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Motilal Oswal Report
Housing Development Finance Corporation Ltd. reported a Q3 FY23 profit after tax of Rs 36.9 billion (up 13% YoY), led by margin expansion and lower credit costs. Core pre-provision operating profit grew 11% YoY to Rs 45.4 billion.
Margin expanded sequentially with 9QFY23 net interest margin at 3.5% (versus 3.4% in H1 FY23). Credit costs declined ~7 basis points QoQ to ~25 bps, aided by minor improvement in asset quality.
Disbursements in the Individual segment were slightly above Rs 400 billion in Q3 FY23. Individual/total assets under management rose 19%/13% YoY, respectively, with Individual loans comprising ~83% of AUM.
HDFC continues to have a strong ‘right to win' in its standalone mortgage business.
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More Research Reports On HDFC's Q3 FY23 Results Review
Another Good Quarter; Asset Quality, Coverage Improves Further: Yes Securities
AUM Growth Slowdown; Net Interest Margins Improved: IDBI Capital
Net Interest Income Accretion Catching Up With Loan Growth: Prabhudas Lilladher
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