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Prabhudas Lilladher Report
Housing Development Finance Corporation Ltd. saw a good quarter with core metrics being in-line along with better margins, strong individual loan growth and improved asset quality.
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Net interest income was a tad better (up 12.9% YoY) led by higher net interest margin at 3.3% (our estimate: 3.2%). Loan accretion (up 14.5% YoY) was driven by individual loans (up 20% YoY) due to faster growth in metros that too in higher value home loans.
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HDFC expects this credit momentum to sustain while share of construction finance could enhance. NIM may improve in H2 FY23 as asset repricing would catch up with that of liabilities.
Gross non-performing loan reduced by 19 basis points QoQ to 1.6% while one time restructuring/stage-II pools also declined.
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