。至於結果如何，我們將在今年晚些時候觀察，因為有許多因素都會發揮作用。

I think overall, we have to look at -- the way we look at it is, we have to look at kind of the overall risk-adjusted PPOP and what are all the levers, starting with growth margins and other aspects of that, that we have to optimize. And that's what we'll keep continuing to do.

我認為總的來說，我們必須考慮——我們看待它的方式是，我們必須考慮整體風險調整後的 PPOP 以及所有槓桿是什麼，從成長利潤率和其他方面開始，我們必須優化。我們會繼續這樣做。

Okay, yeah. Thanks, and all the best. Yeah.

好的，是的。謝謝，祝一切順利。是的。

Anand Swaminathan, Bank of America.

美國銀行的阿南德‧斯瓦米納坦 (Anand Swaminathan)。

Thank you. I have a couple of questions. One is on the (multiple speakers) --

謝謝。我有幾個問題。一個是在（多位發言者）——

Sorry (multiple speakers) handset.

抱歉（多個揚聲器）聽筒。

Yes, sure. Can you hear me better now?

是的，當然。現在你能聽清楚我的話了嗎？

Yes, sir.

是的，先生。

Okay, thank you. I have a couple of questions. One is on the elasticity of savings rate cuts. What according to you is the kind of modeling you've done in going ahead with a concerted all banks have done a 25 bps rate cut?

好的，謝謝。我有幾個問題。一是儲蓄率下調的彈性。您認為，在推動所有銀行一致降息 25 個基點的過程中，您建立了什麼樣的模式？

And is there theoretically a base limit that we should think about for savings rate cuts? Or can it kind of continue to mirror the repo rate cuts over the next few quarters? That's my first question.

從理論上講，我們是否應該考慮降低儲蓄利率的基準限度？或者它能否在接下來的幾季繼續反映回購利率的下調？這是我的第一個問題。

So we'll have to see as we go along. I don't think we can say that there is a sort of any kind of direct relationship. We are at the -- I would say, the repo rate has fallen by 25 bps, and significant actions have also happened on liquidity in the system. And we will have to see how it goes on from here. I don't think that there is any direct relation in that sense, which is quantifiable at this stage.

因此我們必須邊走邊觀察。我認為我們不能說有任何直接的關係。我們處於——我想說，回購利率已經下降了 25 個基點，系統流動性也發生了重大變化。我們將拭目以待事情接下來會如何發展。我認為從這個意義上來說，目前還不存在任何可以量化的直接關係。

Okay. But theoretically, there is no limit to how much savings rates can go down from here?

好的。但從理論上講，儲蓄率下降的幅度沒有限制嗎？

It's a rate which each bank can set for itself in that sense, so it can move as per what a bank thinks is optimal.

從這個意義上講，這是每家銀行可以自行設定的利率，因此它可以根據銀行認​​為的最佳利率進行變動。

Okay. My second question is on the Business Banking side. The loan growth has been exceptionally good, especially it seems to have accelerated in the last few quarters. Can you help us understand what is the risk in this business? How are you assessing the incremental risk? How much riskier is it versus your corporate book?

好的。我的第二個問題是關於商業銀行方面的。貸款成長一直非常好，尤其是最近幾季似乎有所加速。您能幫助我們了解這項業務的風險是什麼嗎？您如何評估增量風險？與您的公司帳簿相比，它的風險有多大？

If you can give us something in terms of how much is the self-funded nature of the business? Is it kind of going to contribute to a slightly higher wage credit cost down the line? Some color on this to get a better understanding would be good. Thank you.

您能否告訴我們，該業務的自籌資金性質為何？這是否會導致未來工資補貼成本略有上升？為了更好地理解這一點，最好對此進行一些說明。謝謝。

I think last quarter, we had had a fairly extensive commentary on this in the earnings call. So the way we have built this business over the last several years, I think we have invested in, I would say, three aspects. One, certainly in the distribution, so equipping more and more of our branches to deal with the Business Banking or self-employed segment customers.

我認為上個季度我們在收益電話會議上對此進行了相當廣泛的評論。因此，我們在過去幾年中建立這項業務的方式，我認為我們已經在三個方面進行了投資。首先，當然是在分銷方面，因此我們要讓越來越多的分行能夠處理商業銀行或自營客戶。

Second, investing in our credit underwriting models and processes for this segment to be able to understand and assess the credit, and deliver credit in a timely manner. And third, I think on the digital side, because our technology offering, digital offerings, and transaction banking capabilities for this segment have been pretty good.

其次，投資於該部門的信用核保模型和流程，以便能夠了解和評估信用，並及時提供信用。第三，我認為在數位方面，因為我們在這領域的科技產品、數位產品和交易銀行能力都相當不錯。

And that has driven growth in the business, I would say, holistically, both on the lending side as well as on the fee and current account side. And in terms of, I would say, the risk profile of this business, it is a fairly granular portfolio and pretty well diversified geographically and industry-wise and so on. Secondly, I think it's not, in that sense, a particularly high-yield business.

我想說，這從整體上推動了業務的成長，包括貸款方面以及費用和活期帳戶方面的成長。就這項業務的風險狀況而言，我想說，這是一個相當細緻的投資組合，並且在地域和行業等方面都實現了相當好的多樣化。其次，從這個意義上來說，我認為這不是一個特別高收益的業務。

So this is not the sort of mid-teens lending rate kind of business. It's a pretty -- it's at the higher end of the quality spectrum and pretty much competed for amongst the banks. But it's also a business where we have a very -- a much better scope to do the Customer 360 because we are really doing a lot of things for the business and the owners.

所以這不是那種十五六利率的貸款利率業務。它的品質相當高——處於品質範圍的高端，在銀行中具有很強的競爭力。但這也是我們擁有非常大規模開展客戶 360 度業務的業務，因為我們確實為企業和所有者做了很多事情。

So in terms of the credit performance, it has actually been quite good. In fact, if we look back five years, I think at the onset of the pandemic, when, of course, we were also -- the portfolio was relatively more recently built for us. This would have been one of the portfolios that we would have been most concerned about, but it is probably the portfolio which surprised significantly on the upside.

因此，就信貸表現而言，實際上已經相當不錯了。事實上，如果我們回顧五年前，我想在疫情爆發之初，當然，我們也是──投資組合也是最近才為我們建立的。這本來是我們最關注的投資組合之一，但它可能是表現大幅令人意外的投資組合。

Even if you look at a systemic level, ECLGS utilization and so on relative to this portfolio has been marginal. So it has behaved well. Currently, credit costs are pretty low, I would say, almost mirroring what we are seeing on the corporate side. But of course, it is something that has to be tightly monitored as we go along. So we will keep monitoring it and managing the portfolio dynamically.

即使從系統層面來看，相對於該投資組合而言，ECLGS 的使用率等也是微不足道的。所以它表現良好。我想說，目前信貸成本相當低，幾乎與我們在企業方面看到的情況一致。但當然，我們必須在進行過程中嚴密監控。因此，我們將繼續監控並動態管理投資組合。

And, Anindya, what will be the average yield on this business versus your corporate business, just to understand how much more profitable this is?

而且，Anindya，與您的公司業務相比，這項業務的平均收益率是多少，只是為了了解這項業務的利潤有多少？

We don't really give the segment-wise yield. It would be somewhat higher. But I think more importantly, it is the holistic [P&L] of the business in terms of the full Customer 360, the liability side, and the transaction banking, and the ability to manage delivery costs and credit costs, which yield the bigger benefit. And of course, the granularity.

我們實際上並沒有給出分部分的收益率。會稍微高一些。但我認為更重要的是，從完整的客戶 360、負債方和交易銀行業務的角度來看，整體業務的損益以及管理交付成本和信貸成本的能力，可以帶來更大的收益。當然還有粒度。

Sure, thank you. [That's it.]

當然，謝謝。[就是這樣。 ]

(Operator Instructions) Nitin Aggarwal, Motilal Oswal Financial Services.

（操作員指示） Nitin Aggarwal，Motilal Oswal 金融服務。

Yeah, hi. Good evening, everyone, and congratulations on a very strong performance. The first question (multiple speakers) --

是的，你好。大家晚上好，恭喜你們的出色表現。第一個問題（多位發言者）——

Sorry to interrupt, sir. (multiple speakers) request you to please use your handset.

抱歉打擾了，先生。 （多位發言者）請您使用聽筒。

Hi, is this any better?

嗨，這樣好些了嗎？

Yes, sir.

是的，先生。

Sorry about that. So first question is around asset quality. So if I look back, like the normalization trend that started at the beginning of the year has reached a fair degree of stability. So just wanted to know your view like how comfortable you feel about asset quality now versus how, say, the situation was six months back? And how is that trending now in unsecured Retail products?

很抱歉。所以第一個問題是關於資產品質。所以如果我回顧一下，像今年年初開始的正常化趨勢已經達到了相當程度的穩定。所以我只是想知道您的看法，與六個月前的情況相比，您對現在的資產品質感覺如何？那麼目前無擔保零售產品的趨勢如何？

Actually, we were always quite comfortable, so we were never too worried. But I would say that what we have been saying holds true. I think the corporate portfolio continues to behave extremely well as does Business Banking.

事實上，我們一直都過得很舒服，所以我們從來沒有太擔心過。但我想說，我們所說的是正確的。我認為企業投資組合和商業銀行業務將繼續表現得非常好。

On the Retail side, the secured products, I think, are behaving quite well. On unsecured, I think that generally, the NPL formation has broadly stabilized, I would say. We would hope for it to come down, but let us wait for that to happen. Maybe it will take another couple of quarters. And all of that is getting absorbed in the credit costs that we are reporting.

在零售方面，我認為擔保產品的表現相當不錯。關於無擔保貸款，我認為總體而言，不良貸款的形成基本上已經穩定。我們希望它會降下來，但讓我們等待它發生。也許還需要幾個季度。所有這些都被吸收到我們報告的信貸成本中。

This quarter, of course, we had a very low credit cost of some 30 basis points. But even if we kind of were to try and adjust out the fact that there were KCC provisions in the previous quarter and we had some write-back this quarter and so on, it will still be just about 40-odd bps or so. So things are quite stable.

當然，本季我們的信貸成本非常低，約 30 個基點。但即使我們試圖調整上一季的 KCC 撥備以及本季的一些回撥等事實，它仍然只會有大約 40 個基點左右。所以情況相當穩定。

Of course, as we go into the year, I think what happens to the overall economy globally and in India and this whole trade-related issues is something we'll have to watch out for. But as of today, we are very comfortable with the portfolio.

當然，隨著我們進入新的一年，我認為全球和印度的整體經濟以及整個貿易相關問題將會發生什麼是我們必須關注的。但截至今天，我們對投資組合非常滿意。

Right. And, Anindya, second question is around growth again. So we have seen a very healthy growth, continued growth across Business Banking. But the Retail growth has moderated if you compare over the prior years.

正確的。Anindya，第二個問題又是關於成長。因此，我們看到商業銀行業務呈現非常健康的成長態勢，並且持續成長。但如果與前幾年相比，零售業的成長已經放緩。

Now looking forward, with other banks becoming more and more aggressive in lending in certain products where ICICI Bank is, so how do you see the trend about the overall loan growth, where it remains skewed in favor of select products, which fits our PPOP and on the profitability thresholds, or one can expect more broad-based growth?

現在展望未來，隨著其他銀行在 ICICI 銀行所在的某些產品的貸款方面變得越來越積極，那麼您如何看待整體貸款增長的趨勢，它仍然傾向於選擇符合我們的 PPOP 和盈利能力門檻的產品，還是可以期待更廣泛的增長？

So we are really focused on the risk-adjusted PPOP. And of course, I think as we focus on that, should we want to make tactical calls on pricing, et cetera, in a particular customer or segment or product for a particular period of time, I think our funding franchise gives us the flexibility to do that.

因此，我們真正關注的是風險調整後的 PPOP。當然，我認為當我們專注於這一點時，如果我們想要針對特定客戶、細分市場或產品在特定時期內對定價等做出戰術性決策，我認為我們的融資特許經營權可以讓我們靈活地做到這一點。

But overall, we are quite focused on the overall PPOP. I think that if we look -- we would, I would say, continue to see pretty healthy growth on the Business Banking side as things currently stand. Retail, we will see how the market evolves.

但總體而言，我們非常關注整體 PPOP。我認為，如果我們看一下——就目前情況而言，我們會繼續看到商業銀行業務方面相當健康的成長。零售業，我們將觀察市場如何發展。

And I think as the rate environment stabilizes during the year, pricing may also stabilize. So kind of that's where I would look at it. On the unsecured side, probably the growth has bottomed out. And we may see some improved growth from here is what we see.

我認為，隨著年內利率環境的穩定，定價也可能會穩定下來。所以這就是我要看的地方。在無擔保方面，成長可能已經觸底。從現在起，我們可能會看到一些改善的成長。

Right. And lastly, on the PSL frontline, I see there's stronger growth in Business Banking, but slightly down growth in Retail and Rural. How is the bank faring on the PSL front?

正確的。最後，在 PSL 前線，我發現商業銀行業務成長更強勁，但零售和農村業務的成長略有下降。該銀行在 PSL 方面表現如何？

So I think it's pretty similar to what we have seen in past quarters. We meet our overall PSL requirement. We also meet our MSME requirement.

所以我認為這與我們在過去幾季看到的情況非常相似。我們滿足總體 PSL 要求。我們也滿足了 MSME 的要求。

In fact, overall, at MSME, we have some surplus. In some of the categories like the small farmer and weaker section, et cetera, we do have a shortfall, which we have addressed through either buyouts or through purchase of the PSLC certificates. So pretty much the same continues.

事實上，總體而言，在中小微型企業，我們有一些盈餘。在某些類別，例如小農戶和弱勢群體等，我們確實存在資金短缺，我們已經透過收購或購買 PSLC 證書來解決這個問題。因此，情況基本上相同。

Okay, sure. Thanks so much, and wish you all the best.

好的，當然。非常感謝，祝您一切順利。

M.B. Mahesh, Kotak Securities.

M.B. Mahesh，科塔克證券。

Hi, just a couple of questions. First one is on the income, if any, which moves on the interest income line on a recovery of bad loans? Like on -- let's say [NSR] receipts have come in on a cash basis. Does anything of it move to the interest income line as well?

你好，我有幾個問題。第一個問題是，如果有的話，不良貸款的回收會對利息收入產生什麼影響？就像——假設[NSR] 收據是以現金形式收到的。其中有一部分也轉移到利息收入線上嗎？

So the cash portion of the NPA sale would be reflected as a write-back in provisions, not as interest income.

因此，不良資產出售的現金部分將反映為撥備回撥，而不是利息收入。

And there is nothing there in the interest income line from (multiple speakers) --?

利息收入方面沒有任何（多位發言者）－？

There will always be some interest recovery on NPLs in any quarter. It may vary a little quarter to quarter, but it will always be there.

任何季度總是會有一些不良貸款的利息回收。每個季度之間可能會有一點變化，但它總是存在的。

Okay. Sir, second one is on the current differential that exists on, let's say, some of the benchmark loans between, let's say, private sector banks and public sector banks. Does it -- how much does it hurt you right now? Some color on -- because the transmission seems to be a bit late from the private sector bank side in comparison to public banks at least?

好的。先生，第二個問題是關於目前私部門銀行和公共部門銀行之間某些基準貸款存在的差異。這對你來說──現在有多大的傷害？需要說明的是──因為至少與公營銀行相比，私部門銀行的傳輸似乎有點晚？

Are you talking about competition, I mean, the lending rates?

您說的是競爭嗎？我是說貸款利率？

Yes. Because as I look at some of the housing loans --

是的。因為當我看到一些房屋貸款--

Yeah, clearly, it is an issue. I don't -- I think in Retail, it's not just about pricing because you really need the distribution scale, processing capacity to back up your pricing. So I wouldn't say it's just about pricing. But certainly, there are very large capable competitors who are also priced meaningfully below us.

是的，顯然這是一個問題。我不這麼認為——我認為在零售業，這不僅僅與定價有關，因為你確實需要分銷規模、處理能力來支持你的定價。所以我不會說這只是與定價有關。但可以肯定的是，有一些實力雄厚的競爭對手，他們的定價也遠低於我們。

So it does create some challenges in terms of growth. But I guess, that's part of life. So we will have to keep dealing with it as we go along and look at how we can drive other levers to continue to maintain profitable growth.

因此，它確實在成長方面帶來了一些挑戰。但我想，這就是生活的一部分。因此，我們必須不斷解決這個問題，並研究如何推動其他槓桿來繼續保持獲利成長。

And one clarification. Unsecured loans, today, you would say that we are well past the peak in terms of fresh slippages? Or is there any amount of uncertainty?

還有一點澄清。無抵押貸款，今天，您會說我們已經遠遠超過了新增貸款滑點的峰值嗎？或存在一些不確定性？

So I would say it has -- it's broadly stable. We are yet to see it coming down meaningfully. But I think more importantly, the behavior of portfolios originated more recently -- say, what we originated post making some of the credit changes, which we did maybe 18 months ago, the behavior of those portfolios gives us a fair degree of comfort on building the portfolio incrementally.

所以我想說它——它大體上是穩定的。我們尚未看到其明顯下降。但我認為更重要的是，投資組合的行為起源於最近——例如，我們在 18 個月前進行了一些信貸調整後，這些投資組合的行為讓我們在逐步建立投資組合時感到相當安心。

Okay, thank you.

好的，謝謝。

Harsh Modi, JPMorgan.

摩根大通的嚴厲莫迪。

Hi, thanks for the opportunity to ask question. I just want to understand on RWA growth, it's 17% year on year for growth of around [13]. Could you please explain what drove the faster growth in risk-weighted assets? I have a follow-up question after that. Thank you.

你好，感謝你給我提問的機會。我只是想了解 RWA 的成長情況，比去年同期成長 17% 左右[13]。您能否解釋一下風險加權資產成長較快的原因？之後我還有一個後續問題。謝謝。

So it's an evolving mix of the different categories of loans and how one classifies them, what you can justify in which risk weight category. In the year-end, I think market risk also went up because we did trade some larger positions as the interest rate environment turned favorable for taking trading positions.

因此，它是不同類別貸款的不斷發展的組合，以及如何對它們進行分類，以及您可以證明哪些風險權重類別是合理的。我認為，年底市場風險也會上升，因為隨著利率環境變得有利於交易，我們確實交易了一些較大的部位。

Got it. Thanks. The follow-up is on just the use of capital. You have significant capital generation. CET1 is at 15.94%, and the way it seems your incremental RWA of INR2.4 trillion growth versus profit of almost INR0.5 trillion.

知道了。謝謝。後續只是資本的運用。您擁有大量的資本創造能力。CET1 為 15.94%，看起來您的 RWA 增量為 2.4 兆印度盧比，而利潤僅為近 0.5 兆印度盧比。

So let's say, over the next two to three years, how do you see the use of capital at the bank, assuming given your competitive position at the most, you may be able to generate significant amount of capital over the next two to three years? Thank you.

那麼，假設在未來兩到三年內，您如何看待銀行的資本使用情況，假設您最多以競爭地位為基礎，您可能能夠在未來兩到三年內產生大量資本？謝謝。

I think, you see, one -- two, three things. One, clearly, I think that there is a certain expectations among stakeholders, market, et cetera, of the level of capital that a large private sector bank should be maintaining. And I think we are -- our capital levels are not out of line with most of our peers in that context.

我認為，你看，有一、二、三件事。首先，顯然，我認為利害關係人、市場等對大型私人銀行應維持的資本水準有一定的期望。我認為，從這個角度來看，我們的資本水準與大多數同業相比並不高。

And as far as the capital generation that will happen in future and how much of that is absorbed by growth, we will see as we go along. But I think that capital -- maintaining a certain level of capital is important from a strategic perspective and market confidence perspective.

至於未來將會產生多少資本，以及其中有多少會被成長所吸收，我們將在後續的觀察中看到。但我認為，從策略角度和市場信心角度來看，維持一定水準的資本非常重要。

Right. So no, thanks for that. And that was exactly my question, that organically, seems growth would be -- we are always doing quite well, focused on, as you said, risk-adjusted PPOP.

正確的。所以，不，謝謝你。這正是我的問題，有機地看，成長似乎是——我們一直做得很好，正如你所說，專注於風險調整後的 PPOP。

And given the excess capital generation -- because right now, your RWA growth is just 5x of your net profit. So is there any possibility of -- for strategic purposes, what are the places that you may incrementally allocate capital over the next two to three years?

考慮到過剩的資本產生——因為現在，您的 RWA 成長僅為淨利潤的 5 倍。那麼，出於策略目的，未來兩到三年內，您可能會在哪些地方逐步分配資本？

We will, I think, believe that our franchise gives us sufficient opportunity to grow and leverage the capital. If at that stage, we feel that we are -- we can always look at other things like maybe increasing payouts or things like that. But for the time being, I think we believe that, given the franchise that we have, we have a lot of runway for growth.

我認為，我們相信我們的特許經營權為我們提供了足夠的發展機會和利用資本的機會。如果在那個階段，我們覺得──我們總是可以考慮其他事情，例如增加支出或類似的事情。但就目前而言，我認為我們相信，鑑於我們擁有的特許經營權，我們有很大的發展空間。

Got it. Thank you.

知道了。謝謝。

Param Subramanian, Investec Capital.

Param Subramanian，Investec Capital。

Yeah, hi. Thanks for taking my question. Firstly, on the net worth movement in the quarter, so it's up INR20,000 crores quarter on quarter, which is higher than the PAT. So is that the AFS mark-to-market that's happened?

是的，你好。感謝您回答我的問題。首先，本季的淨值變動是季增 2,000 億印度盧比，高於 PAT。那麼這就是 AFS 以市價計價的情況嗎？

So one, the main item this quarter would be the issue of shares, the recording of the additional investment in ISEC. So we would have issued shares to the [minority] shareholders of ISEC. That would have -- while it's CASA neutral, it would have increased the net worth by a substantial amount. That would be the biggest item.

因此，本季的主要項目是發行股票，記錄對 ISEC 的額外投資。因此，我們會向 ISEC 的少數股東發行股票。這會 — — 雖然這對 CASA 來說是中性的，但它會大幅增加淨值。那將是最大的項目。

Okay, not as much AFS, got it. Secondly, on your -- so broadly, the outlook on CASA, right, so over the last year, the CASA ratio for the bank is almost flat YoY, which is a great outcome given the context.

好的，沒有那麼多 AFS，明白了。其次，就您的 — — 總體而言，CASA 的前景，對吧，所以在過去一年中，銀行的 CASA 比率幾乎同比持平，考慮到具體情況，這是一個很好的結果。

But if you compare with, say, the pre-COVID period when CASA used to be 48%, 49%, we are lower. And we are looking at, like you pointed out, a very accommodative RBI on liquidity. Do you think this has legs to go up going ahead, seeing the scenario as it is building up, say, from a macro perspective?

但如果與新冠疫情之前 CASA 比例為 48% 或 49% 相比，我們的比例就低了。正如您所指出的，我們正在考慮印度儲備銀行對流動性採取非常寬鬆的政策。從宏觀角度來看，隨著情勢的發展，您是否認為這趨勢有持續上升的潛力？

Yeah. I think that we basically have to look at the total quantum and cost of funding that is available to us. And that should be superior to our competitors because CASA trends will not vary very widely across the large banks. So we would -- that is the right way to look at it rather than think too much about what is going to be the CASA growth for us.

是的。我認為我們基本上必須考慮我們可用的資金總量和成本。這應該比我們的競爭對手更好，因為各大銀行之間的 CASA 趨勢不會有太大差異。因此，我們會——這是正確的看待這個問題的方式，而不是過度考慮 CASA 的成長會為我們帶來什麼。

I think we have to really look at what is the total quantum of funding and the cost of that funding, and its deployability. Because very volatile CASA may not help also and its deployability and really look at it from that perspective, which is what we do. And not really -- we wouldn't have a specific outlook on CASA per se.

我認為我們必須認真考慮資金的總量、資金的成本及其可部署性。因為非常不穩定的 CASA 可能也無濟於事，而且它的可部署性也需要從這個角度來看待，這就是我們所做的。但事實並非如此——我們對 CASA 本身並沒有特定的看法。

Okay, okay. Would you think that the worst of the CASA pressures for yourself and the sector are largely behind (multiple speakers) --?

好的，好的。您是否認為，CASA 對您自己和整個行業造成的最嚴重壓力基本上已經過去（多位發言者）－？

Logically, that should be so.

從邏輯上來說，應該是如此。

Okay, perfect. Thanks, Anindya. All the best. Thank you.

好的，完美。謝謝，Anindya。一切順利。謝謝。

Piran, CLSA.

皮蘭、里昂證券。

Yeah. Hi, team, congrats on the quarter. Firstly, just on the previous question of Param, why did you say that the CASA pressure is over? Sorry, I missed that.

是的。嗨，團隊，恭喜本季取得佳績。首先，正如之前 Param 的問題，為什麼說 CASA 壓力已經結束？抱歉，我忘了。

I said, logically, that should be so given the monetary easing, the improvement in system liquidity, and to the extent that it was a factor, the sort of some calm in capital markets. But it's something we'll have to see as we go ahead.

我說，從邏輯上講，考慮到貨幣寬鬆、系統流動性改善，以及資本市場的某種平靜，情況應該是如此。但這是我們在前進的過程中必須看到的事情。

Okay, okay. That's the reason. Just moving on to my questions. Firstly, on vehicle growth slowdown, how do we really interpret this? Is this just a function of more competition at the counter? Or are you all intentionally scaling back due to asset quality or pricing? Or is it just something else?

好的，好的。這就是原因。繼續回答我的問題。首先，關於汽車成長放緩，我們究竟該如何解讀？這是否只是櫃檯競爭加劇的結果？還是你們都因為資產品質或定價而故意縮減規模？還是只是別的什麼？

I think it's more the underlying demand and maybe at the margin a little bit on the pricing side. Nothing on asset quality per se.

我認為這更多的是潛在需求，也許在定價方面也有一定的差距。資產品質本身沒有任何問題。

Okay. And, Anindya, just on cost of deposits, you all were -- it was inching up 2, 3 bps a quarter, which was understandable. This quarter, it's up almost 10 bps. And the CASA ratio probably -- the drop in CASA ratio explains maybe 2, 3 bps of that. What explains the rest?

好的。Anindya，僅就存款成本而言，你們都知道——它每季上漲 2 到 3 個基點，這是可以理解的。本季度，該比率上漲了近 10 個基點。而 CASA 比率可能——CASA 比率的下降或許可以解釋其中的 2 到 3 個基點。其餘部分該如何解釋？

Similar to (multiple speakers) --

類似（多位發言者）——

Or is it the number of days thing?

還是與天數有關？

Yeah, it would be partly a number of days.

是的，大概要花幾天的時間。

Okay, okay. And just my last question. Out of your builder portfolio of INR60,000 crores, how much would be LRD?

好的，好的。我的最後一個問題。在您的 60,000 億印度盧比的建築商投資組合中，LRD 佔多少？

We have not given that breakup. There will be some component of LRD there.

我們還沒分手。那裡會有一些 LRD 的組件。

But would it be significant or more minor?

但這會是重大的還是較小的呢？

I don't think it will be minor, but we have not given the breakup. I think it will be a reasonable number.

我不認為這會是小事，但我們還沒分手。我認為這是一個合理的數字。

Okay. Fair enough. That's all from my end. And if I could just squeeze in one humble suggestion. If we could move our calls and our results releases to either a weekday or a Saturday morning, it would be great.

好的。很公平。我要說的就這些。如果我能夠提出一點小小的建議的話。如果我們可以將電話會議和結果發佈時間移到工作日或週六早上，那就太好了。

Times like this when it's literally clashing and in a minute, we've got an HDFC Bank call, it doesn't do justice to either of the banks. So if you could take that suggestion, it'd be great.

像這樣的情況，當真的發生衝突時，一分鐘後，我們就會接到 HDFC 銀行的電話，這對兩家銀行來說都不公平。因此，如果您能接受這個建議，那就太好了。

I'm done, I think, yeah. Thank you.

我想我已經完成了，是的。謝謝。

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

謝謝。女士們、先生們，這是今天的最後一個問題。現在我將會議交給管理階層進行總結發言。

Thank you, everyone, and we'll be happy to take any other questions offline. Thank you.

謝謝大家，我們很樂意離線解答任何其他問題。謝謝。

Thank you.

謝謝。

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

我代表 ICICI 銀行結束本次會議。感謝您的加入，現在您可以斷開您的線路了。