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ICICI Direct Report
Housing Development Finance Corporation Ltd. reported a modest performance.
Loan growth at 9.2% YoY wherein individual loans were up 16% YoY.
Net interest income up 22.3% YoY, net interest margins up 10 bps to 3.6% led by revision on yields.
Provisions up QoQ, YoY; profit after tax up 22.2% YoY at Rs 4426 crore.
HDFC's gross non-performing asset down 31 basis points QoQ to 1.18%. Credit cost steady at 25 bps QoQ.
Key triggers for future price performance:
Moderation seen in growth in retail segment in recent quarters. However, continued strong demand across segments (affordable and high value) and geographies (metro, non-metros) augurs well for business growth ahead.
Increased presence and customer base, post-merger, expected to aid business growth on both assets and liabilities.
Run down in non-individual to comply with banking regulations; book seen to stabilise.
Clarity on regulatory approval and global indices to put fundamentals back in focus.
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