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    Manish Shukla • Axis Capital

    Manish Shukla's questions to HDFCBANK leadership

    Manish Shukla's questions to HDFCBANK leadership • Q2 2025

    Question

    Manish Shukla sought to reconfirm the floating rate proportion of the loan book, specifically asking for the purely repo-linked portion. He also asked if the bank is still carrying interest rate hedges on liabilities inherited from HDFC Limited.

    Answer

    CFO Srinivasan Vaidyanathan did not provide a specific number for purely repo-linked loans but confirmed the overall external benchmark-linked book is around 69-70%, which includes loans linked to repo, T-bills, and some MCLR. He confirmed that the bank does still carry the liability-side hedges from HDFC Ltd., as they are attached to borrowings that have not yet matured or been prepaid. He noted that details on these derivatives are published annually in the annual report.

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    Manish Shukla's questions to ICICI Bank Ltd (IBN) leadership

    Manish Shukla's questions to ICICI Bank Ltd (IBN) leadership • Q1 2025

    Question

    Manish Shukla of Axis Capital questioned why the yield on advances was flat year-over-year despite a richer product mix and asked for an outlook on full-year operating expense (OpEx) growth.

    Answer

    Executive Anindya Banerjee explained that yields have been stable due to intense competition in mortgages and corporate loans, with no significant market-wide price increases. He also noted that the bank's focus on high-quality SME and business banking customers does not necessarily translate to high yields. Regarding OpEx, he pointed to the moderating growth trend of around 10% in Q1 as a fair indicator for the near term, without giving specific full-year guidance.

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    Manish Shukla's questions to HDFC Bank Ltd (HDB) leadership

    Manish Shukla's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Manish Shukla inquired about the reasons for the sharply lower growth in unsecured personal loans compared to peers and requested the current share of repo-linked loans in the portfolio.

    Answer

    Executive Director Sashidhar Jagdishan stated that the slowdown in unsecured personal loans was a conscious and conservative decision based on the bank's internal early warning systems, which aligns with the regulator's cautious stance. CFO Srinivasan Vaidyanathan provided a breakdown, noting that about 40% of the non-mortgage book is linked to external benchmarks (EBLR).

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    Manish Shukla's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Manish Shukla inquired about the thought process behind the sharply lower growth in unsecured personal loans compared to peers and asked for the current share of the repo-linked loan book.

    Answer

    Executive Director Sashidhar Jagdishan confirmed that the slowdown in unsecured loans was a conscious and conservative decision based on the bank's internal early warning systems, which aligned with the regulator's concerns. CFO Srinivasan Vaidyanathan stated that about 40% of non-mortgage loans and 70% of mortgage loans are linked to an external benchmark like the repo rate.

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