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Axis Securities Report
In its business update for Q1FY22, HDFC Bank Ltd. reported a steady loan book growth of 14.4%/1.3% YoY/QoQ, led by non-retail loans (up 17%/2.1% YoY/QoQ).
Retail book growth lagged, down 1.0% QoQ and up 9% YoY on account of Covid-19 disruptions and suspension on new credit card issuances. Within non-retail loans, commercial and rural loans were up 25%/4% YoY/QoQ while wholesale loans were up 10.5%/1.5% YoY/QoQ.
Total deposits grew 13.0%/0.8% YoY/QoQ, led by Current Account/Saving Account deposits growth of 28% YoY.
The bank has managed to sustain its performance amidst Covid-19 uncertainties, both on the growth front as well as on the asset quality front. However, moderation is visible in the retail book, now forming 45% of the total loan book, down from 47% a year ago. Lifting ban on new credit cards will be a key monitorable.
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