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.
ICICI Securities Report
Housing Development Finance Corporation Ltd.’s FY21 earnings reflects its improving market positioning with capital buffer and efficiency, funding cost benefit and contained stress (stage-two/three pool at 8.7%).
Despite weak real estate sentiment amidst Covid-19 and 27% exposure to non-individual segments, credit cost was mere 60 basis points in Q4 FY21 as well as FY21.
On stress pool (stage-two/three) of 24%/3% in non-individual/individual segments, the bank is carrying provisions of 8.16%/0.65%.
On individual loans, disbursement growth of 60% YoY (3% for FY21) suggests gain in market share.
Non-individual assets under management growth under pressure due to repayments, pre-payments and cautious stance.
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