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Systematix Report
In Q4 FY22, HDFC Bank Ltd. performance was below our expectations.
Lower margin (calculated on quarterly average balances), fee income pace below credit growth and treasury losses led to the subdued return ratio.
Change in credit mix in favor of commercial & rural banking, agriculture and whole-sale loans and lower retail loans composition led to unexpectedly higher compression in credit yield as compared to deposit cost.
Based on the RBI's published data on WSS and credit deployment data (on retail & retail trading verticals), HDFC Bank's incremental market share in retail credit (excl. agriculture credit) would be ~8% assuming there're not many variations in RBI's & the bank's retail credit classifications.
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