Questions across 13 calls

Rikin Shah

IIFL Capital

HDFC Bank Limited

HDFC Bank Limited CC-Apr26.pdf · 2026-04-18

So, I had three questions. The first one is on the yield on investments. So this number is down about 60 basis points in the last two quarters and the overall yields have gone up. So why is the interest income on investment yields going down? So that's one. Second, if you could just highlight what's the cost of deposit? And what is the residual repricing, if any, remaining from the current levels? And thirdly, it's on the treasury gains. So similarly, there Classification - Internal seems to be no impact on the treasury gains or FX despite the yield movements and the RBI move. So how should we think about it as we move into the next year on these particular two points? Thank you.

Srini, If I can, even though the geopolitics, the 10-year G-Sec were decisively moving up, right, in the last 6 months specifically, but the book yields have kept going down. So just wondering what's the missing part here?

HDFC Bank Limited CC-Oct25.pdf · 2025-10-18

Good evening and thank you for the opportunity. Two questions. First one is on cost of fund improvement in this quarter for us has been marginally lower than peers. Is that only due to the longer duration of liabilities, which means that it is just a timing problem and a lot of that could be back - ended for us vis-à-vis front-ended for the peers? Or is it due to higher TD mobilization for HDFC in the recent last one year and hence, this difference could potentially persist in the near-term?

Yes. So, I was asking on the cost of fund trajectory in this quarter for us relative to the peers. It has been marginally lower improvement. So, I wanted to understand whether it is solely due to the longer duration of liabilities, as Sashi alluded to in the earlier point, which means that it would be a bit more back-ended for us? Or is it due to the fact that we have mobilized higher quantum of te rm deposits in the last one year, and hence, this difference may persist? So, that is the first question. The second one, just Srini, if you could quantify the additional provisions that we made in the quarter through the P&L against that one-time recovery upgrade that you mentioned. That’s it.

HDFC Bank Limited CC-Jun25.pdf · 2025-07-19

Just had a couple of questions. The first one, notice that the CRB loan classification has been regrouped. So how are the portfolios now allocated to different business heads? Has there been any rejig there as well? That's the first question. The second one is on the asset quality. Just wanted to clarify what is the NPA recognition policy for any one-time settlements offered to the standard customers. And thirdly, on the credit cost, while it's still very, very benign, it has moved up from 29 to 41 basis points on net credit cost basis. Where do you expect this to settle in the interim?

Sure. But has the business allocation to different heads also been rejigged along with this? If you could highlight that. Classification - Public

Kotak Mahindra Bank Limited

Kotak Mahindra Bank Limited CC-Jan26.pdf · 2026-01-24

Hi. Good evening, everyone. I had four questions. So, the first one is on CA and you alluded to some benefit from capital market, but even the average CA balances even on sequential basis for last two quarters have been improving. So, how much of this would you really be attributing to the capital market? And how should we think of stickiness of this deposits? So, that's the first one. Page | 21

Got it. The second one is on the SA deposits. So, some of your peers have seen rundowns in the institutional SA deposits. So, what is the quantum of such deposits for Kotak? How is it behaving for you and the outlook on the same, please?

Kotak Mahindra Bank Limited CC-Oct25.pdf · 2025-10-25

Thank you for the opportunity. The question is on credit cards. It has been like 6 months since the embargo was lifted, but the card book is down around 7%. What I wanted to check was, is it driven by any regulatory corrections required in any part of the card portfolio still? And what would be the share of commercial credit cards in the overall credit card business for us? That is the f irst one? And second, just quantitatively, Devang, is the retiral benefit of around Rs. 100 -Rs. 200 crore or is it substantially higher in this quarter?

Absolutely. Thank you so much.

IndusInd Bank Limited

IndusInd Bank Limited CC-Dec25.pdf · 2026-01-23

Hi, good evening, everyone. I had three questions. So the first one is going back to the net NPA point. So just some back of the envelope calculations suggest that if we have to bring down our net NPA to 0.5 %-0.6%, and given the net slippages that we have, it looks like for next 3 quarters, whatever PPOP we make will largely be used to just provide and bring down that net NPA. So is it a fair assessment to say that for next few more quarters, the operating profitability will just be used to kind of bring down the net NPA? Or how wo uld you think about it? Otherwise, it looks tough to achieve 0.5%-0.6% net NPA. So that is number one. Second, Rajiv, it is on your earlier point on the PACE strategy, while you briefly alluded to what are the segments that you want to focus on, etc., but any broad level detailed strategy or the financial targets you would want to put it down as yet, or maybe that will happen at some point later. So that is the second one. And the third one is on the capital, right? So I know that you mentioned in the past the capital levels are sufficient. But first, if you could quantify what is the potential impact from the ECL whenever the transition happens from 1st April on the net worth, on pro forma basis, and the fact that while the ROEs are depressed, and once you start growing again, you will be capital. So what looks like as sufficient, I am not pretty sure whethe r we have enough growth capital? So what would be your thoughts on capital raise? And if and when that happens? So those are my three questions. Thanks.

Sir, on the Net NPA point, in your own assessment, when do you really think that we should be able to reach our target range? Is it like FY '27? Or you would want to do it a lot more gradually or maybe over until even FY '28 as well?

IndusInd Bank Limited CC-Jun25.pdf ·

I have quite a few questions, but I'll try to restrict it to 3-4 and will come back. But firstly, in the opening remarks, there was a statement that there was interest on IT refund and interest recovery in one account. Would you be able to quantify the same and ex of both these factors, what would be the core NIM in this quarter? That's the first one.

Got it. Secondly, it's on cost of fund. 12% of the CDs were run down. So, is it fair to say that a large proportion of the CDs that we raised in March are still being carried by the Bank? And if you could also help us with the cost of savings deposit currently, just trying to understand how the cost of fund trajectory evolves from the current quarter?

RBL Bank Limited

RBL Bank Limited CC-Jan26.pdf · 2026-01-17

I have 4 questions. First one was, I just noticed that the balance with other banks on the balance sheet has jumped to INR12,000 crores, sharp increase both Q-o-Q, Y-o-Y. Partly, it's a function of, I guess, reduction in the CRR, but instead of deploying it elsewh ere, it has again gone to other banks. So just wanted to get a sense, will this buildup continue? Or do you intend to deploy that in either GSEC or loans in the coming quarters? That's number one. The second one is on your provision coverage. It has now come down to 71%. So perhaps it means that the additional SMA loan provisions on MFI book are no longer being carried and it has normalized. So how do you expect PCR to kind of settle in the next 1 y ear? Is this a level where it will continue? Or would you want to further increase it? So that's number two. Third one is on asset quality. So the slippages in credit card are elevated and Kumar sir, you mentioned it may remain elevated for the next couple of quarters. I was just curious to understand why has it not normalized yet? What is it keeping at elevated levels and probably longer than what we initially thought? And lastly, pertaining to the fund infusion. So any initial thoughts how you would be looking to deploy once the capital potentially comes in 1Q FY '27? So those are my 4 questions.

Got it. And just one clarification on the PCR comment. Kumar sir mentioned 75% to 78% being the comfort level, and you did mention 65% plus. So how should we kind of build this going ahead....

RBL Bank Limited CC-Dec25.pdf · 2026-01-17

I have 4 questions. First one was, I just noticed that the balance with other banks on the balance sheet has jumped to INR12,000 crores, sharp increase both Q-o-Q, Y-o-Y. Partly, it's a function of, I guess, reduction in the CRR, but instead of deploying it elsewh ere, it has again gone to other banks. So just wanted to get a sense, will this buildup continue? Or do you intend to deploy that in either GSEC or loans in the coming quarters? That's number one. The second one is on your provision coverage. It has now come down to 71%. So perhaps it means that the additional SMA loan provisions on MFI book are no longer being carried and it has normalized. So how do you expect PCR to kind of settle in the next 1 y ear? Is this a level where it will continue? Or would you want to further increase it? So that's number two. Third one is on asset quality. So the slippages in credit card are elevated and Kumar sir, you mentioned it may remain elevated for the next couple of quarters. I was just curious to understand why has it not normalized yet? What is it keeping at elevated levels and probably longer than what we initially thought? And lastly, pertaining to the fund infusion. So any initial thoughts how you would be looking to deploy once the capital potentially comes in 1Q FY '27? So those are my 4 questions.

Got it. And just one clarification on the PCR comment. Kumar sir mentioned 75% to 78% being the comfort level, and you did mention 65% plus. So how should we kind of build this going ahead....

RBL Bank Limited CC-Jun25.pdf · 2025-07-19

Thank you for the opportunity. I had a few questions, but just before that, thanks for providing this product-level granular data. Just wanted to confirm if this disclosure would be consistent in the quarters to come as well. And then I had a few questions.

No, no. Perfect. I was just hoping that this kind of granular data and disclosure gives a lot of confidence. So, just wanted to make sure that we get to see it every quarter and compare the trends. So, thanks for that. So, the questions are as follows. The first one, we did indicate that loan yields may go down slightly in 2Q. But I just wanted to understand where do these yields settle in the medium term? Because if I look at the product level yields in the new businesses, the disbursal yields are higher than the portfolio yields in most of the segments. Of course, I appreciate the fact that the unsecured is slowing down. But where do you expect the asset yields to settle in the middle term? I think today we are at around 12.5%. Where do you see that probably, let's say, 1 year out? That's the first one. The second question is on opex. We did allude that the opex was higher due to credit card collection because we have in-house some of these efforts. But given that we have just done this in the last couple of quarters, are we going to start rationalizing it so soon again? And when you say that there are a few initiatives planned, if you could elaborate, that would be very helpful. So, that's my second question. And the third one is on the asset quality finally. So, I appreciate that there is some amount of conservatism by creating a buffer provision on JLG. But the fact that almost 75% of SMA is provided for and 45% is now guaranteed by CGFMU, do we expect to keep doing this every quarter when this is anyways going to be a little less focused business? So, those are my three questions. And the last one is a data-keeping one. I just wanted to get the latest repo, other EBLR, MCLR, and fixed rate split for the book. Thank you.

The Federal Bank Limited

The Federal Bank Limited CC-Dec25.pdf · 2026-01-16

Good evening, sir. Thanks for the opportunity. I had four quick questions. So, the first one is on the growth. So, on the growth, you are clearly restructuring the mix towards mid -yielding segment, which partly is reflecting in your margin performance as well. So, when does this restructuring largely gets done? You reach your target mix and we can expect the bank to grow in line or maybe faster than the system. So, that is number one. Second, if I look at the reported margins, they are up 12 basis points sequentially, but the lending spreads are broadly flat. So, if you could just provide some walkthrough of where this reported NIM improvement is coming from. Third is on CASA. So, this is again second quarter of good CASA traction. Last quarter, we saw SA momentum was good. It sustained this time. And this quarter, even CA has picked up. So, just wanted to check on CA specifically, any period and chunky balances that may get potentially reversed or, this is real organic improvement in CA as well that we saw in the quarter. And fourth and the last one, just wanted to get a sense on when do we expect the first tranche of fund infusion from Blackstone coming in? Would it be in 4QFY’26 or maybe 1QFY’27? Thank you.

Fair enough. So, you are saying that momentum should broadly sustain going ahead as well?

The Federal Bank Limited CC-Sep25.pdf · 2025-10-18

Sir, the first one is on margins. It seems like across the sector, the deposit repricing has been better than banks own expectations. Even you had i ndicated potential mid -single-digit NIM contraction last quarter in this one. So, what has changed in your own assessment? What has surprised positively on deposit repricing? That's number one. And I have a couple of other questions as well. I'll ask them a bit after that.

Got it, sir. And that nicely rolls into my second question. Clearly, the average CASA balances have picked up in the recent quarters. And you had laid out in your str ategy a few quarters ago what you aspire to do in the medium term. And in your opening remarks, you did mention that NRI and remittance market share has improved. Any other levers beyond that, that have started working in terms of government balances, etcetera, that has already started to yield results, if you could elaborate on that?

ICICI Bank Limited

ICICI Bank Limited CC-Jan26.pdf ·

I had three questions. So, the first one is on, I just wanted to understand, was there any additional PSL cost due to the declassification of this agri-loans as non- PSL? Was there any cost in the P&L this quarter or any potential cost in operating expenses in the quarters to come? So, that's first. The second one is on the growth. So, just wanted to get a sense, are you seeing any momentum of growth improving, i.e., even on month-on-month basis during Q3? And would you expect now the growth to improve from the current levels, within the constraints of your quality and risk framework? And the third one, specifically on the credit card. So, what is weighing on the overall credit card book growth? Is it merely a decline in the share of transactor loans following the festive pick -up in Q2, or there is more to read into it? Those are my questions.

So, just a clarification on the first one. While you are not calling out any additional operating expenses-related costs due to this regulatory observation, there would be this Rs. 200 billion-250 billion of the loans which are now declassified as PSL. So, to meet that shortfall, would you be requiring to do more of RIDF bonds or PSLC? Or do you think that the organic PSL generation itself will take care of the shortfall and hence no additional cost impact?