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.
ICICI Securities Report
Lagged rate transmission effect and modest income from surplus liquidity moderated Housing Development Finance Corporation Ltd.'s net interest income growth in Q1 FY23 to 8% YoY (down 3% QoQ).
Profit after tax at Rs 36.7 billion, up 22% YoY (flat QoQ), settled marginally below our expectations. Nonetheless, with quarterly reset of back-book loans and monthly reset of incremental loans, we expect net interest margin as well as net interest income growth to retrace.
Moreoso, growth in individual portfolio improved to 19% (17%/16%/16%/13.6% in Q4 /Q3 /Q2 /Q1FY22) and overall assets under management growth sustained 16% YoY.
With overall improvement in asset quality metrics (stages-II, III across individual and corporate books), HDFC's credit cost was contained at 33 basis points (better than expectations).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
