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Nirmal Bang Report
Housing Development Finance Corporation Ltd. reported earnings growth of 16.4% YoY and 13.5% QoQ.
The sequential earnings performance was strong on the back of margin expansion as construction finance loan growth picked up. On YoY basis, overall assets under management growth was on expected lines of ~15%.
Growth in the non-individual segment in Q4 FY22 played out as per management's commentary in earlier quarters. Business growth outlook is positive given the upturn in the real estate/housing market.
HDFC was able to improve overall spreads and has taken rate hikes across products (individual, non-individual) to offset the adverse impact of rising cost of funds.
Asset quality saw stark improvement QoQ, with gross stage-III ratio declining by 43 basis points (QoQ). Credit cost for FY22 was 36 bps, but it is expected to trend towards normalised level of 20 bps going forward.
Management commentary on merger with HDFC Bank Ltd. remains positive.
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