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    Pranav Dheeraj Gundlapalle

    Research Analyst at Bernstein

    Pranav Dheeraj Gundlapalle is the India Head for Financials and Equity Analyst at Bernstein, specializing in covering major private sector and public sector banks. He has delivered sector research focused on top institutions including HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, and Kotak Mahindra Bank, with notable analysis influencing perspectives on loan growth, return on equities, and valuation cycles. Gundlapalle’s career has centered around financials, and he has earned recognition for his nuanced understanding of the Indian banking landscape and overall market trends, though specific performance rankings or returns are not presently disclosed. He holds a senior leadership position at Bernstein, with a strong reputation for incisive sector coverage and strategic investment calls.

    Pranav Dheeraj Gundlapalle's questions to HDFC BANK (HDB) leadership

    Pranav Dheeraj Gundlapalle's questions to HDFC BANK (HDB) leadership • Q1 2026

    Question

    Pranav Dheeraj Gundlapalle of Bernstein asked about the reasons for the recent stagnation in CASA deposit market share and questioned the potential for future customer overlap or conflict between HDFC Bank and its subsidiary, HDB Financial Services.

    Answer

    CEO Sashidhar Jagdishan explained that the post-merger focus was on lowering the CD ratio by prioritizing overall deposit growth, which temporarily de-emphasized CASA. He assured that the focus is now shifting back to customer engagement and upselling to improve the CASA ratio. He also affirmed that HDB Financial Services caters to a distinct customer segment, resulting in minimal overlap with the bank.

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