BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
HDFC Bank Ltd. demonstrated resilience during a challenging FY22 and delivered a strong operating performance in FY22 despite Covid-related headwinds.
It exited the year with a strong return on asset/return on equity of 1.9%/16.5%. The liability franchise continued to scale up with growth primarily driven by current account and savings account deposits (up 22% YoY) and the cost of deposits falling to a multi-year low of 3.4% in FY22.
Credit growth picked up to 21% (versus mid-teens growth over nine months-FY22) and was primarily driven by corporate and commercial and rural banking segments, while retail growth lagged. Asset quality continued to remain top-notch.
HDFC Bank’s annual report is themed around ‘leading responsibly’ with a focus deepening on strengthening customer relations and tech advancements.
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