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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.
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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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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
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