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Dolat Capital Report
HDFC Bank Ltd. reported in-line net interest income growth of 17% YoY, though higher pre-provision operating profit growth of 18% YoY benefitted from elevated treasury gains and improved fee lines.
Reported net interest margin declined by approximately 20 basis points QoQ to 4.1% driven by excess liquidity and rising share of lower yielding corporate portfolio.
Gross non-performing asset would be marginally higher QoQ at 1.37%, if not for the NPA standstill. The bank has made additional contingency provisions of Rs 11 billion against this.
Additional contingent provisions of approximately Rs 12 billion were made during Q2 FY21, with total provision buffers at Rs 69 billion or 0.7% of advances (ex of those made against NPA standstill).
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