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    Suresh Ganapathy

    Research Analyst at Macquarie Capital

    Suresh Ganapathy is Managing Director and Head of Financial Services Research India at Macquarie Capital, specializing in independent equities research with a focus on financial services, banking, and insurance sectors. He covers major companies including HDFC Bank, SBI Cards, and Life Insurance Corporation (LIC), delivering notable equity calls such as a 13.5% return recommendation on HDFC Bank and maintaining a coverage of 18 stocks with a 33.33% success rate according to TipRanks. Ganapathy began his analyst career with five years in financial services before joining Macquarie Capital India in 2010, advancing from lead analyst to Managing Director in 2023. He holds a Chartered Financial Analyst designation, an MBA, and industry credentials, reflecting his commitment to rigorous, independent research.

    Suresh Ganapathy's questions to HDFC BANK (HDB) leadership

    Suresh Ganapathy's questions to HDFC BANK (HDB) leadership • Q1 2025

    Question

    Suresh Ganapathy inquired about HDFC Bank's ability to meet its priority sector lending (PSL) obligations without impacting margins and sought an update on the long-term cost-to-income ratio target and the progress of the HDFC One app.

    Answer

    CFO Srinivasan Vaidyanathan noted that the bank's PSL compliance has improved year-over-year. Executive Director Sashidhar Jagdishan reaffirmed the long-term goal of a 30% cost-to-income ratio, stating that current stability is commendable amidst strategic investments. He added that progress on cross-selling via digital platforms is steady, with notable success in onboarding home loan customers to primary banking services.

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    Suresh Ganapathy's questions to HDFC BANK (HDB) leadership • Q1 2025

    Question

    Suresh Ganapathy inquired about the bank's ability to meet Priority Sector Lending (PSL) obligations without impacting margins, given the increase in RIDF bonds and PSLC purchases. He also sought an update on the long-term cost-to-income ratio target of 30% and the progress of the 'HDFC one' app for cross-selling.

    Answer

    CFO Srinivasan Vaidyanathan stated that year-on-year, the bank's PSL compliance has improved. Executive Director Sashidhar Jagdishan reaffirmed the 30% cost-to-income ratio as a medium-to-long-term goal, highlighting that maintaining stability with a downward bias in the current environment is commendable. He added that cross-selling efforts are progressing well, with high savings account linkage for new home loans and increased distribution for subsidiaries.

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