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IDBI Capital Report
HDFC Bank Ltd.'s proforma gross non-performing asset remain stable at 1.37% versus 1.36% QoQ; reported GNPA declined to 1.08%.
The bank reported collection efficiency at 97% in September month which seems to be the best in the industry under current environment conditions.
Profit after tax grew by 18% YoY due to lower effective tax rate (25.7% versus 29.5% YoY) as profit before tax grew by 12% YoY.
Pre-provision operating profit grew by 18% YoY as cost to income ratio improved (37% versus 39% YoY); fee income declined by 3% YoY as bank lost Rs 7 billion on account of Covid-19.
We believe that HDFC Bank would see the best revival in growth within the sector.
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