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 Direct Report
Housing Development Finance Corporation Ltd. posted good set of numbers with net interest income rising by 12.6% YoY and 4.5% QoQ on the back of improving loan trajectory and steady margins.
Net interest margins were stable at 3.5% YoY but down 10 basis points sequentially. Other income was up 59% QoQ to Rs 1169 crore, mainly due to income earned on assignment of loans.
With increase in business activity, opex increased 7.6% QoQ but growth on YoY front was modest at 3.1%, thus cost/income ratio due to faster income growth than cost was down 40 bps to 9.3%.
Provisions were largely flat QoQ and down 44% YoY to Rs 401 crore. As a result, HDFC's net profit for the quarter was up 16.4% YoY to Rs 3700 crore.
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