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Prabhudas Lilladher Report
HDFC Bank Ltd.'s earnings profile of Rs 77.3 billion was lower than estimates (our estimate: Rs 79.8 billion) led by a much weaker than expected net interest income growth of 9% YoY despite a loan growth of 14% YoY.
NII profile has remained weaker than loan growth for some time now but unfavorable mix on high liquidity and non-retail focus is reflecting much higher.
In our view, HDFC Bank will continue to face near term setbacks with difficult operating environment leading to weaker cross cycle NII of 12% YoY, higher slippages of 200 basis points and volatile earnings of 17-18%.
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