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    Chintan Joshi • Autonomous Research

    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership

    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Chintan Joshi of Autonomous Research asked for details on long-term debt maturities from the 20-F filing, the strategy for managing Priority Sector Lending (PSL) requirements, and whether Q2 would represent the trough for NIMs.

    Answer

    Management clarified that 20-F figures are consolidated and not directly comparable to standalone bank data. Regarding PSL, they are actively managing the portfolio but acknowledged challenges in sourcing the small/marginal farmer and micro-enterprise segments. CEO Sashidhar Jagdishan suggested NIMs could trough in the coming months, assuming no further rate cuts, due to the lag in liability repricing.

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    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Chintan Joshi of Autonomous Research asked for details on long-term debt maturities mentioned in the 20-F filing, the bank's Priority Sector Lending (PSL) achievement status, and whether the second quarter would represent the trough for Net Interest Margins (NIMs).

    Answer

    Management clarified that the 20-F filing is a consolidated report and not comparable to standalone bank figures. On PSL, Chief Financial Officer Srinivasan Vaidyanathan noted comfort at the aggregate level but acknowledged challenges in the small farmer and micro segments. MD & CEO Sashidhar Jagdishan suggested that Q2 could be the NIM trough assuming no further rate cuts, but stressed that the full benefit on the liability side would lag due to the fixed nature and duration of deposits.

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    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q4 2025

    Question

    Chintan Joshi asked about the drivers behind the recent Net Interest Margin (NIM) expansion and the outlook for NIMs over the next year, considering potential rate cuts and funding synergies. He also inquired about how the bank utilizes short-term corporate deposits, which lack LCR benefits, especially during periods of geopolitical uncertainty.

    Answer

    Srinivasan Vaidyanathan, CFO, explained that NIMs have remained stable in a narrow 3.4-3.5% band, with a reduced borrowing mix offsetting the customer shift to time deposits. He stated the bank is selective with less valuable corporate deposits, participating mainly to preserve large client relationships and wallet share. Vaidyanathan emphasized managing margins for stability over a full year rather than quarter-to-quarter and declined to provide a specific forward-looking NIM outlook.

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    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q4 2025

    Question

    Chintan Joshi asked about the drivers behind the recent Net Interest Margin (NIM) expansion, the outlook for NIMs amid potential rate cuts, and the bank's strategy for utilizing the significant increase in short-term corporate deposits.

    Answer

    Srinivasan Vaidyanathan, an executive at the bank, explained that NIMs have remained stable in a narrow 3.4-3.5% band. This stability was achieved by balancing a reduced borrowing mix against a customer shift to time deposits. He emphasized that the bank has been selective with non-retail deposits, avoiding those with unacceptably high pricing. Regarding corporate deposits, he noted that while they have lower lendable value, the bank participates selectively to maintain key client relationships and wallet share, especially as the country's largest working capital bank.

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    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Chintan Joshi questioned HDFC Bank's expectations for deposit market share in a competitive environment and asked for details on the priority sector lending (PSL) shortfall and any NII impact from investment reclassification.

    Answer

    CFO Srinivasan Vaidyanathan detailed that the bank's deposit market share grew from approximately 8% in March 2020 to over 11% in 2024, with significant opportunity remaining as its newer branches mature. He also clarified that the Small and Marginal Farmers (SMF) category shortfall was nearly closed as of June and the NII impact from investment reclassification was minimal at around INR 480 crores post-tax.

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    Chintan Joshi's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Chintan Joshi questioned HDFC Bank's deposit market share ambitions in a competitive environment, asking if it would hold itself to historical market share gains. He also requested clarification on the NII impact from investment reclassifications and the current shortfall in the SMF category ex-PSLCs.

    Answer

    CFO Srinivasan Vaidyanathan detailed the bank's market share gains over the past few years, expressing confidence in future growth driven by the maturation of its branch network. He clarified the SMF category shortfall is being actively managed and the NII impact from investment reclassification was minimal, with about INR 480 crores post-tax moved to general reserves. Executive Director Sashidhar Jagdishan also disputed the analyst's calculation of a 12% incremental market share.

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    Chintan Joshi's questions to HDFCBANK leadership

    Chintan Joshi's questions to HDFCBANK leadership • Q2 2025

    Question

    Chintan Joshi asked how the bank would optimize its balance sheet, given that excess deposits are being parked in liquidity due to calibrated loan growth and limited borrowing prepayment options. He also inquired about potential asset quality issues in the Commercial and Rural Banking (CRB) and MSME segments.

    Answer

    CFO Srinivasan Vaidyanathan clarified that the bank does not calibrate deposit gathering; it aims to get as much as possible. The resulting high liquidity is seen as a positive outcome that positions the bank for future growth opportunities, not a problem to be optimized away in the short term. He reiterated that loan growth is calibrated only on large-ticket loans due to stubborn pricing. Regarding asset quality, Vaidyanathan stated that the bank has not seen any credit trends in its CRB or MSME book that would inhibit growth or require a different operational approach.

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    Chintan Joshi's questions to ICICI Bank Ltd (IBN) leadership

    Chintan Joshi's questions to ICICI Bank Ltd (IBN) leadership • Q4 2024

    Question

    Chintan Joshi of Autonomous Research asked if improved lending yields were benefiting from competitors' actions and if this could be sustained. He also sought confirmation of no one-offs in OpEx and RWAs, and inquired about the recent credit card data breach and potential regulatory scrutiny.

    Answer

    Executive Director Anindya Banerjee acknowledged some moderation in competitive intensity on lending but noted it's a dynamic environment. He confirmed no one-offs in OpEx and clarified that a drop in RWA shown in the presentation was a typo. Regarding the data breach, he explained that 17,000 cards were incorrectly mapped and immediate corrective action was taken, emphasizing the bank's focus on operational resilience.

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