HDFC Bank Limited

We navigated this during this period, certain challenges over the last four months. Our people have kept steadfast focus on customer needs and further build the franchise. It's been a very tough period, but I really am proud of them and thank you to each one of them who really stood behind in building I also sincerely thank the board for their guidance and more so Kiki Mistry for chairing as the interim chairman during this period. I also heartily welcome our new chairman, Rajiv Kumar. We look forward to taking the franchise to the next growth stage. With appointment of Mr. Rajiv Kumar, there is a sense of stability and and a clear signal to minimize uncertainties in a very short time period. Coming to some of the accomplishments in Q1, the deposit growth continues to be relatively better than the historical Q1 trends. We continue to gain market share both on an incremental basis and on a stock basis as well. Our productivity of the branch continues to to move up and we realize benefits of the investments that we've done over the last five, six years. Advances, as we had mentioned, envisioned a while ago, I think we are on the verge of pressing the pedal. As you have seen, the advances have done very well over the last three, four quarters and that continues, the trajectory continues. We We are focusing on certain customer segments to manage more longer-term opportunities. Our focus now, as I may have mentioned in the past and also in our annual report, we are trying to take customer service to a different level, especially in focusing on the turnaround time of our product and service offerings. We are now measuring it Thank you. As regards to environment, we see policy responses have been very timely and effective. There is a very healthy credit demand that we are seeing in the system as we speak. We believe that in our policy window that is being offered to the banking system is a great opportunity and we are focusing on that. We have spent a large part of the month of June in completing the documentation and approvals The ECLGS scheme 5.0 is also a very good opportunity and you will see a fair amount of growth that we will pick up in the mid-market segment. Competition has been very intense both on the corporate side. Thank you very much. This quarter you may see some amount of mixed change in terms of more non-retail, shorter term asset mix, the cost of funds moderation. These are all elements which I believe are just tactically being managed. Fundamentally the franchise continues to be extremely strong and we will be Stepping up the multiple product offerings and one customer view and you will see the changes happening in the quarters to come. Productivity is a very key focus and you will see the outcomes of the efficiencies from our focus on digital adoption, the process re-engineering, the kind of customer focus by the senior supervisory architecture which will ensure that we are able to turn around the delivery times much shorter than what we have ever enjoyed and what the best-in-class market is offering today. We have provided a fair amount of tools for deeper customer engagement as I did allude in terms of technology. We are on the cusp of really of harnessing some of the Gen AI technologies on our processes and we do have a fair amount of Lighthouse programs that will go into production during the course of the year. Obviously, all of us realize that security is going to be an extremely important part of our strategy and we are focusing on I think the country has weathered these reasonably well. I think we continue to remain very sanguine. We are prepared for as a country and hence as a company in terms of weathering any such challenges in the near future. I once again thank everyone for a wonderful performance despite a lot of challenges that have happened over these several months. I think good times are here to come and we stay committed and other stakeholders in terms of what HDFC Bank has always been to all these stakeholders over these last 30 years. Thank you so much and over to Srini.

Thank you, Sashi. With that, let's open up the line for questions. We'll go straight, jump into the questions relating to the earnings of the quarter. Please go ahead.

Thank you very much. We now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Please note, participants are requested to restrict to two questions per participant and rejoin the queue for a follow-up question. First question is from the line of Maruka Jania from Tara Capital Partners. Please go ahead.