- 01 Aug 2022
- ICICIdirect Research
HDFC LTD POSTS MIXED SET OF Q1FY23 NUMBERS
HDFCBANK - 1647 Change: 15.75 (0.97 %)News: HDFC Ltd posted mixed set of numbers with net interest income growth of 6.3% YoY and largely flat QoQ due to fall in margins. NIMs were down by 10 bps QoQ at 3.4% and 30 bps YoY, led by transmission of rate hike on borrowing, while repricing of loans rates to take 3 months. Other income was up ~29% YoY and 10% QoQ to Rs 1285 crore, led by income earned on assignment of loans and fees & commission income. Provisions grew 28.2% QoQ and down 25% YoY to Rs 514 crore. As a result, net profit for the quarter was up 22.3% YoY to Rs 3669 crore. On QoQ basis PAT was flat. Asset quality further improved as GNPA ratio declined from 1.91% to 1.78% QoQ led by healthy collection efficiency. AUM grew 16.1% YoY to ~Rs 5.81 lakh crore with growth in individual segment healthy at 19% YoY.
Views: Demand for individual loans in both affordable and higher end properties bodes well for business growth. Outlook continues to remain optimistic, though merger related clarification and approval may lead to near term volatility.
Impact: Positive.