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ICICI Securities Report
Housing Development Finance Corporation Ltd.'s Q4 FY22 earnings (profit after tax up 16% YoY to Rs 37 billion), aided by 14% YoY net interest income growth, and credit cost of less than 30 basis points was better than expected.
Lower liquidity drag and improved spreads in non-individual segment supported 7% QoQ growth in net interest income with three basis points overall spread expansion.
With recoveries of one chunky restructured account and better retail collections, stage-III assets fell 40 bps QoQ to 2.3% and stage-II moderated to 4.4% (down 70 bps QoQ).
On stress pool (stage-II/III) of 18.9%/2.9% in non-individual/individual segments, HDFC is carrying provisions of 7.66%/0.70%, respectively.
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