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Prabhudas Lilladher Report
Housing Development Finance Corporation Ltd. reported a good quarter with all core metrics beating estimates. Assets under management growth was higher at 14% YoY mainly driven by individual loans while net interest income and margins too were ahead of projections.
Core pre-provision operating profit was ahead by 5.1% while due to softer provisions, profit after tax was a beat by 12%.
FY22 core profit after tax at Rs 104.5 billion (up 26.4% YoY). Management indicated that home loan demand remains strong while construction finance could see an uptick.
Certain aspects of the merger were clarified i.e. HDFC's non-individual loans, borrowings and deposits would form part of the merged balance sheet.
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