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ICICI Direct Report
Housing Development Finance Corporation Ltd. posted mixed set of numbers with net interest income growth of 6.3% YoY and largely flat QoQ due to fall in margins.
Net interest margins were down by 10 basis points QoQ at 3.4%, led by lag in transmission of increasing rates. Other income was up ~29% YoY and 10% QoQ to Rs 1285 crore, led by income earned on assignment of loans and fees and commission income.
Opex growth came higher at 32.3% YoY; attributable to building of resources. Thus, cost/income ratio stood at 10.3% during the quarter.
Provisions grew 28.2% QoQ and down 25% YoY to Rs 514 crore. As a result, profit after tax was up 22.3% YoY to Rs 3669 crore.
HDFC's asset quality further improved as gross non-performing asset ratio declined from 1.91% to 1.78% QoQ led by healthy collection efficiency which stood at 99% for individual segment.
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