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    Parameswaran Subramanian • Investec

    Parameswaran Subramanian's questions to ICICI Bank Ltd (IBN) leadership

    Parameswaran Subramanian's questions to ICICI Bank Ltd (IBN) leadership • Q4 2025

    Question

    Parameswaran Subramanian of Investec Capital Services asked for the drivers behind the significant quarterly increase in the bank's net worth, which exceeded the profit after tax. He also inquired about the future outlook for the bank's CASA (Current Account Savings Account) ratio.

    Answer

    Executive Anindya Banerjee clarified that the primary driver for the net worth increase was the issuance of shares related to the ICICI Securities merger, which is capital-neutral but boosts the net worth figure. On CASA, he stressed focusing on the total quantum and cost of funding rather than a specific ratio outlook, but logically concurred that CASA pressures should ease with monetary easing and improved liquidity.

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    Parameswaran Subramanian's questions to ICICI Bank Ltd (IBN) leadership • Q1 2025

    Question

    Parameswaran Subramanian from Nomura requested an explanation for the quarter-on-quarter increase in net worth, which significantly exceeded the reported profit for the period.

    Answer

    Executive Anindya Banerjee clarified that the primary driver was the adoption of revised investment guidelines, which resulted in the recognition of an AFS (Available for Sale) reserve and retained earnings of approximately INR 32 billion, net of tax. He added that market movements and employee stock option exercises also contributed to the increase.

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    Parameswaran Subramanian's questions to HDFC Bank Ltd (HDB) leadership

    Parameswaran Subramanian's questions to HDFC Bank Ltd (HDB) leadership • Q4 2025

    Question

    Parameswaran Subramanian asked for data on the maturity profile of term deposits and the amount of borrowings maturing in the next year. He also followed up on the PSL shortfall percentage and the portion of borrowings that are floating-rate hedged.

    Answer

    Executive Bhavin Lakhpatwala noted that detailed deposit maturity data would be in the annual report. CFO Srinivasan Vaidyanathan added that about 0.5 trillion of legacy borrowings will mature, with opportunities for cost-effective replacement. He confirmed the PSL sub-segment shortfall remains around 1%. Bhavin Lakhpatwala also stated that about 60-65% of borrowings are hedged.

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    Parameswaran Subramanian's questions to HDFC Bank Ltd (HDB) leadership • Q4 2025

    Question

    Parameswaran Subramanian of Investec requested data on the maturity profile of the bank's term deposits and borrowings over the next year. He also asked about the percentage of borrowings that are floating-rate hedged and for an update on the priority sector lending (PSL) shortfall.

    Answer

    Executive Bhavin Lakhpatwala stated that detailed term deposit maturity data would be available in the annual report. Executive Srinivasan Vaidyanathan added that about ₹0.5 trillion in legacy bonds are set to mature, which could be replaced with cost-effective infrastructure borrowings. He noted the borrowing mix will trend down from 14% towards pre-merger levels long-term. Lakhpatwala confirmed that 60-65% of borrowings are hedged. Vaidyanathan also confirmed the PSL sub-segment shortfall remains around 1%.

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