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Nirmal Bang Report
HDFC Bank Ltd. reported a stable quarter with net profit coming in as expected. Loan growth was strong across segments with overall loan mix remaining broadly unchanged.
Commercial and rural banking, which has been a key focus area, exhibited the highest growth (~30% YoY). However, net interest income performance (up 13% YoY) was slightly below expectation as yields declined further by 12 basis points QoQ, driven by high growth in secured retail and ~5% QoQ growth in the corporate segment.
HDFC Bank continues to guide for improving margins going ahead as loan mix changes in favor of high-yielding segments.
Growth in retail fee income was muted due to a decline in payments/credit card fees. On a steady-state basis, fee income is expected to grow by 15-18% YoY.
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