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Sameer Bhise

Research Analyst at JM Financial

Sameer Bhise is Managing Director and Lead BFSI (Banking, Financial Services, and Insurance) Analyst at JM Financial Institutional Securities Ltd, specializing in research coverage of leading Indian banking and financial companies such as HDFC Bank and ICICI Bank. With a research-driven approach, he has consistently delivered market insights on sector trends, risk management, and valuation, and his analysis is regularly featured on CNBC-TV18 and NDTV Profit. Bhise began his career at Macquarie Capital Securities (India) and later served as Associate Vice President at DAM Capital Advisors before joining JM Financial in 2017, progressing from Analyst-Equity to his current senior role. He holds an undergraduate degree from the University of Pune, an MBA from Jamnalal Bajaj Institute of Management Studies, and is recognized for his sector expertise, though publicly available performance metrics and FINRA or SEBI license details are not disclosed.

Sameer Bhise's questions to HDFC BANK (HDB) leadership

Question · Q1 2025

Sameer Bhise asked about the potential for repricing HDFC Limited's borrowings (floating vs. fixed) and inquired about the sequential jump in staff costs.

Answer

CFO Srinivasan Vaidyanathan explained that the inherited borrowings are a mix of fixed and floating rates, with hedges on much of the fixed portion, and are reviewed monthly by the ALCO for optimization. He clarified that the change in staff costs was due to normal factors like full-quarter impacts of prior hires and compensation adjustments, not a significant underlying increase.

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Question · Q1 2025

Sameer Bhise asked if there was a case for repricing HDFC Limited's borrowings between floating and fixed rates. He also questioned the sequential jump in staff costs, despite a one-off in the previous quarter.

Answer

CFO Srinivasan Vaidyanathan stated that the legacy borrowings are a mix of fixed and floating, with hedges on much of the fixed-rate debt, and are reviewed monthly by the ALCO for optimization. Regarding staff costs, he clarified there was no significant underlying increase, attributing the change to routine factors like the full-quarter impact of prior-quarter hires. Executive Director Sashidhar Jagdishan added that the bank tightly manages asset-liability duration gaps to ensure margin stability.

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