ICICI Bank Ltd (IBN) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Q2 FY26 earnings conference call of ICICI Bank.

女士們、先生們，大家好，歡迎參加 ICICI 銀行 2026 財年第二季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded.

（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, sir.

現在，我將會議交給 ICICI 銀行董事總經理兼執行長 Sandeep Bakhshi 先生。謝謝您，先生，接下來就交給您了。

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 2026. 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 2026 財年第二季的業績。今天參加我們電話會議的有 Sandeep Batra、Rakesh、Ajay、Anindya 和 Abhinek。

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 the framework of our values 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）。我們將繼續在我們的價值觀框架內運作，以加強我們的特許經營權。

Maintaining high standards of governance, deepening coverage, and enhancing the delivery capabilities with a focus on simplicity and operational resilience are key drivers for our risk-calibrated profitable growth.

維持高標準的治理、深化覆蓋範圍、增強交付能力（重點在於簡化和營運彈性）是我們實現風險校準獲利成長的關鍵驅動力。

The profit before tax, excluding treasury, grew by 9.1% year-on-year to INR161.64 billion in this quarter. The core operating profit increased by 6.5% year-on-year to INR170.78 billion in this quarter. The profit after tax grew by 5.2% year-on-year to INR123.59 billion in this quarter.

本季度，不包括財務費用的稅前利潤年增 9.1%，達到 1,616.4 億印度盧比。本季核心營業利潤年增6.5%至1707.8億印度盧比。本季稅後利潤年增5.2%至1,235.9億印度盧比。

Average deposits grew by 9.1% year-on-year and 1.6% sequentially, and average current and savings account deposits grew by 9.7% year-on-year and 2.7% sequentially in this quarter. Total deposits grew by 7.7% year-on-year and 0.3% sequentially at September 30, 2025. The bank's average liquidity coverage ratio for the quarter was about 127%.

本季平均存款年增 9.1%，季增 1.6%，平均活期和儲蓄帳戶存款年增 9.7%，季增 2.7%。截至 2025 年 9 月 30 日，總存款年增 7.7%，季增 0.3%。該銀行本季的平均流動性覆蓋率約為127%。

The domestic loan portfolio grew by 10.6% year-on-year. The quarter-on-quarter growth in domestic loan portfolio was 3.3% at September 30, 2025, compared to 1.5% at June 30, 2025. The retail loan portfolio grew by 6.6% year-on-year and 2.6% sequentially. Including non-fund-based outstanding, the retail portfolio was 42.9% of the total portfolio. The rural portfolio declined by 1% year-on-year and grew by 0.8% sequentially.

國內貸款組合較去年同期成長10.6%。截至 2025 年 9 月 30 日，國內貸款組合季增率為 3.3%，而 2025 年 6 月 30 日為 1.5%。零售貸款組合較去年同期成長6.6%，較上季成長2.6%。若計入非基金型未償還債務，零售投資組合佔總投資組合的 42.9%。農村投資組合較去年同期下降1%，季增0.8%。

The business banking portfolio grew by 24.8% year-on-year and 6.5% sequentially. The domestic corporate portfolio grew by 3.5% year-on-year and 1% sequentially. The overall loan portfolio, including the international branches portfolio, grew by 10% year-on-year and 3.2% sequentially at September 30, 2025.

商業銀行業務組合年增24.8%，較上季成長6.5%。國內企業投資組合較去年同期成長3.5%，較上季成長1%。截至 2025 年 9 月 30 日，包括國際分行組合在內的整體貸款組合年增 10%，季增 3.2%。

The overseas loan portfolio was 2.3% of the overall loan book at September 30, 2025. The net NPA ratio was 0.39% at September 30, 2025, compared to 0.41% at June 30, 2025, and 0.42% at September 30, 2024.

截至 2025 年 9 月 30 日，海外貸款組合佔整體貸款總額的 2.3%。2025 年 9 月 30 日的淨不良資產比率為 0.39%，而 2025 年 6 月 30 日為 0.41%，2024 年 9 月 30 日為 0.42%。

During the quarter, there were net additions of INR13.86 billion to gross NPAs, excluding write-offs and sales. The total provisions during the quarter were INR9.14 billion or 5.4% of core operating profit and 0.26% of average advances. The provisioning coverage ratio on non-performing loans was 75% at September 30, 2025.

本季度，不良資產總額淨增加 138.6 億印度盧比（不包括註銷和銷售）。本季總撥備為 91.4 億印度盧比，佔核心營業利潤的 5.4% 和平均預付款的 0.26%。截至2025年9月30日，不良貸款撥備覆蓋率為75%。

In addition, the bank continues to hold contingency provisions of INR131 billion or about 0.9% of total advances at September 30, 2025. The capital position of the bank continue to be strong with a CET1 ratio of 16.35% and total capital adequacy ratio of 17% at September 30, 2025, including profits for H1 2026.

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9月30日總貸款的0.9%。該銀行的資本狀況持續保持強勁，截至 2025 年 9 月 30 日，CET1 比率為 16.35%，總資本充足率為 17%，包括 2026 年上半年的利潤。

Looking ahead, we see many opportunities to drive risk-calibrated portfolio growth and grow market share across key segments. We remain focused on maintaining a strong balance sheet, prudent provisioning, and healthy levels of capital, while delivering sustainable and predictable returns to our shareholders.

展望未來，我們看到許多機會來推動風險校準的投資組合成長並擴大關鍵領域的市場份額。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平，同時為股東提供可持續和可預測的回報。

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, and the performance of subsidiaries. On loan growth, Sandeep covered the loan growth across various segments. Coming to the growth across retail products. The mortgage portfolio grew by 9.9% year-on-year and 2.8% sequentially.

謝謝你，桑迪普。我將談論貸款成長、信貸品質、損益表細節以及子公司的業績。關於貸款成長，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 9.9%，季增 2.8%。

Auto loans grew by 1.4% year-on-year and were flat sequentially. The commercial vehicles and equipment portfolio grew by 6.4% year-on-year and 0.5% sequentially. Personal loans declined by 0.7% year-on-year and grew by 1.4% sequentially.

汽車貸款年增1.4%，較上季持平。商用車及設備組合年增6.4%，季增0.5%。個人貸款年減0.7%，季增1.4%。

The credit card portfolio grew by 6.4% year-on-year and 8.4% sequentially. Within the corporate portfolio, the total outstanding to NBFCs and HFCs was INR794.33 billion at September 30, 2025, compared to INR874.17 billion at June 30, 2025. The total outstanding loans to NBFCs and HFCs were about 4.4% of our advances at September 30, 2025.

信用卡組合年增6.4%，季增8.4%。在公司投資組合中，截至 2025 年 9 月 30 日，非銀行金融公司和氫氟碳化物的未償還總額為 7,943.3 億印度盧比，而截至 2025 年 6 月 30 日則為 8,741.7 億印度盧比。截至 2025 年 9 月 30 日，我們對 NBFC 和 HFC 的未償還貸款總額約占我們預付款的 4.4%。

The builder portfolio, including construction finance, lease rental discounting, term loans and working capital was INR635.83 billion at September 30, 2025, compared to INR628.33 billion at June 30, 2025. The builder loan portfolio was 4.1% 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 1.3% of the builder portfolio at September 30, 2025, was either rated BB and below internally or was classified as nonperforming.

截至 2025 年 9 月 30 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 6,358.3 億印度盧比，而截至 2025 年 6 月 30 日則為 6,283.3 億印度盧比。建築商貸款組合占我們總貸款組合的 4.1%。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 9 月 30 日，約有 1.3% 的建築商投資組合被內部評級為 BB 及以下，或被歸類為不良資產。

Moving on to credit quality. The gross NPA additions were INR50.34 billion in the current quarter compared to INR62.45 billion in the previous quarter and INR50.73 billion in Q2 of last year. Recoveries and upgrades from gross NPAs, including write-off -- excluding write-offs and sales, were INR36.48 billion in the current quarter compared to INR32.11 billion in the previous quarter and INR33.19 billion in Q2 of last year.

繼續討論信用品質。本季不良資產總額增加 503.4 億印度盧比，上一季為 624.5 億印度盧比，去年第二季為 507.3 億印度盧比。本季不良資產總額的回收和升級（包括註銷，不包括註銷和銷售）為 364.8 億印度盧比，而上一季為 321.1 億印度盧比，去年第二季為 331.9 億印度盧比。

The net additions to gross NPAs were INR13.86 billion in the current quarter compared to INR30.34 billion in the previous quarter and INR17.54 billion in Q2 of last year. The gross NPA additions from the retail and rural portfolios were INR40.49 billion in the current quarter compared to INR51.93 billion in the previous quarter and INR43.41 billion in Q2 of last year.

本季不良資產淨增加額為 138.6 億印度盧比，上一季為 303.4 億印度盧比，去年第二季為 175.4 億印度盧比。本季零售和農村投資組合的不良資產總額增加為 404.9 億印度盧比，而上一季為 519.3 億印度盧比，去年第二季為 434.1 億印度盧比。

We typically see higher NPA additions from the Kisan credit card portfolio in the first and third quarter of the fiscal year. Recoveries and upgrades from the retail and rural portfolios were INR26.1 billion in the current quarter compared to INR25.25 billion in the previous quarter and INR25.92 billion in Q2 of last year.

我們通常會在財政年度的第一季和第三季看到 Kisan 信用卡組合中不良資產的增加量較高。本季零售和農村投資組合的回收和升級為 261 億印度盧比，而上一季為 252.5 億印度盧比，去年第二季為 259.2 億印度盧比。

The net additions to gross NPAs in the retail and rural portfolios were INR14.39 billion in the current quarter compared to INR26.68 billion in the previous quarter and INR17.49 billion in Q2 of last year. The gross NPA additions from the corporate and business banking portfolios were INR9.85 billion in the current quarter compared to INR10.52 billion in the previous quarter and INR7.32 billion in Q2 of last year.

本季零售和農村投資組合中不良資產總額的淨增加額為 143.9 億印度盧比，上一季為 266.8 億印度盧比，去年第二季為 174.9 億印度盧比。本季度，企業和商業銀行投資組合中的不良資產總額增加 98.5 億印度盧比，而上一季為 105.2 億印度盧比，去年第二季為 73.2 億印度盧比。

Recoveries and upgrades from the corporate and business banking portfolios were INR10.38 billion in the current quarter compared to INR6.86 billion in the previous quarter and INR7.27 billion in Q2 of last year. There were thus net deletion of gross NPAs of INR0.53 billion in the current quarter in the corporate and business banking portfolio compared to net addition of INR3.66 billion in the previous quarter and INR0.05 billion in Q2 of last year.

本季企業和商業銀行投資組合的回收和升級為 103.8 億印度盧比，而上一季為 68.6 億印度盧比，去年第二季為 72.7 億印度盧比。因此，本季企業和商業銀行業務組合中淨刪除了 5.3 億印度盧比的不良資產總額，而上一季淨增加 36.6 億印度盧比，去年第二季淨增加 0.05 億印度盧比。

The gross NPAs written-off during the quarter were INR22.63 billion. Further, there was a sale of NPA of INR0.06 billion, mainly for cash in the current quarter. The non fund based outstanding to borrowers classified as nonperforming declined to INR23.22 billion as of September 30, 2025, from INR32.98 billion as of June 30, 2025, and INR33.82 billion as of September 30, 2024. The loans and non-fund-based outstanding to performing corporate borrowers rated BB and below increased to INR36.61 billion at September 30, 2025, from INR29.95 billion at June 30, 2025, and INR33.86 billion at September 30, 2024. This portfolio was about 0.3% of our advances at September 30, 2025.

本季核銷的不良資產總額為 226.3 億印度盧比。此外，本季還出售了 0.06 億印度盧比的不良資產，主要以現金形式出售。截至 2025 年 9 月 30 日，對不良借款人的非基金類未償還貸款從 2025 年 6 月 30 日的 329.8 億印度盧比和 2024 年 9 月 30 日的 338.2 億印度盧比下降至 232.2 億印度盧比。對評級為 BB 及以下的良好企業借款人的貸款和非基金類未償還餘額從 2025 年 6 月 30 日的 299.5 億印度盧比和 2024 年 9 月 30 日的 338.6 億印度盧比增加到 2025 年 9 月 30 日的印度 366.1 億盧比。截至 2025 年 9 月 30 日，該投資組合約占我們預付款的 0.3%。

The increase during the quarter was due to the upgrade of certain borrowers having non fund outstanding from nonperforming to performing status. The total fund base outstanding towards standard borrowers under the resolution as per various guidelines declined to INR16.24 billion or about 0.1% of the total loan portfolio at September 30, 2025, from INR17.88 billion at June 30, 2025, and INR25.46 billion at September 30, 2024.

本季的成長是由於某些借款人的未償還非資金狀態從不良狀態升級為正常狀態。根據各項準則，該決議中對標準借款人的未償還資金總額從 2025 年 6 月 30 日的 178.8 億印度盧比和 2024 年 9 月 30 日的 254.6 億印度盧比下降至 2025 年 9 月 30 日的 162.4 億印度盧比下降至 2025 年 9 月 30 日的 162.4 億盧比，約佔印度的 0.1%。

Of the total fund-based outstanding under resolution at September 30, 2025, INR14.84 billion was from the retail and rural portfolios and INR1.4 billion was from the corporate and business banking portfolio. At the end of September, the total provisions other than specific provisions on fund-based outstanding to borrowers classified as nonperforming were INR26.2 billion or 1.6% of loans.

截至 2025 年 9 月 30 日，已處置的基金型未償還總額中，148.4 億印度盧比來自零售和農村投資組合，14 億印度盧比來自企業和商業銀行投資組合。截至 9 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 262 億印度盧比，佔貸款總額的 1.6%。

This includes the contingency provisions of INR131 billion as well as general provision on standard assets, provisions held for non-fund-based outstanding to borrowers classified as nonperforming, fund and non-fund-based outstanding to standard borrowers under resolution and the BB and below portfolio.

其中包括 1,310 億印度盧比的應急準備金以及標準資產的一般準備金、針對不良貸款借款人的非基金型未償還債務的準備金、針對處於處置階段的標準借款人的基金型和非基金型未償還債務的準備金以及 BB 級及以下的投資組合。

Moving on to the P&L details. Net interest income increased by 7.4% year-on-year to INR215.29 billion in this quarter. The net interest income was INR216.35 billion in the previous quarter, which included interest on tax refund of INR3.61 billion. The net interest margin was 4.30% in this quarter compared to 4.34% in the previous quarter and 4.27% in Q2 of last year.

繼續查看損益表詳情。本季淨利息收入年增 7.4% 至 2,152.9 億印度盧比。上一季淨利息收入為2163.5億印度盧比，其中包括退稅利息36.1億印度盧比。本季淨利差為 4.30%，上一季為 4.34%，去年第二季為 4.27%。

The benefit of interest on tax refund was nil in the current quarter compared to 7 basis points in the previous quarter and nil in Q2 of last year. The margins for the quarter reflect the benefit from the reduction in deposit rates and cost of borrowings as well as the impact of repricing of external benchmark-linked loans and investments.

本季退稅利息收益為零，上一季為 7 個基點，去年第二季為零。本季的利潤率反映了存款利率和借貸成本下降的好處，以及與外部基準掛鉤的貸款和投資重新定價的影響。

Of the total domestic loans, interest rates on about 55% of the loans are linked to the repo rate and other external benchmarks, 14% to NCLR and other older benchmarks and the remaining 31% of loans have fixed interest rates. The domestic NIM was 4.37% in this quarter compared to 4.40% in the previous quarter and 4.34% in Q2 of last year.

在國內貸款總額中，約有 55% 的貸款利率與回購利率和其他外部基準掛鉤，14% 的貸款利率與 NCLR 和其他舊基準掛鉤，其餘 31% 的貸款採用固定利率。本季國內淨利差為 4.37%，上一季為 4.40%，去年第二季為 4.34%。

The cost of deposits was 4.64% in this quarter compared to 4.85% in the previous quarter and 4.88% in Q2 of last year. Noninterest income, excluding treasury, grew by 13.2% year-on-year and 1.3% sequentially to INR73.56 billion in Q2 of FY 2026.

本季存款成本為 4.64%，上一季為 4.85%，去年第二季為 4.88%。2026 財年第二季度，不包括國庫的非利息收入年增 13.2%，季增 1.3%，達到 735.6 億印度盧比。

Fee income increased by 10.1% year-on-year and 10% sequentially to INR64.91 billion in this quarter. Fees from retail, rural and business banking customers constituted about 78% of the total fees in this quarter.

本季費用收入年增 10.1%，季增 10%，達到 649.1 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 78%。

Dividend income from subsidiaries was INR8.1 billion in this quarter compared to INR13.36 billion in the previous quarter and INR5.41 billion in Q2 of last year. The timing of receipt of final dividend depends on the annual general meetings of the respective subsidiaries, which are generally held in the first quarter of a fiscal year. The year-on-year increase in dividend income was primarily due to the receipt of interim dividend from ICICI Securities and ICICI Venture.

本季子公司的股息收入為 81 億印度盧比，而上一季為 133.6 億印度盧比，去年第二季為 54.1 億印度盧比。收到末期股息的時間取決於各子公司的年度股東大會，該大會通常在財政年度的第一季舉行。股息收入年增率主要由於收到 ICICI Securities 和 ICICI Venture 的中期股息。

On costs, the bank's operating expenses increased by 12.4% year-on-year and 3.6% sequentially in this quarter. Employee expenses increased by 5% year-on-year and declined by 8.5% sequentially in this quarter, mainly due to lower provisioning requirements for retiral benefits. Nonemployee expenses increased by 17.3% year-on-year and 12.2% sequentially in this quarter.

成本方面，本季該銀行的營運費用年增12.4%，季增3.6%。本季員工費用年增 5%，季減 8.5%，主要由於退休福利撥備要求降低。本季非僱員支出年增 17.3%，季增 12.2%。

The year-on-year and sequential increase in non-employee expenses reflects retail business-related expenses and festive season-related marketing spends. Our branch count has increased by 263 in H1 of the current year. We had 7,246 branches as of September 30, 2025.

非員工支出的年比和環比成長反映了零售業務相關支出和節慶相關行銷支出。今年上半年，我們的分店數量增加了 263 家。截至 2025 年 9 月 30 日，我們擁有 7,246 家分店。

The technology expenses were about 11% of our operating expenses in H1 of the current year. The total provisions during the quarter were INR9.14 billion or 5.4% of core operating profit and 0.26% of average advances compared to the provisions of INR18.15 billion in Q1 of 2026 and INR12.33 billion in Q2 of last year.

技術費用約占我們今年上半年營運費用的11%。本季總撥備為 91.4 億印度盧比，佔核心營業利潤的 5.4% 和平均預付款的 0.26%，而 2026 年第一季的撥備為 181.5 億印度盧比，去年第二季的撥備為 123.3 億印度盧比。

The sequential decline in provisions reflects the impact of KCC seasonality and healthy asset quality across segments. The annualized credit cost was about 40 basis points in H1 of the current year, similar to that in H1 of last year.

撥備金額的環比下降反映了 KCC 季節性的影響以及各部門資產品質的健康。今年上半年年化信貸成本約40個基點，與去年上半年持平。

The profit before tax, excluding treasury, grew by 9.1% year-on-year and 3% sequentially to INR161.64 billion in this quarter. Treasury income was INR2.20 billion in Q2 of the current year as compared to INR12.41 billion in Q1 and INR6.80 billion in Q2 of the previous year. The lower treasury income during this quarter primarily reflects the increase in yield on fixed income securities.

本季度，扣除財務費用後的稅前利潤年增 9.1%，季增 3%，達到 1,616.4 億印度盧比。本年度第二季的財政收入為 22 億印度盧比，而去年第一季的財政收入為 124.1 億印度盧比，去年第二季的財政收入為 68 億印度盧比。本季財政收入下降主要反映了固定收益證券收益率的增加。

The tax expense was INR40.25 billion in this quarter compared to INR37.44 billion in the corresponding quarter last year. The profit after tax grew by 5.2% year-on-year to INR123.59 billion in this quarter.

本季稅費為 402.5 億印度盧比，而去年同期為 374.4 億印度盧比。本季稅後利潤年增5.2%至1,235.9億印度盧比。

Moving on to the consolidated results. The consolidated profit after tax grew by 3.2% year-on-year to INR133.57 billion in this quarter. The details of the financial performance of key subsidiaries are covered in slides 33 to 34 and 53 to 58 in the investor presentation.

繼續討論合併結果。本季綜合稅後利潤年增3.2%至1,335.7億印度盧比。投資者簡報中的第 33 至 34 張投影片和第 53 至 58 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 INR42.86 billion in H1 of this year compared to INR44.67 billion in H1 of last year. The value of new business was INR10.49 billion in H1 of this year compared to INR10.58 billion in H1 of last year. The value of new business margin was 24.5% in H1 of this year compared to 22.8% in FY 2025 and 23.7% in H1 of last year.

今年上半年，ICICI Life 的年化保費收入為 428.6 億印度盧比，而去年上半年為 446.7 億印度盧比。今年上半年新業務價值為 104.9 億印度盧比，而去年上半年為 105.8 億印度盧比。今年上半年新業務利潤率為 24.5%，而 2025 財年為 22.8%，去年上半年為 23.7%。

The profit after tax of ICICI Life was INR6.01 billion in H1 of this year compared to INR4.77 billion in H1 of last year and INR2.99 billion in this quarter compared to INR2.52 billion in Q2 of last year.

ICICI Life 今年上半年稅後利潤為 60.1 億印度盧比，而去年上半年為 47.7 億印度盧比；本季稅後利潤為 29.9 億印度盧比，而去年第二季為 25.2 億印度盧比。

Gross direct premium income of ICICI General was INR65.96 billion in this quarter compared to INR67.21 billion in Q2 of last year. The combined ratio stood at 105.1% in this quarter compared to 104.5% in Q2 of last year. Excluding the impact of cash losses of INR0.3 billion in this quarter and -- INR0.73 billion, pardon me, in this quarter and INR0.94 billion in Q2 of last year. The combined ratio was 103.8% and 102.6%, respectively.

本季 ICICI General 的毛直接保費收入為 659.6 億印度盧比，去年第二季為 672.1 億印度盧比。本季綜合比率為 105.1%，去年第二季為 104.5%。不包括本季 3 億印度盧比現金損失的影響，以及——對不起，本季 7.3 億印度盧比和去年第二季 9.4 億印度盧比的現金損失的影響。綜合成本率分別為103.8%和102.6%。

The profit after tax increased to INR8.2 billion in this quarter compared to INR6.94 billion in Q2 of last year. With effect from October 1, 2024, long-term products are accounted on a one-by-one basis as mandated by IRDAI, hence Q2 numbers are not fully comparable with prior periods.

本季稅後利潤增至 82 億印度盧比，而去年第二季為 69.4 億印度盧比。自 2024 年 10 月 1 日起，長期產品將依照 IRDAI 規定逐一核算，因此第二季的數據與前期數據並非完全具有可比性。

The profit after tax of ICICI AMC as per Ind AS was INR8.35 billion in this quarter. The profit after tax of ICICI Securities as per Ind AS on a consolidated basis was INR4.25 billion in this quarter compared to INR5.29 billion in Q2 of last year. ICICI Bank Canada had a profit after tax of CAD6.3 million in this quarter compared to CAD19.1 million in Q2 of last year.

根據印度會計準則，本季 ICICI AMC 的稅後利潤為 83.5 億印度盧比。本季度，ICICI 證券以印度會計準則計算的合併稅後利潤為 42.5 億印度盧比，而去年第二季為 52.9 億印度盧比。本季度，ICICI 加拿大銀行的稅後利潤為 630 萬加元，而去年第二季為 1,910 萬加元。

ICICI Bank UK had a profit after tax of USD6.4 million in this quarter compared to USD8 million in Q2 of last year. As per Ind AS, ICICI Home Finance had a profit after tax of INR2.03 billion in the current quarter compared to INR1.83 billion in Q2 of last year.

ICICI 英國銀行本季稅後利潤為 640 萬美元，而去年第二季為 800 萬美元。根據 Ind AS 的數據，ICICI Home Finance 本季的稅後利潤為 20.3 億印度盧比，而去年第二季為 18.3 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.

（操作員指示） Mahrukh Adajania，Nuvama。

Congratulations. My first question was on growth. Do you already see green shoots on growth? Do you see growth accelerating after so many measures taken by the government? And will we reach like close to mid-teens by the end of the year? Is that an assessment we can make right now? That's my first question.

恭喜。我的第一個問題是關於成長的。您是否已經看到成長的跡象？政府採取了這麼多措施之後，您是否認為經濟成長會加速？到今年年底，我們的成長率會達到接近十幾歲的水平嗎？現在我們能做出這樣的評估嗎？這是我的第一個問題。

So I think whatever we have seen in the quarter, certainly, growth has picked up. So if you see the sequential growth in Q2 across all the -- the retail portfolio certainly has picked up, business banking growth continues to be strong, and we hope that these trends will sustain.

因此我認為，無論我們在本季看到什麼，成長肯定已經回升。因此，如果您看到第二季所有零售投資組合的連續成長肯定已經回升，商業銀行業務成長繼續保持強勁，我們希望這些趨勢能持續下去。

We are positive on the growth outlook. We would not really be giving a specific year-end loan growth number. But certainly, both in terms of what is happening in the market and our own continuing investment in distribution and allocating capacity to the higher growth opportunities that continues, and we continue to focus on that.

我們對成長前景持樂觀態度。我們實際上不會給出具體的年底貸款成長數字。但可以肯定的是，無論是從市場情況還是我們自身在分銷方面的持續投資以及將產能分配給持續的更高成長機會來看，我們都會繼續關注這一點。

And would you see corporate picking up? Any comments on the corporate loan growth environment?

您認為企業會復甦嗎？對企業貸款成長環境有何評價？

I think corporate India is very well funded. They have very strong balance sheets, and they have access to many forms of funding. So banks are just one of the things that -- areas that they look at. And we will take it as it comes. I think we are focused on overall the risk-calibrated PPOP journey, and that is how we will look at it.

我認為印度企業資金非常足夠。他們的資產負債表非常強勁，並且能夠獲得多種形式的融資。因此，銀行只是他們關注的領域之一。我們將順其自然。我認為我們整體上關注的是經過風險校準的 PPOP 旅程，這就是我們看待它的方式。

We are very active in the corporate space, but that may reflect more in our transaction banking income or the flows through us, current accounts, et cetera, and not necessarily in terms of loan growth per se.

我們在企業領域非常活躍，但這可能更反映在我們的交易銀行收入或流經我們的資金流、活期帳戶等方面，而不一定體現在貸款成長本身。

Okay. Got it. And my next question is on margins that they've held up pretty well compared to expectations. So this is the bottom, right? And from here on, do they stay stable without rate cuts or they can actually improve?

好的。知道了。我的下一個問題是，與預期相比，他們的利潤率保持得相當好。所以這是底部，對嗎？從現在開始，如果不降息，利率是否會保持穩定，或者實際上是否會改善？

So I would say that you're right. I think margins have done better than expectations, both -- of course, quarter-on-quarter, yes. But I think broadly through the cycle where we are now at the -- after the large part of the rate cuts have played out, they have done well, which has been aided by the systemic liquidity and the continued healthy funding profile as well as, I would say, the discipline on pricing that we have had consistently over several years. From here on, our expectation is that margins should be more or less range-bound. We don't expect any major movements either way.

所以我想說你是對的。我認為利潤率表現好於預期，當然，是的，是的，是的。但我認為，從目前我們處於的周期來看，在大部分降息措施實施之後，它們表現良好，這得益於系統流動性和持續健康的融資狀況，以及我們多年來一直堅持的定價紀律。從現在開始，我們預期利潤率應該或多或少處於區間波動範圍內。無論如何，我們預計不會有任何重大變動。

Got it. But there would still be deposit repricing left, right?

知道了。但還是會有存款重新定價，對嗎？

It will move from quarter to quarter. So if we look at Q3, there will be, of course, some deposit repricing. There will also be the full CRR reduction, which will take effect. At the same time, it will be a KCC quarter, as we call it. So the level of nonaccrual will also go up.

它將逐季度變動。因此，如果我們看一下第三季度，當然會有一些存款重新定價。也將全面降低 CRR，並生效。同時，它將成為我們所說的 KCC 區。因此不提列的水平也會上升。

And of course, there are continuing competitive dynamics in the market. So all taken together, I would say that over the next couple of quarters, we see it being range-bound.

當然，市場競爭仍持續激烈。綜上所述，我認為在接下來的幾個季度裡，我們將看到它處於區間波動之中。

Harsh Modi, JPMorgan.

摩根大通的嚴厲莫迪。

Fantastic set of numbers, congratulations. The question is on CASA. Your CASA market share has been improving if I look at on the average balance basis. Could you talk a bit about how much of visibility do you have in this continued market share gains on CASA? And what are the two or three areas where you expect relative advantage to sustain over, let's say, next 12, 18 months?

一組非常棒的數字，恭喜。問題是關於 CASA 的。如果從平均餘額來看，您的 CASA 市佔率一直在提高。您能否談談您對 CASA 市場佔有率持續成長的預期有多大？您預計在未來 12 到 18 個月內，哪兩個或三個領域能夠保持相對優勢？

I think where the CASA growth has improved from over the last few years because these things really take root over a period of time. I would say three things: One, of course, is the steady expansion in distribution over a period of time. I think our digital platforms do help.

我認為 CASA 的成長在過去幾年中有所改善，因為這些東西在一段時間內確實紮根了。我想說三件事：第一，當然是在一段時間內分銷的穩步擴大。我認為我們的數位平台確實有幫助。

Certainly, they are something that attracts customers to the bank and offers convenience to the customers and encourages flows to the bank. And third, I think there are specific segments that we have been focusing on over a period of time. I think business banking is a great example, where while, of course, if the loan growth is visible, the CASA growth also in the business banking has been a contributor.

當然，它們可以吸引客戶到銀行，為客戶提供便利，並鼓勵客戶流向銀行。第三，我認為我們在一段時間內一直關註一些特定的領域。我認為商業銀行業務就是一個很好的例子，當然，如果貸款成長是顯而易見的，那麼商業銀行業務中的 CASA 成長也是一個貢獻因素。

Going forward, I think we certainly see the whole transaction banking space as something where we can do more given our distribution and our platforms. In the corporate space, where we have corporate relationships, we can further deepen the synergy of what we are doing on the retail side across actually both the deposit side and the loan side in the corporate ecosystem.

展望未來，我認為，憑藉我們的分銷和平台，我們當然可以在整個交易銀行領域做更多的事情。在企業領域，我們擁有企業關係，可以進一步深化我們在企業生態系統中零售方面與存款方和貸款方之間所做工作的協同作用。

And we also -- the synergy with the ICICI Direct through the three-in-one platform is another area where we could do a lot more. So these are some of the levers that we have, which we believe will sustain the CASA growth going forward, it would be our objective.

而且，透過三合一平台與 ICICI Direct 的協同作用也是我們可以做得更多的地方。這些是我們擁有的一些槓桿，我們相信這些槓桿將維持 CASA 未來的成長，這也是我們的目標。

Yeah, makes sense, especially SME liability. The second bit is on your capital adequacy, 16.1, CET1 where if you include the profits. How do we think about the payout ratios with such a solid stock and flow of CET1?

是的，有道理，尤其是中小企業責任。第二點是關於您的資本充足率，16.1，CET1，如果您包括利潤。在擁有如此穩健的股票和 CET1 流量的情況下，我們如何看待派息率？

So including profit at September, it was 16.35, actually. I think this is currently the level at which most of the large private sector banks, some of them are there, some may be a little higher, actually. So no specific plan on payouts. I think our view would be to maintain a strong balance sheet at all times and to leverage the capital for growth. That is what we will try to do.

因此，包括 9 月的利潤在內，實際上是 16.35。我認為這是目前大多數大型私人銀行的水平，其中一些銀行的水平已經達到這個水平，實際上有些銀行的水平可能更高一些。因此沒有具體的支付計劃。我認為我們的觀點是始終保持強勁的資產負債表並利用資本實現成長。這正是我們將要努力去做的事。

Anand Swaminathan, Bank of America.

美國銀行的阿南德‧斯瓦米納坦 (Anand Swaminathan)。

Sir, a couple of questions. Sandeep, first question to you, are you in a position to give us any color on your intention to continue for another term? I think investors have been looking for some clarity around that. Any color on that would be great.

先生，有幾個問題。桑迪普，第一個問題是，您能否透露您繼續連任的意圖？我認為投資者一直在尋求對此問題的明確解釋。任何顏色都可以。

Number two, in terms of the trade-off between growth and profitability, we have now kind of sustainably developed the 30, 40 bps ROA difference versus even the next best peer. Are we kind of giving up some growth as part of it? Is there a scenario where we could accept a 10, 20 bps lower ROAs and go for higher growth? And where are we in that thought process now? Any color would be great.

第二，就成長與獲利能力之間的權衡而言，我們現在已經在某種程度上可持續地實現了與排名第二的同行相比 30 到 40 個基點的 ROA 差異。我們是否因此而放棄了一些成長？是否存在我們可以接受 10、20 個基點的較低 ROA 並追求更高成長的情況？那我們現在處於這個思考過程的哪個階段呢？任何顏色都很好。

Yeah. So I'll take both the questions, Anand. As far as the position of CEO is concerned, you are aware that there is still a year to go and the Board will take a view and decide and disclosure will be made at the appropriate time.

是的。因此我將回答這兩個問題，阿南德。就執行長一職而言，您知道還有一年的時間，董事會將提出意見並做出決定，並在適當的時候披露。

On the trade-off point, we don't really look at it as a trade-off between growth and profitability. Our aim is and what we operate to is the risk-adjusted PPOP and that has to be done in a framework which is sustainable, and we have to have an appropriate framework for pricing and then, of course, we can always tactically do trade-offs, keeping the overall opportunity in mind.

在權衡點上，我們實際上並不將其視為成長與獲利之間的權衡。我們的目標和運作方式是風險調整後的 PPOP，這必須在可持續的框架內完成，我們必須有一個適當的定價框架，然後，當然，我們總是可以在考慮整體機會的情況下，從策略上進行權衡。

But by and large, it's -- we don't think about it in terms of a trade-off between growth and profitability. We think about it in terms of a sustainable sort of accretion to the PPOP over a period of time. And the ROA is more of an outcome. We have never targeted that we will have a 2.3% ROA or something like that. It's basically been an outcome of the way the business has evolved.

但總的來說，我們不會從成長和獲利之間的權衡角度來考慮這個問題。我們認為這是 PPOP 在一段時間內可持續成長的一種形式。而 ROA 則更多的是一種結果。我們從來沒有將 ROA 設定為 2.3% 或類似的目標。這基本上是業務發展方式的結果。

No, sure. It makes sense. I just wanted to -- so in your mind, you're not leaving any growth on the table to achieve these ROAs. That's the point you're making.

不，當然。這是有道理的。我只是想——所以在你的心裡，你不會放棄任何成長來實現這些 ROA。這就是你要表達的觀點。

I'm saying, I don't think we are leaving any long-term PPOP growth on the table. We could always do a little bit more. Obviously, we certainly believe that we are not doing that as much as the franchise can deliver and it should deliver more over a period of time. But we would rather think of it in terms of the PPOP opportunity, risk-adjusted rather than loan growth per se.

我的意思是，我認為我們不會放棄任何長期的 PPOP 成長。我們總是可以做得更多一點。顯然，我們確實相信，我們所做的還沒有達到特許經營所能達到的程度，而且它應該在一段時間內取得更多成果。但我們更願意從 PPOP 機會、風險調整的角度來考慮這個問題，而不是從貸款成長本身的角度來考慮。

Kunal Shah, Citigroup.

花旗集團的 Kunal Shah。

Yeah. So this (inaudible) is, say, on the growth side, but particularly looking at the various segments of retail like, say, vehicle, obviously, the industry-wide volumes were down, but with the GST cuts, we have seen the momentum. So should we expect any uptick out there on the vehicle loans, how has been the initial maybe 15, 20 days of feedback?

是的。因此，這（聽不清楚）是在成長方面，但特別是看零售的各個部分，例如汽車，顯然整個行業的銷量都在下降，但隨著商品及服務稅的削減，我們看到了成長勢頭。那麼，我們是否應該預期汽車貸款會出現任何上漲？最初 15 到 20 天的回饋如何？

Plus personal loans, are we comfortable on the overall credit cost? When should we start to see the growth out there? It's been just flat on both year-on-year and a quarter-on-quarter basis. So that's -- and even on the mortgages, obviously, it's competitive and not PPOP-accretive to an extent, but how should we look at the overall mortgage growth going forward? Yeah..

加上個人貸款，我們對整體信貸成本是否感到滿意？我們什麼時候才能開始看到那裡的成長？與去年同期和季度相比，均持平。所以，即使在抵押貸款方面，顯然，它也是具有競爭力的，並且在一定程度上不會增加 PPOP，但我們應該如何看待未來的整體抵押貸款成長？是的..

No, so, as I said, overall, if you see the loan growth has picked up from 1% sequentially in the previous quarter to 3% in this quarter. And we are positive on growth both in terms of the market opportunity and the way we are continuing to gear up our distribution and allocate resources to growth segments and growth markets.

不，正如我所說，總體而言，如果你看到貸款成長率從上一季的 1% 上升到本季的 3%。我們對市場機會的成長以及我們持續加強分銷和向成長領域和成長市場分配資源的方式都持樂觀態度。

So we would hope to see a growth in these segments. . As far as the question on personal loans is concerned, if you look at the overall retail NPL, the additions have declined both year-on-year and sequentially despite the growth in the balance sheet.

因此我們希望看到這些領域的成長。。就個人貸款問題而言，如果看一下整體零售不良貸款，儘管資產負債表有所增長，但新增不良貸款同比和環比均有所下降。

And we do see, I think, healthy asset quality across all the segments. As we have said in the past, we had taken a number of corrective actions on personal loans in 2022-2023 and the cohorts of origination post that, we are quite happy with the performance.

我認為，我們確實看到所有領域的資產品質都很健康。正如我們過去所說的那樣，我們在 2022-2023 年對個人貸款採取了一系列糾正措施，並且我們對這些措施後的貸款表現感到非常滿意。

So we are increasing our disbursements there. It may take a little while to show up in book growth because obviously, there's a runoff as well. But in terms of doing more, we are quite happy to do, and we are moving on that front.

因此我們正在增加那裡的支出。可能需要一段時間才能體現在圖書成長上，因為顯然也存在著流失。但就做更多事情而言，我們非常樂意去做，我們正在朝著這個方向努力。

Okay. And then on the deposit side, so like LDRs have been expanding past couple of quarters, almost like 400-odd basis points kind of an expansion in the LDR. The pace on loan growth still seems to be higher than the deposit growth. It has help to manage margins as well.

好的。然後在存款方面，LDR 在過去幾季一直在擴大，幾乎相當於 400 多個基點的擴張。貸款成長速度似乎仍然高於存款成長速度。它也有助於管理利潤。

How would we look at it from here on, maybe the pressure on the repricing on the margins would be relatively low now at almost 87-plus LDR. How should we see this ratio settling? So maybe on the term deposit side, would we garner more of the term deposits just to make sure that it is in line with the loan growth from here on?

從現在開始我們將如何看待這個問題？也許現在的利潤率重新定價壓力相對較低，LDR 幾乎達到 87 以上。我們該如何看待這比率的穩定？那麼，在定期存款方面，我們是否會獲得更多的定期存款，以確保它與現在的貸款成長一致？

So I don't think that it's really right to compare the September LDR with the June LDR. First of all, LDR is just a quarter-end measure, whereas what happens on the balance sheet depends on what happens on an average basis. I think for most of the large banks, to the extent I've seen, LDRs would have gone up in Q2 because most of the large banks would have seen relatively lower growth and good deposit inflows and been carrying higher liquidity at the end of Q1.

因此，我認為將 9 月的 LDR 與 6 月的 LDR 進行比較並不準確。首先，貸存比只是一個季度末指標，而資產負債表上的情況則取決於平均情況。我認為，就我所見，對於大多數大型銀行而言，第二季的存貸比都會上升，因為大多數大型銀行在第一季末的成長相對較低，存款流入良好，流動性也較高。

So I think LDRs have expanded across the system and at overall system level as well. In fact, I would think that as the CRR cuts take effect in Q3, LDRs, the natural corollary would be that LDRs will go up further because that is what would happen when liquidity gets released.

所以我認為 LDR 已經擴展到整個系統以及整個系統層面。事實上，我認為隨著 CRR 削減在第三季度生效，自然的必然結果是 LDR 將進一步上升，因為當流動性被釋放時就會發生這種情況。

From our perspective, we are quite comfortable with where we are. I think our retail deposit growth in term of CASA; current account growth is pretty good. We are quite comfortable with the current levels, and we have ability to grow further.

從我們的角度來看，我們對目前的狀況感到很滿意。我認為我們的零售存款成長（就 CASA 而言）和經常帳戶成長相當不錯。我們對目前的水平感到很滿意，並且有能力進一步發展。

On the wholesale side, we do optimize between various types of funding and that's the way we look at it. I think the current levels of LDR may be even slightly higher with a lower CRR requirement are quite sustainable.

在批發方面，我們確實在各種類型的融資之間進行最佳化，這就是我們看待它的方式。我認為，目前的 LDR 水平可能略高一些，而較低的 CRR 要求是相當可持續的。

Okay. Okay. And lastly, in terms of the RBI directions, any initial commentary in terms of the impact which we could see on account of ECL or maybe the risk weight benefit which would come in, say, in the various rating of the corporates plus the home loans and the MSME?

好的。好的。最後，就印度儲備銀行的指示而言，對於預期信用損失 (ECL) 或風險權重收益可能對企業、房屋貸款和中小微型企業的不同評級產生的影響，您能給出任何初步評論嗎？

On the capital side, of course, these segments will give a benefit. There are other segments where risk weights are being -- have been proposed to be increased where that would take away some of that benefit. But net-net, I guess, for most banks, it would be a positive. It's -- the guideline is still open for comments. So we'll have to wait to see what is the final guideline that RBI issues after whatever submissions they receive.

當然，從資本方面來看，這些部分將會帶來好處。在其他領域，有人提議增加風險權重，但這會帶走部分好處。但我認為，總體而言，對大多數銀行來說，這是一件好事。該指南仍在徵求意見。因此，我們必須等待，看看印度儲備銀行在收到任何意見後會發布什麼最終指南。

Similar is the case with ECL. It's again open for comment, and we'll have to see what the final guidelines come out.

ECL 的情況類似。它再次開放徵求意見，我們將拭​​目以待最終的指導方針。

On ECL as far as the transition point is concerned, I think given the level of provisioning that we hold on the balance sheet, we should be okay. On the what credit costs will look like under an ECL regime on an ongoing basis is something we have to still work out and assess.

就 ECL 的轉捩點而言，我認為考慮到我們在資產負債表上持有的撥備水平，我們應該沒問題。在預期信用損失制度下，信貸成本的持續情況如何，我們仍需研究評估。

Got it. So contingency would be utilized at that point in time?

知道了。那麼，那時就會採取應急措施嗎？

I think we have to just say that given the overall -- because we also provide, for example, on a pretty accelerated basis against NPLs. We have hold provisions -- other provisions as well, and there is the contingency provisions. So all of it we'll have to reassess at that point in time, given the totality of the provisioning on the balance sheet, and what would be -- what the base ECL plus prudential floor suggest under the draft guidelines, we don't expect any impact as such.

我認為我們必須說，考慮到整體情況——因為我們還提供例如相當加速的不良貸款。我們有保留條款──還有其他條款，還有應急條款。因此，我們必須在那時重新評估所有這些，考慮到資產負債表上的全部撥備，以及指南草案中基礎預期信用損失加上審慎底線的建議，我們預計不會產生任何影響。

Rikin Shah, IIFL Capital.

Rikin Shah，IIFL Capital。

Few ones. First on OpEx, with festival-related non-salary expenses coming in 2Q this year, should one expect a sequential decline in OpEx in the third quarter given that these expenses could have been front-ended?

很少。首先是營運支出，由於今年第二季將出現與節慶相關的非工資支出，考慮到這些支出可能是預付的，我們是否應該預期第三季的營運支出會較上季下降？

So I guess in that line item, you see a decline. I'm not sure I want to say that there will be a decline in overall OpEx because we continue to invest, and we want to -- we are quite focused on the growth of the business. I don't expect sequential increases of the time that we have seen in this quarter.

所以我猜想在該項目中你會看到下降。我不確定是否要說整體營運支出會下降，因為我們會繼續投資，而且我們希望——我們非常關注業務的成長。我預計本季不會出現連續成長。

Got it. Second is on retail asset quality. Until now, you've been saying that it has been stable for us. But if we look at the slippages, in absolute terms, they are down almost 7% YoY when your book -- rural plus retail book has grown 6%. So clearly, a huge delta. So are we in a position to now say that the retail slippage or the slippages or the overall asset quality environment has started to improve and not only just stabilize?

知道了。第二是零售資產品質。到目前為止，您一直說我們的情況一直很穩定。但如果我們看一下下滑情況，從絕對值來看，當你的書籍——農村加上零售書籍增長了 6% 時，它們卻同比下降了近 7%。顯然，這是一個巨大的增量。那麼，我們現在是否可以說零售下滑或整體資產品質環境已經開始改善，而不僅僅是穩定下來？

So I guess, as a starting point is that we don't think it was particularly bad at any point of time. I mean I think the -- for the last several years, banks has been reporting pretty good asset quality. If I look at the secured retail, I think it has been pretty stable, maybe getting marginally better for the last, I would say, eight or nine quarters. We did have some spike in the unsecured in the PL and cards. And there, of course, the regulator took several actions, and I think individual banks like us would also have taken action, where I think that the benefit of those actions is starting to show up, which is why we are now growing those portfolios again.

所以我想，作為一個起點，我們不認為它在任何時候都特別糟糕。我的意思是，我認為——過去幾年，銀行一直報告資產品質相當不錯。如果我看一下有擔保零售，我認為它一直相當穩定，也許在過去的八九個季度裡略有好轉。我們的 PL 和卡中的無擔保情況確實出現了一些激增。當然，監管機構採取了一些行動，我認為像我們這樣的個別銀行也會採取行動，我認為這些行動的好處開始顯現，這就是我們現在再次增加這些投資組合的原因。

Got it. And lastly, for one of the peer banks, we saw some PSL classification problem on the crop loans. Just wanted to understand how do you track the end use of the crop loans that you give out? And has there been any discussion around this on your portfolio as well with the regulator?

知道了。最後，對於其中一家同業銀行，我們發現農作物貸款存在一些 PSL 分類問題。只是想了解您如何追蹤發放的農作物貸款的最終用途？您是否與監管機構就此投資組合進行討論？

As our processes for the PSL classification and those get reviewed, regulator could always -- of course, can always examine and have a view, but nothing specific to call out at this point in time.

隨著我們對 PSL 分類和相關流程的審查，監管機構當然可以隨時進行審查並提出意見，但目前還沒有任何具體內容需要指出。

Piran Engineer, CLSA.

里昂證券 (CLSA) 皮蘭工程師。

Congrats on a good set of numbers. So firstly, just on NIM, Anindya, why do you say they'll be largely range-bound for the next two quarters? I understand next quarter, you're talking about the interest reversals (inaudible) credit card, but why should the NIMs improve consistently for the next four to six quarters?

恭喜您取得了一組好成績。那麼首先，就 NIM 而言，Anindya，您為什麼說它們在接下來的兩個季度中基本上將處於區間波動狀態？我理解下個季度，您談論的是利息逆轉（聽不清楚）信用卡，但為什麼 NIM 會在接下來的四到六個季度持續改善？

I think that we have -- I would say, been navigated the cycle reasonably well and the NIMs have come in at this level. Over the next few quarters, we will see, there are too many moving parts in terms of monetary policy, the competitive dynamic, loan mix and so on. So we will see it as it comes. We've not really taken a view on next year. For the next couple of quarters, it should be range-bound.

我認為我們已經相當好地度過了這個週期，而 NIM 已經達到了這個水平。在接下來的幾個季度裡，我們將看到，貨幣政策、競爭動態、貸款組合等方面有太多的變動因素。因此，我們將拭​​目以待。我們還沒有真正對明年做出展望。在接下來的幾個季度裡，它應該會處於區間波動之中。

Okay. Let me harp on this in another way. Out of your INR9.5 lakh crore term deposit book, how much was acquired in the last six months?

好的。讓我換個方式來談論這個問題。您的 95 億印度盧比定期存款中，過去六個月增加了多少？

We don't really give data of that kind. I think on the NIM question, we've given our perspective.

我們實際上並不提供此類數據。我認為關於 NIM 問題，我們已經給了我們的觀點。

Okay. Fair enough. Okay. Secondly, just moving on to this provision for retiral benefits. This was because of higher GSE yields or what caused this sudden --

好的。很公平。好的。其次，我們來談談退休福利的規定。這是因為更高的政府支持企業收益率，或者是什麼導致了這種突然的--

So I think -- if you look at it, I think every year, there is some decline from Q1 to Q2 because in Q1, when the increments, et cetera, given the gratuity-related provisions and so on are -- we true them up. And we also have certain employees who are on pensions who are mainly retired colleagues who were earlier working with some of the acquired entities. And there, they are entitled to DMF allowance. And this year, there has been no increase in the DMF allowance. So those would be the two main factors.

所以我認為——如果你看一下，我認為每年從第一季到第二季度都會有一些下降，因為在第一季度，當增量等等，考慮到與退休金相關的規定等等時——我們會對它們進行調整。我們還有一些領取退休金的員工，他們主要是之前在一些被收購的實體工作過的退休同事。在那裡，他們有權獲得 DMF 配額。今年，DMF配額並沒有增加。所以這將是兩個主要因素。

Okay. So then if I have to think of it -- think of modeling this going forward, clearly, 2Q should not be the current base to model growth of --

好的。那麼，如果我必須考慮這一點——考慮對未來進行建模，顯然，第二季不應該成為目前對經濟成長進行建模的基礎。--

Piran, I'm sorry, your voice was breaking.

皮蘭，對不起，你的聲音有點沙啞。

Okay, am I audible now?

好的，現在我聽得到我的聲音了嗎？

I don't have a -- I don't -- but we have, of course, a sense of what kind of increments, et cetera, will happen. We don't -- we can't really model it for you. But as I said, over the next couple of quarters, I don't expect overall OpEx to increase at the pace at which it has in the current quarter.

我沒有——我沒有——但我們當然知道會發生什麼樣的增量等等。我們不能——我們無法真正為您建模。但正如我所說，在接下來的幾個季度裡，我預計整體營運支出不會以本季的速度成長。

Got it. Fair enough. And just lastly, getting back to Rikin's question on slippages. Now slippages are down meaningfully even if you adjust for the [KCC] portfolio, is all of that improvement attributable to PLCC or are we seeing improvement in other retail segments also?

知道了。很公平。最後，回到 Rikin 關於滑移的問題。現在，即使你調整[KCC]投資組合，滑點也顯著下降，所有這些改善都歸因於PLCC，還是我們也看到了其他零售領域的改善？

So we have given, first of all, the breakup between retail and rural and corporate and business banking. So there is actually a small net dilution in corporate and business banking. But I would say you're right across most of the other retail segment --

因此，我們首先對零售銀行、農村銀行和企業銀行、商業銀行進行了劃分。因此，企業和商業銀行業務的淨稀釋實際上很小。但我想說，你對其他零售領域的大部分情況都了解--

No, I'm referring only to retail and rural, Anindya. So it's about INR1,200 crore improvement --

不，我指的只是零售業和農村地區，Anindya。因此，這大約是 120 億印度盧比的改善--

In most of the other retail portfolios also there has been some improvement sequentially.

大多數其他零售投資組合也都出現了一定程度的連續改善。

Okay, that answers all my questions. And also just one request and I've made this in the past if you could please do something about the Saturday results. It just gets too much for all of us. And I understand you all want to keep your data secret and no leakage and all of that. Maybe if you could release results on Friday night and then 9 AM on Saturday keep a con-call, that just helps us a lot. But please, just try to look into it.

好的，這回答了我所有的問題。另外還有一個請求，我以前也提出過這個請求，請您能對週六的結果做些什麼。這對我們所有人來說都太過分了。我知道你們都想保護自己的資料秘密，不洩漏等等。也許如果你能在周五晚上發布結果，然後在周六早上 9 點召開電話會議，那對我們有很大幫助。但請嘗試調查一下。

Chintan Joshi, Autonomous.

Chintan Joshi，自治。

Can I come back on the capital points? Just the risk -- credit risk reduction seems substantial, you highlighted it's a net positive. Your CET1 ratios are also very high. I understand that's where the larger banks operate. But isn't there an opportunity here to grow at the pace you want to grow or take the opportunity that is on the table and yet improve payouts?

我可以回到首都積分嗎？只是風險——信用風險的降低似乎很大，你強調這是一個淨正面。您的 CET1 比率也很高。我知道那是大型銀行的經營場所。但是，這裡沒有一個機會，可以按照您想要的速度發展，或者抓住眼前的機會，同時提高支出嗎？

Because from our vantage point, the top 3 banks in the system are swimming in capital. Just want to get some thoughts on how this might play out as the -- as you look -- as these guidances and the draft reports become more concrete?

因為從我們的角度來看，系統中排名前三的銀行都擁有充足的資本。只是想了解一下，隨著這些指導和報告草案變得更加具體，這可能會如何發揮作用？

So we will take a view at that point in time. If this is any way going to kick in 1.5 years from now. And it really -- a lot of it depends on what is the position of the balance sheet at that point in time and which are the segments where we have seen growth. So -- but overall, capital is not constraining us from growing. We are continuing to focus on the kind of growth that we want.

因此，我們會在那個時間點採取一種觀點。如果有的話，這將在 1.5 年後開始實施。這實際上很大程度上取決於當時資產負債表的狀況以及我們看到成長的部分。所以——但總的來說，資本並沒有限制我們的發展。我們將繼續關注我們想要的成長。

In fact, your capital is -- your retail earnings is enough to grow already. On ECL, could you give us some color? From your last submission, you said there is no impact for you. So I'm assuming there's no impact, including the other provisions you have on the balance sheet. So you would assume that they will be utilized when you see no impact?

事實上，您的資本—您的零售收入已經足夠成長了。關於 ECL，您能給我們講講嗎？從您上次提交的情況來看，您說這對您沒有影響。所以我假設沒有影響，包括資產負債表上的其他規定。所以，當您看不到任何影響時，您會認為它們會被利用嗎？

I guess, it depends on what form the final guidelines take, but we have to look at the total provisions on the balance sheet in totality, including NPL and other provisions and we don't expect that there should be any impact.

我想，這取決於最終的指導方針採取什麼形式，但我們必須從總體上看資產負債表上的總撥備，包括不良貸款和其他撥備，我們預計不會有任何影響。

So it could even be positive because from what I can see, you have more than enough provisions on your balance sheet and they come back into your CET1 if they are excessive. So shouldn't this become almost CET1-accretive at some point?

所以它甚至可能是正面的，因為就我所見，你的資產負債表上有足夠的準備金，如果準備金太多，它們就會回到你的 CET1 中。那麼，這是否在某種程度上應該成為幾乎 CET1 增值？

Yeah. We'll have to see. It's very difficult to say it now. In any case, this is something, again, which will really depend upon the balance sheet at the point of transition.

是的。我們得拭目以待。現在很難說。無論如何，這實際上取決於過渡點的資產負債表。

And then final point, you are one of the two large players in salaried accounts. So how much of your salaried accounts come from the IT services area? There's so much hype around AI. Just wondering if there are unemployment in that section, how much would it impact you? How do you think about that?

最後一點，您是工薪帳戶領域的兩大巨頭之一。那麼，您的薪資收入中有多少是來自 IT 服務領域？人們對人工智慧的炒作非常多。只是想知道如果該地區出現失業，會對您造成多大影響？您對此有何看法？

No, not just for us for any bank with salaried accounts, the IT services sector and similar sectors would account for a good share of the salary accounts because they are a good share of employment in the country, salaried employment in the country. So far, we have not seen any impact.

不，不僅僅是對我們，對於任何擁有工資帳戶的銀行來說，IT 服務業和類似行業都會佔工資帳戶的很大一部分，因為它們在該國的就業中佔很大一部分，即該國的受薪就業。到目前為止，我們還沒有看到任何影響。

Ladies and gentlemen, we'll take that as a last question for today. I now hand the conference over to management for closing comments. Over to you, sir.

女士們、先生們，我們將把這當作今天的最後一個問題。現在我將會議移交給管理階層進行總結發言。交給您了，先生。

Thank you very much, and wish you all a very, very Happy Diwali. Thank you.

非常感謝，並祝大家排燈節快樂。謝謝。

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

謝謝。我代表 ICICI 銀行結束本次會議。感謝您加入我們，現在您可以斷開線路了。