HDFC Q3 Results Review - Net Interest Income Accretion Catching Up With Loan Growth: Prabhudas Lilladher

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Prabhudas Lilladher Report.Our core profitability estimates for FY24/25E largely remain unchanged, while net interest margin and merger related approvals remain key monitorables. Housing Development Finance Corporation Ltd.'s Q3 FY23 earnings were mixed, while core profit after tax missed our estimate slightly (3%) due to lower net interest income and assignment income, asset quality was better. Gross non-performing loan/stage-II reduced by 10/21 basis points QoQ to 1.8%/2.8%. Assets under management growth was a miss at 12% YoY (our estimate 14%). HDFC's strong momentum in individual continues (up 17% YoY), although non-individual de-grew 4.0% YoY as few loans were not renewed since they would have been disallowed (post-merger) under Reserve Bank of India guidelines. With asset repricing catching up with liabilities and increase in lending rates, NIM could further improve by up 10 bps to 3.49% in Q4 FY23..Click on the attachment to read the full report:.HDFC Q3 Results: Profit Up 13% On Higher Core Income.More Research Reports On HDFC's Q3 FY23 Results Review.Another Good Quarter; Asset Quality, Coverage Improves Further: Yes SecuritiesAUM Growth Slowdown; Net Interest Margins Improved: IDBI Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

HDFC Q3 Results Review - Net Interest Income Accretion Catching Up With Loan Growth: Prabhudas Lilladher

NII was 4.1% lower to our estimate at Rs 46.4 billion, due to lesser assets under management growth and margins.

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HDFC Q3 Results Review - Net Interest Income Accretion Catching Up With Loan Growth: Prabhudas Lilladher

NII was 4.1% lower to our estimate at Rs 46.4 billion, due to lesser assets under management growth and margins.

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