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IDBI Capital Report
Housing Development Finance Corporation Ltd.'s asset quality improved as gross stage-III assets stood at 1.9% versus 2.1% QoQ led by non-individual portfolio.
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Restructured assets remain stable at 0.7% of assets under management. Disbursements for individual loan segment grew by 36% YoY in H1 FY23. AUM growth slightly down to 15.6% YoY (17% YoY Q1 FY23) led by non-individual portfolio.
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Net interest margins remain stable QoQ as company follows quarterly reset of loans; rate hike impact to be seen. Profit after tax grew by 18% YoY led by lower provisions (up 5% YoY).
HDFC's net interest income grew slowly at 13% YoY due to decline in NIMs at 3.4% (down 20 basis points YoY) while pre-provision operating profit grew by 15% YoY. Provisions stood at Rs 131.5 billion higher than regulatory requirement.
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