印度银行业绩将受到密切关注，因为许多银行在过去两年里以最快的速度揽存。
Indian bank earnings will be closely watched after many raked in deposits at the fastest pace in two years.
包括HDFC银行有限公司、ICICI银行有限公司和Axis银行有限公司在内的贷款机构，通过旨在吸引美元流入该国并改善对卢比情绪的特殊项目，共计揽入超过1270亿美元。
Lenders including HDFC Bank Ltd., ICICI Bank Ltd. and Axis Bank Ltd. brought in over $127 billion via special programs aimed at attracting dollars into the country and improve sentiment toward the rupee.
在这些项目下，印度储备银行同意承担银行的对冲成本，尽管贷款机构被迫将新筹集的资金存放在央行，获得的利息低于政策利率，从而面临利润空间被压缩的风险。分析师预计，将这些资金投入到更高收益的贷款中可能需要数月时间。
Under the programs, the Reserve Bank of India agreed to bear the hedging cost for banks, though lenders were forced to park the newly raised funds with the central bank, earning interest below the policy rate, risking margins. Analysts expect it will take several months to deploy the money into higher-yielding loans.
随着银行开始通过所谓的外币非居民（FCNR(B)）存款计划所筹集的资金进行放贷，利润空间可能从10月至12月季度开始恢复。印度储备银行本月早些时候的25个基点加息也应有所帮助，因为银行通常提高贷款利率的速度快于其支付给存款人的利率，这有助于支撑利润空间。
Margins may begin to recover from the October-December quarter as banks start lending the funds raised through the so-called Foreign Currency Non-Resident, or FCNR (B), deposit scheme. The RBI’s 25 basis point interest rate hike earlier this month should also help, as banks typically raise lending rates faster than the rates they pay depositors, providing support to margins.
周六：HDFC银行（HDFCB IN）、ICICI银行（ICICIBC IN）和Axis银行（AXSB IN）的报告中，利润空间将成为关键焦点，同时还将透露它们计划如何部署通过FCNR措施筹集的资金。ICICI银行似乎动用了最多的资金，达到178.8亿美元。野村证券的分析师预计，该业务的利差将比核心贷款更薄，因此净利息收入增长可能落后于资产负债表增长。对于HDFC银行，需关注新任首席执行官安普·巴格奇（Anup Bagchi）领导下的战略调整。
Saturday: Margins will be key in the reports from HDFC Bank (HDFCB IN), ICICI Bank (ICICIBC IN) and Axis Bank (AXSB IN), along with indications how they plan to deploy funds raised under the FCNR measures. ICICI Bank appears to have mobilized the most funds at $17.88 billion. Analysts at Nomura expect this business to carry thinner spreads than core lending, with net interest income growth lagging balance sheet growth as a result. For HDFC Bank, watch for strategic changes under the new Chief Executive Officer Anup Bagchi.
周一：巴杰aj金融（BAF IN）的业绩可能增长30%，这是自2023年以来的最快速度。根据季度更新，管理资产增加了26.5%。野村证券分析师指出，鉴于印度储备银行的加息周期，持有浮动率资产和短期定期贷款健康组合的多元化非银行贷款机构，预计在未来两年内仍能保持健康的盈利能力。
Monday: Bajaj Finance’s (BAF IN) earnings likely rose 30%, the fastest pace since 2023. Assets under management increased by 26.5%, per a quarterly update. Diversified non-bank lenders, which hold a healthy mix of floating-rate assets fixed-rate loans in shorter tenures, should retain healthy profitability over the next two years, according to Nomura analysts, citing the RBI’s rate hike cycle.
周二：宁德时代（3750 HK）季度收入可能自2023年以来增速最快。随着锂价上涨，利润率正在改善，这得益于产品结构优化和成本控制良好，彭博智库表示。不过，该中国电池制造商仍面临经济疲软带来的风险，这可能影响其电动乘用车业务，摩根士丹利补充称。周三：无显著财报。
Tuesday: CATL’s (3750 HK) quarterly revenue likely climbed the fastest since 2023. Margins are improving with higher lithium prices, supported by an improved product mix and solid cost control, said Bloomberg Intelligence. Still, the Chinese battery maker faces risks from weaker economic conditions that could affect its electric passenger vehicle segment, added Morgan Stanley. Wednesday: No notable earnings.
周四：迪斯科（6146 JP）第二季度营业利润有望超过市场预期5%至10%，此前该公司曾报告季度母公司销售额增长39%，彭博智库表示。用于AI处理器和存储芯片的芯片切割机和研磨机需求可能推动了增长，其营业利润可能增加50%至59%，这得益于高利润率产品的贡献，彭博智库称。
Thursday: Disco’s (6146 JP) second-quarter operating profit could beat consensus by 5% to 10%, after it earlier reported a 39% rise in quarterly parent sales growth, BI said. Demand for chip dicers and grinders used in AI processors and memory chips has likely fueled the growth and its operating profit may have increased by 50% to 59%, supported by higher-margin products, BI said.
周五：纳武马分析师预计，印孚瑟斯（INFO IN）将下调全年收入增长指引，中型竞争对手被认为在地缘政治动荡和AI冲击中处于更有利的位置。市场还将关注合同获胜数量，以及AI如何影响大型合同定价的评论。该集团仍计划在本财年招聘2万名毕业生。
Friday: Infosys (INFO IN) will cut full-year revenue growth guidance, Nuvama analysts expect, with mid-sized competitors seen better positioned to navigate geopolitical turmoil and AI disruption. Markets will also watch for contract win numbers, and commentary how AI is affecting pricing of large contracts. The group still plans to hire 20,000 graduates this financial year.