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    Rahul Jain • Goldman Sachs

    Rahul Jain's questions to HDFC Bank Ltd (HDB) leadership

    Rahul Jain's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Rahul Jain of Goldman Sachs asked for color on loan disbursal growth versus overall loan book growth, the reason for subdued fee income in the quarter, and the expected path for the cost-to-income ratio.

    Answer

    CFO Srinivasan Vaidyanathan explained that mortgage disbursals were intentionally slowed due to intense price competition, while non-mortgage disbursals remained strong. He attributed the weak fee income to a temporary, industry-wide slowdown in third-party distribution, which is expected to recover. He affirmed that while cost-to-income improvement is a goal, the bank will continue to invest for growth.

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    Rahul Jain's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Rahul Jain of Goldman Sachs requested qualitative color on loan growth, particularly the pace of new loan disbursals versus the overall book growth. He also asked about the reasons for subdued fee income during the quarter and the outlook for the cost-to-income ratio.

    Answer

    Chief Financial Officer Srinivasan Vaidyanathan clarified that mortgage disbursals were consciously slowed due to competitor pricing, but non-mortgage disbursals were strong. He attributed weak fee income to a temporary, industry-wide slowdown in third-party distribution, which he expects to recover. While improving the cost-to-income ratio is an annual goal, he noted the bank will not hesitate to make quarterly investments in marketing and other growth initiatives.

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    Rahul Jain's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Rahul Jain asked about the bank's margin trajectory amid intense competition for deposits, its disciplined pricing strategy, and the potential impact on profitability in the coming quarters.

    Answer

    CFO Srinivasan Vaidyanathan affirmed that HDFC Bank remains disciplined on deposit pricing and does not engage in rate wars, noting its weighted average term deposit cost is lower than peers. He explained that future margin improvement will be driven by a cyclical recovery in the CASA ratio, which is currently suppressed by merger effects and market dynamics, as well as by acquiring new customers with healthy savings balances.

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    Rahul Jain's questions to HDFC Bank Ltd (HDB) leadership • Q1 2025

    Question

    Rahul Jain asked about the margin trajectory, questioning if HDFC Bank would need to raise deposit rates to compete for market share and how that would impact profitability.

    Answer

    CFO Srinivasan Vaidyanathan responded that HDFC Bank remains disciplined on deposit pricing and does not compete on rates, as evidenced by its lower weighted average term deposit cost versus peers. He stated that the path to margin improvement relies on improving the CASA ratio as the interest rate cycle turns and leveraging its customer engagement model, rather than engaging in price wars.

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    Rahul Jain's questions to HDFCBANK leadership

    Rahul Jain's questions to HDFCBANK leadership • Q2 2025

    Question

    Rahul Jain asked about the trajectory of the Liquidity Coverage Ratio (LCR), the bank's current thinking on branch expansion, and the latest outlook on credit quality, particularly in the unsecured segment where the bank had previously been cautious.

    Answer

    CFO Srinivasan Vaidyanathan explained the higher LCR (128%) is an outcome of strong deposit growth and calibrated loan growth, not a specific target. CEO Sashidhar Jagdishan added the elevated LCR provides a cushion against macro uncertainty and potential regulatory changes, and it will normalize over time. On branches, Vaidyanathan confirmed expansion continues to improve reach, with 350 added year-to-date, but without a fixed numerical target. Jagdishan stated that credit quality is very comfortable with no red flags, and the bank is well-positioned to capture future growth.

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    Rahul Jain's questions to ICICI Bank Ltd (IBN) leadership

    Rahul Jain's questions to ICICI Bank Ltd (IBN) leadership • Q4 2024

    Question

    Rahul Jain from Goldman Sachs inquired about the remaining scope for operating expense rationalization. He also asked if the current level of retail slippages represents a new normal and if there were any regulatory updates concerning 'top-up' loans.

    Answer

    Anindya Banerjee, Executive Director, indicated that OpEx growth would remain moderate, driven by productivity gains, a stable-to-moderately-increasing headcount, and moderating tech spending growth. On asset quality, he suggested that credit costs, currently low, might normalize slightly upwards but not dramatically. He confirmed there was no new information from the regulator regarding top-up loans.

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