ICICI Bank Limited (IBN) 2027 Q1 法說會逐字稿

Ladies and gentlemen, good day and welcome to ICICI Bank Limited's Q1 FY27 earnings conference call.

各位女士、先生，大家好，歡迎參加 ICICI Bank Limited 2027 財年第一季（Q1 FY27）業績電話會議。

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

（接線員指示）請注意，本次會議將被錄音。

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

現在我把會議交給 ICICI Bank 董事總經理兼執行長 Sandeep Bakhshi 先生。謝謝。交給您了，先生。

Thank you. Good evening to all of you. Welcome to the ICICI Bank earnings call to discuss the results for Q1 of financial year '27. Joining us today on this call are Sandeep Batra, Rakesh, Ajay, Anindya, and Abhinay.

謝謝。各位晚上好。歡迎參加 ICICI Bank 業績電話會議，討論 2027 財年第一季（Q1）的業績。今天與我們一同參與本次電話會議的有 Sandeep Batra、Rakesh、Ajay、Anindya 以及 Abhinay。

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.

在 ICICI Bank，我們的策略重點仍是透過 360 度以客戶為中心的方法，並把握各生態系與微型市場的機會，推動不含財資（Treasury）的稅前利潤成長。

The profit before tax, excluding Treasury, grew by 20.9% year on year to INR189.75 billion in this quarter. The core operating profit increased by 15.6% year on year to INR202.35 billion in this quarter.

本季不含財資的稅前利潤年增 20.9%，達到 1,897.5 億印度盧比（INR）。本季核心營業利益年增 15.6%，達到 2,023.5 億印度盧比。

The core operating profit, excluding dividend from subsidiaries, increased by 18.3% year on year to INR191.25 billion in this quarter. The profit after tax grew by 15.9% year on year to INR148.05 billion in this quarter.

本季核心營業利益（不含子公司股利）年增 18.3%，達到 1,912.5 億印度盧比。本季稅後淨利年增 15.9%，達到 1,480.5 億印度盧比。

Total deposits grew by 14% year on year and 2.2% sequentially at June 30, '26. Average deposits grew by 14% year on year and 6.1% sequentially. Average current and savings accounts deposits grew by 12.1% year on year and 4.7% sequentially during this quarter.

截至 2026 年 6 月 30 日，總存款年增 14%，較前一季成長 2.2%。平均存款年增 14%，較前一季成長 6.1%。本季平均活期與儲蓄存款年增 12.1%，較前一季成長 4.7%。

The bank's average liquidity coverage ratio, LCR, for the quarter was about 124%.

本季本行平均流動性覆蓋率（LCR）約為 124%。

The overall loan portfolio, including the international-branches portfolio, grew by 19.6% year on year and 5% sequentially at June 30, '26.

截至 2026 年 6 月 30 日，整體放款組合（含國際分行組合）年增 19.6%，較前一季成長 5%。

The Retail loan portfolio grew by 12% year on year and 2.7% sequentially. Including non-fund-based outstanding, the Retail portfolio was 41.1% of the total portfolio.

零售放款組合年增 12%，較前一季成長 2.7%。若包含非資金性（non-fund-based）未償餘額，零售組合占總組合的 41.1%。

The rural portfolio, including gold loan, grew by 35.4% year on year and 6.2% sequentially. The business banking portfolio grew by 28.2% year on year and 6.9% sequentially.

鄉村組合（含黃金貸款）年增 35.4%，較前一季成長 6.2%。商業銀行（business banking）組合年增 28.2%，較前一季成長 6.9%。

The domestic corporate portfolio grew by 18.5% year on year and 6.9% sequentially. The domestic loan portfolio grew by 18.8% year on year and 4.6% sequentially at June 30, '26.

國內企業組合年增 18.5%，較前一季成長 6.9%。截至 2026 年 6 月 30 日，國內放款組合年增 18.8%，較前一季成長 4.6%。

The overseas portfolio was 3.1% of the overall loan book at June 30, '26.

截至 2026 年 6 月 30 日，海外組合占整體放款帳簿的 3.1%。

The net NPA ratio was 0.35% at June 30, '26, compared to 0.33% at March 31, '26, and 0.41% at June 30, '25. During the quarter, there were net additions of INR27.07 billion to gross NPAs, excluding write-offs and sale.

截至 2026 年 6 月 30 日，淨不良資產（NPA）比率為 0.35%，相較於 2026 年 3 月 31 日的 0.33% 以及 2025 年 6 月 30 日的 0.41%。本季毛不良資產（gross NPA）淨增加 270.7 億印度盧比（不含沖銷與出售）。

The total provisions during the quarter were INR12.60 billion or 6.2% of the core operating profit and 0.32% of average advances.

本季總提存為 126.0 億印度盧比，約占核心營業利益的 6.2%，並占平均放款的 0.32%。

The provisioning coverage ratio on non-performing loans was 74.7% at June 30, '26. In addition, the bank continues to hold contingency provision of INR131 billion or about 0.8% of total advances at June 30, '26.

截至 2026 年 6 月 30 日，不良放款的提存覆蓋率為 74.7%。此外，截至 2026 年 6 月 30 日，本行仍持有 1,310 億印度盧比的或有（應急）準備金，約占總放款的 0.8%。

The capital position of the bank continued to be strong, with a CET1 ratio of 16.19% and total capital adequacy ratio of 16.84% at June 30, '26.

本行資本狀況持續強勁，截至 2026 年 6 月 30 日，普通股權第一類資本（CET1）比率為 16.19%，總資本適足率為 16.84%。

Looking ahead, we see many opportunities to drive risk-calibrated profitable 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，我們看到許多機會可推動經風險校準的獲利成長，並在關鍵業務領域提升市占率。我們仍將專注於維持強健的資產負債表、審慎提存與健康的資本水準，同時為股東提供可持續且可預期的報酬。

I now hand the call over to Anindya.

現在我把電話會議交給 Anindya。

Thank you, Sandeep. I will talk about loan growth, credit quality, P&L details, and the performance of subsidiaries.

謝謝你，Sandeep。我將說明放款成長、資產品質、損益（P&L）細節，以及子公司的表現。

Sandeep covered the loan growth across various segments. Coming to the growth across Retail products, the mortgage portfolio grew by 14.6% year on year and 3.2% sequentially. Auto loans grew by 3.6% year on year and 1.2% sequentially.

Sandeep 已說明各業務區隔的放款成長。接著談零售產品的成長：房貸組合年增 14.6%，較前一季成長 3.2%。汽車貸款年增 3.6%，較前一季成長 1.2%。

The commercial vehicles and equipment portfolio grew by 12.8% year on year and 2.2% sequentially. Personal loans grew by 12.9% year on year and 4% sequentially. The credit card portfolio declined by 1.9% year on year and 1.7% sequentially.

商用車與設備組合年增 12.8%，較前一季成長 2.2%。個人貸款年增 12.9%，較前一季成長 4%。信用卡組合年減 1.9%，較前一季下降 1.7%。

Within the corporate portfolio, the total outstanding to NBFCs and HFCs was INR920.52 billion at June 30, 2026, compared to INR859.04 billion at March 31, 2026. Now, the total outstanding loans to NBFCs and HFCs were about 4.5% of our advances at June 30, 2026.

在企業組合方面，截至 2026 年 6 月 30 日，對非銀行金融公司（NBFC）與住房金融公司（HFC）的總未償餘額為 9,205.2 億印度盧比，相較於 2026 年 3 月 31 日的 8,590.4 億印度盧比。截至 2026 年 6 月 30 日，對 NBFC 與 HFC 的總未償放款約占我們放款的 4.5%。

The builder portfolio, including construction finance, lease-rental discounting, term loans, and working capital, was INR747.21 billion at June 30, 2026, compared to INR714.21 billion at March 31, 2026. The builder portfolio was 4.3% of our total loan portfolio.

建商組合（含建築融資、租賃租金貼現、定期貸款與營運資金）截至 2026 年 6 月 30 日為 7,472.1 億印度盧比，相較於 2026 年 3 月 31 日的 7,142.1 億印度盧比。建商組合占我們總放款組合的 4.3%。

Our portfolio largely comprises well-established builders. This is also reflected in the sequential increase in the portfolio. About 0.7% of the builder portfolio at June 30, 2026, was either rated BB and below internally or was classified as non-performing.

我們的組合主要由具規模且經營成熟的建商構成。這也反映在該組合的季增上。截至 2026 年 6 月 30 日，建商組合中約 0.7% 在內部評等為 BB 及以下，或被歸類為不良。

The gross NPA additions were INR55.52 billion in the current quarter compared to INR62.45 billion in Q1 of last year. There were gross NPA additions of INR7.06 billion from the Kisan Credit Card portfolio in the current quarter.

本季毛不良資產新增為 555.2 億印度盧比，去年第一季（Q1）為 624.5 億印度盧比。本季來自 Kisan Credit Card 組合的毛不良資產新增為 70.6 億印度盧比。

We typically see higher NPA additions from the Kisan Credit Card portfolio in the first and third quarter of a fiscal year.

我們通常會在財政年度的第一季與第三季看到 Kisan Credit Card 組合較高的不良資產新增。

Recoveries and upgrades from gross NPAs, excluding write-offs and sale, were INR28.45 billion in the current quarter compared to INR32.11 billion in Q1 of last year. The net additions to gross NPAs were INR27.07 billion in the current quarter compared to INR30.34 billion in Q1 of last year.

本季毛不良資產回收與升級（不含沖銷與出售）為 284.5 億印度盧比，去年第一季為 321.1 億印度盧比。本季毛不良資產淨增加為 270.7 億印度盧比，去年第一季為 303.4 億印度盧比。

The gross NPA additions from the Retail and rural portfolios were INR43.31 billion in the current quarter compared to INR51.93 billion in Q1 of last year. These include the [KCC-NPAs] mentioned earlier.

本季來自零售與鄉村組合的毛不良資產新增為 433.1 億印度盧比，去年第一季為 519.3 億印度盧比。其中包含前述提到的 [KCC-NPAs]。

Recoveries and upgrades from the Retail and rural portfolios were INR22.10 billion in the current quarter compared to INR25.25 billion in Q1 of last year.

本季來自零售及農村投資組合的回收與升級金額為印度盧比221.0億，較去年第一季的印度盧比252.5億為低。

The net additions to gross NPAs in the Retail and rural portfolios were INR21.21 billion in the current quarter compared to INR26.68 billion in Q1 of last year.

本季零售及農村投資組合的總不良資產（gross NPA）淨新增為印度盧比212.1億，較去年第一季的印度盧比266.8億為低。

The gross NPA additions from the corporate and business banking portfolios were INR12.21 billion in the current quarter compared to INR10.52 billion in Q1 of last year.

本季公司金融及企業銀行投資組合的總不良資產新增為印度盧比122.1億，較去年第一季的印度盧比105.2億為高。

Recoveries and upgrades from the corporate and business banking portfolios were INR6.35 billion in the current quarter compared to INR6.86 billion in Q1 of last year.

本季來自公司金融及企業銀行投資組合的回收與升級金額為印度盧比63.5億，較去年第一季的印度盧比68.6億為低。

There were net additions to gross NPAs of INR5.86 billion in the current quarter in the corporate and business banking portfolios compared toINR3.66 billion in Q1 of last year.

本季公司金融及企業銀行投資組合的總不良資產淨新增為印度盧比58.6億，較去年第一季的印度盧比36.6億為高。

The gross NPAs written off during the quarter were INR16.73 billion. Further, there was sale of NPAs of INR2.39 billion for cash in the current quarter.

本季核銷的總不良資產為印度盧比167.3億。此外，本季以現金出售不良資產金額為印度盧比23.9億。

The non-fund-based outstanding to borrowers classified as non-performing was INR22.07 billion. as of June 30, 2026, as compared to INR21.74 billion, as of March 31, 2026, and INR32.98 billion, as of June 30, 2025.

截至2026年6月30日，對被歸類為不良的借款人之非資金性未償餘額為印度盧比220.7億；相較之下，截至2026年3月31日為印度盧比217.4億，而截至2025年6月30日為印度盧比329.8億。

The loans and non-fund-based outstanding to performing corporate borrowers rated BB and below was INR34.85 billion at June 30, 2026, as compared to INR35.19 billion at March 31, 2026, and INR29.95 billion at June 30, 2025. This portfolio was about 0.2% of our advances at June 30, 2026.

截至2026年6月30日，對評級為BB及以下之正常公司借款人的貸款及非資金性未償餘額為印度盧比348.5億；相較之下，截至2026年3月31日為印度盧比351.9億，而截至2025年6月30日為印度盧比299.5億。截至2026年6月30日，該投資組合約占本行放款的0.2%。

The total fund-based outstanding towards standard borrowers under resolution, as per various guidelines, declined to INR13.63 billion at June 30, 2026, from INR14.96 billion at March 31, 2026, and INR17.88 billion at June 30, 2025.

依各項指引規定，處於重整/解決程序之正常借款人的標準（正常）資產項下資金性未償總額，截至2026年6月30日降至印度盧比136.3億，低於截至2026年3月31日的印度盧比149.6億及截至2025年6月30日的印度盧比178.8億。

At the end of June, the total provisions, other than specific provisions on fund-based outstanding to borrowers classified as non-performing, were INR229.63 billion or 1.4% of loans.

截至6月底，除對被歸類為不良之借款人的資金性未償餘額所提列之特定準備外，其他準備金總額為印度盧比2,296.3億，約占貸款的1.4%。

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 non-performing, fund and non-fund-based outstanding to standard borrowers under resolution; and BB and below portfolio.

其中包括印度盧比1,310億的或有準備金，以及對標準（正常）資產的一般準備；另包括對被歸類為不良之借款人的非資金性未償餘額所持有之準備、對處於重整/解決程序之正常借款人的資金性及非資金性未償餘額所持有之準備，以及BB及以下投資組合之準備。

The bank also continues to hold additional standard-asset provision of INR12.83 billion made in Q3 of FY 2026, as directed by RBI, in respect of the agricultural-priority sector portfolio.

此外，依印度準備銀行（RBI）指示，本行仍持續持有於2026財年第三季就農業—優先產業投資組合所提列之額外標準資產準備金印度盧比128.3億。

Moving on to the P&L details, net interest income increased by 12.7% year on year and 6.1% sequentially to INR243.84 billion in this quarter. The net interest margin was 4.36% in this quarter compared to 4.32% in the previous quarter and 4.34% in Q1 of last year.

接著說明損益表（P&L）細節，本季淨利息收入年增12.7%、季增6.1%，達印度盧比2,438.4億。本季淨利差為4.36%，高於前一季的4.32%，亦高於去年第一季的4.34%。

The cost of deposits was 4.41% in this quarter compared to 4.43% in the previous quarter and 4.85% in Q1 of last year.

本季存款成本為4.41%，較前一季的4.43%略降，亦低於去年第一季的4.85%。

The benefit of interest on income tax refund was 8 basis points in the current quarter compared to 5 basis points in the previous quarter and 7 basis points in Q1 of last year.

本季所得稅退稅利息帶來的效益為8個基點，較前一季的5個基點及去年第一季的7個基點為高。

Excluding the benefit of interest on tax refund, the net interest margin would have been 4.28% in this quarter, 4.27% in the previous quarter, and 4.27% in Q1 of last year.

若排除退稅利息效益，本季淨利差將為4.28%，前一季為4.27%，去年第一季亦為4.27%。

Of the total domestic loans, interest rates on about 57% of the loans are linked to the repo rate and other external benchmarks; 13% to MCLR and other older benchmarks; and the remaining 30% of loans have fixed interest rates.

在國內貸款總額中，約57%的貸款利率與回購利率（repo rate）及其他外部基準連結；13%與MCLR及其他較舊基準連結；其餘30%的貸款為固定利率。

Non-interest income, excluding Treasury, grew by 16% year on year to INR84.25 billion in Q1 of FY 2027. Fee income increased by 23.5% year on year to INR72.86 billion in this quarter, off a low base of Q1 of last year.

不含財資（Treasury）的非利息收入於2027財年第一季年增16%，達印度盧比842.5億。本季手續費收入年增23.5%至印度盧比728.6億，主要係去年第一季基期較低。

Fees from Retail, rural, and business banking customers constituted about 72% of the total fees in this quarter.

本季來自零售、農村及企業銀行客戶的手續費約占手續費總額的72%。

Dividend income from subsidiaries was INR11.1 billion in this quarter compared to INR13.36 billion in Q1 of last year.

本季子公司股利收入為印度盧比111億，較去年第一季的印度盧比133.6億為低。

On costs, the bank's operating expenses increased by 10.4% year on year in this quarter compared to 11.5% year on year in FY 2026.

在成本方面，本季本行營業費用年增10.4%，相較之下，2026財年年增為11.5%。

Employee expenses increased by 5.5% year on year in this quarter, reflecting mainly the impact of annual increments and promotions that take place during the first quarter of every fiscal year. Non-employee expenses increased by 13.8% year on year in this quarter.

本季員工費用年增5.5%，主要反映每個財政年度第一季進行的年度加薪與升遷之影響。本季非員工費用年增13.8%。

Our branch count has increased by 97 in the first quarter. We had 7,608 branches, as of June 30, 2026. The technology expenses were about 11.4% of our operating expenses this quarter.

第一季本行分行數增加97家。截至2026年6月30日，本行共有7,608家分行。本季科技費用約占營業費用的11.4%。

The total provisions during the quarter were INR12.6 billion or 6.2% of core operating profit and 0.32% of average advances compared to the provisions of INR18.15 billion in Q1 of last year.

本季提列準備金總額為印度盧比126億，約占核心營業利益的6.2%，並占平均放款的0.32%；相較之下，去年第一季提列準備金為印度盧比181.5億。

The profit before tax, excluding Treasury, grew by 20.9% year on year to INR189.75 billion in Q1 of this year. There was a Treasury gain of INR1.51 billion in this quarter, as compared to a loss of INR1.06 billion in the previous quarter and a gain of INR12.41 billion in Q1 of last year.

不含財資的稅前盈餘於本年度第一季年增20.9%至印度盧比1,897.5億。本季財資收益為印度盧比15.1億，相較前一季為損失印度盧比10.6億，去年第一季為收益印度盧比124.1億。

The tax expense was INR43.21 billion in this quarter compared to INR41.63 billion in the corresponding quarter last year. The bank has written back tax provision of INR4.46 billion, pursuant to favorable tax orders.

本季所得稅費用為印度盧比432.1億，較去年同期的印度盧比416.3億為高。由於取得有利的稅務裁定，本行回轉稅務準備金印度盧比44.6億。

The profit after tax grew by 15.9% year on year to INR148.05 billion in this quarter. The consolidated profit after tax grew by 13.9% year on year to INR154.4 billion in this quarter.

本季稅後淨利年增15.9%至印度盧比1,480.5億。本季合併稅後淨利年增13.9%至印度盧比1,544億。

The details of the financial performance of key subsidiaries are covered in slides 33 to 35 and 54 to 59 in the investor presentation.

主要子公司財務表現的詳細資訊載於投資人簡報第33至35頁及第54至59頁。

The annualized premium equivalent of [ICICI Life] increased to INR21.36 billion in Q1 2027 from INR18.64 billion in Q1 2026.

[ICICI Life]的年化保費等值（APE）於2027年第一季增至印度盧比213.6億，高於2026年第一季的印度盧比186.4億。

The value of new business increased to INR5.71 billion in Q1 2027 from INR4.57 billion in Q1 2026. The value of new business margin was 26.7% in Q1 2027 compared to 24.7% in FY 2026.

新業務價值於2027年第一季增至印度盧比57.1億，高於2026年第一季的印度盧比45.7億。2027年第一季新業務價值率為26.7%，相較之下，2026財年為24.7%。

The profit after tax of ICICI Life increased to INR3.86 billion in Q1 2027 from INR3.02 billion in Q1 2026.

ICICI Life 於 2027 年第一季的稅後淨利由 2026 年第一季的 30.2 億印度盧比增加至 38.6 億印度盧比。

Gross direct premium income of [ICICI General] increased to INR83.18 billion in Q1 2027 from INR77.35 billion in Q1 2026.

[ICICI General] 的直接總保費收入由 2026 年第一季的 773.5 億印度盧比增加至 2027 年第一季的 831.8 億印度盧比。

The combined ratio stood at 107.2% in Q1 2027 compared to 102.9% in Q1 2026. The profit after tax was INR4.03 billion in Q1 2027 compared to INR7.47 billion in Q1 2026.

2027 年第一季的綜合比率為 107.2%，相較於 2026 年第一季的 102.9%。2027 年第一季的稅後淨利為 40.3 億印度盧比，相較於 2026 年第一季的 74.7 億印度盧比。

The results for the quarter include the impact of an increase in reserves, pursuant to a recent judicial pronouncement.

本季業績包含因近期司法裁定而增加準備金所帶來的影響。

The profit after tax of [ICICI AMC], as per Ind AS, increased to INR9.65 billion in this quarter from INR7.84 billion in Q1 of last year.

依據 Ind AS，[ICICI AMC] 的稅後淨利於本季由去年第一季的 78.4 億印度盧比增加至 96.5 億印度盧比。

The profit after tax of ICICI Securities, as per Ind AS, on a consolidated basis, was INR4.19 billion in this quarter compared to INR3.91 billion in Q1 of last year.

依據 Ind AS，ICICI Securities 以合併基礎計算之本季稅後淨利為 41.9 億印度盧比，較去年第一季的 39.1 億印度盧比增加。

ICICI Bank Canada had a profit after tax of CAD5.3 million in this quarter compared to CAD7.8 million in Q1 of last year.

ICICI Bank Canada 本季稅後淨利為 530 萬加幣，較去年第一季的 780 萬加幣減少。

ICICI Bank UK had a profit after tax of USD7.2 million in this quarter compared to USD5.9 million in Q1 of last year.

ICICI Bank UK 本季稅後淨利為 720 萬美元，較去年第一季的 590 萬美元增加。

As per Ind AS, ICICI Home Finance had a profit after tax of INR2 billion in the current quarter compared to INR2.14 billion in Q1 of last year.

依據 Ind AS，ICICI Home Finance 本季稅後淨利為 20 億印度盧比，較去年第一季的 21.4 億印度盧比略降。

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

以上為我們的開場說明。接下來我們很樂意回答各位的提問。

Thank you very much. We will now begin the question-and-answer session.

非常感謝。我們現在開始問答環節。

(Operator Instructions) Ladies and gentlemen, we will wait for a moment while the question queue assembles.

(接線員指示) 各位女士、先生，我們將稍候片刻，讓提問隊列完成排隊。

[Mahrukh Adajania, Tara Capital].

[Mahrukh Adajania, Tara Capital]。

Yeah. Hi. Congratulations. I had a question on your loan growth outlook. Given that you already achieved such good loan growth in a seasonally weak quarter, do you find this sustaining?

是的。嗨。恭喜。我想請教你們對放款成長的展望。鑑於你們在季節性偏弱的一季仍已達成相當不錯的放款成長，你們認為這樣的表現能否持續？

As in, would you be able to do, say, a high-teen loan growth through the year? Is there enough visible demand across your segments? That's my first question.

也就是說，你們是否能在全年做到例如「十幾個百分點」的放款成長？你們各個業務區隔是否有足夠可見的需求？這是我的第一個問題。

And then, on FCNR, if you have a target in mind; and how much you have already mobilized; and what is the cost effectiveness of FCNR, relative to your domestic term deposits.

另外，關於 FCNR，你們是否有目標；目前已募集了多少；以及相較於你們國內定期存款，FCNR 的成本效益如何？

Also, just one more question: The foreign loans, they have grown quite aggressively this quarter. Any comments on that?

還有最後一個問題：本季外幣放款成長相當積極。對此有何評論？

Yeah. On the first one, I think it is partly really reflective of what has happened in the system where loan growth has picked up over the last two, three quarters, as the various policy measures, both on the fiscal side and the monetary side, have taken effect.

是的。第一個問題，我認為這部分反映了整體體系的情況：在過去兩到三個季度，隨著財政與貨幣兩方面的各項政策措施開始發揮效果，放款成長已經回升。

I think not just loan growth but a range of other high-frequency indicators are showing positive momentum. We are participating in that. We will keep looking at opportunities, as they come. I think the momentum continues to be pretty good, as far as we can see it.

我認為不只是放款成長，還有一系列其他高頻指標也顯示出正向動能。我們也參與其中。我們會持續在機會出現時加以把握。就我們目前所見，動能仍相當不錯。

On the second question on FCNR, we don't really have any target or so on that we put out. We think it is a good scheme. We will look to mobilize as much as we can.

第二個關於 FCNR 的問題，我們並沒有對外設定或公布任何目標。我們認為這是一個不錯的方案。我們會盡可能多地去募集。

But It is very early days yet. This is something that will really play out over the next maybe 8 to 10 weeks or so so nothing that can be said on that just now.

不過目前仍是非常早期的階段。這件事大概會在接下來約 8 到 10 週逐步發酵，因此現在還無法多做說明。

From a cost-effectiveness perspective, 6%; and then, if you look at the all-in cost after hedging the coupon, et cetera, it will be somewhere maybe [630], [640], which is, of course, lower than the Wholesale lending rates. It will, therefore, be competitive compared to the Wholesale lending rates.

就成本效益而言，利率是 6%；再看把票息等進行避險後的全包成本（all-in cost），大概會在 [630]、[640] 左右，當然低於批發放款利率。因此，相較於批發放款利率，它會具有競爭力。

Of course, there'll be an incremental loan growth opportunity also, as these funds start getting deployed.

當然，隨著這些資金開始投放，也會帶來額外的放款成長機會。

Lastly, on the international-branches growth, again, even if you look at the previous quarter, we had a decent momentum. We have been seeing both increase in the trade-related book, as well as some borrowing by the overseas operations of Indian companies, well-rated companies. We have been participating in that.

最後，關於海外分行的成長，即便看上一季，我們也有不錯的動能。我們看到貿易相關資產組合增加，同時也看到印度企業（信用評等良好企業）的海外營運單位有一些借款需求。我們也參與其中。

As we go forward, of course, there will be some amount of loans against FCNR deposits that will also keep adding to the loan book overseas.

展望未來，當然也會有一部分以 FCNR 存款作為對應的放款，持續為海外放款餘額增加。

Okay. Thanks a lot. Thank you.

好的。非常感謝。謝謝。

Kunal Shah, Citigroup.

Kunal Shah，花旗集團。

Yeah. Thanks for taking the question. Firstly, just a clarification on the NIMs. The overall yields have held on steady, despite the reversals on agri. Was there any offsetting recoveries also during the quarter, which has helped that, in terms of sustaining the yields?

是的。感謝讓我提問。首先，想釐清一下 NIM（淨利差）。儘管農業相關有回沖（reversals），整體收益率仍維持穩定。本季是否也有一些抵銷性的回收（recoveries），在維持收益率方面有所幫助？

That's something that keeps happening on an ongoing basis. I think, overall, the NIM reflects the healthy funding franchise, our disciplined approach consistently on both deposit and loan pricing, and as well as our management of the government securities book. I think that is what really held the NIM up.

這類情況一直都會持續發生。我認為整體 NIM 反映了我們健康的資金募集體系、在存款與放款定價上始終如一的紀律作法，以及我們對政府證券投資組合的管理。我想這些才是支撐 NIM 的主要因素。

As for other factors, there is always some amount of collection, less or more, in each quarter. There was, of course, this interest on income tax refund, which we have, as always, specifically called out.

至於其他因素，每一季總會有一些回收，多或少而已。當然，本季也有所得稅退稅利息收入，我們一如既往已特別指出。

Yeah.

是的。

But even if adjusting for that, the NIM is stable, both on a year-on-year and on a quarter-on-quarter basis.

但即使把那部分調整掉，NIM 仍然穩定，無論是年對年或季對季皆是如此。

Yeah. The question was more on yield because the growth is also coming in from the corporate and all. Okay. To that extent, yields are still sustained. That was the question.

是的。我的問題比較是針對收益率，因為成長也來自企業端等。好的。在這樣的情況下，收益率仍能維持。這是我想問的。

Secondly, on the agri, now, maybe, larger part of the regularization we have been working all through and would have been interacting with the regulator, as well. How is the approach? When do we see the recoveries coming through or maybe the reversals of the provision?

第二個問題，關於農業（agri），目前我們一直在推動較大部分的正常化（regularization），也應該一直有與監管機關互動。目前的處理方式如何？我們何時會看到回收進來，或是準備金回沖？

Is it expected to come through in the second quarter? Or maybe it might take some time and we should see it more towards the end of the fiscal year?

預期會在第二季發生嗎？或者可能需要一些時間，可能要到會計年度末才會比較明顯？

I wouldn't really be able to comment on the timing. But, yes, of course, we have been working on the required remediation of the portfolio. We just want to make sure that whatever we have done is correct, signed off, and validated before we discuss a writeback of the provision.

我無法就時間點做出評論。不過，是的，我們確實一直在進行該投資組合所需的修正與改善。在我們討論準備金回沖之前，我們只想確保我們所做的一切都是正確的、已完成簽核並經過驗證。

I think we are in the process. We will hopefully work it out over the next few months. But I don't want to give a timeline.

我認為我們正在推進這個流程。希望在接下來幾個月內能把它理順。但我不想給出時間表。

Okay. That process is already on in terms of the validation and getting the sign-off from all the (multiple speakers) --?

好的。就驗證以及取得所有人的核准而言，這個流程已經在進行中了，對嗎？(多位發言者) --？

Oh, yes. Oh, yes. Very much so. It's a granular portfolio. As I said, we want to make sure that we are getting it right. And then, we want to get it appropriately validated -- the work that the field teams have done. That process is on.

哦，是的。哦，是的。非常確實。這是一個非常細分的投資組合。如我所說，我們希望確保做對。然後，我們也希望把現場團隊所做的工作，進行適當的驗證——這個流程正在進行中。

Sure. Okay. Thanks. Yeah. That answers the question.

當然。好的。謝謝。是的。這回答了我的問題。

Rikin Shah, IIFL Capital.

Rikin Shah，IIFL Capital。

Yeah. Hi. Thanks for the opportunity. I had five questions. First one is on fee income. It has accelerated significantly from 8% YoY last year to 23% YoY this quarter. If you could just throw some color on what is driving this? Should one expect it to remain closer to the overall balance-sheet growth -- year onwards?

是的。嗨。謝謝給我這個機會。我有五個問題。第一個是關於手續費收入。它從去年同比8%顯著加速到本季同比23%。能否請你補充一些背景，說明是什麼在驅動？是否可以預期它之後會更接近整體資產負債表的成長——往後年度？

As I briefly mentioned in our opening remarks, there is some amount of a base effect. Last year, the fee income growth in Q1 was, in fact, sequentially lower over the preceding quarter -- sorry -- the absolute fee income in Q1 was actually sequentially lower over the preceding quarter. There is some amount of base effect, as well.

如我在開場發言中簡要提到的，這裡有一些基期效應。去年第一季的手續費收入成長，其實相較前一季是連續下降的——抱歉——第一季的手續費收入絕對額，確實比前一季還低。因此也存在一些基期效應。

I think, other than that, it really reflects the underlying business momentum. We've seen growth pick up across all business segments -- Retail and corporate -- while business banking has sustained.

我認為除此之外，這確實反映了基本面的業務動能。我們看到各個業務分部——零售與企業——的成長都有所回升，而商業銀行業務則維持穩健。

We would continue to focus on the fee-income line item, as we go forward.

往後我們會持續聚焦在手續費收入這個科目上。

Right. The second question, on margins, you've managed it extremely well in this cycle. Now, with loan growth accelerating meaningfully for you, would you continue to maintain your guidance on range-bound margins, even going ahead?

了解。第二個問題關於利差，你們在這一輪週期中管理得非常好。現在隨著你們的放款成長明顯加速，未來你們仍會維持「利差在區間內波動」的指引嗎？

There are a lot of moving parts to it because it really depends, to some extent, on systemic liquidity and interest rates. Where, for example, in the month of May, we had seen a lot of hardening of Wholesale rates, that has come off substantially.

這裡有很多變動因素，因為在某種程度上它確實取決於系統性流動性與利率。例如在5月，我們看到批發資金利率明顯走硬，但之後已大幅回落。

Based on current conditions and assuming no real policy-rate movements, I would say it should be range-bound. But we'll also have to, as we go along, factor in the impact of the FCNR-deposit mobilization and the related leverage, where there could be some impact on margins.

以目前條件、並假設政策利率沒有實質變動來看，我會說利差應該會維持在區間內。但我們也必須在推進過程中，把FCNR存款動員及其相關槓桿的影響納入考量，這可能會對利差造成一些影響。

That is something that will happen over a period of time. In any case, the program, itself, has significant advantages. That's something we'll see. Other things being equal, I would still say range-bound.

那會在一段時間內逐步發生。無論如何，這個計畫本身有相當顯著的優勢。這點我們會再觀察。在其他條件不變下，我仍會說利差會維持在區間內。

That exactly was my third question. Could you talk a bit more about potential NIM and profitability profile for FCNR raised via self-leverage and versus via tie-ups with the foreign banks? Is it materially different in terms of the implications on margins and profitability?

那正好是我的第三個問題。能否再多談一些：透過自我槓桿募集的FCNR，與透過與外資銀行合作募集的FCNR，在潛在NIM與獲利結構上有何差異？就對利差與獲利的影響而言，差異是否很大？

I think we have just about started that whole process. We will have to wait and see. It will be a combination of unleveraged deposits, the deposits where we are providing leverage.

我想我們才剛開始整個流程。我們需要再觀察。它會是未加槓桿的存款，以及我們提供槓桿的存款的組合。

For that, there may be some fundraising requirement at our end, as well. There will be, of course, other banks providing leverage for deposits into us.

就後者而言，我們這邊也可能會有一些募資需求。當然，也會有其他銀行為流入我們的存款提供槓桿。

As I said, the best case we have now is that there could be some impact on the NIM, particularly because, as I mentioned in response to Mahrukh's question, the balance sheet of the international branches will expand materially, if we, indeed, are able to mobilize significant amounts.

如我所說，我們目前能看到的最佳情況是，NIM可能會受到一些影響，特別是因為——如我在回覆Mahrukh的問題時提到——如果我們確實能動員到相當可觀的金額，海外分行的資產負債表規模將會顯著擴張。

That will happen. We'll see it as it comes. But, of course, from an earnings perspective, it is quite positive.

那會發生。我們會邊走邊看。但當然，從盈餘角度來看，這是相當正面的。

All right. The fourth one is on recoveries. Was there any one-off recovery in this quarter from any accounts?

好的。第四個問題關於回收。本季是否有任何來自特定帳戶的一次性回收？

Also, I think that you would all be aware that, in one particular case, there was an NCLT judgment where the company was taken over. That recovery did come through this quarter.

另外，我想大家也都知道，在某一個個案中，NCLT作出判決，公司被接管。那筆回收確實在本季入帳。

This is an asset that had been previously sold to NARCL. That is there. And then, there are some other things in the regular course.

這是一項先前已出售給NARCL的資產。這部分是有的。此外，還有一些其他在日常流程中的事項。

From a credit-cost perspective, the reported of 32 basis points, as we always say, in the more normalized level, adjusting for chunky recoveries, would be around 50 bps. That is where it stays.

從信用成本角度來看，報告數字是32個基點；但如我們一貫所說，在較為常態化的水準下、扣除大額回收的影響後，大約會在50個基點左右。大致就維持在那個水準。

Got it. Thanks. The last question is on ECL. If you could just talk about the impact on transition from next year, both on one-time basis on net worth and, also, on the recurring credit cost, please.

了解。謝謝。最後一個問題是關於ECL。能否談談明年起轉換時的影響：一次性對淨值的影響，以及經常性的信用成本影響？

On the net worth, we will not really have any impact in our assessment, based on whatever pro forma estimates we've done.

就淨值而言，依我們的評估、基於我們做的各種備考估算，應該不會有實質影響。

Based on the existing position of the balance sheet of the portfolio -- is that, whatever impact is there will be well absorbed by our provisioning buffers. Of course, all this depends on what is the situation of the portfolio at that point in time.

以目前投資組合的資產負債表狀況來看——也就是說，任何可能的影響都能被我們的備抵提存緩衝充分吸收。當然，這一切仍取決於當時投資組合的狀況。

On an ongoing basis, the fact that we will be providing for [Stage ]2 will -- obviously, that is a provision that is currently not made by any bank. That will result in higher provisions, which will be partly offset by lower provisions on the Stage 3, where, currently, we follow this percentage-based approach. There, it will be much more on a predicted-loss approach.

在持續性影響方面，因為我們將會對[第 ]2階段計提——很明顯，這是目前任何銀行都尚未計提的備抵。這會導致提存增加；但部分會被第3階段較低的提存所抵銷，因為目前我們採用的是按比例的方式。屆時會更偏向以預測損失的方法來計提。

Any pro forma estimate that you may want to call out? Like, is it 5 bps, 10 bps or meaningfully higher?

有沒有任何你可以提出的備考估算？例如是5個基點、10個基點，或是明顯更高？

No. Very difficult to make that estimate because we then actually have to run it, based on the new ECL guidelines. I think we have some assessment of the transition impact.

沒有。很難做那樣的估算，因為我們實際上必須依照新的ECL指引去跑模型。我想我們對轉換時的一次性影響有一些評估。

The ongoing impact is something that will come. But it will be a uniform impact across the sector, adjusted for portfolio composition.

至於持續性的影響，之後會逐步顯現。但那會是全產業一致的影響，並會依投資組合構成而有所調整。

All right. Thanks, Anindya. Congrats on a very strong quarter.

好的。謝謝你，Anindya。恭喜本季表現非常強勁。

Thank you very much.

非常感謝。

[Chintan], Autonomous Research.

[Chintan]，Autonomous Research。

Hi. Thank you for taking my question. We have seen some very strong loan growth, particularly business banking. I'm just wondering, is this the right time to accelerate, given we are going through the energy shock and El Niño is upon us?

您好。感謝您回答我的問題。我們看到放款成長非常強勁，特別是在商業銀行業務方面。我想請教，在我們正經歷能源衝擊、且聖嬰現象即將到來的情況下，現在是加速的合適時點嗎？

We are coasting a little bit on the macro tailwinds from last year. But I'm just wondering how you think about the growth opportunity and the evolving environment over the next year or two.

我們多少是受惠於去年宏觀面的順風。但我想請教，您如何看待未來一到兩年成長機會以及環境的演變？

We are, of course, monitoring this portfolio very closely. We are factoring in some of these -- West Asia, et cetera -- into our customer selection and onboarding.

當然，我們正非常密切地監控這個投資組合。我們也把其中一些因素——西亞等——納入客戶篩選與開戶導入流程的考量。

But I think, fundamentally, we feel quite comfortable with the portfolio and with growing it. You would see the [NPL] performance is also pretty good and stable. We will keep adjusting it, as we go along.

但我認為，從根本上來說，我們對這個投資組合以及其成長相當有信心。您也會看到不良貸款（[NPL]）表現相當不錯且穩定。我們會在推進過程中持續調整。

But it is a granular portfolio -- reasonably secured portfolio. We are quite comfortable growing it. (multiple speakers) --

而且這是一個分散度高的投資組合——擔保程度也相對合理。我們對其成長相當有信心。(多位發言者) --

Are you leaning on these credit-guarantee funds? Are you leaning on these government schemes to help you grow better? Or there's no need?

你們有依賴這些信用保證基金嗎？你們有依賴這些政府方案來幫助你們更好地成長嗎？還是其實不需要？

No. When applications come under that, we are assessing and going ahead. It is a scheme that has been created for the benefit of the customer. We are quite open to it.

沒有。當申請案符合該方案時，我們會進行評估並繼續辦理。這是一個為了客戶利益而設立的方案。我們對此相當開放。

But we are also adding new customers and growing with existing customers, in line with their business.

但我們也會新增客戶，並依照既有客戶的業務發展，與他們一同成長。

Okay. What would the average loan be on a year-on-year basis? I'm just wondering if there's any lumpiness that will run off in this 19.6% number.

好的。以年對年來看，平均貸款會是多少？我想了解，在這個19.6%的數字裡，是否有任何一次性的大額因素之後會消退？

Average loan growth on a year-on-year basis?

年對年的平均貸款成長？

14%.

14%。

It will be somewhat lower. But, as I mentioned earlier, this higher loan growth this quarter is reflective of the increase in loan growth in the system. Both the banks and the systems is off the base of Q1 last year.

會稍微低一些。但如我先前提到，本季較高的放款成長反映了整體系統放款成長的提升。無論是銀行端或整體系統，都是以去年第一季的基期來看。

There could be some base effect. But I think incremental momentum continues to be pretty strong.

可能會有一些基期效應。但我認為新增動能仍然相當強勁。

Okay. And then, the final question is just on competitive dynamics. Have you seen any easing off of competitive dynamics from the PSU banks? Or does it remain intense as ever?

好的。最後一個問題是關於競爭態勢。您是否看到來自公營銀行（PSU banks）的競爭態勢有任何緩和？還是依然一如既往地激烈？

They've used up their LCR and LDR buffers substantially. Just wondering if there's been any change in recent months.

他們的LCR與LDR緩衝已經大幅用掉。想請教近幾個月是否有任何變化。

The way we like to look at it is, what is our existing market share and what is the franchise capable of delivering? Our belief is that our franchise should deliver more.

我們喜歡用這樣的方式來看：我們目前的市占是多少，以及我們的特許經營（franchise）有能力交付多少。我們相信我們的特許經營應該能交付更多。

There is always some set of competition that you have to deal with. But I think there is enough business for us to do within our frameworks. We keep calibrating based on the interest-rate environment and the competitive environment.

你總是需要面對某種程度的競爭。但我認為，在我們的框架內，有足夠的業務可做。我們會依據利率環境與競爭環境持續校準。

But I think we will keep looking at that, as we go along. That is not something that is holding us back, currently.

但我想我們會在推進過程中持續觀察。目前這並不是阻礙我們的因素。

No. I appreciate looking at yourself and not at others but the asset pricing gets impacted by those things, right? That's why I was asking that question.

了解。我理解你們更關注自身而不是他人，但資產定價確實會受到這些因素影響，對吧？所以我才會問這個問題。

We (multiple speakers) --

我們(多位發言者) --

Are you seeing asset pricing improve?

你們有看到資產定價改善嗎？

I think it's a large market. There is enough for us to do. We are -- for example, some of the rates that get quoted, we are not doing that business. But there is enough other business where we are comfortable with risk-adjusted returns on a customer basis, which we do.

我認為這是一個很大的市場。有足夠的業務讓我們去做。例如，有些被報出的利率，我們是不做那類業務的。但還有足夠多其他業務，我們在以客戶為基礎衡量風險調整後報酬時覺得合適，我們就會去做。

Okay. Thank you so much.

好的。非常感謝。

Abhishek Murarka, HSBC.

Abhishek Murarka，匯豐（HSBC）。

Yeah. Hi. Good evening, Congratulations for the strong quarter. I just wanted to go back to the fee-income question. You mentioned that it is largely disbursement-linked. Disbursements have gone up.

是的。您好。晚安，恭喜本季表現強勁。我想回到手續費收入的問題。您提到它主要與撥款相關。撥款已經上升。

But if I just look at the overall growth of 23%, assuming card fees is also a chunk of your fee and card balances are lower, is the rest of it just disbursement-linked or is there any other fee line item that is picked up significantly? That's my first question.

但如果我看整體23%的成長，假設卡片手續費也是你們手續費的一大部分，而卡片餘額較低，那其餘部分就只是與撥款相關嗎？還是有其他手續費項目顯著回升？這是我的第一個問題。

I did not say that it is disbursement-linked. I just said that overall business volumes and business growth has gone up. That will partly reflect in it, particularly the increase, for example, on the corporate side -- continued increase or continued growth on the business banking side and the pick-up in Retail.

我並沒有說它是與撥款連動。我只是說整體業務量與業務成長都上升了。這會部分反映在手續費上，特別是例如公司端——企業端持續增加，或商業銀行端持續成長，以及零售端的回升。

But our fee income has a range of components: cards, as you mentioned; the loan processing fees; transaction banking and trade; ForEx; and derivatives.

但我們的手續費收入包含多種組成：如您提到的卡片；貸款處理費；交易銀行與貿易；外匯（ForEx）；以及衍生性商品。

The deposit-linked fees, all those have seen a growth. At different times, there may be more opportunity in one segment than the other, which we have to keep making sure that we are there across the opportunity spectrum within our risk framework, which is what we do.

與存款連動的手續費等，這些都出現成長。在不同時間點，某一個分部的機會可能會比另一個更多；我們必須確保在風險框架內，能覆蓋整個機會光譜，這也是我們正在做的。

Also, as I said, there is some base effect last year because, last year, the Q1 was, indeed, not a good quarter, from a fee perspective.

另外，如我所說，去年也有一些基期效應，因為去年第一季從手續費角度來看確實不是一個好季度。

Right. In these (multiple speakers) --?

了解。在這些(多位發言者) --？

If you look at it sequentially (multiple speakers) --

如果你按季來看(多位發言者) --

Sorry.

抱歉。

-- the increase in the fee line June quarter over March quarter is about INR5 billion or so.

-- 6月季度相較3月季度，手續費項目的增加大約是50億印度盧比左右。

Yeah. Yeah. I'm just looking at -- because sequential seasonality will be there. But I'm just trying to wonder, in these five or six buckets that you have highlighted, which are the ones where you see significant opportunity or pick-up, right now?

是的。是的。我只是想看——因為按季會有季節性。但我想了解，在你們提到的這五、六個類別中，哪些是你們目前看到機會顯著或回升明顯的？

Are there any one or two buckets which are contributing a lot, right now, just because of the market? (multiple speakers) --

是否有一、兩個類別因為市場因素而在目前貢獻特別大？(多位發言者) --

I think opportunity is there across the board. As you said, maybe cards is one area where fee growth is less than what we would want it to be.

我認為各方面都有機會。如你所說，或許卡片是其中一個手續費成長低於我們期望的領域。

Although, at a PBT level, the business has done very well because of the reduction in credit costs. But there is opportunity across the board.

不過，在稅前利潤（PBT）層面，因為信用成本下降，該業務表現非常好。但整體而言，各方面都有機會。

Right. Okay. I wanted to check on cards and [PL]. We've been saying that, overall, we're comfortable with the environment. But growth has not picked up a whole lot, right?

對。好的。我想確認一下信用卡和[PL]。我們一直在說，整體而言，我們對目前的環境感到放心。但成長並沒有明顯回升，對吧？

I think, in cards, you were also trying to clean up the portfolio a bit, if I remember correctly. Can you give an update on how you see the growth in these two businesses, let's say, from a next 12-month, 15-month perspective?

我記得在信用卡方面，你們也在嘗試稍微清理一下投資組合。能否更新一下，從未來12個月、15個月的角度來看，你們如何看待這兩項業務的成長？

PL has picked up quite a bit, actually, 12% year on year and 4% sequential growth. I think it's after a long time that we are seeing those kinds of numbers.

[PL]其實回升不少，同比成長12%，環比成長4%。我想我們很久沒有看到這樣的數字了。

Cards, I think the revolver rates are lower so that is impacting the book growth. But we'll see how to optimize that, as we go along.

信用卡方面，我認為循環戶（revolver）比率較低，因此影響了資產組合的成長。但我們會在推進過程中看看如何最佳化。

PL, the growth is sustainable? This 4%; 3%, 4% quarter-over-quarter growth?

[PL]的成長是可持續的嗎？這種4%；3%、4%的季度環比成長？

I don't want to really give an outlook, per se. I think we had gone down to a declining portfolio from that.

我不想真正給出所謂的展望。我想我們之前從那裡開始，投資組合一度是下滑的。

Right.

對。

We are at 4% sequential growth. I don't see anything today that will reduce growth. But we'll take it, as it comes.

我們目前是環比成長4%。就今天而言，我看不出有任何因素會降低成長。但我們會視情況而定。

Got it. Just, finally, on ECLGS, how's the offtake? How much disbursements have you done? Can you just give some update on what offtake you're seeing on that product?

了解。最後，關於ECLGS，承作情況如何？你們已經做了多少放款？能否更新一下你們在這個產品上看到的承作量？

No. I think I answered that. We are getting some inquiries. We are doing some of that. It's part of the increase in the business banking book.

不。我想我已經回答過了。我們收到一些詢問。我們也有在做一些。這是商業銀行業務資產組合增加的一部分。

That is something that is being done for the benefit of the customer. Wherever it is appropriate, we are doing it.

這是為了客戶利益而做的事情。在適當的情況下，我們就會去做。

Okay. Okay. All right. All right. Thank you. All the best.

好的。好的。好。好。謝謝。祝一切順利。

MB Mahesh, Kotak Securities.

MB Mahesh，Kotak Securities。

Just a couple of questions. First is on this corporate loans -- this recovery in growth that we are seeing in your bank and, also, in some of the other banks as well.

我有兩個問題。第一個是關於企業貸款——我們看到你們銀行以及其他一些銀行的企業貸款成長正在回升。

If you could just give us some colors to how much of it is a demanded growth that one is seeing because of CapEx versus, probably, a credit substitution or a short-term working capital demand that has come through.

如果可以的話，請提供一些說明：其中有多少是因資本支出（CapEx）帶動的需求性成長；又有多少可能是信貸替代，或是短期營運資金需求所帶來的？

The corporates were always doing what they were doing. They are doing CapEx to the extent that they were doing CapEx. But I think, certainly, bond markets this quarter have not favored the corporate sector.

企業一直都在做他們原本在做的事情。他們在做資本支出（CapEx）的程度，也就是他們原本在做的程度。但我認為，本季度債券市場確實不利於企業部門。

If you see, we have a reasonable increase in our NBFC portfolio, as well. Part of it is a shift from bond markets. Part of it is, I would say, working capital utilization. Part of it may be corporates taking on some borrowings and just maintaining some liquidity buffers, as they also want to have greater resilience in the uncertainties of the environment.

如果你看，我們的NBFC投資組合也有相當幅度的增加。其中一部分是從債券市場轉移過來的。一部分我會說是營運資金動用。還有一部分可能是企業增加一些借款，並維持一定的流動性緩衝，因為在環境不確定性下，他們也希望具備更強的韌性。

To the extent that they are investing or were investing, that also continues. Maybe the source of financing has shifted a little.

在他們投資或原本就在投資的範圍內，這也仍在持續。也許融資來源稍微有些轉變。

But you don't see any meaningful increase in, let's say, loan proposals relating to fresh CapEx over what you've seen earlier? Would that be fair?

但你並沒有看到與以往相比、與新增資本支出（CapEx）相關的貸款提案有任何顯著增加，對嗎？這樣說公平嗎？

No. I am hesitant to make a comment, which can get extrapolated at a system level. We are dealing with our customer base and catering to their needs.

沒有。我不太願意做出可能被外推到整個系統層面的評論。我們是針對我們的客戶群，滿足他們的需求。

I think the customers are doing a range of things. They were doing and are doing CapEx and new investments, as well.

我認為客戶在做各種不同的事情。他們過去在做、現在也在做資本支出（CapEx）以及新的投資。

But, obviously, in addition to that, some shift in funding mix is also there. I think this quarter, in particular, we saw a healthy pipeline at reasonable rates. That is what has led to this growth.

但顯然，除此之外，融資組合也出現了一些轉變。我認為特別是本季度，我們看到在合理利率下有健康的案源管線。這就是帶來這次成長的原因。

Perfect. Second question: This is pertaining to the Retail side. I know you've done well on loan growth on that part of the market.

很好。第二個問題：這是關於零售端。我知道你們在那一塊市場的貸款成長表現不錯。

Just, if you can just comment on this entire IT corridor, both on the asset side, as well as on the liability side, how is the demand for Retail assets? Have you seen any change on the liability side? Thank you.

想請你評論一下整個IT走廊（IT corridor），不論在資產端或負債端：零售資產的需求如何？在負債端你們有看到任何變化嗎？謝謝。

No. We have not seen any change, actually. I think in terms of inflows into the savings, et cetera, they are quite stable. We've not seen any change.

沒有。其實我們沒有看到任何變化。我認為就儲蓄等資金流入而言，仍相當穩定。我們沒有看到任何變化。

As you can see, the performance of the Retail portfolio has only improved. In fact, additions have come off. In particular, if you look at it on a year-on-year basis, unsecured additions have come off. I think things are quite stable from that perspective.

如你所見，零售投資組合的表現只是在改善。事實上，新增（不良）也已下降。特別是如果你以同比來看，無擔保新增已經下降。我認為從這個角度看，一切都相當穩定。

Okay. (inaudible) -- thank you.

好的。（聽不清）——謝謝。

Thank you. Ladies and gentlemen, we'll take that as the last question for today.

謝謝。各位女士、先生，我們就把這個作為今天的最後一個問題。

I would now like to hand the conference back to management for closing comments. Over to you, sir.

我現在想把會議交回管理層作結語。交給您了，先生。

Thank you very much for making time for the call. We'll take any other questions that you have, as we interact, going forward. Thank you.

非常感謝各位撥冗參加這通電話會議。後續在互動過程中，如有其他問題，我們也會再回覆。謝謝。

Thank you. On behalf of ICICI Bank, that concludes this conference.

謝謝。我謹代表ICICI Bank，本次電話會議到此結束。

Thank you, all, for joining us. You may now disconnect your lines.

謝謝各位參與。你們現在可以掛斷電話線。