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.
Prabhudas Lilladher Report
HDFC Bank Ltd.’s earnings profile of Rs 77.3 billion was lower than estimates (our estimate: Rs 79.8 billion) led by a much weaker than expected net interest income growth of 9% YoY despite a loan growth of 14% YoY.
NII profile has remained weaker than loan growth for some time now but unfavorable mix on high liquidity and non-retail focus is reflecting much higher.
In our view, HDFC Bank will continue to face near term setbacks with difficult operating environment leading to weaker cross cycle NII of 12% YoY, higher slippages of 200 basis points and volatile earnings of 17-18%.
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