BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
HDFC Bank Ltd. reported a stable quarter with net profit coming in as expected. Loan growth was strong across segments with overall loan mix remaining broadly unchanged.
Commercial and rural banking, which has been a key focus area, exhibited the highest growth (~30% YoY). However, net interest income performance (up 13% YoY) was slightly below expectation as yields declined further by 12 basis points QoQ, driven by high growth in secured retail and ~5% QoQ growth in the corporate segment.
HDFC Bank continues to guide for improving margins going ahead as loan mix changes in favor of high-yielding segments.
Growth in retail fee income was muted due to a decline in payments/credit card fees. On a steady-state basis, fee income is expected to grow by 15-18% YoY.
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