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Yes Securities Report
Housing Development Finance Corporation Ltd. delivered lower-than-expected core pre-provision operating profit and earnings (9% and 11% miss respectively) despite an in-line loan assets under management growth (3% QoQ/17% YoY) on account of sequential net interest income decline (net interest margin contraction) and higher opex.
HDFC's asset quality improved further in both individual loans and non-individual loans segments on account of sustained strong collections (including the restructured accounts). Both write-off and credit cost were at usual levels.
The key highlight was sustenance of strong growth momentum in home loans. IL disbursements (~Rs 420 billion - 93% being home loan) were up 66% YoY and were the highest-ever in the first quarter of any year. Prepayment rates were stable at 10.2%; IL book growth accelerated to 19% YoY (grew 4% QoQ).
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