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ICICI Direct Report
Housing Development Finance Corporation Ltd. posted a decent set of numbers with net interest income growth of 12.9% YoY and 4.3% QoQ as margins were steady QoQ and declined 20 basis points YoY amid a lag in rate transmission.
Excluding impact of lag in transmission of rate hike and benefit of lower swap rates last year, net interest income should have grown at 16% in line with assets under management growth.
Other income was up ~19% YoY and 47.5% QoQ to Rs 1837 crore, led by strong dividend income during the quarter. Opex growth came in higher at 29% YoY. This is attributable to building of resources.
Cost/income ratio was at 9.1% during the quarter. Provisions declined 8% QoQ and were up 4.6% YoY to Rs 473 crore. Net profit for the quarter was up 17.8% YoY and 21.4% QoQ to Rs 4454 crore.
HDFC's asset quality further improved as gross non-performing asset ratio declined from 1.78% to 1.44% QoQ led by healthy collection efficiency, which was at 99% for individual segment.
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