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Dolat Capital Report
HDFC Bank Ltd. reported in-line net interest income growth of 15% YoY, though higher pre-provision operating profit growth of 17% YoY benefitted from elevated treasury gains and superior fee lines.
Net interest margin improved by approximately 10 basis points QoQ to 4.2%.
Pro forma slippages and gross non-performing asset remained below expectations at 1.86% (annualised) and 1.38% (stable QoQ) respectively.
Loan restructuring is expected to be at 0.5% of advances, mostly from retail segment, part of which is also included in pro forma NPAs.
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