HDFC Bank Limited (NYSE:HDB) Q1 2021 Earnings Conference Call - Final Transcript

Aug 26, 2020 • 09:00 am ET


HDFC Bank Limited (NYSE:HDB) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, good evening, and welcome to HDFC Bank Q1 FY '21 earnings conference call on the financial results presented by management of HDFC Bank. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you, and over to you, sir.

Srinivasan Vaidyanathan

Okay, thank you, Aman. Appreciate the participants calling in today. Mr. Aditya Puri is with us today. May I request Mr. Puri to give opening remarks, please?

Aditya Puri

Thanks, Srini. Good evening, all of you, and thanks for taking the time off to listen to us. I will cover the opening remarks in three portions. First, I want to get these Twitter messages out of the way. Then I will give you an idea as to what kind of work we've put in to get the results that we have got during the COVID quarter. And last but not the least, I would like to clear all the uncertainty regarding our future in terms of succession, management planning, our business plan, and then our team, which is actually what has performed to give you the results, will cover individual aspects, whether it is about NPA, whether it's about our unsecured loans, whether it is about our credit risk, whether we will have a sudden jump with the moratorium going off or we've taken proactive measures to see what is happening, the fact that we have a clearly defined succession plan coupled with the team in place. So let me start first.

So we've been getting these messages seeming to suggest that there is some turmoil in the employees based on transition. So let me cover that one by one. As far as Mr. Munish Mittal, our Chief Technology Officer was concerned, he talked to me about -- me and the management about a year back, whereby he said he would like to go into more detailed and advanced studies in technology at Oxford. I told him, no problem you've been loyal and you've been -- we know you love the bank. So he was set milestones that he had to achieve before he moved on. He's achieved the milestones and now he's sitting in Oxford in London, preparing for becoming an even better expert on technology. The second was Mr. Abhay Aima. Abhay was one of the founding people with the bank. He's been with us 25 years and loves the bank with his life. And he played a stellar role in achieving a lot in terms of private banking, in terms of product management, in terms of high net worth. And he also expressed alternate interests, which I am aware of but I don't want to specify. He again was told by me that, as soon as he's trained his successors and I'm satisfied with their ability to cope, I would be happy if he pursued his active interests. Because you only live once. He did that, and he moved on.

Then we've