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    Saurabh Kumar

    Research Analyst at JPMorgan Chase & Co.

    Saurabh Kumar is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., specializing in Indian mid- and small-cap equities with a focus on sectors such as chemicals, consumer services, and diversified industrials. He covers prominent companies including Deepak Nitrite, Tata Chemicals, PI Industries, and Navin Fluorine, delivering actionable investment insights with a proven success rate and strong risk-adjusted returns as recognized by TipRanks. Kumar began his career in finance after earning his MBA from the Indian Institute of Management (IIM) and previously worked at CRISIL as a research associate before joining JPMorgan in 2012. He is a registered representative with SEBI and holds professional certifications in securities analysis, with notable recognition for his detailed coverage and sector expertise in the Indian market.

    Saurabh Kumar's questions to HDFCBANK leadership

    Saurabh Kumar's questions to HDFCBANK leadership • Q2 2025

    Question

    Saurabh Kumar pointed out that the Risk-Weighted Assets (RWA) to total assets ratio declined quarter-on-quarter despite slower growth in corporate and mortgage books, and asked for an explanation. He also questioned if a potential 50 basis point rate cut would boost savings account growth.

    Answer

    CFO Srinivasan Vaidyanathan attributed the RWA density decline from 69% to 67% primarily to carrying higher liquid assets, noting that High-Quality Liquid Assets (HQLA) increased by nearly INR 40,000 crores on an average basis. On the savings account question, CEO Sashidhar Jagdishan stated that savings balances have historically been rather inelastic to rate changes. He added that the bank would not act unilaterally but would watch how the system and banking fraternity react to any rate cuts before making a decision.

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