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 17.6% YoY growth in profit after tax, led by 14.4% YoY growth in operating profit and lower-than-expected provisioning.
Loan book grew by 15.5% YoY but the pick-up in the retail segment is encouraging, where growth has been lack lustre in the last few quarters.
Accordingly, we expect HDFC Bank's margins to improve progressively and net interest income should revert to 15% YoY growth level in a few quarters.
Risk and asset quality indicators have shown improvement across the board, with the demand resolution rate improving to 97.5% in September 2021, nearly back to the pre-Covid-19 levels.
Gross non performing assets declined by 12 basis points QoQ to 1.35%.
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