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 Q4 FY22 earnings (profit after tax up 16% YoY to Rs 37 billion), aided by 14% YoY net interest income growth, and credit cost of less than 30 basis points was better than expected.
Lower liquidity drag and improved spreads in non-individual segment supported 7% QoQ growth in net interest income with three basis points overall spread expansion.
With recoveries of one chunky restructured account and better retail collections, stage-III assets fell 40 bps QoQ to 2.3% and stage-II moderated to 4.4% (down 70 bps QoQ).
On stress pool (stage-II/III) of 18.9%/2.9% in non-individual/individual segments, HDFC is carrying provisions of 7.66%/0.70%, respectively.
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